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Meanwhile In Precious Metals And Virtual Currencies...
The old 'new normal' precious metals smackdown has made a few appearances since the Cyprus debacle started but this morning's drop is impressive (given the lack of movement elsewhere) as gold drops back below pre-Cyprus levels. There is one 'currency' that is surgung in value though - Bitcoin is now trading at $107.36, up from $46 pre-Cyprus...
Gold is now back below Cyprus levels and Silver has been sliding...
But Bitcoin has been surging (looking somewhat parabolic longer-term)...
Charts: Bloomberg and BitCoinCharts
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If we smack gold and silver hard enough, inflation will be controlled. How did we control inflation before HFT?
The world goes nuts and gold goes down. Insane.
Ah well, another buying opportunity.
$100 to the upside is still a good buying opportunity for physical.
Gook Luck @ The Bit Casino ...
I'd like to see 'em try to smack down Bitcoin. Can't rehypothocate or short it.
don't know about rehypothecating bitcoins
but .. if you edit main.cpp
https://github.com/bitcoin/bitcoin/blob/master/src/main.cpp
between lines 1155 and 1170, you can remove (or comment out) the two if-statements so that CheckProofOfWork always returns "true".
Bitcoins would be pretty easy for a government to confiscate as a cyber currency.
Gold you can bury.
I agree. It's far easier for the government to confiscate bitcoins than gold. +1.
Yea, so Gold just closed today. And I can't wait til I can start publishing my BTC models.
https://www.quantsig.net/live.html
WOW ... Million Bonus Finally Made Some Sense ...
Silver will be pushed sub $20 and Gold will fall to $1,000-$1,100.
Those would be my entry points. The wizards are busy pushing stocks to ultimate highs.
At those prices, what will you buy ?
Do you think anyone at that point would still be selling metal ?
I would love to see those prices, but I also note that the premiums I get are adjusted with price drops.
It's a bit sad, but the absolute inability on my part to model a shortage price point is making me accumulate proportionally at these drops. Trying to find a balance is screwing with my brain.
But of course you can't model anything in a dishonest market.
So all you can do is accumulate as you are able to, expect frequent dishonest price drops, and the market to lock up at some point that you will not be able to predict from prices.
I think what you're doing sounds optimal in an environment like that.
I'd like to see 'em try to smack down Bitcoin. Can't rehypothocate or short it.
True, but they can and likely are throwing large quantities of money at it. BitCoin is the only deregulated market. Speculation rules the day. It's hard to say how much of the BitCoin surge is due to businesses in Cyprus needing a viable alternative that banks can't steal directly vs. how much is due to the powers that be trying to lie to the world in that we don't need gold and silver for protection from bank failures. They will gladly have everyone jump into BitCoin if it allows them to continue to suppress metals. A global digital currency has been the goal from the beginning. Are that many of us really such lemmings that this is not obvious?
It's not only bitcoin. Litecoin exploded from $0.07 to $4.20 today. Of course it's bubbly, but still, as Taleb said, this is the beggining of something great. This will accelerate the endgame for gold/silver smackdown.
How does Bitcoin work in a "grid down" world? Say there is no internet and no electricity, will Bitcoins buy you a dozen eggs from your neighbor? Or am I better off being able to offer him a 1960 90% silver quarter?
You're better off with a silver quarter. Bitcoin will be good for transfers amongst the military checkpoints, though.
From my understanding of history, gold is the best to get you through military checkpoints.
What's the strategy? Seriously, if they go into your car, where are some places to store gold and just pass unforeseen?
Plenty of hiding spots, but I was thinking about the bribes needed to get you out of the cities, states or country.
Gold will get you killed at the "check point"; why take a bribe when they can kill yiu and take it all?
Unless someone goes trough your papers.
You act as if these metals are a way of life. Most people on the street would ignore your thoughts. The sooner you apply that to your inventment strategy the better.
Pigs get fed, there is always a slaughter !
I believe a new gold standard would probably be one of the worse things that could happen to us. It would just be the same psychopaths in charge now, only in a highly deflationary environment.
"Yes we have the gold in our vaults and no you cannot see it."
