Posted on 12/05/2013 1:02:19 PM PST by Errant
Indeed.
There are some things you can be pretty sure of. One is that TPTB will not give up their control of the fiat currency, the world is forced to use, without a fight!
Another is unscrupulous people will always try there best to game/hack ALL currency systems.
And comparing the value of All fiat, and I don't consider Bitcoin fiat, with its original value when first issued, eventually requires the use of a decimal point.
Wow I got 3 or 4 still in a box in my warehouse I AM RICH!
We were just talking about you. :)
Or gold... lol
I doubt people that barter pay any taxes and I really don’t blame them but at some point the whole system collapses and then the shooting starts. Not a pleasant thing to contemplate.
The Bitcoin community is self-regulating.
The answers to your questions can be found here: https://bitcointalk.org
I haven't been able to make up my mind about BitCoin, but there is no reason the algorithms couldn't be changed to allow for the production of more in the future. This is still a fiat currency.
The premise behind it -- mimicking the mining of gold -- is interesting and clever, but gold miners still have to invest in land, equipment, and labor to get more of it. "Mining" Bitcoins, though harder now, does not require the same risk-taking.
Exactly correct! The same is true for gold, of course, except that its quantity varies by 1% or 2% per year and it's been valued by humans for a couple millennia.
Faith in gold runs deep.
Agree, but it does require a significant investment and of course greater risk, as this is something "new" and its acceptability hasn't really been established. There are now Bitcoin mining operations running millions of dollars of equipment in cryogenic tanks to get the most efficiency out of their equipment. The minimum investment to mine for Btc would be at least about five grand today for something that could produce 1 - 2 Bitcoins per month and make a profit over the cost of electricity used. Then, depending upon how much the difficulty level increased, may or may not be profitable in just a few months or more.
I've actually panned for gold with nothing more than a common pie pan and a tent in the wilderness and have actually found a few flakes, but then gold has been accepted for thousands of years. ;)
I know that, but I still don't find it equivalent to mining gold from the earth. As I said, it's a very clever and interesting project. I certainly do not rule it out as a currency.
But the amount that can be mined is still set by men and can be changed. The rules for mining gold are not.
There’s no problem increasing the number of bitcoins as long as it is a proportional split, but there’s also no reason for increasing the number of bitcoins because they’re virtual, and you can have little tiny pieces of them.
"Lamborghini Newport Beach in California is proud to announce that we are fully capable of accepting Bitcoin as payment for vehicles. We are excited to be opening the door to this new currency.
Bitcoin, a fully encrypted and fully digital currency, has been used by a recent client of ours to pay for a Tesla Model S Performance we had in our inventory. That's right, an electronic currency was used to purchased a fully electric vehicle."
Who do all these Bitcoin stories serve. A real money suppression scheme?
Still, you don’t want your money in Bitcoins. Just 2 months ago I was looking at buying some fraction of bitcoin to make an online purchase, then they where $120 per coin.
Bit coins recording keeping is done via peer to peer I believe, so everybody who keeps the client running is always updated on all the transactions that have occurred. So there is no “losing” your bitcoins because your dog ate your hard drive, all you have to do is keep your bitcoin address and you’re set.
Do you really think stories about Bicoin, which is not even a pimple on an elephant's butt compared to the US government's annual budget, is a "real money" suppression scheme? "A real money suppression scheme", now there's a contradiction in terms if there ever was one. lol
What you really ought to be worried about:
Where are the Bitcoin jokes?
Well lets just hope they don’t start doing the QE in bitcoins.
I see a fantasy pursued by a mania. At least US paper is backed up by aircraft carriers. I'm surprised that you find real money, as described in Article 1 of the Constitution, to be such a joke.
Poke around for estimates of the current above ground value of available silver stocks then wait for the Bitcoin derivatives to appear.
There is no doubt in my mind that FRNs would be considered unconstitutional by the founders. At least the use of treasury notes would eliminate the skimming by the Fed's owners of 6% or more off this nation's debt.
Article 1 of the Constitution gave the Congress the power to "coin" money and to set its value.
Enjoy learning about what real money is in this video below:
When Money Is Corrupted - Hidden Secrets Of Money Ep 5 - Mike...
At least US paper is backed up by aircraft carriers.
The need to do so is a big part of the problem...
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