From: Vincenzo lozzo Sent: Wednesday, September 24, 2014 2:52 PM To: jeffrey E. Subject: Fwd: basic thought exercise (bitcoin commerce supply/demand) Begin forwarded message: > From: Vincenzo lozzo > Subject: basic thought exercise (bitcoin commerce supply/demand) > Date: 24 settembre 2014 09:33:29 GMT-4 > To: Joichi Ito > Ok so this morning I'm doing a basic thought exercise which is: "Why =o people would want to use bitcoins? and Why would businesses use =itcoins"? So this like very basic stuff for actual commerce > Let's call people "demand" and companies "supply". > Demand: > 1) Tax evasion > 2) Accumulated wealth through mining (only applies to early adopters) => 3) No banks? --> I think this only makes sense for non-western =ountries, people with certain ideologies, criminals and poor people > 4) Somewhat increased anonymity? --> People clearly don't give a fuck =bout privacy, so this would only be for porn, drugs and maybe betting > 5) Reduced costs for international trades --> I don't think most =eople understand that they are charged an FX fee on top of a rigged =xchange rate whenever they are paying in a foreign currency, so really ='m not sure that's a concern. And if it is it probably means you are =ell informed and off enough to afford an amex platinum or similar =lternatives > Supply: > 1) Reduced costs --> for now, this is going to change both because of =he dynamics of bitcoin but also for fraud prevention etc etc > 2) Tax evasion? > 3) Bigger userbase --> getting easier access to markets like china or =ussia? I don't actually buy this. For instance the problem in shipping =tuff to Russia is that you need to bribe the custom agent that gets =our package, so it ends up costing *a lot' to you and it has nothing to =o with CC > 4) Analytics on consumers --> use transactions on the blockchain to =nderstand what your customers buy > What am I missing here? > I think what I'm trying to get at is that of the above half of t