A bi-metallic system would be good but there is no longer the physical silver to circulate. A good mix would be gold, silver, copper, bitcoin, local currencies and barter.
A proper gold standard fixes the ratio of dollars to ounces or grams of gold, whatever measurement you prefer, but a fixed ratio. This allows for an approximate steady 3% inflation at most which is tied to the extraction of gold and thus purchasing power never changes with a fixed ratio. It would not be deflationary from a currency standpoint, but from an economic standpoint of course the financial system would completely deflate and default without ZIRP and infinite bailouts that easy monetary policy provides. A gold standard does not require any central bank policy or human element. It is self regulating as long as the rules are enforced which is the whole problem, they aren't.
There is plenty of silver for a metal standrd. You could have it with one ounce of silver. All metals are divisible. It's a matter of how much value you attribute to what quantity of metal.
BitCoins are a terrible idea for backing a different currency because they can be easily influenced by big money. Silver is also in that boat but only because it is such a small market due to being severely undervalued and thus depleted. Gold on the other hand is the big boy on the block and will not bend to such tactics, but you are right that we need a bi-metallic standard, actually many competing metal standards so they keep each other honest, but it has to be metals only since they are non-renewable elements.
BitCoin is king right now, but as soon as a competing digital currency with a superior algorithm comes out everyone will flock to that and BitCoin will crash, assuming that there is infrastructure to support BitCoin long enough for that to happen.
Gold and silver, and to a lesser extent the other metals are the only true extinguishers of debt and the only sound money that are durable, divisible, fungible, and portable. BitCoin and fiat currency both fail to meet all these requirements for both a unit of account and a store of wealth.
You have just translated the ancient knowledge of 'The Golden Ratio' into modern day economic terms. Bravo!
Bitcoin is not just a currency, it is a crypto-wealth-tunnel. It is hard to put a value on this technology but it is clear to me the technology is extremely valuable. It facilitates transfer of wealth and it has utility in the real, physical world. Owning bitcoin is like owning an oil pipeline as opposed to owning a few barrels of oil. What is the AlCan pipeline worth in dollars? Yes, you could go and build another pipeline beside it but how much would that cost? What would be the incentive to use it instead?
A crypto wealth tunnel that extends to the end of the power line?? Then what? ''I want my money back..!'' ...ermmm what money?! The cyber money that exists on the end of a FUCKING phone line???
What are you trying to say? Someone is going to ask that the global internet is turned off? It's that simple hey, just shut 'er down?
I expect the power of each Bitcoin to be massive. Each bitcoin will gain mass until it tears a hole in the fabric of the fiat universe.
No, that's why I said I would have to trust the source (to survive)...and also believe the fact that we are not heading for a second dark age...you see you must learn to read your history. Going a few steps back may be the best option to have gone too many steps forward in the wrong direction? Technology has a crucial part to play in our evolution as a species...but not alongside our current old school 'left brained' 'show me the money bitches' capitalist mentality. Technology goes dormant while the system evolves...but do your Bitcoins survive the trip?
You are right fonestar,
Take a few wallets and lock them in a time capsule. Come visit them in a few years and see what you have. TBTB become quivering masses of goo when they behold this technology. Bitcoin and silver, the crucifix and holy water of central bankster blood money sucking vampires. Arise Chickuns and eat the vampire squid.
Silver For The People
The Bitcoin Channel
I find it interesting that a little turbulence has everyone thinking gold and silver will fall much further.
Geologists from PDAC 2013 say that over 600 junior gold miners will disappear from the mining realm by June/July 2013 if gold stays at its current price. If this happens, there will be a huge supply of potential gold not coming to the market.
Silver's total cost of mining is in the $25.50 - $26 range. This is not just the cash cost to mine. But we know that about 70% of silver is by-product mining from copper, so if copper becomes uneconomical, then you will see silver supply start to become more scarce.
I know the Fed's intention is to hold gold and silver in a range and shake everyone out of hedged assets and into the equity eurphoria, but if they shake gold to hard, it will defeat their purpose of capping it. If gold supply comes off the market, it will shoot up like Rhodium did in 2008. Silver will follow as it is inextricably linked to gold's long term price action.
Some of the idiots posting on Bitcoin make me laugh!
