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Greenspan Baffled Over Bitcoin 'Bubble': "To Be Worth Something, It Must Be Backed By Something"
"In order for currencies to be 'exchangeable' they have to be backed by something," is the remarkably ironic initial comment from none other than debaser-of-the-entirely-fiat-dollar Alan Greenspan when asked about the "bubble in bitcoin," by Bloomberg TV's Trish Regan. Unable to "identify the intrinsic" backing of Bitcoin (or see bubbles in equity, credit, real estate, or greater fools) Greenspan is, apparently, capable of identifying Bitcoin "as a bubble," because "there is no fundamental means of "repaying' it by any means that is universally accepted." The farcical double-speak continues as the Maestro does a great job of making Bitcoin (which Ron Paul earlier noted could be the "destroyer of the dollar") look even better than the readily-printed fiat we meddle with every day.
Greenspan explains...
"when we were on the gold standard, [currencies] had intrinisc value which made people willing to exchange their goods and services with no question."
"Alternatively, when we went into "currencies", it was the "backing" of the issuer of the currencies... whose "great credit-standing meant his checks could circulate as money.""
So either its backed by real physical metal with intrinsic value - or the promise of someone...(increasingly politicians of course) with good credit (or a big army)?
"I do not understand where the backing of Bitcoin is coming from. There is no fundamental means of "repaying' it by any means that is universally accepted."
Like fiat currencies (just ask the Venezuelans)...
"Individuals with very high net worth and great reputations could create their own currency... because people would be willing to exchange their checks with each other at par."
So coming soon the BuffettCoin or MuskCoin (oh wait reputation), or the GatesCoin?
But, Greenspan sums it all up...
"I haven't been able to identfy the intrinsic value of Bitcoin - maybe someone else can...
but if you ask me if this is a bubble in bitcoin... yeah it's a bubble.
Which ironically (perfectly circular) is exactly what Bernanke said about gold...
- BERNANKE SAYS `NOBODY REALLY UNDERSTANDS GOLD PRICES'
So - after that - go buy his book!?
And some more color from Ron Paul on Bitcoin as "destroyer of the US Dollar":
Via Mike Krieger's Liberty Blitzkrieg blog,
While we believe it is the Federal Reserve that is systematically destroying the US dollar, Bitcoin could merely be the preferred conduit through which fed up citizens decide to express their displeasure with the incredibly corrupt corporatist-facist state being shoved down our throats by a handful of insane and greedy oligarchs. Interesting comments nonetheless. From CNN Money:
Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today’s money worth less tomorrow.
The digital currency Bitcoin promises all these things. And while it’s far from achieving any of them — its value is unstable and it’s rarely used — some have high hopes.
“There will be alternatives to the dollar, and this might be one of them,” said former U.S. congressman Ron Paul. If people start using bitcoins en masse, “it’ll go down in history as the destroyer of the dollar,” Paul added.
It’s unlikely that Bitcoin would replace the dollar or other government-controlled currencies. But it could serve as a kind of universal alternative currency that is accepted everywhere around the globe. Concerned about the dollar’s inflation? Just move your cash to bitcoins and use them to pay your bills instead. Tired of hefty credit card fees? Bitcoin allows transactions that bypass banks.
“That’s the holy grail for people who believe in freer markets and currency,” said Adam Gurri, a libertarian economics writer in New York.
There are no middlemen charging fees to move money between users. You can transfer bitcoins — even infinitesimally small fractions of one — directly to others’ digital wallets.
But don’t expect governments and banks to let Bitcoin take over so easily. Financial institutions will lose business if people stop using their payment systems, and central banks like the U.S. Federal Reserve would lose their ability to help slow and speed up economic activity. Paul expects banks to lobby and authorities to crack down.
“Governments absolutely demand a monopoly on money and credit. They’re not going to give it up easily,” Paul warned. “They will come down hard.”
Interesting times…
Full article here.
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i been waiting for this moment. so here it is - I INVENTED THE KNOCKOUT GAME/RECIEVING END !
