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No Intrinsic Value? What Is The Value Of Ability To Sidestep The Money Center Banks, The Federal Reserve & The ECB?

Reggie Middleton's picture





 

 

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#666666; font-family: Arial, Helvetica, sans-serif; line-height: 24.700000762939453px; background-position: initial initial; background-repeat: initial initial;">My Twitter followers know that I attended the North American Bitcoin Conference in S. Beach Miami last weekend. Here are some keepsakes from the visit as well as a video answer to the new media pop financial pundit, Peter Schiff's assetion that Bitcoin has no intrinsic value.

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#666666; font-family: Arial, Helvetica, sans-serif; line-height: 24.700000762939453px; background-position: initial initial; background-repeat: initial initial;">The proprietors of a Bitcoin ATM, due to appear in the states next month.

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Tue, 01/28/2014 - 17:55 | Link to Comment Amagnonx
Amagnonx's picture

Reggie,

 

Despite everything you read in the lame replies, there are those few of us who actually can see where we are - and where we are going - and Im happy you are working on the rail system to take us to a new and free-er place.  Of course - we are all in danger, because we are surrounded by evil powers - but who dares, wins - rock on Reggie.

Tue, 01/28/2014 - 17:27 | Link to Comment bcecil
bcecil's picture

Reggie...here is how you really fix the no intrinsic value argument and free all of the worlds slaves = 99% of population!

It will lead to all regular people all over the world getting paid at the same world rate for their labor and buying food etc at also the same world rate, and not an artificial slave rate, dictated by some country leader who is skimming off the top.

..a new universal exchange must marry BTC/LTC ( which is really a
form of an asset not a currency or money ) with gold/silver/commodities
What many people really don't get yet is Bitcoin/Litecoin are the worlds first, very
liquid, average persons, commodity/asset of exchange, that doesn't need any governments or
banks to exist.

Here is how the whole game will change...by making Bitcoin/Litecoin very real, which will lead to a grand new world reserve liquid trading commodity vehicle (not currency ) ... and eliminate ALL potential regulation problems with bitcoin/Litecoin being
equated to one, or any fiat government currency!!!!!

The real relationship between Gold/Silver/Commodities and Bitcoins/Litecoins needs to be a
marriage! This will give bitcoins/Litecoins value and gold/silver/commodities liquidity and bypass
all fiat currencies in the world taking away power from the top 85 families on the planet
that have the same assets as the bottom 3.5 billion people. ( and 10's of thousands of
others ripping people off everywhere)

This also solves the problem of not much liquidity for the easy transfer and payment using
actual pieces of gold/ silver / commodities over the internet ..... now their value is
transferable to btc/ltc, which is easily exchanged anywhere for everything starting with
the most important thing wages for employment.

The way to move the whole thing forward is a worldwide UMX exchange, like mtgox.com, but much
bigger, only for gold and silver weights and commodities , not US$ CDN$ or any other
dollars, to be exchanged/traded for btc/ltc/commodities.

You can use small shops everywhere, in small communities, in every country in the world,
like a current cash shop, pawn broker, grocer or gold/jewelry dealer that fronts all of
the small trading for everyone. So you give them some gold or silver commodities etc and
they give you btc/ltc or you give them btc/ltc and they give you gold silver commodities
based on current gold/btc exchange rates on the UMX..

All 3 things cant be touched by megalomaniacs and are outside of "world money
regulation/phantom creation"

BTC and even LTC is the same as precious metals in many ways, it has a finite amount
available over time, cannot be "printed" into oblivion, must be mined and is a store of
wealth and no one individual or group owns the system, it belongs to everyone.