You seriously think if you want to pay me (or anyone born somewhat recently) I am going to sit around waiting for your gold and silver bars to show up on the Western Union wagon? What is this 1880?
I measure payment time in MILLISECONDS and if payment is taking longer than a few hundred milliseconds that is too long!
Wow you're like, totally cool! And clearly don't know what you're talking about.
It sounds authoritative and that's what matters.
The plain and simple truth is that Bitcoin has become increasingly popular as a method to circumvent capital controls and that's about it! You don't want your money in there for too long and it is not a viable solution to the slow demise of FIAT. The world revolves around tangible hard assets; commodities. @commodsaregold
Money is three things.
Each of these can and have been separate in many currencies throughout history. Each with differing effects.
BTC has #2 nailed for retail FX and internet goods/services.
For some people, it also has #3 (particularly when your government helps itself to 90% of your cash).
BitCoin is not a store of wealth. It's not durable. It's not even tangible. In 1,000 years would you rather dig up a flash drive with some BitCoins on it or a chest full of gold? BitCoin is the best currency that has ever existed and is far superior to fiat, but only gold and silver are sound money. They have different purposes.
I agree, but in 1000 years I'll be dead and not concerned with money.
I am interested in trade in the here and now.
Bitcoin is a track-hider. Money goes in, and is made gaseous.
The metals markets will go physical. Brace yourself for margin adjustments.
Like I keep saying, bitcoin has capital control embedded right in the system - you can't just buy any amount you so desire straight away, the way you can with virtually any other currency/commodity - there's (stringent) limits as to how much you can buy on a daily basis (hello, Cyprus)...
LOL! So you imagine, imaginary wealth available in MILLISECONDS...hmm when Bitcoin starts bringing the currency into the real world via gold and silver pieces give me a call...coz I got ZEE gold and you got an internet coupon printout! Unplug the internet and we unplug your wealth...
What is so special about your gold? There is lots of gold where I live! Why don't I get paid in a **REASONABLE** amount of time, take that currency and go buy gold if that's what I want to do?
The main thing that is special about my gold is that it has intrinsic value and is a tangible 'real world' asset that I can bring to the barter table. At the same time it is only worth as much as I am able to trade for in that moment i.e. if I trade for food and there is one food vendor and lots of gold sellers my gold may as well be worthless, because I cannot eat it! In the ideal world we do as you say; we carry around easy to carry notes or credits on a card and we get what we want :)! But unfortunately the powers that be have put our confidence in disarray as at any moment the so called credits we have may be worth a lot less or even as in Europes case taken from us. So we say; we want our wealth and we want to be able to see it. We have lost confidence in the system!
What is different about your gold than the gold in my area? Does it have a different atomic mass or something? Why would I want to sit around for days, weeks, months waiting for your gold to show up?
My bad, I thought we were still on the bitcoin vs gold shizzle. No, nothing is different about the gold. You can see that the powers that be want to bring the system to it's knees though, so hedge accordingly and expect to be bartering and helping out your neighbours and vice versa.
Gold is a store of wealth and physical currency. BitCoin is a digital currency. Fiat is a debt based currency. They are apples, oranges, and bananas. What makes gold and other precious metals superior is that their value is not contingent upon a nation's ability to pay its debt as is fiat currency, or a functioning Internet and power grid as is BitCoin. Only metals have value in and of their nature which cannot be taken away. The others are just for convenience but will not save you from a financial meltdown. Cyprus is a cakewalk compared to when the derivatives crumble.
'What is so special about your gold?'
It has been the most reliable store of value for over 5000 years. It also works well as a currency. A store of value and a currency are two different things. Bitcoin is incredibly flexible as a currency . . . but it is a HORRIBLE way to store value. It is actually worse at storing value than the U.S. dollar (you at least have something physical if the value goes to 0). Bitcoin is all or nothing. The moment it gets compromised the game is over - confidence is shattered in it as a currency, and people will drop it like a bad habit.
