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THe ALMiGHTiER BiTCoiN...
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By @blumaberlin
Visual Combat Warrior
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With Benjamins stuffed up his nose
The monster inside Benny grows
It's taken control
He's losing his soul
Has Ben gone insane?
...no one knows!
The Limerick King
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Ben has an interesting sign
It speaks to the nation's decline
He wants assets higher
And fools as a buyer
This moron is crossing the line
The Limerick King
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The event horizon is known exactly where it can't grow any more and then slowly deflates away. It is when it hits peak coin. No more coins can be created at that point. As long as the value of those coins are pegged it has to deflate at that point no matter what since each coin is infinitely divisible. You need 'central' control after peak coin for it to hold it's value.
However, you can keep cutting digital money.
1 Bitcoin = 1 dollar
.0001 Bitcoin = 1 dollar.
.000000008652483 Bitcoin = 1 dollar.
Once someone figures out a commodity to compare it to, rather than dollars, then it will be a viable currency.
1 Bitcoin = 1 used car, gold bar...
etc.
I haven't yet jumped into the bitcoin band wagon...I still don't see an easy way for it to be exchanged into goods.
They are NOT infinitely divisible, only down to one Satoshi, 0.00000001 the problem is, if they become worth too much and the units of account are too small, there will not be any affordable transaction fees, and without mining rewards or transaction fees, who will maintain the network, will it be funded out of charity? Good thing that (probably) will not be an issue for another hundred years.
No they are infinitely divisible. That can be upgraded and needs to be to at least 12 decimal places to properly price things in a worse case scenario to match the smallest denomination that items can be priced in which is .0001 cents USD. The math won't work otherwise to cover all scenarios. Gasoline for example is priced in .001 cents even though you can only buy it in .01 cent pricing. Either way the long term solution is going to be a crypto-currency that is part of the internet itself written into the new protocol standards. The use of the internet has evolved from a communication network to distribution network. The underlying architecture will evolve also from communcation based to distribution based and new standards for distribution will be written into protocols.
https://en.wikipedia.org/wiki/Named_data_networking
It is still a few years away but this is direction the internet is going to evolve into. That will include a universal crypto-currency standard as part the evolution. One that is not issued or controlled by any banks but will be the standard most likely for all digital commerce transactions. Bitcoin is only going to be stepping stone towards this in the long run as far as what works and doesn't in crypto-currency model.
Don't assume the network will stay stationary and not evolve over time either. Cat and mouse.
the "value" is set via the market place...what people are willing to exchange it for. right now the value appears to be ridiculously high but should it start circulating amongst the population at large and start being traded for goods by definition "it is a currency" and in theory could become MUCH higher in value actually. i can't speak to the value of said "means of exchange" but if the main problem out there is that you can't get any liquidity (as in "i'll give you 1500 bucks for your truck" or "one dollar for your house") one way around that is to try and sell it in the form of bitcoins. you'd probably need a "bit coin branch manager" to verify the transaction as "dealing with real money"...in other words this is not just "private currency" but is in fact legitimate "money" that can be converted into other currencies...through a "reputable bank"...JP Morgan should suffice. at what "rate of exchange" might be left undefined...all that's needed is a bank to accept this as a form of payment though and "it's like it never happened." my understanding of the virtual market place is that it remains "tax free." it might be "untaxable" actually. in other words if every transaction occurs in the form of bitcoins "there is zero value in that"...so in effect you're getting everything tax free.
High 675$
now coming back ...
Realtime quotes:
http://btcpost.net/index.php
Using one exchange's pricing isn't too helpful. Right now, $650 in Europe if you buy with Euros, or $950 in China with Yuan. The Chinese have driven up BTC in Yuan to nearly double within 24 hours! If only there was an efficient way to arbitrage ...
meaning "creating the exchange and running it is an enormous capital outlay"? not if you're the Fed. all they do is "hit the send button" and "that supposedly pays for everything." well...it would appear "the people" can hit the send button too.
Nothing says Merry Christmas and Fuck You Bernanke like a nice set of WB7 artworks! Mine are on order, BiTcheZ.
I have seen a Christmas Series test print and it is a knock out! He preserves all the original coloring perfectly.
WB7 good stuff, man, too funny!
I bet this scenario never even crossed Al Gore's mind when he invented the Internet.
well, then, he moved right into inventing global warming after that. the man is a genius.
don't forget "reinventing government" brought us blackwater/ze and booz allen hamilton ...