The numbers make sense..if you look at fractional bitcoin system the numbers more then
make sense... each btc can be broken down to units that equal .00000001 so There are
really 2,099,999,997,690,000 (just over 2 quadrillion) maximum possible units in the total
maximum bitcoin design. The value of "1 BTC" represents 100,000,000 of these. there is
only around an actual 1 trillion in printed usd $ around and currently 60+ trillion in
total US debt http://www.usdebtclock.org/ (not including unfunded liabilities ) So there
is, or will be by the year 2140 (end of bitcoin mining), 2000 times more exchangeable
bitcoin units then us$ in the world and then there are no more BTC

As more gold mined down the road it will just change the exchange value slightly ..but,
unlike "make believe" money, (only .52% of the Bank of Canada's money is real, 1.75% in at
the Fed and the average is .75% in all the central European banks ) .....both gold/silver
and bitcoins/silver/commodities have physical limits on total in existence and are very
real.

I truly believe crypto commodities will eventually benefit the average person on this
planet even more then the internet has .....

 

Tue, 01/28/2014 - 17:41 | Link to Comment fredquimby
fredquimby's picture

Good comment. My pleasure:

"Reggie...here is how you really fix the no intrinsic value argument and free all of the worlds slaves = 99% of population!

It will lead to all regular people all over the world getting paid at the same world rate for their labor and buying food etc at also the same world rate, and not an artificial slave rate, dictated by some country leader who is skimming off the top.

..a new universal exchange must marry BTC/LTC ( which is really a form of an asset not a currency or money ) with gold/silver/commodities. What many people really don't get yet is Bitcoin/Litecoin are the worlds first, very liquid, average persons, commodity/asset of exchange, that doesn't need any governments or banks to exist.

Here is how the whole game will change...by making Bitcoin/Litecoin very real, which will lead to a grand new world reserve liquid trading commodity vehicle (not currency ) ... and eliminate ALL potential regulation problems with bitcoin/Litecoin being equated to one, or any fiat government currency!!!!!

The real relationship between Gold/Silver/Commodities and Bitcoins/Litecoins needs to be a marriage! This will give bitcoins/Litecoins value and gold/silver/commodities liquidity and bypass all fiat currencies in the world taking away power from the top 85 families on the planet that have the same assets as the bottom 3.5 billion people. ( and 10's of thousands of others ripping people off everywhere)

This also solves the problem of not much liquidity for the easy transfer and payment using actual pieces of gold/ silver / commodities over the internet ..... now their value is transferable to btc/ltc, which is easily exchanged anywhere for everything starting with the most important thing wages for employment.

The way to move the whole thing forward is a worldwide UMX exchange, like mtgox.com, but much bigger, only for gold and silver weights and commodities , not US$ CDN$ or any other dollars, to be exchanged/traded for btc/ltc/commodities.

You can use small shops everywhere, in small communities, in every country in the world, like a current cash shop, pawn broker, grocer or gold/jewelry dealer that fronts all of the small trading for everyone. So you give them some gold or silver commodities etc and they give you btc/ltc or you give them btc/ltc and they give you gold silver commodities based on current gold/btc exchange rates on the UMX..

All 3 things cant be touched by megalomaniacs and are outside of "world money regulation/phantom creation"

BTC and even LTC is the same as precious metals in many ways, it has a finite amount available over time, cannot be "printed" into oblivion, must be mined and is a store of wealth and no one individual or group owns the system, it belongs to everyone.

The numbers make sense..if you look at fractional bitcoin system the numbers more then make sense... each btc can be broken down to units that equal .00000001 so There are really 2,099,999,997,690,000 (just over 2 quadrillion) maximum possible units in the total maximum bitcoin design.

The value of "1 BTC" represents 100,000,000 of these. there is only around an actual 1 trillion in printed usd $ around and currently 60+ trillion in total US debt http://www.usdebtclock.org/ (not including unfunded liabilities ) So there is, or will be by the year 2140 (end of bitcoin mining), 2000 times more exchangeable bitcoin units then us$ in the world and then there are no more BTC

As more gold mined down the road it will just change the exchange value slightly ..but, unlike "make believe" money, (only .52% of the Bank of Canada's money is real, 1.75% in at the Fed and the average is .75% in all the central European banks ) .....both gold/silver and bitcoins/silver/commodities have physical limits on total in existence and are very real.

I truly believe crypto commodities will eventually benefit the average person on this planet even more then the internet has ....."

