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Bitcoin's "COO" Explains What Bitcoin Is
With Bitcoin's erstwhile founder (according to NewsWeek) denying it all, we thought it might be useful to hear from 'the horse's mouth' just what Bitcoin is. While many have heard "shit bitcoin fanatics say", Conan O'Brian's interview ith the "Bitcoin COO" is full of clarifying knowledge... (and sadly reflects most people's perspective still on the virtual currency space)
And Bitcoin's COO explains it all...
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This article on ZH is the equivalent of throwing a squirrel into a room with 1,000 labrador retrievers.
WOOOHOOO BITCOINS!!!!!!!!!!!!!!!!!
Let me act all squirrely for you!
daddy issues.
It's virtual bitcoinomania issues! Even the "old posters" (God rest their souls) LOVE Bitcoin!
Ah yes (Nodding) fonestar.....Why not just have a people owned souvereign bank that can print its own method of exchange of goods and services? Why settle for chips cooked in transfat oil when you can have a roast ?
Notice the masonic steps in the infomercial?
Yup. When we don't understand what someone is saying, we can at least mock how they are saying it.
How does anyone feel about the forthcomming arival of btc as global reserve?
I prefer physical gold, thanks. But will take BTC over fiat as well.
So thats what fonestar looks like...
Conan should get Fonestar on his show to rightly explain Bitcoin. I'm sure it would be even more humorous than his written spoof.
My favorite:
"I'm not in this for the money. I'm in this to change the world"
Not this DaddyO!!!
I would never own the little twerp, even if he was mine...
DaddyO
No it's not...
I get it now...I get it!!
It's a new way to fleece muppets that can't understand how it works. Why didn't you just say that before!!
I'm in....Lil' old grannies and pensioners first....it's time to clean up and leave a bunch more people penniless.
fonestar understands how Bitcoin works. fonestar has made shitloads of "money" off Bitcoin. In the end there is only Bitcoin.
"The time for honoring yourself will soon come to an end"
- Gladiator
People pick on you because you are an asshole. You feel like you have to defend your cyber christ. I am all for spreading risk around but unsafe computer codes that can be confiscated aren't part of my portfolio. If you think I am missing it, then that is fine, I sleep very well at night owning land, livestock, fresh water source on property, food preps, silver, gold, copper, and ZERO debt.
Your doors can be kicked down and you and your family can be shot, your land stolen by .gov. But fonestar has never had any Bitcoin hacked or stolen.
If fonestar slept, he would sleep very well.
Okay, I'm just a newbie here. And yes my doors can be kicked down and <God forbid> my family can be shot. As for land, I don't own any YET so it can't be stolen by .gov
Here's the interesting thing:
fonestar said "if fonestar slept, he would sleep very well"
My broker always makes a point of telling me to choose investments that make me feel comfortable ... able to sleep at night.
Dude, if you are unable to sleep ... ????
fonestar is only a virtual persona managed by PAL.
TMI
One can only carry a kilo of gold if there's a need for run, and a billion in bitcoins.
You can only carry 2.2 lbs while running? That's pretty lame. 2.2 lbs of gold is about $40K. 10 lbs about $200K.
fonestar "Your doors can be kicked down and you and your family can be shot, your land stolen by .gov. But fonestar has never had any Bitcoin hacked or stolen.
If fonestar slept, he would sleep very well."
That is a totally retarded statement. If you are at the point where your door is being kicked down and your family is shot, then it won't matter if you own bitcoin or whatever. YOU ARE A FRAUD AND A TROLL - PERIOD!
AND FOR GOD SAKE QUIT REFERING TO YOURSELF IN 3RD PERSON. ONLY DOUCHES DO THAT .
I wouldn't mind if he referred to himself in the third person as long as he referred to himself as "douche" or "douche nozzle".
one too many bearings missing on his part I think
fonestar is managed by PAL.
Are there any upgrades available?