The reason gold has lasted so long in human history is it is a fantastic way to store value while being a pretty good currency to boot. Gold is gold is gold. Unless you can find a way to alter physics, it is always reliable. Bitcoin is far too unreliable to store value in long term. If you think gold is so awful I'll take any you have, and I won't even charge anything! ;)
I was reading some comments above about investments in the "hear and now", and I would just respond to that by saying for those of us that have children (or related children we care about), we tend to care more than the average bear about what happens after we die, and there is a substantial subset that wants their productive labor to primarily go towards building our kids and grandkids wealth. And that's why "store of wealth" and "return of investment" really, really matter to a lot of people.
There is an inordinate amount of paper gold ('virtual', imaginary, never-to-exist gold) and it has approximately the same worth as your ridiculous virtual currency, bitcoin, ie NOTHING. NOT A THIN DIME! Those digital trading units which you believe represent your wealth are initiating (e.g Cyprus) the very process of a conflagration which will live in the psyche for generations. Those images of hyperinfationed Germans sweeping up fiat to burn are kids-play compared to what is to come. People like you never learn, though, do you? You jump on the latest Ponzi bandwagon, oblivious to the most salient lessons smacking you in the face daily, and sell a pile of valueless crap to the next queue of morons. Save in Bitcoins... go on, watch the Pozi scheme play you like a fiddle. Your wealth is NOT what your bitcoin account balance says it is! Ask Cypriots about ownership of digital currency units. preciousmetalspete at his blogspot, a deep insider since the 70s, knows where and how the endgame unfolds. And Bitcoin is NOT in the monkey's future. See his post: Bitcoin The Shitcoin (It Aint a Coin, but It is a Bit Shit)
You better not measure payments in milliseconds if you're dealing with bitcoins - word I heard is it takes like ten minutes or so for transaction to clear through... it takes me less than that to get to the nearest atm (about 20 meters away), pay/collect there and get back home.
No they can't "confiscate" it but they sure can regulate it to death or outlaw it
How are they going to "outlaw it"? Tell me.
Their stupid fucking laws don't seem to scale very well so far to a global p2p network. I hope they do try and outlaw bitcoin so we can have a good laugh at the expense of our brilliant political and judicial authorities. Just so everyone can see how useless and antiquated they really are.
Ask Bernard von NotHaus.
You mean the guy who made physical silver coins, called them NORFED Dollars and got thrown in the slammer?
Because that is really relevant to releasing code on the public internet....
What company is going to accept bitcoins when they are made illegal? Yeah probably zero. Difference between p2p sharing of mp3's and bitcoins is that people still want physical goods/ labor for their bitcoins. The State is pretty good at fucking up physical stuff.
Right, because USG makes laws for the whole world and as if anyone is going to pay attention to them anyway...
It is clearly you who sees the world trough US centric glasses. Where did I mention the US? States all around the world are pretty much the same. Attack their main source of income and they will act.
Let them "act" then. It will become a tragedy for them and a comedy for me.
The powers really have no viable way to stop BitCoin unless (and I don't know the answer) it uses a particular port for the protocol that could be blocked at the router level.
However BitCoin could easily be taken out by another digital currency. The future will likely consist of many competing digital currencies. The next installation will probably take BitCoin back to its relative price infancy, and as more digital currencies eventually come into the fray they will find their equilibrium. Right now there is no competition for BitCoin, but there will be.
Bitcoin could never take out the world's currencies since the algorithm only allows for a fixed amount of coins to be generated. There isn't enough coins or assets to back those coins being money pumped into the system by coin holders to be a real threat in that regard. It is a larger scale algorithm than can compete in scale that is decentralized especially one that is not implemented by the countries themselves that will cause nations to loose control of the money creation process and/or provoke a violent and despotic response to shut it down. One way or the other unless the internet collapses and the whole grid ceases to function, crypto-currency is the future of money. Bitcoin is just the first major iteration to gain some traction think of it like mp3 to digital music.
I have neither interest nor intention to use my bitcoins to buy anything from "a company".
I still have some fiat for that.
Bitcoin comes handy today and very few companies accept it. It's simply not essential for its success.
Ask The Pirate Bay owners.
LOL...they outlawed marijuana, too. How'd that work out for them?
They arrested a bunch of people for smoking and/or growing a weed and turned them into raped slaves in prison. If you consider evil good, they made out pretty well.
maybe
http://www.infowars.com/department-of-homeland-security-can-seize-gold-s...