Tue, 01/28/2014 - 17:13 | Link to Comment no more banksters
no more banksters's picture

"Similarly, the ECB becomes a corresponding Fed in the European area, “serving” the problematic economies that are excluded from the bond markets, through the print of new money. Therefore, the problematic economies will be loaded with more and more debt which the ECB, i.e. the largest private European banks will hold."

http://failedevolution.blogspot.gr/2012/09/lea-jacta-est-by-emperor-drag...

Tue, 01/28/2014 - 16:44 | Link to Comment viahj
viahj's picture

the fed.gov is trying to make the case that trafficing in BTC (or BTC derivatives) is done knowing that BTC is used in illegal activity (Silk Road).  proceed with caution Reggie as it may be a flimsy arguement at best, it's still the power of the fed.gov which has abandoned all semblence of Constituionality.

Tue, 01/28/2014 - 16:57 | Link to Comment Reggie Middleton
Reggie Middleton's picture

I'm paying attention. Trust me.

Tue, 01/28/2014 - 17:42 | Link to Comment Amagnonx
Amagnonx's picture

Most die without cause or reason - I enjoy comfort, but I enjoy freedom more.

Tue, 01/28/2014 - 16:34 | Link to Comment jomama
jomama's picture

will fonestar's mancrush please stand up?

Tue, 01/28/2014 - 16:27 | Link to Comment don quixote
don quixote's picture

The US dollar is already pretty much a digital currency, over 90% of it.Bitcoin is also a digital currency, NOT a digital money.

To me, bitcoin is like Paypal. It's a method for buying/selling goods or sending currency. With Paypal you arrange payment on the backend, with a credit card most likely. With Bitcoin you put currency up front so that you can transact. So what is the intrinsic value of a 'Paypal'? Well 6% of the trade I suppose. If I had to use bitcoin I would not hold the coin itself for more than a few hours because for me it has very little value. A real digital money must be backed by something. That's why I think something like e-gold/silver will be the way to go, along with Aurum.

 

Tue, 01/28/2014 - 16:19 | Link to Comment bill1102inf
bill1102inf's picture

If every bitcoin owner held 1oz phys gold and refused to sell it for less than $3000.00 USD, then both the value of the bitcoin and the price of gold would instantly be 3000. . ......

Tue, 01/28/2014 - 15:52 | Link to Comment philosophers bone
philosophers bone's picture

Why do I have the feeling that if you took Bitcoin or Ultracoin or whatever crytocurrency and made it identical, but also attached a right of the holder to receive 1 oz of silver on exchange, that the value would drop to $20 (being the value of the underlying asset) or perhaps some very small premium?

Tue, 01/28/2014 - 15:51 | Link to Comment Save_America1st
Save_America1st's picture

Alex Jones had Bob Barr on last Thursday.  He was a Congressman for 8 years back in the Clinton era.  He was the one who brought up the charges of impeachment against Clinton and got enough co-signers to make it happen. 

Bob Barr is a legal bad ass, ex-CIA, and a statesman along the lines of Ron Paul.  Look him up.

Here's the kicker:  Bob Barr is running for Congress again this year in Georgia and it sounds like he's easily going to win it.  And when he does win, he will be one of the baddest mother fuckers in Congress, and he's going to go after obama immediately with the same charges of impeachment that he used against Clinton. 

Here's the interview on Alex Jones...you all gotta listen to it:  http://www.youtube.com/watch?v=24clEFBWqUg

Barr said he pulled out the impeachment paperwork he used against Clinton and dusted it off...then he updated what needed updating and crafted it for impeaching obama...he said it was easy given all the evidence against obama and his usurpation of the Constitution. 

And since he already served 8 years in Congress previously, he gets all his seniority back...that means he can't be marginalized as some rookie freshman Congressman.  He's a legal wizard and knows how to work Congress inside and out.

He's going to be obama's biggest nightmare and will quickly build a coalition against obama and the rest of the treasonous scum in Congress.  I think we're going to see a lot more of the rats scurrying off the sinking ship once Barr gets back to town.