PAL:
P. Petulant
A. Annoying
L. Loudmouth
That's odd. I always thought PAL was an acronym for personal ass licker, which seems more appropriate in this case.
'Douche' is just another word for shower.
Jimmy has been watching the bitcoin conversation for a while.
Jimmy isn't offended by bitcoin aloough Jimmy feels the only real money is gold an silver
Jimmy isn't threatened by Fonestars "lifestyle". Jimmy wants fonestar to be happy.
Jimmy will get even with the central bankers at some point
Central bankers are taking money from Jimmy's mouth
Jimmy holds a grudge
.
?
what does a "." reply mean?
seen it a few times and do not get it, serious question.
It means different things on different threads. On this thread it means place downvotes here.......
Bitcoin has provided necessary services that banks can't compete with. Other crypto currencies are fun to trade as well as Bitcoin. I think the neatest thing for me was (besides making money) to experience how smooth and practicle bitcoin works as a currency. It is very empowering.MazaCoin is the Official National Currency of the Traditional Lakota Nation.. Iceland is supposed to be uning Auroacoin very soon. Auroracoin is a cryptocurrency for Iceland. It is based on litecoin and is 50% premined. The premined coins will be distributed to the entire ...
So lots of possibilities
I think that bitcoin, mazacoin, whatever-the-fuck-coin are all manifestations of the Fourth Turning. People are confused. The old rules no longer seem to apply. Uncertainty, a lack of trust, and a realization that the future will not be as comfortable as the past become prevalent. People start worshipping false gods such as bitcoin in the hopes of recapturing their lost prosperity and of gaining control over something.
Bonestar understands nothing which is why bonestar bought into a bubble of fantasy. In the past, bonestar would have promoted tulips.
You give him too much credit.
You are a former MLM addict aren't you?
I can tell you in short order what bitcoin is and will then be bombarded by CH1 & Fonestar.
It is a code of the moment computer fad that has been proven to be unsafe. As technology advances bitcoin will become irrellevent. They will still have some tradable value online for games and such, but as far as being the "cyber christ," it's rather laughable. I really was a proponent in the beginning that it will do well, it is still worth more than silver at it's current prices but I would rather buy 30 ounces of silver or a half ounce of Gold than have 1 bitcoin.
My grandfather lost his first farm in the great depression and he always said "the banks are evil-never trust them...if you don't hold it you don't own it.
How was Bitcoin proven to be unsafe? Perhaps it is just "unsafe" for aging dopes and "laymen"?
Did you happen to miss Mt. Gox losing like half a billion dollars and Flexcoin losing almost a million dollars in bitcoin by a lone hacker? It has been proven that bitcoin is very unsafe. My friend lost 30,000 from Mt. Gox.
I am sure you will have some snarky comment about using a whatever wallet. The point is, as with religion as well, you convert people by emitting positivity and showing others that something works. Preaching to the choir and being a snarky asshole only makes you look like a fool. A lot of us have PM's and a few BTC's along with guns, land etc.... Personally I just trust things I can touch and defened with no counter party risk.
The IRS will be the ultimate downfall of Bitcoin.
You are confusing the exchanges with bitcoins. This is akin to saying the dollar is worthless because some banks are crooked and corrupt. Not supporting bitcoins but I am calling out a half assed argument
WHOA.They were hacked at an exchange, yes. Just the same as can be done with dollars, correct. But doesn't that prove a point when people bring up no counter party risk. To me there is hardly any difference in the safety of the dollar or bitcoin. In fact, I would argue bitcoin is less safe than a dollar bill because I can still buy more every day items. Sure the same argument can be made about silver and gold but go on craigslist and see if someone will trade a TV or lawnmower for bitcoins vs. Gold or Silver.
If you don't hold it, you don't own it.
Bitcoin wasn't hacked you dumbass. Those Bitcoins were stolen.
Did you keep any BTC in Mt. Gox fonestar? Be honest. Theft is Theft no matter the form. No one can steal my PM's unless they know where they are buried. No hackers here.