MDB, you're doing good today! Every now and again you post something that makes sense...
Oh really?
How would that work, again?
Am I the only one who sees the irony in burying gold?
Also, not to worry, in time people will recognize utility.
@SafelyGraze: sure. It's open source so you can do anything you want with the code. But the rest of the worldwide network would reject any submission from your hacked code.
Not saying there is zero risk with Bitcoin, but this is not one of them.
one problem is defining "the rest of the network"
as the original bitcoin paper points out,
As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers.
so what would it take to outnumber the so-called "honest" nodes?
good question. http://bitcoinstatus.rowit.co.uk/hosts.html
Fort Meade.
fort meade not needed
you think all those HFT compute cycles are idle when trading volume is low?
wait til they unleash the bitcoin attackbots that are in development
the "old" bitcoin network will become the deprecated one
your wallet won't even know it happened
Listen, idiot, the compute cycles are completely unrelated to trading volume.
Now do yourself a favor and stop making a fool of yourself.
If you were starting from 0 today, 80 trillion AES256 hashes per second.
here is an obsolete decommissioned machine that performs over a quadrillion operations per second
http://ca.news.yahoo.com/blogs/geekquinox/roadrunner-supercomputer-decla...
why all the hostility about considering potential bitcoin vulnerabilities?
including one quoted from the bitcoin paper itself?
@SafelyGraze
Seems you haven't done your homework. Raw CPU ability is hopelessly obsolete. Even massively parallel GPUs are obsolete. What you're holding up as the "Computer to rule them all" is at best a three wheel tricycle.
Try to educate yourself before you make silly statements. Honestly, it removes what little credibility you had in the first place.
Wow dude a whole petaflop? That's awesome.
You need 700 petaflops today to reach 50% of current network compute capacity.
As more ASIC miners come online you are going to need several exaflops.
Is it a risk, sure? But any government trying to take over the network will destroy their currency printing to pay for the electricity.
Nice try, troll.
If you had that much CPU power it'd be cheaper to rent it for anything else (including productive Bitcoin mining) than destroy whatever amount of money is available.
But before one even starts to entertain this thought, it is important to remember that the very idea is totally stupid.
If it came to that, it'd be much easier for the US government to simply buy all the BTC out there.
that's not how usg works when perceiving a threat
words like idiot/troll/stupid take away from your main point about what one would do with cpu power, or whether rental income would be one's main objective
Or sell all the BTC out there.
How can you sell something that someone else has? Ok then, I will sell your gold.
You are being called a troll because you continuously post ridiculously worthless "info". The charts you linked to: 1. are not of the actual hashrate, which is a measure of the computing power you would need to beat in order to be able to try to cheat Bitcoin, and 2. are dated October 2012.
This is a more relevant chart, showing recent improvements in hardware used:
http://blockchain.info/charts/hash-rate
@SafelyGraze
And after you put your 'modified' client online, watch as every single verification node drops your transactions.
You didn't think it would be that easy, did you? You have to obey the rules of the network.
The average person is not buying gold, let alone Bitcoin, so what is driving this?
Moar insanity!
The dominant theory is European fear induced by events in Cyprus.
I dont buy it!
You are worried about the banking system so you put your savings into something that you heard about last week?
I actually believe people are that stupid.
I think it's just Beanny Baby nostalgia. Make sure you keeep the label on !
Long "Beanie Bitcoins"!
LOL
"Valentino" Bear
LOL
"Valentino" Bear
Yes they are. The average spaniard does not buy gold or bitcoins, ut the average spanish day trader went bitcoin crazy last week. While being absolutely ignorant of what it is and how it works.
The thing is, it's a stupid way to act. But also, they perceive absolutely zero guarantees or security keeping their money where the govt can see it. Someone told me yesterday: "I prefer to be robbed at home or by having my bitcoin wiped out rather than to be robbed legally. There's less chances of that and the robber will have at least EARNED my money."
The average person is broke: both in US and Europe.
Those that like gold and silver are already in it.
I don't understand PM market. How can anyone control it.