1986- walking home drunk from dowtown seattle center towards q.a. hill about 2:00 am. i kind of hear
someone running up behind and to the side of me. as he passes , all of the sudden i am getting a
deep strong marshmellow smush to the head. lights out. i go down. out. but come to quickly,in micro
seconds, self protective enough to regain awareness and vision to make sure what is happening.
about twenty yards away now, i see the guy running away ... and i can see the boxing gloves! since it
really didn't hurt per se' (you ever been hit with boxing gloves? doesn't really hurt) and immediately
getting the absurdity of it all, i yelled out as loud and congratulatory as i could -"GO BOXING MAN GO!"
sorry. couldn't help but share that. great memory/moment. now if these youths would just go out and get some boxing gloves ..
did he say something about respectability?
oh shit, oh no!......
Why Are Criminals Stealing Tide Detergent and Using It for Money?
http://www.theatlantic.com/business/archive/2012/03/why-are-criminals-stealing-tide-detergent-and-using-it-for-money/254631/
Because it has an established value?
"Sorry, I'm too busy blowing to see a bubble."
Yes Sir, Sir Allen, it must be backed by "something". The amount and quality, well, not so much.... As you know.
For Bitcoin to work it has to be as a public ledger of trust.
It's like the stone Blondie writes on at the end of The Good, The Bad and The Ugly...
http://www.youtube.com/watch?v=XP9cfQx2OZY
"We're going to have to earn it."
It's already working. Wake up, Smell the coffee.
Well I love bitcoin, not least because I bought at $7. But I don't think it has proven itself as a store of value or as a viable currency; it hasn't proven that it can stabilise at a fair price.
Can it achieve stability before the 100 big holders have divested? What happens to the price when they do?
Can it achieve stability when it's biggest buying pool is in China, a population who's government has a long track record of sudden policy u-turns on virtual currencies?
Can it achieve stability when it's being promoted as an anonymous currency even though it's not really very anonymous? If indeed any of us really knows what that word means?
Can it achieve stability when it is seen as "strategic" in the eyes of state actors and central banks that have no bottom line, no scruples and no oversight by the public?
Can it achieve stability when it's principal USP is it's decentralised nature, but it exists, to all intents and purposes, "on the internet" which is increasingly a centralised and managed channel ("increasinly" if you don't believe it always was.)
I hope so. But governments tend to let things grow before they squash them. It lets them learn; and it means they have something to point at to justify their existence. You're measured by your enemies.
For what it's worth, I would have thought the truly "decentralised" digital money system everyone is looking for would involve each individual in the network issuing their own credit and everyone being able to see everyone's credit balance at any time.
Digital networks mean the logistical and physical challenges of liquidity are a solved problem. We no longer need liquidity for it's own sake. As a result, we no longer need fully fungible money. Money laundering is a tautology when money is anonymous.
Trust has to come from the crowd, not physics, guns or maths.
In reality, it was the front side of the Hubbert curved that backed all currencies, even when there was a gold standard. On the backside, even gold and bitcoin will have trouble. IMHO.
Gee, Alan! Are you sure it isn't just a mild case of irrational exuberance?
Just what is the trick that allows these fucking idiots get into power?
Because they can do Math that has letters in it, right?
I agree with him bitcoin isn't backed by anything but a bunch of ones and zeros. Greenspan is looking more and more like Mr. Magoo every day.
Greenspan is just bent..he could of used the Bitcoin as a derivative leverage and burnt down the excess housing inventory.
/LOL
The USD is backed by petro dollar and military might.
You can now buy cryptocurriencies on ebay! 100,000 "infinite coins" for fifty bucks. What can go wrong?
Damn. I clicked on The Onion again. I seem to be doing that slot lately !!
Hold on, my money is good. It is backed by the full faith and credit of the United States Government....oh fuck
At one point I am ashamed to say I admired Alan Greenspan. But once it became clear he actually believed it was his duty to support stock prices and to make destruction of the price discovery mechanisms underlying the economy official Fed policy to be burned into the brains of all current and prospective Fed officials I decided he is just some ridiculous dumb fuck.
Scared Alan? Phd's, nobel prizes, titles & honors are symbols given value but seem to be backed by nothing. So, we don't really need you log-rolling 'elites'. Yes you should be scared of bitcoin.
I think he's just trolling himself now.
Intrinsic value and why gold is money.