Thanks WB7!
LOL at Bernanke through the peephole.
B T C
WB7 - the Pacman is fkn unbelievable - you win. 1,000 yrs from now - I expect that your iconic image will endure as one of the simplest, encompassing images of what happened at the beginning of the 21st century.
It is an intellectual fkn masterpiece.
BTC has the potential to destroy the western empire, nation states, govts, central banking, fractional reserve - those doing Gods work might have finally discovered, God has a different plan.
Technology has a way of not giving a shit how many humans get killed by it.
That is by one of my understudies: @blumaberlin
She is a rising star!
She nailed the imagery and themes perfectly with the Pac-Man picture.
swapping fiat for bitcoins, priceless
Can you eat Bitcoin?
I am unaware of any edible currency...
8> D
Candy panties are a medium of exchange in the Japanese Diet.
Since Koizumi, too much testosterinasu for erected officiars.
The Japanese 'diet'? They've given up sushi for panties? So they ARE taking Fukushima seriously!
It's a low carb diet...fish and panties. Something fishy about that.
Exactly. Government simply "prints money into existence" and then disburses it in the form of an "EBT card." This is all done electronically. No paper, no ink necessary. In other words the value of cash is soaring and I "competition" of a sorts has broken out for securing what little cash we all have and defining who "we" (as an individual cash holder) in fact "are." Mt Gox had tens of millions of real dollars in there before the Government went in there and took it. Most of these exchanges get hacked into and looted instantly. Apparently "the looting is getting harder" though so the value of a "cryptographically secured currency" is now soaring. Interesting commerce run by "bit coin communities" is surging. I'm not ready to call a dollar apocalypse here now...but you could start seeing prices of actual goods being posted in both dollars and bitcoins too. In other words the difference between "fiat pricing" and the "difference between bid and ask pricing." In effect you could be getting a "virtual argument" breaking out over the value of some "thing" or "service"...with "resolution rendered" in the form of bitcoins. Again...mining these things isn't cheap. A typical operation now costs 5 million in hardware alone. You'll also need a VERY cheap source of electricity and a very robust way to cool your "mining operation." Should be good for Intel stock that's fer sure. Long "real fancy ATM's" as well.
It will be easy to tell whether BTC is a threat or not based on whether they allow goods to be priced in it...or not. I have seen sites attempt to price goods in silver only to be assaulted by the IRS for doing so. They don't want competition to the dollar, not really. I still suspect BTC is a clever scam, like the iPad games that are "free" but allow for "in-app purchases" which, until I figured that out, my kids cost me real $$$ to buy bullshit game features.
I agree that these non-governmental digital currencies will begin to call into question everything we know about "money." I think the banksters have screwed themselves, quite frankly. Everyone always knew they were no good leeches, but we put up with it because they didn't try to take too much. Now that they have blown themselves completely out of the water, their greedy fucking nature knows no bounds because they know the game is almost up.
I'am "Old School."
Just call me old fashioned.
I work for fiat. Pay bills, buy stuff for living and keep a little pile.
Whatever is left over is converted as quickly as possible. Gold, silver, guns, ammo, land, etc.
Itty, bitty, bits of coin? BitCoin? WTFIT? Sounds to me like creating something - from nothing! Kinda like the way banks create currency digits from nothing.
Common sense tells me when you buy nothing for something - you are still left with nothing and your something is long gone. Sorry, just call me old school, but this bittty coin stuff is just so much bullshit!
re: bitcoin, I'm agnostic, at least in the sense that I have absolutely no idea if it will last or vanish in a puff of tulips. The enthusiasm around it reminds me of the 'to da moon!' cries of silver investors/speculators... just before TPTB engineered their multiple-margin-hike meltdown. The difference between silver and BTC is that I know the value of silver is unlikely to disappear or be held down forever.
Having said that... let a thousand competing currencies contend and bloom! Money is for us, the people, to choose, not our bent-as-fuck bankster puppets.
"Just call me old fashioned"
No one should call you "old fashioned"
I would call you "educated".
You seem to understand what "money" is.
To try to illustrate for the majority, here is a simple test for money:
After you make a "money" transaction do you rely on any third party?
For example if I sell my car for gold, after the transaction I'm holding gold and the transaction is ended. I don't rely on any third party to do anything.