When they push that SELL button what the f*ck they are selling? There is no gold available.. Only 180 T per month supply. China alone buying more than half of that.. F*cking crooks.
They sell IOUs, investors confuse them with something that can actually be delivered, overestimate the supply and get scared into selling themselves. Pretty much.
I'd say the plebs are piling into this Bitcoyn with what little equity they have left. The newest mania in making money.
These peasants are not after wealth preservation, for they have none, so regard them as proper - casino goers with the dream of striking it Good.
Not to mention that this is an another well-executed global wealth confiscation trap. :)
/tiphat GS und M0SSAD
the low volume doesnt support this statement
counter-intuitively, the volume is in usd. it would make more sense if volume in euro was spiking. it would appear to me that the price melt up is very likely due to the early adopters shuffling btc around and attracting marginal buyers at higher and higher prices. this pattern is similar to penny stock movements when large promoters pump up the prices and then when the price is high enough, dump most of it on the plebs, the greater fools
Ppl who have a hard time investing in regulated markets. Russian gangsters who are out of cyprus.
What happens to the bit casino if the power goes out for an extended period?
good luck trading those bitcoins the moment it down tics.
It's not like there are a lot of smart people into bitcoin.
It's one of the biggest idiot traps out there.
Please explain.
REALLY?!!
DON'T YOU HAVE A FUCKING BRAIN???!!!
BITCOINS??!!! WHAT IS IT?!!
NOTHING!!!!
IT'S JUST SOMETHING IMAGINABLE THAT GET'S LABELED A PRICE WITHOUT ANYTHING BACKING IT!!
DO ANYBODY REMEMBER THAT COMPANY:
"NOTHINGBUTHOTAIR"
THAT WAS A STOCK THAT TRADED AND BECAME A BILLION DOLLAR COMPANY EVEN WHEN THE OWNERS SAID IT WAS NOTHING BUT HOT AIR!!!
and than it crashed.
PEOPLE WHO BUY BITCOINS ARE STUPID IDIOTS WITHOUT ANY CLUE WHATSOEVER!!!
IDIOTS!!
IDIOTS!!!
And that's how I feel about Bitcoin buyers.
The idiots are the ones who fail to adapt and overcome. Also failing to embrace new technologies, typically the losing side of a war.
Not surprising that most of the bitcoin-bashing comes from the people who probably bought a Dell and paid some kid to set up their wifi. Cavemen in a digital world.
HAHAHAHAHAHA!!!
YOU'RE A MORON WHO KNOWS WHERE THE PRINT BUTTON IS AND THINKS HE'S A IT WIZARD!!
MORON!!
There's not a lot of people who can learn me new stuff about IT.
But like they say... SMART PEOPLE CAN CONVINCE IDIOTS THEY ARE WRONG!!
oh...
and if you didn't get it...
I THINK YOU'RE A FREAKING MORON!!!!
BITCOINS... I WOULD REALLY LIKE TO SEE YOU AT THE REGISTER WITH A IPHONE EXPLAINING TO THE REGISTER EMPLOYEE YOU WOULD LIKE TO PAY WITH YOUR BITCOINS!!!
WHOEHAHAHAHAHAH!!!
YOU JUST TOLD THE BIGGEST FLAW OF THE SYSTEM YOURSEFL YOU IDIOT!!!
IF YOU DON'T KNOW IT NERD STUFF YOU DON'T KNOW WHAT IT IS!!
GUESS WHAT!!! 99% OF THE POPULATION HAS NO IDEA WHAT IT IS!!
AND 99,99999% OF THOSE WHO DO DON'T GIVE A FUCK!!!
DO YOU HAVE ANY CLUE ABOUT HOW SMALL BITCOIN IS? IT'S EVEN SMALLER THAN A BLIP!!!
THAT MAKES A YOU IDIOT OF THE RARE KIND!!!
THERE'S IDIOTS, BIGGER IDIOTS, FREAKING MORONS AND THAN THERE'S YOU!!!
No, you're right. 99.99% of people don't know what it is. They might have heard of it, but don't really know.
However, the fact that only 1% own gold is usually referred to as a very bullish reason for ownership. The same mechanic applies elsewhere, you know.
.