Here's his website...send him a few bucks, cuz we need this guy in D.C. big time to fight the fight up close and personal against obama and the rest of his scummy little miscreant crew.

http://barrcongress.com/

Pass the word around to everyone you email and let's help make sure Bob Barr gets back to D.C. so we can get this impeachment rolling!!!

Tue, 01/28/2014 - 18:28 | Link to Comment jomama
jomama's picture

you are far more of an optimist than i will ever be.

Tue, 01/28/2014 - 16:27 | Link to Comment Toolshed
Toolshed's picture

Yeah, well unfortunately, he will probably have no more success with Obama than he did with Clinton. The whole 2 party charade is a distraction. Obama's presidency has been a continuation of the Bush presidency, in spite of his hope and change bullshit. I would love to see Obama, along with the vast majority of politicians of both parties, behind bars, but that is not very likely to happen any time soon. Besides, this political game the 2 parties play, and to them it is a game, is a huge waste of time and taxpayer's money. What else can Barr do besides stir up controversy? I noticed he had a plug for that nut job Arizona shreiff Joe Arapaio on his site. Not a good sign in my opinion.

Tue, 01/28/2014 - 15:00 | Link to Comment fijisailor
fijisailor's picture

I really get a kick out of seeing all these images of virtual currencies minted into coins that look like they're made out of gold.

Tue, 01/28/2014 - 14:55 | Link to Comment fijisailor
fijisailor's picture

What is the value of a currency system that can have new version ad infinitum like windows operating systems?

Tue, 01/28/2014 - 17:05 | Link to Comment Matt
Matt's picture

Why does USD and Yuan and Yen all have different values? How does one currency retain value, if another country with its own fiat currency keeps printing more? Why doesn't QE in Japan devalue US Dollars?

Tue, 01/28/2014 - 14:53 | Link to Comment linrom
linrom's picture

What a bunch scamming pumpers? The game never changes. Anyone remember the discussion in early 2000's about gold stocks and topnotch analysts that forecast gold miners to reach 1000s when price would hit $500 with analysis like this (Profit $500-$200)x mined ounces/#shares? How about Ubet, a gaming stock....if only Ubet could capture 10% of the gaming market share, it would make billions.

I am still waiting for CRE to crash from 2006? Still waiting...

Bitcoin is not money, its not even fiat, its absolute pure bullshit.

Tue, 01/28/2014 - 14:36 | Link to Comment Toolshed
Toolshed's picture

Ok, which ultracoin is which again?

Tue, 01/28/2014 - 15:35 | Link to Comment Grosvenor Pkwy
Grosvenor Pkwy's picture

The "ziggy-bumface" UltraCoin trading will be activated from 7th Feb 2014 on crypto-trade.com

https://crypto-trade.com/news/47

using the abbreviation UTC.

The Reggie Middleton "ReggieCoin" will probably be forced into a name change in short order, or else die an early death.

"The race is not always to the swift, but that's the way to bet it."

Tue, 01/28/2014 - 14:27 | Link to Comment RebelDevil
RebelDevil's picture

This intrinisic value debate is getting interesting now.
I would love to see you debate Peter Schiff on his show Reggie!

Tue, 01/28/2014 - 14:39 | Link to Comment Nacho.Libre
Nacho.Libre's picture

Can someone explain the "intrinsic value" of precious metals to me?  I keep hearing it has "intrinsic value", but it always seems like a begging the question argument because no one seems to say what this value is.  Adam Smith in Wealth of Nations explains that gold and silver became useful as currency after royalty used them for adornment.  The more common people wanted to emulate them (unlike today /s) and wanted to obtain the PM with their excess wealth.  But, because the metals were soft, they had no utilitarian value, so people didn't mind parting with them in the exchange of goods and services, whereby iron or bronze, had uses for implements and weapons, so they didn't want to part with those metals. 

Tue, 01/28/2014 - 16:10 | Link to Comment Reggie Middleton
Reggie Middleton's picture

intrinsic value ~ Utility value. 