"I think the markets are telling us something today very important, namely that gold is a currency. And it is the fiat money currencies by necessity have to be a zero sum game. But gold is the only one of them that doesn’t require somebody’s credit to authorize. There’s no name associated. Gold is acceptable for reasons, in all the years that I’ve watched it, I’ve never fully understood, what is there about human nature which attaches itself to this particular single metal, that goes back to antiquity and it has never changed."
Alan Greenspan
http://www.silverdoctors.com/alan-greenspan-you-cannot-have-a-gold-stand...
An idea.....
Put a 100 lb ball and chain around this filthy Jew's neck. Throw the piece of shit into 50 feet deep water. If he survives, he's obviously a witch. If he drowns, my mistake.
an idea.....
Would your point be any less poinant if you removed the childish mentally retarded phrase "filthy Jew"?
plus one for civility, race to the bottom. i love to bash as much as anybody, and pushing peoples buttons is fine with me. i could care less about the food fights and anybodies language, but one day soon we might need a country to go back to. and i hope there is some shred of civilization left. and as for bitcoin, isn't that kind of like world of warcraft?
.... and replaced it with 'sabbatien frankist sin-0-gogue of shaitanist jesuit'
god bless bank guy of brussell's ...
Greenspan is a tard. Objects with intrinsic value do not need backing.
Die already you asshole! History will not remember you well, if at all.
The fact that he doesn’t understand Bitcoin, yet it exists, is an advertisement for the failure of a handful of people attempting to centrally plan the world’s monetary system. What better spokesman for the campaign than the great grandfather of failed central monetary planning.
It’s so simple. Bitcoin is backed by a desperate need by sectors of the world economy for an alternative monetary system that isn’t surveiled, controlled, and manipulated by guys like Greenspan.
But don't mention this to J Pancreas, .. he takes it personal.
Not to diss you at all but I don't believe for one second greenscam doesn't understand bitcoin. He's a paid deceiver for the banking cartel just like bernank
+10
I too wonder if they are just doing a horse and pony show to show 'contempt'. The longer the .govs let this go on the worse it will be for the public fallout if they stop it. Personally, I do not believe they will stop it, it fullfills their plans quite nicely for a global-one-world-order- currency to be revealed. Could this be the test? Would they allow transferences of BtC to their dominate one, or is BitCoin THE one?
Edit
+ 1000. You fool yourself if you believe his lies. They know exactly whats going on. Failed money system? No, just changing.
Obviously. Remember when this charlatan advised the sheeple to trade their fixed low rate 30 year mortgages for ARMS at the top of the housing bubble? He sold his soul many moons ago. Future generations of children will trade crypto currencies back and forth over their handhelds while dancing on his grave. He will go down in history as a lying crook. Amen.
Silver For The People
The Bitcoin Channel
Greenspam is too far gone to get it.
It is the disciplined controlled growth process that sets the difference from Fiat dollars that are printed at politician's and Bankster's whims
I think bitcoins are on the same par as the stuff the fab Tourre was selling to the EU idiots.
Jesus, who opened the box and let the crypt keeper out?
Decentralization was bound to baffle the minds of the central planners, kinda like quantum physics baffled Einstein.
Its a steep learning curve.
it's always funny when the chickens come home to roost and shit ll over your precious theories.
All FIAT lovers are going to have to grab some depends subscriptions with Amazon Prime Air.
Special mention to J Pancreas... he'll tell you about history alright, but he isn't part of it. Talking about NES 8 bit...thinking he's relevant... obviously... You're the child got that left behind... now because of Bush your type will not breed anymore.
BitCoin, the digital guillotine for the money changers!
God made gold. God made silver. God made math.
Banksters make debt and death. They are the children of their father.
10 The thief cometh not, but for to steal, and to kill, and to destroy: I am come that they might have life, and that they might have it more abundantly.
John 10 King James Bible
Silver For The People
The Bitcoin Channel
Gold and silver backed by history.
Paper backed by morons, liars and criminals.
I'm only a curious observer of Bitcoin, so I'll let the experts here carry that torch.
GLTA
"Gold and silver backed by history." Taken by force through the annhilation and conquering of many civilizations.
It's blood money.
Paper money, backed by fuken nukes.
BitCoin backed by the smartest people on the planet.
You can't buy brains. You can hire them, but they don't become your brain. So, stupid lazy, old Central Planners just got schooled by the old pocket protectors.
Why don't they just cut through the crap and ask Greenspan what he would prefer.......$1m in bitcoin, US dollars or gold?