If I had sold my car for Bitcoins the transaction did not end. I have to rely on some third party to trade the Bitcoins for Dollars, Euros, something which depends on a third party to "make good".
well...you don't just become a "bitcoin miner." those that have have discovered "it's 5 million to start" so if you start seeing items priced in bitcoins it's not because the "system" is flawed. are you trying to tell me mr "old fashioned" that it really costs 25 billion dollars to build three ships? I can buy a perfectly good car for $1500. the definition of a hyperinflation is the dollars you've been paid in "suddenly become counterfeit." http://globaleconomicanalysis.blogspot.com/2013/11/venezuelas-hyperinfla... in other words "if you don't have any there's a good reason why" and "it's not because they're worthless."
This forces serious questions about the nature and purpose of money. And even though the jackasses in the hearing room are jackasses, these questions will not be easily swept under the carpet.
Their first line of attack is the money laundering illicit exchange meme.
How ironic that all of this stuff is peaking in the approach to the 100th anniversary of Jekyll Island.
OK,
If bitcoin is a cyber-something, why do we keep seeing pictures of coins.
I mean, a $600 coin isn't very useful.
Also, they value bitcoins in US dollars ?!?!?
If it is a phone app, couldn't you just use a credit card?
What do you think the price will drop to when the Govt disallows their use (because they can't control/regulate/manipulate them)?
@Boogerfly
No they are not valued in USD. They are valued in relationship to each other's currency determinate on what the buyer will pay for it.
You are seeing coins cuz it's easier to visualize . it looks better than lines of code. There is a company that actually makes physical coins I think containing both the private and public keys. $600 isn't very useful but Bitcoin (the digital one) can be divided into 100 million parts. You can use your credit card and a smartphone to buy stuff, but I don't think you can send a friend money with your phone. With Bitcoin I can tip online bloggers or send friends/family Bitcoin costing pennies in fees instead of high percentages with CC.
There is also a company that makes "obama Condoms",
Which is a better long term investment?
The minted bit-coin, or the obama-condom? My bet the condom.
The story about obama and timmay is beyond the condom. They were supposed child hood freinds. One is now an investment banker and one is the president of the united states. I hope the brianiacs behind the bitcoin encryption algorithm are turbotax compatable.
There are 100's if not 1,000's of competing crypto-currency's like BTC, its just that the MSM has decided to make BTC its love child.
Everyone one of these crypto-currency's has a photo(image) of some kind of fucking 'coin', but just like the trillion dollar coin, ... they don't exist.
Just software applications that churn out random numbers, but the 'frauds', have to show an image in the mind, or a name like 'gold-coin', but not to fear no gold was harmed.
All these things are pyramid scams, the first developer to unload his software and website on the public, gets a stash of coins, the SATOSHI ( founder BTC ) hoard is now worth a $1Billion dollars, no wonder he's hiding. (IRS)
The GUBMINT can't possibly control every pyramid or ponzi, until they have hurt people. There is no doubt that many a people will be hurt when the BTC goes down.
the Government simply took the money the last time. http://en.wikipedia.org/wiki/Mt.Gox in other words "there was real money in there." in my book "those are called depositors" but it is pretty hard to define in the era of "QE."
Just like when you travel, the TSA can force you to turn over your passwords, then they got your BTC's or whatever.
The FBI forced the silk-road guy to divulge his passwords, word is he even has now snitched out on his customers (drug dealers) to buy himself off prison time.
Lastly, the silk-road guy was said to have some $100M in BTC, ... or whatever, we know for a fact that BTC could never be SOLD for real money (USD), because there is no BUY/SELL market, what the big boyz do is create 1,000's of tiny people, and sell, a large block dump of BTC would kill it, the so called 'kill switch' for BTC.
I think the US GUBMINT that now holds the silk-road BTC, is not stupid, ... they'll just sit on the BTC and fuck with it, ... now they can either run the BTC up or down as they wish.
The founder SATOSHI (BTC creator) keeps a low-profile and is invisible, and he too uses 1,000's of client software robots to sell his BTC, as not to raise suspicion.
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What is real money? Like you said bullets, beans, and gold.
It's only logical that BTC has taken off, given the fact that the world accepts worthless paper(USD), so why not accept worthless idea's? For paper money is only an idea, when not backed by gold.
What's the intrinsic value of a bitcoin? What's it's P/E ratio? How is this different from tulip mania? (Real answers please).