Tue, 01/28/2014 - 15:02 | Link to Comment Toolshed
Toolshed's picture

It is a historical thing. Goldsilver.com has a nice documentary on the history of money. There is a very real difference between money and currency, but you must remember that money, currency, value, etc. are all human concepts, and gold and silver enjoy their status as true money due to the fact that they have represented a store of value throughout  the history of human civilization. I use the term civilization very loosely here, because in our known history we have never been truly civilized.

Tue, 01/28/2014 - 14:56 | Link to Comment fijisailor
fijisailor's picture

Intrinsic value = proven for 5000 years as money + a majority of the world's population think it has intrinsic value

Tue, 01/28/2014 - 15:16 | Link to Comment Nacho.Libre
Nacho.Libre's picture

Right.  So I grasp the concept of it having been used to represent value for thousands of years and that people recognize it worldwide as being desirable.  So, the argument is that since it has been used for a very long time, it will continue to be used?  I think it would be a good idea to be more objective about it's role.  Kind of like pencils and pens, typewriters, wagon wheels.  They have long histories, but developments are such that they are being replaced, not all together and overnight, but it's happening.  I can definitely see PMs as a store of value, albeit it a volatile one, as long as other people recognize it as such are and willing to exchange something for it.  To me, they seem more like a commodity than a currency.  You exchange them for currency, then the currency for goods and services, not so much directly exchanging the PMs for goods and services. From that angle, the level of intrinsic value doesn't seem so high to me, not as much as say arable land or barrels of oil.

Tue, 01/28/2014 - 16:52 | Link to Comment fijisailor
fijisailor's picture

You've convinced yourself and you may even convince me but it will take a long time to convince billions who believe that gold has lots of intrinsic value.  If I were to bet on where this will go I'd stick with the 5000 year history.  By the time billions of people can be convinced that gold has no value, virtual currencies will certainly have no value in their present form.

Tue, 01/28/2014 - 16:07 | Link to Comment Toolshed
Toolshed's picture

You, as an individual, must decide which properties of an asset are important to you. Oil and arable land are certainly assets, but not money, and have had varying degrees of success as stores of value. Oil could be used as currency, but it is not very practical to carry around a tank of oil with you to dispense in transactions. Land is neither readily divisible or transportable. Gold and silver have been recognized historically as both money and currency due to their properties. There are many competing definitions of money, but the important attributes of money, to me, are store of value, divisibility, portability, and liquidity. Gold and silver satisfy my needs nicely. You should decide for yourself. Nothing is perfect and gold's value has indeed fluctuated through history, but it has never been considered worthless. However, just because something has never happened doesn't mean it won't. If you're starving and/or about to die from thirst, food and water would have much more "intrinsic value" to you than any other asset. So in that case food and water would be the ultimate money. It's all a matter of perspective.

Tue, 01/28/2014 - 16:55 | Link to Comment Nacho.Libre
Nacho.Libre's picture

Exactly, all very much a matter of perspective.  My reservation about gold and silver is that they are not currently currency, not anywhere near to the extent they had been in the past.  The other problem I have always had difficulty overcoming is the premiums having to be paid to own the physical.  I could get it without a big premium locally, if the local guy ever had any in stock, but it seems like anywhere online there is supply, once you pay the premium, shipping, insurance, etc. there is an additional 10-15% premium, plus what it costs to sell, unless it's a private transaction.  Basically, there has to be a 20% increase just to break even.  I am thinking now is a good time to pick up some silver, but again, supply issues.

As to the other "assets", your right, everything has thier short falls, and that's all I was saying about the PM's.  It seems that because "they have been used like this in the past they once again be used like that in the future" perspective may not be the best way to look at the PMs.  I think a better way to look at it is to say "buy low, sell high".  I was having lunch with a friend of mine that is a die hard gold bug and he asked me why I didn't like gold.  I said it's not that I don't like it, I just don't look at it the same way.  I asked him when he was going to sell his gold.  He said "never".  I asked him, then what's the difference between your gold and an old pair of shoes in the closet you don't throw away?  If you never use it or convert it, why not bury a brick in your back yard and call it good?  Somewhere down the line it will only be of value to you if you convert it for something of use to you, be it to buy food, protection, start a business, etc.  Otherwise, it's just a nice way to keep some wealth off the grid and unproductive. 