Ehhhhhh... Bitcoin!
Ehhhhhh... Taper!
Ehhhhhh... Get off of my lawn, you goddam hoolgans!
Ehhhhhh... Andria! Where's my goddam sandwich?!?
Ehhhhhh...
Government is such a big pile of sucking fail. Show us what you're worth in the private sector.
Wasn't that Greenspan's job to create bubbles?
old cocksucker? Yes old senile cocksucker! I hope any rands ghost anally abuses him for eternity
Gads! Can't something honest, ethical and worthwhile become a fad? Guess not.
-----
I'm not saying every aspect of bitcoin isn't good, and I'm not saying humans don't need an alternative to fiat, fake, fraud, fiction, fantasy, fractional-reserve toilet-paper debt-bits, but the number one feature of honest and reliable trade is... the exchange of real, physical, valuable goods for real, physical, valuable goods. ALL forms of fiat are fundamentally flawed. Sad that humans are too dumb to recognize this.
PS: In time, people will come to see bitcoin as proof that the following cliche is very unreliable:
The enemy of my enemy is my friend.
Sorry, reality isn't that simple.
As bitcoiners will learn.
Anyone that writes a paragaph that absurd is pleading for stupid gulliable people to read their excrement. Blah blah blah. you said nothing, wasting electrons. Go back to worrying about the weather tomorrow.
Ann: BitCoin is not a fiat currency.
I disagree. If what one means by "fiat" is... "by assertion of a recognized authority", then bitcoin is not fiat. If what one means by "fiat" is... "by assertion", then bitcoin is fiat.
For me the important distinction is whether the currency has value in and of itself (like gold and silver), or whether people just pretend it has value, either by assertion of some authority or by the assertion of masses of deluded fools. Hence for me, who makes the assertion is entirely irrelevant. Clearly for you that matters.
Gold has no value in and of itself. It requires humans to give it value. Gold's industrial demand supports a certain price (~$300/oz?) that requires the same functioning economy similar to what bitcoin requires. The price of gold supported by bling demand goes in and out of favor and previously demanded bling can return to the market as used jewelry. Some societies value gold less than others. Are they wrong to do so?
Bitcoin relies on consensus to establish its value -- just like gold. It is very new and society hasn't yet made up its mind where the price should be.
Humans will believe and defend anything.
Case closed.
You see, we need 180+ currencies so we can take as much money from you as possible for doing nothing.
We just change the money, and voila we make money. Fucken scammers.
The game is OVER. Currencies is an old idea, prior to Jesus. Now the curriencies are on the cross-hair.
Just like he was baffled by the GFC. Are people still paying this prick to speak?
BuffettCoin, MuskCoin or GatesCoin ... I am just courious to see how to make them as decentralized, open source currency.
As long as you don't say Ellison-coin. That ego is too much.
It is what is it. Resistance is futile. Greenspan is a douche, he's not smart, he's conditioned to think in ways the academia spews as reason.
By the way, if Greenspan is baffled by bitcoin, imagine how baffled the rest of us are that anyone even bothers interviewing this piece of shit.
Don't forget that as their worthless fiat currency dies, all the state media organs it supports die with it.
Silver For The People
The Bitcoin Channel
If a thing must be commonly accepted as money in order to be considered money, then gold and silver are also not money, at least not right now.
True. But Morpheus would ask, "Do you think that's air you're breathing?"
Do you think you're thinking?
No, not with your avatar staring at me all the time.
It's a swollen finger wtih a bikini top. ;)
Well you know what thought did one day, he thought he did.
And rusty, I had forgot to give you some green when I replied. So +1 on both your posts. Cheers
oh thank god. i thought it was manthong upside-down.
Old rheumy eyes. Love to see $reenspan on "Between Two Ferns" and have Zach G. shove blueberries up his nose.
http://www.youtube.com/watch?v=8vgpWyAcqO4
Greenspan is the spokes person for the money changers. He's just looking out for his money changing buddies that need to take their % of your transaction so they can continue to live off the backs of the working class of the world.
So everyting he said makes sense, if your life blood is changing one piece of paper for another and taking a cut.