Let me explain:
IF I BASH YOUR HEAD WITH A 1 KILO GOLD BAR, YOU'LL FUCKING FEEL IT!!!
in return...
you can... bitcoin me or whatever...
If that was the foundation of value, then baseball bats would retail for $15,999.
:)
Funny how people fail to see what is backing their " currency".
Hot air is tangible...bitcoin? Meh.
Nice rant SD. no more caffeine today, ok?
Sooooo, by your logic motion pictures that are distributed and downloaded as pure data and have no physical film are....worthless?
Dude, wake the fuck up.
http://en.wikipedia.org/wiki/Digital_cinema
I don't pay for digital downloads. Do you?
For most I do.
My kids have subscriptions with Netflicks or something that allows you tow watch movies by streaming them over the internet. But if yo want to see a movie when it first comes out you have to go to the theater.
Of course, you seem to be implying that you watch stolen movies, which I do not do.
My sense of integrity is worth more to me than the few dollars I pay to see them legally. Perhaps yours is not.
Good for those 99.99% they can get left in the dustbin of history along with other idiots and cavemen like yourself! Fuck 'em, we don't need them and we don't want them! Only reason you people ever existed was gratis from the welfare/warfare state and not any processing power upstairs.
Don't get upset, prove them wrong.
Your homework, young homo cyber sapiens, is to design a method of tracking and recording all BitCoin transactions, using modern spook-tech, such that:
1. the tracking method cannot be deduced from the open source currency implementation
2. the tracking method cannot be detected by users of the currency.
@mick_richfield
And if you had done your homework, you'd know that every transaction exists in the triple-entry ledger called the "blockchain".
Honestly, educate yourself just a little bit before making silly statements.
"Good for those 99.99% they can get left in the dustbin of history along with other idiots and cavemen like yourself!"
LOLOLOLOLOL...we ALL get left in the dustbin, you moron. Call us when that little light bulb goes off over your head...
Fuck off troll..
"Not surprising that most of the bitcoin-bashing comes from the people who probably bought a Dell and paid some kid to set up their wifi."
Ah, yes, because proficiency at buying and using computers is now the gold-standard of human achievement. LOL...shouldn't you have to be at least 30 to post on this site?
The number of bitcoins possible is restricted, but what technology is preventing anyone from making a competing currency clone of bitcoin? Or even making a "better" version... maybe one that allows the user to stay perfectly anonymous. Think about that.
Value is what we assign to it.
If no-one cared about gold, that would be effectively be worthless, too.
Bingo!
That is a pretty hard sell around here. It took me a while to see it myself and I stack the shiney.
It's all faith based, and it is all speculation.
Speculation that someone else will have faith in the value of your shit.
"It's all faith based, and it is all speculation. Speculation that someone else will have faith in the value of your shit."
But that's hardly a novel idea. The bottom line is, on this little ball of rock that we ALL call home, gold has been accepted as a store of value for most of recorded human history. THAT'S THE REALITY. You're free to create something else and call it valuable, but don't be disappointed when the tide of history says NO. It's not that complicated...
The physical world is faith based? My car runs on faith? Who knew?
But people DO care about gold. Paper gold doesn't have much interest these days but physical certainly does. Just ask Germany, Russia, India, China, etc.
I know. I care about gold, too. It's one of many assets I hold.
But people who are sure that a certain asset class will ultimately "win" - well, they might be correct, but they might also very well miss out on even more profitable opportunities.
Insert a quote about keeping all your baskets in one egg. Or something along those lines.
...and Utah, Texas, Alaska...
The outcome for the U.S. won't be that much different from what the Soviet Union went through.
Laws, With much respect.
The people are/were much different.
Soviet people were used to deprivation / Americans are entitled.
Extended family, the core of soviet society / American family values and ties have been eroded.
A soviet style event in corpulent America may have a vastly different outcome.
True, yet for all of recorded history people have never had a problem exchanging physical for the value of another's labor.
Historically, tungsten and special complex alloys were not available. I suspect there is going to be a lot of counterfeit gold floating around, especially if gold ever goes into a bubble.
The same applies to everything.