I personally was going to get into some PMs, but decided that I would personally be better served to start a little side business, buy some inventory, and try to make a 30-50% return on inventory than pay 15% premium and have the money idle.

Nickels are looking attractive to me, though, no premiums to be paid on that and a very liquid market.

Tue, 01/28/2014 - 17:41 | Link to Comment Toolshed
Toolshed's picture

From my perspective, gold is not an investment, it is insurance against currency debasement. So, in your analogy involving your friend, instead of a worn pair of once loved comfy shoes, it is more like home owners insurance. You hope to never use it, but sure as heck have it just in case. Gold sitting in the safe collecting dust doesn't bother me due to the fact that historically it has been a excellent store of value, unlike any fiat currency which always drops to zero eventually. And with the rampant money printing, or the functional equivalent thereof, going on at all the world's central banks, that reversion of fiat to zero could be closer than many think. Plus, exchanging small green pieces of paper for bars of shiny, lustrous metal really annoys the banksters.

Tue, 01/28/2014 - 15:29 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

once a relic, always a relic

Tue, 01/28/2014 - 15:29 | Link to Comment Nacho.Libre
Nacho.Libre's picture

Ha!  Barberous metal?

Tue, 01/28/2014 - 14:21 | Link to Comment ebworthen
ebworthen's picture

Notice that .gov is going after individuals who convert Bitcoin to fiat and vice-versa.

Be wary Reggie, I like you.

Tue, 01/28/2014 - 14:40 | Link to Comment DontGive
DontGive's picture

I don't belive he is trying to target conversion to fiat, although I suppose it may be possible with whatever he's tinkering with.

Tue, 01/28/2014 - 15:24 | Link to Comment ebworthen
ebworthen's picture

Well, the arrests over the weekend show that .gov is willing to arrest people for it:

http://money.cnn.com/2014/01/27/technology/security/bitcoin-arrest/index.html

"Both are charged with conspiracy to launder money and operating an unlicensed money transmitting business."

Pretty broad brush (yet no one from HSBC has been arrested for money laundering).

"Ultra Coin" with Reggie's name on it could be construed as an "unlicensed money transmitting business" which is why I'm concerned for him.

Tue, 01/28/2014 - 16:17 | Link to Comment Toolshed
Toolshed's picture

The .gov forces love to take down high profile targets and Reggie is trying his hardest to be a high profile kind of guy. You may have noticed in the ultracoin graphic, he even put his name on the thing. Kind of sad actually.

Tue, 01/28/2014 - 16:53 | Link to Comment Reggie Middleton
Reggie Middleton's picture

What has happened to the intense intellectual capacity that used to troll these boards. My name was put on a graphic of an internet blog post. It's not as if it was marketing material. Even if it was, it goes to the antithesis of what got the person you're referring to in trouble. He was convicted for allegedly selling currency that resembled a US coin. Now, unless you're clamoring to have me on your dollar bills (and I can undestand if you are:-) then such a thing as you described distances me from his case, does it not?

Tue, 01/28/2014 - 17:51 | Link to Comment Toolshed
Toolshed's picture

If you are referring to the comment about the guy that got busted for minting alternative coins........that was not my comment. However, your post clearly stands as an example supporting my comment that you are trying very hard to be a high profile kind of guy. And I ask you, what happened to that rational and logical thinking Reggie Middleton that performed fantastic research and analysis on financial topics of interest? Because this Reggie Middleton comes across as an egomaniacal BTC fanboy. I mean, if Apple released a smartphone called the Galaxy, the old Reggie would have had a field day with it. Plus ultracoin? Another layer of intangible stuff on top of a pre-existing layer of intangible stuff that only exists on the internet, that no one knows who originated and is backed by nothing? It simply boggles the mind.