Three letters... LOL
"In 2006, 1,044 suicides were reported in Vidarbha alone - that's one suicide every eight hours."[40]
Indian farmers that can't afford the land they inherited from their ancestors is phenomena brought by the Interest Charging money changers like Greenspan. It will be their turn to go every eight hours.
Didn't Monsanto have a hand in that?
"... when we went into "currencies", it was the "backing" of the issuer of the currencies... whose "great credit-standing meant his checks could circulate as money."
There is a BIG difference between "currency" and "money".
If you do a transaction using money there is no third party risk, "those with great credit standing". After you exchange your product or service and get your money, for example gold, the transaction has ended, there is no third party risk.
If you do a transaction using currency there is third party risk, that the issuer of the currency is a swindler, like the Federal Reserve.
How doth thee fail? Let me count the ways. Nevermind, I need to transfer some BTC to get a plot in Galt's Gulch. Sorry for wasting my and your time...
The Bitcoin ChannelThe reason the US Dollar has "value?" Because we have a huge military which maintains the present world economic system which accepts US money as valid.
So thank a huge, kick-ass military for keeping your dollars valuable, even with massive Government debt and Federal Printing.
you Americans are about to get a reality check.... can't print your way to prosperity and expect to keep your army...go ahead, nuke the world see how valuable Fed notes will be.
In any event, it's a tacit admission of inferiority... only thing you got it weapons, but you broke as a joke. Corporations 500 will just relocate their head office somewhere nicer, less risky, their lawyers will advise them...
So like the magicians, take the focus away from the trick and see it's magic.
BTW: That's the same logic the suicide bombers use. So who's the terrorist now? The oppressor, or the oppressed?
Get out before it's too late if ur in bitcoin. Remember... big money has bought and paid for Washington
and Washington is big money's bitch. Big money includes corporations and of course the banksters...
and they are all in bed together... when they legislate bitcoin out of existence (and they will) the bubble
will pop so fast it'll make your head spin like a slot machine when you see all those zeros pop up where
other larger numbers used to be.
The sky is falling..... oh chicken little.
Get out of FIAT before it's too late and it goes the way of the 400 prior currencies.
Let me tell you what is gong on. NSAcoin was created for a purpose. That purpose is to be the last man standing when all other fiat dies. At that point, the banks will deem it reserve and global. Then there is only digital money and it is tracked and taxed. Any questions?
WOW... you have no clue.
But great satire.
How so Sir Posts-A-Lot? Too baffled by bullshit to see? You don't see it? The NSA wrote extensively upon the usefulness of crypto currency to lead fools. Maybe you are on the cutting edge. Maybe that cutting edge is on you.
http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsa...
I know it is fun to simply hang on to your pre-conceived ideas, but the text you are linking to shows nothing. Do you think bitcoin was the first and only statement on electronic cash systems? There is a whole library of prior ideas and efforts across 20 years.
The text you link to is yet another description of a centralized system. (re-read section 2.2). Using public key encryption isn't new. The radical insight of bitcoin was to create a fully decentralized way of recording spends and preventing double spends. And that insight is the public blockchain, a distributed, verified public ledger. Look at section 2.3, their system looses information, bitcoin doesn't. Section 2.4 their system is only one-way anonymous, bitcoin doesn't have that problem. Read the conclusion, their system is extremely limited.
I'm sorry, was this supposed to be some kind of smoking gun because cryptography researchers at the NSA were writing a paper about electronic cash systems in the 90's?
I don't think so.
So you don't see Greenspan as a head fake stating that it is backed by nothing and then in the not so distant future it is suddenly accepted and co-opted by the Banksters? I don't hate BTC I just don't think it's as innocuous as you all believe. Never underestimate these evil fuckers.
"Any questions?"
1. Do you have any proof at all?
2. Since Bitcoin is trivial to make completely anonymous, how are they going to "track and tax" everyone?
My link below references some of this. No. This is merely postulation, but it's intriguing. They want us all in digits. What better way than to herd us into BTC under the guise of beating them only to assimilate us in one big deadly fiat endgame. Good question. +1
The FED is backed by death.
lol
There is some talk that Kubrick's "The Shining" was making that point by the date and "Gold Room" in the movie. Its possible all the death was due to stealing from the children's future...so pay now or pay later...but pay you will ! (Heeeers Johnny !)
Never knew that. Love that movie.