The sad thing is fonestar is that most of here agree with about spreading your risk around. I know you own Gold, Silver and BTC. THat is great and I wish you the best and I have you make a fortune with BTC and can take that money and do some good for liberty and freedom in this dark hour. I only pick on BTC beacause the people promiting it are very much like newly reformed Christians going door to door almost demanding salvation and anyone that disagrees with you is moronic. That is why people prefer discussing BTC with CH1 because he will actually provide facts and information. You are a cheerleader... You were on every post when BTC was $1200 but suddenly dissapeared when it lost around 50% of its "value"
We all know the commodity markets are rigged including Gold and silver, I think that says something aboout the nature of what our government sees as money and more importantly as a threat. Like I said earlier the IRS will cause quit a bit of havic on BTC owners.
It's not just the commodity markets that are rigged.
Any market denominated in dollars is inherently rigged because of the artificial valuation of the dollar because of its support by the fed.
If you follow the trail long enough it becomes clear that every market around the world is rigged since the dollar is exchanged with everything and everything is ultimately compared to it.
fonestar signed up for MtGox back in late 2011. Never sent them any money and never executed a trade there. fonestar uses localbitcoins.com and btc-e.com.
Why not ["invest in MtGox]? What brilliant insight saved you from losing your a$$ and convinced you to "invest" in a different digital exchange where you made your bitcoins hand over fist?
And do please refrain from answering in the third person, it reminds everyone of shooter mcgavin and robs your arguments of any meaning.
BW
Fonestar says you spelled bizarro incorrectly.
Why don't you start your own exchange and get bitcoins that way? That's what the smart bitcoin cultists do. Mining is for chumps. Mark Karpales is so much smarter, and richer, than fonestar.
The "flaws" in bitcoin's code are well documented and intentionally inserted by Satoshi for your protection.
You can't use bitcoin for commerce on a wide scale without exchanges. Waiting around for half and hour while you move your bitcoin off your memory stick, verify its blockchain, transfer it to the merchant ain't gonna work in the real world. It's the same with money and credit. You can use your debit/credit card to buy things because there is an exchange, a bank, that makes the transaction quick and easy.
Yeah it is just the exchanges... oh wait
New Bitcoin glitch: Blockchain suffers hours-long outagehttp://news.cnet.com/8301-1023_3-57620465-93/new-bitcoin-glitch-blockcha...
Valid argument....though we both know the dollar is unsafe for other reasons.
Having your bitcoin stolen from an exchange makes bitcoin unsafe in the same way that having your gold stolen from your local coin dealer makes gold unsafe. Don't keep your bitcoin in an exchange and don't keep your gold at the local coin dealer.
In terms of practical defensibility (against all kinds of thugs), I'll confidently order these things thus, from least defensible to most defensible:
Land < precious metals < bitcoins
The things is, even though digital security is a relatively new art, it does provide some fundamental advantages over physical security: scale, resources and location don't count for much.
In other words, a single person can single handedly protect something digital from the whole world, whereas in order to protect something physical one needs to make strong alliances or move away to more strategically defensible locations.
You talk quite extensively of how old you are to try and prove the point that bitcoin is for old people too. In all honesty you are probably in your 20's or 30's and just trying to make bitcoin look cool.
I am 30 and think that bitcoin will become irrelevant because in another 5 years there will be a better and more streamlined version of online currency that doesn't require exchange rates, bypassing the dollar and bypassing trivial fees.
Erm... bitcoin IS that currency. Doesn't require exchange with fiat currencies or any other currencies. Can instead be acquired by spending tangible resources - electricity and computing power (mining). Fees are optional and very small.
double post. sorry.
Wow. Mature Audience to downvote a correction for a double post.
The first rule of downvote club is don't complain about downvote club........
You just think of that or did you stay up til 2:30 last night woking on it?
