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http://jonarthur1992.wordpress.com/2014/01/24/blog-1-dtc-375/comment-page-1/#comment-2

Greg Posey

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JANUARY 26, 2014 AT 10:10 PM

You talked about in your post how the main profit forming empire would be the illegal drug market due to that being one of the only things being discussed when talking about purchasing things with BitCoins. Do you believe that the drug market will be the only profit forming empire and that other legitimate markets (eg. clothing, eating out, (paying with bitcoins when eating out)) will not be able to take a stand and entice a bigger shopping base? Overall your post was interesting and it made me think back to my own post where I was talking about BitCoins and their overtaking of the currency system. I know a few friends who use to shop on Silk Road and actually bought some clothes with it. I was confused as to why they went to the trouble of buying it through Silk Road rather than go to an actual store, but nevertheless I found it interesting to mention.

http://kthompsonsschoolblog.blogspot.com/2014/01/no-more-cash-dtc-375-blog-1.html?showComment=1390777099713#c6030425661667858041

Greg PoseyJanuary 26, 2014 at 2:58 PM

I really like your post. When you mentioned how you were always surprised by people handing you their card instead of cash I guess I never thought about it until I started using my own debit card, and when I think about it, it is pretty surprising how often I choose to use my card rather than cash. I might get like a candy bar in the store and I would most likely use my card and completely forget I have cash just because the card has become so automatic to me. When I went home for Winter Break, The person that was taking me home would sometimes use one of those "Square" card readers to take payment from the riders, but I still opted to use cash to pay her.

Blog Post #1

I believe everything will eventually switch over to digital currency, in the form of bitcoins or using QR codes to pay for things by having your bank accounts tethered to your phones. As of right now, most of the world sees BitCoins as being used for illegal purposes such as drugs and assassinations. Most people think of credit cards or debit cards when they are asked about digital currency, they don't think of other forms of currency like BitCoin. Recently I was reading online about BitCoins and I had found an image of a sign outside of a restaurant in the Netherlands stating how they are now accepting BitCoins as payment. There was a sticker on the window with a QR code on it with a BitCoin logo next to it. Once this form of currency becomes dominant, I believe the government will try to put a handle on BitCoins and try to make it so that they can be traced back which will cause a struggle between the people and the government causing the BitCoin system to collapse. I believe that this collapse would happen over time and immediately in the sense that there will be tension that will build up that will eventually lead to the system crashing one day, hence the immediate part. I believe that eventually the general public will be able to fully adapt to the currency and the government will eventually realize that they will not be able to control and regulate the whole BitCoin industry.