As for death, oh yeah, I mean the FED is setting up the disaster and death will collect.
http://io9.com/5882985/watch-this-insane-breakdown-of-stanley-kubricks-h...
Wild!
how is the government going to come down hard on a currency without borders? seriously they set up the problem going off gold and intermingling US federal reserves with foreign banks. come on you set this thing up, and now your'e complaining?
Exactly, they made their bed. Now they have to sleep in it.... but yelling names at the bed changes not the bed.
If the system was actually still receipt based money redeemable for value, then who in their right mind would contemplate BitCoin?
Rhetorhical, ooops... .anyone that would want to take the middle man out of the transaction would contemplate BitCoins....
Sneaky money changers, their business model is old and once relied upon, but now is going the way of typewriters.
"Sneaky money changers, their business model is old and once relied upon, but now is going the way of typewriters."
Yes, and it is a beautiful thing to watch as they writhe in their death rattle. Just like Johannes Gutenberg brought down the RCC
All the forces in the world are not so powerful as an idea whose time has come.
An invasion of armies can be resisted, but not an idea whose time has come.
Greater than the tread of mighty armies is an idea whose time has come.
Nothing else in the world… not all the armies… is so powerful as an idea whose time has come.
One can resist the invasion of an army but one cannot resist the invasion of ideas.
There is one thing stronger than all the armies in the world, and that is an idea whose time as come
Victor Hugo
Bitcoin Report Volume 10 - (An Idea Whose Time Has Come)You just make it contraband and attach the death penalty. Problem solved. Or you shut off the internet. Also pretty attractive under certain circumstances.
Sure, you will make mathematics contraband.
If the USD is the problem, I really don't think BTC is the solution.
A currency cannot be the problem. The actors managing the currency are the problem.
They're greendy hooving fuckers that have been written about for thousands of years.
The USD is backed with collateral.
The USD is, or at least represents the productivity of the american people and to a lesser extent everything they "own". The federal government's power of taxation, its claim of ownership of those it taxes.
Bitcoin represents computer processor time. What's the value of the computer processor time used to solve mathematical problems for the sake of solving the problems and being rewarded bitcoins for doing so?
Hell if I know. I guess that depends on the person buying the bitcoin. But I don't think spent computer processor time nor the answer to a puzzle that nobody cares about has much utility or value.
you fail to address, why it is exactly that the poor have to bail out the rich...
You are factually incorrect, the USD doesn't 'represent' anything except in your mind. It is strickly notional in value. It is a claim on the Balance sheet of the Fed. Period. You give them $100 note, all they can do is give you $100 Note back. The note holder must find a sucker ready for forgoe his labor in exchange for the note. Now, that used to work, but the social contract is broken and funny money Ben Bernanke, Greenspan are the captains in charge of that ship.
To be clear, you're saying that theft by confiscation and force is 'backed by value'. Okay, sure special agent IRS
This is a limited space. I did not touch on bailouts at all. I addressed the way the system is set up.
The government, or I should say the government's owners, the owners of the Fed, etc claim ownership of us via the government. We have to bail them out because we are their property as they see it and most of us believe their scams. Their scams effectively make us their property.
As to what a dollar represents, sure, we can't redeem it as you point out, but those who run things can and do. The dollar system exacts the productivity of millions of people into the hands of a very few. With dollars, FRNS to be precise, they acquire all the real wealth.
USD is backed by military force and spy agency shenanigans.
Military farce.
Having done that proof of work creates the tokens (the bitcoins). Their value and utility lie in what the protocol can do with them. They are the tickets to ride the bitcoin network, it is the network and protocol that is useful.
@oooBooo If USD represents the productivity of the american people, doesn't BTC represent the productivity of the people who own or are willing to work for BTC?
"the productivity of the american people"
You might want go get some non BLS(bureau of lying statisticians) data. Last time I looked, if you add up all the welfare loafers, disabilty fakers, SNAP takers, goobermint slackers, union hacks, unemployed and retired, medical(non-productive), military(destructive) and various and sundry other useless paper pushers in the media and universities, I'm not seeing a lot of productivity around this place, are you?
Silver For The People
The Bitcoin Channel
..."must be backed...."
Seriously? Why is that?