Is that all you got? The comeback from the housing bubble was better than that......
not only do I still not get " . " posts but I don't get down voting a double post statement.... sigh, and I had hoped to understand BTC as a source of digital-freedom this year ;)
Useless, I don't get that either ... the whole ".' thing. WHATEVER ...
Bitcoin will never be digital freedom ... REAL change demands REAL action.
a digitital coin ... not so much!
Just MHO
EDIT: okay ... I know y'all hate me for editing my posts ... I get it.
But please consider .... what if TPTB decide to just change what money is ??
Sometimes it is just an empty sentence. Sometimes it has meaning that comes from MS-Dos, and all subsequent versions of windows that support the command line (CMD).
A double dot (..) means to change to the previous directory, leaving the present one. In other words, to go back a folder.
However a single dot means to remain in the same directory, without change. A single dot gives you the location you are at, without changing it. So in the context of a conversation, a single dot (plausibly) means that you agree or concur, all is well, stay put where you are.
I downvoted you for giving me a migraine after reading that post.
I downvoted you for giving me a migraine after reading that post.
and double vision
Start here:
http://www.sacred-texts.com/bud//glg/index.htm
When you can snatch the bitcoin from my cold dead hand, then it will be time for you to leave, young fartknocker.
The "." is a place holder basically. The system will not let you leave a comment field empty if you have already saved it and then decide, after coming to your senses, to remove it. The downvote thing appears to be someones hobby.
Too funny Lunatic.
It is pretty naive to expect maturity in the comments section of a bitcoin article.
'aging dopes'
yeah, I reckon I fall into that category ... as defined by you.
Serious question: Do you have any extended family? Defined as parents, grandparents, sisters, brothers who are onboard with bitcoin ??
EDIT: forgot to include children, in the form of immediate offspring, nieces and nephews ? grandchildren? All of whom would be celebrating your newfound wealth-generating machine thereby liberating them from their shackles of slavery ?? Inquiring minds would like to know ....
The Bitcoin you can spend is not the true Bitcoin.
Fonestar doesn't have children, because he would have to have sex with a woman first. There isn't a woman alive who would put up with his snarky, know-it-all shit.
Don't get mad fonestar. Go buy that sword of asswhipping from the WoW auction house you've been lusting for. That should cheer you up. What? They don't accept btc in WoW? The bastiges!!
Gday Ralf Spoilsport...This article is equivalent to throwing a small gold coin into a room filled with freshly baked gold bugs hoping to emulate central banks who own most of the gold.
Central banks don't own most of 'the gold'.
Ralph Spoilsport said: "This article on ZH is the equivalent of throwing a squirrel into a room with 1,000 labrador retrievers."
Oooh! Red meat!
I love red meat.
"This article on ZH is the equivalent of throwing a squirrel into a room with 1,000 labrador retrievers."
...and the squirrel starts a ponzi scheme and take all the labradors money?
Wait, which one is the punchline?
launder money while purchasing heroin for whores and its encrypted
Weekend at fonestar's.
On a different note...anyone notice the smackdown of gold at 9 pm? Well...I guess it was a nice run for gold and the miners since the beginning of the year...good luck next year. Bah!
Yup. Also noticed that our big bad smackdown super low is still $600 higher than the last one.
This isn't a gold thread. Please have some respect!
No. No. No.
The debt-based monetary system has two kinds of money: money of account is the credit we have for us at the US Treasury. See when you were born, your birth certificate was sold to the IMF bank. The US Treasury received a certain amount of credit from $500,000 to 1 million based on the year you were born against the future productivity of you, the DEBTOR. We are Debtors by default in our debt-based monetary system. We are the chattel and surety of the debt-based monetary system.
However, we are the lawful principals and owners of the credit under the Uniform Commercial Code. When you get a mortage loan, the bank doesn't give you its money or credit. It accesses YOUR credit at the Treasury with your signature on the loan application. The bank withholds your credit. They move you on into signing a promissory note that makes you promise to pay them back for YOUR credit plus interest for the life of the loan. You are paying with debt-notes, FRNs, that you get from a job or investments.