Tue, 01/28/2014 - 18:34 | Link to Comment Reggie Middleton
Reggie Middleton's picture

I'm pretty sure the problem is that you don't understand Bitcoin. I have the answers to the rest of your questions coming up soon. Guys thought that I was a Google fan boy choosing it over Apple.  How did that turn out? 

Tue, 01/28/2014 - 17:26 | Link to Comment ebworthen
ebworthen's picture

I'm behind you and alternatives to the Federal Reserve system.

From your post on 01/21/2014  http://www.zerohedge.com/contributed/2014-01-21/enter-ultracoin-it-banks-peer-peer-file-sharing-music-industry :

"BTC Swap is planned to facilitate a variety of what Middleton calls 'Zero-Trust Digital Contracts', which recreate financial functions in software code by matching offered and desired transactions between parties without the need for intermediary institutions."

"Transactions between parties without the need for intermediary institutions" could easily be construed as "operating an unlicensed money transmitting business" by U.S. Government Agents.  That is all I am saying.  I don't think they should go after you or Bitcoin, but they are already doing so to other people in the Bitcoin sphere and Bitcoin itself indirectly.

I'm currently mining Litecoin as individual Bitcoin mining has become unprofitable for home equipment; if it pays for my video card I'll be happy and I like supporting alternatives to FED fiat.

I'm not trying to shoot you or Bitcoin down, I'm saying keep a low profile and be wary.

I wish you success.

Tue, 01/28/2014 - 16:51 | Link to Comment ebworthen
ebworthen's picture

Yes.  Reference Bernard von NotHaus.

The Feds busted him and the Liberty Dollar.

He was convicted in 2011 of counterfeiting but is yet to be sentenced.

.gov cares not if they have legal grounds for pursuing people, only that they support the hegemony of the Federal Reserve.

Tue, 01/28/2014 - 14:15 | Link to Comment teslaberry
teslaberry's picture

reggie was just at the miami conference pumping ultra-coin. he says he's finished a beta, unlike ethereum mastercoin or any other claimed future implementation of colored coins and open transactions. 

so reggies..i looked all around, wheres your beta?

Tue, 01/28/2014 - 14:16 | Link to Comment Reggie Middleton
Reggie Middleton's picture

If you were there you should have come see me and you would have got one.

Tue, 01/28/2014 - 14:14 | Link to Comment proLiberty
proLiberty's picture

Bitcoin is a pure play on supply/demand dynamics. However it also does not have a "market-maker" who will step in to mitigate severe swings in its value vs USD, and its total market capitalization is very tiny even compared to the retail gold coin market.

Tue, 01/28/2014 - 14:06 | Link to Comment madtechnician
madtechnician's picture

Reggie is the man .

Tue, 01/28/2014 - 13:37 | Link to Comment Nacho.Libre
Nacho.Libre's picture

Currency doesn't have any intrinsic value. Those things that are more utilitarian in nature do not circulate as currency. That's why gold and silver were used much more instead of copper, brass, or iron when currency was developing because the other metals had utilitarian value. Wealth of Nations by Adam Smith is a great look at so many aspects of the economy and life, give it a read (or download the free audio book and give it a listen).

Tue, 01/28/2014 - 14:13 | Link to Comment Reggie Middleton
Reggie Middleton's picture

But Bitcoin has it both. A disrtibutable currency AND a highly utilitarian decentralized distribution network. It's a bold new world...

Tue, 01/28/2014 - 14:28 | Link to Comment oddjob
oddjob's picture

a highly utilitarian decentralized distribution network

That being what?.....name a single instance where people can exchange bitcoins without involving a third party in any way whatsoever. Proponents of digital wallets are nothing more than charlatans and whores looking to extend their own free ride.

Tue, 01/28/2014 - 15:42 | Link to Comment Reggie Middleton
Reggie Middleton's picture

UltraCoin. I have a video on my YouTube channel where I demontrated it. Rapid money transmission, not third party. No banks, paypal, Western Union, not even me.

http://youtu.be/PJpBQ0wCF0g?t=35s

Do NOT follow this link or you will be banned from the site!