Because his professor told him that. And his professor's professor told his professor that. And his professor's professor's professor, told his professor's professor...So pretty much they are just repeating a bunch of non-sense long enought and someone did believe it.... Wasn't that Hitler's line? Big lies, easier to swallow than small lies.
Greenspan is evangelizing the virtue of possesing physical gold and silver. What in the world is going on around here?!
It's panic time. They fed him a few answers via his ear piece too. "make sure to repeat bubble..."
But it's the same guy that couldn't see the housing bubble. All of a sudden he can see bubbles now...
Whoever needs to listen to Greenspan to make decission is broke and will stay that way. Thanks to natural law.
NO he isn't. He is stuck in the past and cannot see he is the one that has destroyed it
NO he isn't. He is stuck in the past and cannot see he is the one that has destroyed it
Greenspan certainly fooled a lot of people for quite some time. He is totally senile. TRUST is what ultimately backs currency - it is intangible. The Scrip or Local Currency that circulated inside towns in the 1930s was equivalent to Bitcoin in that sense.
The State takes a monopoly on currency to prevent alternative power bases in society. Postage Stamps are worth only as much as certainty of delivery. They are tokens.
Greenspan must weave some magic for all the attention this senile old fool has garnered over years
If the dollar collapses, will people still have any faith in bitcoin? I have a feeling that the pm's will be where folks will wish to move serious money.
People like like chickens that can lay eggs every day. Not a peice of metal. Serious.
As the dollar continues its collapse against P-2-P currencies.. it will become less and less relevant... They're doing it to themselves. Why TF did they over spend? WTF were they smoking?
What about dollar collapsing would cause people to lose faith in bitcoin? What is it that makes the price of gold go up when currencies fail? It is that people are less likely to part with their gold for a currency that is rapidly depreciating. As a result, the bid for gold has to go higher to entice people into trading their gold for dying currency. In the end stage, no amount of the worthless currency can get someone to give up their gold. The price of gold in all other "healthy" currencies remains unchanged, but priced in the dead currency it is effectively infinity.
How exactly do you see a difference for another currency whose value is not solely derived from USD purchases. If the USD collapses and becomes worthless, there is no doubt the bitcoin market will react to this. So while it may take 1,000,000 USD to get a bitcoin, that one bitcoin may still only get you say 850 euros. One attractive feature to BTC would be the incremental purchase capability, ensuring nearly anyone can afford some amount of BTC (until pricing goes to infinity) which is more difficult for gold or silver. Maybe the allure of being able to cross the border empty-handed and retain your wealth on the other side will attract some to BTC. After all, in the wake of a currency melt down, it may get a little rough here in the states.
I do agree though, the "serious money" will move into gold, likely even if it is being effectively suppressed. Silver, I have my doubts.
It is difficult and costly to conduct business on small and large scales and across distances using bullion.
The software is open-source, as it become increasingly necessary to pay for faster internet services and related technologies, it's no longer public-infrastructure, and we have the same problem. No?
If everyone in the world was using one network to transact, will this not become a lag on processing capabilities? What is the computing power needed to download the black-chain? Will that get faster of slower over time, for everyone?
We already are using one network to transact in HTTP, HTTPS, SSH, Video Streaming, NetFlix..... Are you suggesting humanity has reached the apex of innovation?
yeah...hold on.
when it is fucking "flash adobe" v.s. the rest of all web-browsers, yes, i think we have a problem>
The undersea cables represent a monopoly for sure. We do need systems to pass ownership of all monopolies into the hands of the global population - directly, without using some representative democratic means.
I believe that peer-peer represents a potential of doing exactly that, so we may find in future that BitCoin and Torrents are actually indicative of a political rather than a technological revolution.
Gold is not backed by anything. It's just gold. It doesn't have to be backed.
Backed by the chance in hell you find a brick of it digging in your backyard.... the word is scarcity..that is the study of economics.
Queue RadioHead - Just .... "you do it to yourself (Fed Reserve)" https://www.youtube.com/watch?v=jufT3v1roaU
The golden calf of the Fed has been banished by the Moses of BitCoin.
Greenspan is right, but only in the current paradigm. Bitcoin is intended to be a paradigm changer, If it succeeds we will start operating in a new paradigm where currency has value by popular agreement and not because it has/is backed by something of intrinsic value or fath in the credit worthiness of the issuing entity. It is not likely to find much use as a currency as long as the financial system is reasonably stable, but will gain instant acceptance if the national currency starts experiencing hyperinflation. Bitcoin is likely to serve the same use for Americans what the US$ did for Russians during the Rouble collapse and for Zimbabwians during the Zim$ collape.