There is a lot of pussy in the world. People still pay for it. Some even trade gold for it. If nobody wanted pussy, it would be worthless. But I like to watch it closely and buy the dip. (pussy) And if I had my own pussy, I would fondle her for hours, like I do the memories of my sunken coins. ( damn boat!)
Double post.... So I'll add....
Short paper gold- long memories of wet physical.
Some of the properties of good money are objective -- like divisibility, durability, verifiability, and limited availability.
Gold (and silver) force people to care about them because of those properties.
China cares.
Money by definition (a contract between society and individual) is something imaginable/virtual - namely a concept that society will work for your money (claim on labour)
look in the header file wallet.h
https://github.com/bitcoin/bitcoin/blob/master/src/wallet.h
in the current release, line 29 says
FEATURE_BASE = 10500, // the earliest version new wallets supports (only useful for getinfo's clientversion output)
so, for example, your "wallet" might become deprecated (and its contents unrecognized by the rest of the network) in future releases of bitcoin, with (for example) a new and improved version number
FEATURE_BASE = 10501,
People are paying over $100 for a bunch of bits and bytes and zoinks and zonks...made by some shady fuckin person...come on man.
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And it is hardly an efficient way to use for the purchase of 'goods and services'.
Article for consideration...
What’s not to like about Bitcoin, every libertarian’s favorite crypto-currency?
For starters, Bitcoins are as cyberpunk as William Gibson’s wildest dream: a form of monetary exchange invented in 2009 by a mysterious character who called himself “Satoshi Nakamoto” but then disappeared from view after unleashing his virtual currency upon the world. Bitcoins are undeniably cool: marvelously “mined” from the ore of computer processing power and electricity; more ready for prime time than any previous experiment in purely digital money. And Bitcoins, increasingly, are a success. At a Thursday afternoon all-time-high valuation of $72 per Bitcoin, there were around $700 million worth of Bitcoins in circulation. People are using Bitcoins to buy real goods and services, to hedge against European financial calamity, and to score drugs. That’s money.
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http://www.salon.com/2013/03/22/a_libertarian_nightmare_bitcoin_meets_bi...
But Max Keiser goes on Abby Martin and screams at all the angry college students that they should save their (parents') money in Bitcoin. Then he goes on Alex Jones and does the same thing to that audience, who are in a perpetual state of fear and waiting for martial law to break out any day. It's easy as fuck and they can feel like they're fighting the power while sitting on their fat, stupid ass in front of the computer.
Yeah, but they don't realize one important point of consideration:
DotGov has been trying to get CASH out of consumer hands for years, to close the tax-loophole.
Bitcoin represents a trackable way of doing that, similar to credit and debit settlement systems.
In this respect, all Bitcoin is, is another "fight the system" fad that plays right into the hands of the system it claims to be fighting against.
That is the main point that doesn't seem to register with the bitcoin heads. You are doing the status quo a favor, not fighting them.
Agree, Reading the statements of many posters I often ask myself, Do these people NOT know that every keystroke is being saved...FOREVER?
Not to put a damp rag on free speach but you cannot know how your thoughts may come back to bite you in the future.
Do I want to have my financial info printed on my forhead for the "status quo" to use as they may see fit?
Blotto:
"And it is hardly an efficient way to use for the purchase of 'goods and services'."
What is the most efficient way to pay $0.05 for something on the Internet, with the least amount of taxes and fees, if not bitcoin?
I haven't heard about this, but your explanation doesn't make any sense. But thank you anyway.
I'm pretty sure all there is to it is that one may need to update (old) wallet if one's new Bitcoin client can't recognize it (say, after a software upgrade).
If that happens a new version would have release notes and upgrade instructions that explain how the wallet can be upgraded.
Now go troll somewhere else.
00020 enum WalletFeature 00021 { 00022 FEATURE_BASE = 10500, // the earliest version new wallets supports (only useful for getinfo's clientversion output) 00023 00024 FEATURE_WALLETCRYPT = 40000, // wallet encryption 00025 FEATURE_COMPRPUBKEY = 60000, // compressed public keys 00026 00027 FEATURE_LATEST = 60000 00028 };
It's all a good buying opportunity for physical. It's just a matter of the holding period, because if you hold those paper notes long enough they will burst into flames in your hand.