Posted on 12/24/2013 6:20:53 AM PST by narses
In Bitcoin World, a week can be the equivalent of a decade. At the start of December, Bitcoin topped out at over $1,200 as e-currency evangelists trumpeted the endless possibilities to be unleashed, comparing it to the breakthroughs not achieved since the start of the internet revolution. Bitcoiners claimed market disruption would bring credit card companies and payment platforms such as Western Union to their knees. Some even claimed that Bitcoin would supplant the U.S. dollar as the new global reserve currency. Adding more helium to the story, the Winklevoss twins of Facebook fame, not being shy about talking up their own book, predicted prices would rise to a staggering $40,000 per coin.
Read more: http://www.businessinsider.com/williams-bitcoin-meltdown-10-2013-12#ixzz2oOzqPkth
(Excerpt) Read more at businessinsider.com ...
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/johnny
Oh sure, I’m positive a crushing new onslaught of faith in the US dollar is about to bust out.
Uh-huh....
It's how the world sorts out those that should be ignored because they are idiots.
/johnny
/johnny
Iraqi Dinar Currency Scam
www.wallstreetdaily.com/dinarscam
Is the Iraqi Dinar a Currency Scam? Wall Street Daily Reveals the Truth
/johnny
It’s not currency. It’s not an investment. It’s a ponzi scheme. It’s “Value” is what someone will give for it in dollars, euros, yen or loaves of bread or bottles of milk.
As soon as it is riding high, the bubble will burst, and bitcoins will be seen as configurations of electrons stored on electronic media.
Wait till the IRS issues regulations on bitcoins. The regulations may not be to our liking, but they will prevail.
It is a scam.
Language is not a strength for you? Accuracy means nothing? No wonder you like scams like bitcoins.
/johnny
Imagine that. You do not like any currency. Shazam.
/johnny
Interesting the article mentions the new disruptive possibilities of electronic “currency”, then goes on to “quote” people from Facebook. I guess the implication is Bitcoin=Myspace?
Keeping cash or having faith in FRNs is just silly.Uh huh. Right. Cash is silly. Doh, why did no one ever tell me that?
The real value of bitcoin boils down to secrecy and transferability. The fact that bircoin can be “mined” by solving complex mathematical equations, and that this somehow confers value is clearly an absurdity. The ability to solve equations without a real and tangible benefit to the individual will never have anything to do with the subjective value or market value of a currency. However, that being said, the Cyprus bail-in, government pension raids and the elimination of bank secrecy throughout the world make an instrument with the atrributes of bitcoin extremely attractive. Detractors will predictably point to the fact that bitcoin fosters illegal activity; arms smugglers and drug dealers are always looking to hide money from governments (unless they are in cahoots with the government).
What is really needed is a reliable service that allows for financial secrecy, international transferability, and exchange into fiat currency and PMs. Even if illegal activity increases, and governments receive less revenue, on balance, the result would be of benefit to the individual and mankind. The fact is that totality of government evil outweighs the aggregate of individual evils; like most people today, I fear the big government criminals much more than the regular criminals.
Government acts much like a petri dish intent on culturing deadly pathogenic politicians and bureaucrats.
Not that Johnny can’t defend himself, but by the info he’s provided over the years he doesn’t need greenbacks. He doesn’t just roll his own, he grows the tobacco that he rolls.
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