Vomit all over my KB... "Greenspan is right"...When was he right before? - Greenspan is that you? --- Greenspan is so wrong you could fit the universe in his arguments.
You can't back this up "It is not likely to find much use as a currency as long as the financial system is reasonably stable"
It has already surpassed PayPal in daily transaction amounts. And no middle man got rich in the process.
Nowdays, the buyer and the seller no longer need the scriptured jews to 'manage' their transactions....
Lame, you've displayed your inability to reason.
This is hilarious. Almost every poster on here is half retarded, or never went beyond 4th grade education and is unable to put sentences or arguments together.
The lies, they don't hold together.
"Almost every poster on here is half retarded"
zerohead?
Internet stocks in Y2K were a "paradigm change" too.
I grew up with is album at a very young age.
You might like the first two songs especiall ZHrs.
Revolver
https://www.youtube.com/watch?v=ZqK97av7I3s&list=PLYeF09gmFBSh9PK4xlkcHO...
Actually the whole album is worth reviewing for this time...
i just did "rubber soul"youtube for the first time, really, since i owned "revolver",and besides ...cant both earth monitor and manboobiethong be right at the same time?
WE back dollars with murder , fraud and theft.
What is bitcoin backed by?
Do you know how many unborn babies have to die to back your dollar? we murder atleast a thousand 1 year olds in the middle east a week to make sure these "useless eaters" will take our dollars for oil.
I say WE because everyone is guilty by inaction.
If you support the dollar , you support genocide.
Arrest Greenspan for treason. Throw him into prison before he dies. Don't let him get away. The world will no longer put up with financial terrorists.
http://www.newstatesman.com/future-proof/2013/12/theres-£60m-bitcoin-heist-going-down-right-now-and-you-can-watch-real-time
People need to understand that sending bitcoins to someone you don't know is like mailing an envelope stuffed with cash to a random person. Chances are, you're not going to see it again.
Yep - absolutely, which is why large BitCoin transactions should be done face to face with witnesses and a secure environment. Businesses that build trust will succeed, those who try and fleece people (got to throw in a pun eh?), especially on a black market site, might find they are living dangerously.
People are used to having a 3rd party to mediate disputes, namely banks and govts, they are often quite reckless regarding security with BTC. This culture will change with more adoption and more stories about scams and rip offs. Anonymous money with no mediation might seem a two edged sword, but it is just a matter of getting used to a new (old) culture of honest trade - where reputation and trust (goodwill) translate into true value.
Whatever country uses BitCoin as their main currency will be the next global superpower. If it is China then they will take over and deal with the globalist bankers for their financial terrorism against humankind. You don't have BitCoin you ain't got nothing.
BTW you should concentrate on paying Germany back the Gold you stole from them. They like BitCoin.
I think it's far more likely that we'll see one of the embargoed countries like Iran move into the space. Then capital controls are out the window and they can give the US government a big middle finger.
My bet is Iceland.
Started by some icelandic citizens as an in-country (honest) currency. Boosted by tourists wanting to help, Then ice gov will then get onboard (quietly) with all its servers at schools etc mining it and helping bolster the (countrywide) network, then convert their icecoins to FIAT 12 months later when the ball is properly rolling (and pay off all its FIAT debts).
Don't forget free power and free cooling, just open a window :-)
How about backed by confidence in the people and its institutions?
You can't eat confidence.
It never ceases to amaze me that you doom mongers constantly insist that the glorious fiat dollar is unbacked. Of course citizen Greenspan is correct and you are all delusional. The dollar is fully backed by your lifetimes labour. So stop moaning, slaves, and get back to work.
Greenspan camouflages everything he utters - shakran and gonef like in practice.
I too am baffled by Bitcoin, and I drove a Fiat for about eight years, so I think I should be the new head of the Fed.
Not saying it's gonna happen - but all that has to happen is for somebody from China to buy a house in Palo Alto for 2-3000 bitcoins and it will be on like Donkey Kong...
a**hole
Yes, exactly. See Megacoin. (kimdotcom?)