However, the Uniform Commercial Code doesn't specify whether loans must be paid with debt-notes or money of account. When you file a UCC 1 Financial Form you are claiming yourself as the CREDITOR with a security interest in the assets, debts, liens, real property of you yourself the DEBTOR. Once you really learn the debt-based monetary system and the Uniform Commercial Code and all the history, then you are prepared to handle your own commercial affairs.
Let me tell you that you are still treating money as though it is gold and silver. You are using antiquated words. In THIS economy, by law an individual cannot pay a debt, he can only discharge debt since there is no gold and silver backed money. And you can discharge debt by filing three pieces of paper: the presentment, the transfer instrument, and the surety bond or promise to pay. The transfer instrument is just a three-party check that you write up that instructs the US Treasury to process a non-cash discharge of debt by accessing your exemption (credit) account at the Treasury. Under the UCC you are defined as a "Transmitting Utility."
Get a Black's Law dictionary, preferably 4 or 5th edition. Look up the words pay, discharge, person, transmitting utility, name. For example, a person is a corporate fiction with a diminished capacity of rights.
There is no money and there is no debt. There's only debt-based money and the discharge of debt. That's the new meme.
Learn to handle your commercial affairs and discharge your debt under the Uniform Commercial Code. It's the law."
http://www.zerohedge.com/article/clusterfuck-complete-meet-those-most-hurt-earls-squatting-conejo-capital-partners-and-soon-m?page=1
Nice Rusty. Have you done said paperwork? Curious...
+1. Proof please.
No.
Excellent work Rusty Shorts. I am bookmarking your post/this page . Thanks !!
How about people born elsewhere and who are not even US residents? Do these rules apply only if you are American?
Many people own property outright in several other countries. Some countries do not tax your main residence and some do not tax your summer residence either, although the unelected Eurocrats are pushing hard.
First they ignore you, then they mock you, $13 to $620 over the past year, keep laughing while I reload motherfuckers
Teevee, junkfood-addled Amerika could not withstand a currency collapse. The Black Plague made human capital valuable again - in modern application we have tens of millions on the gov't teat with no recovery.
All those 99-weekers waiting for jobs. What jobs? Doing what? The service economy is a fiat lie and our infrastructure is based on a constant flow of cheap oil.
Mortgage? WTF for? Prices are artificially high because of 1) shadow inventory 2) who can say they will be employed in their profession to make payments for 30 years anymore - no man is an island.
Stay nimble. Stay quick. This is no time for white picket fences. Going back to the sad, miserable, drugged-up state of our Nation it ain't a stretch to imagine that the Mandarin speakers are planning to make use of their raw (war) materials and spouse-less young men for "real estate acquisition". Hasn't anyone read a history book around here? The Chi-Coms have openly spoken of how they deserve North America. This kind of scenario isn't discussed because it is the worst-case scenario outside of nuc-bio-chem warfare, and then subsequent invasion.
"Oh, but China needs us and we need them." Bullshit. Everyone is buying time. The Chinese aren't stupid and they know they aren't getting their money back. Some finance guy over there said US bonds are not safe medium and long. In other words "We are trying to buy as much time as possible to acquire tangible assets that matter!"
All the survivalists from the 70's were wrong because they didn't understand the "Nixon" trick/effect of taking us off the gold standard and taking paper money to its extreme utility. It would have been better to face this shitstorm back then. Back when Americans were still eating meals that had real nutrition, no obesity epidemic, actual human interaction, strong infrastructure with less bureaucracy. Today it's all bloated beyond recognition.
When the Fed finally makes a move that has a visible and real effect on Amerika even rationing of supplies won't keep the interurban areas content. We are at the brink of a f.u.n.d.a.m.e.n.t.a.l. shift. Be far away from the millions that require a weekly check for their very survival. Do you think the owners of the Fed care if millions starve?
Great posts. Depressing though.
post
post to Rusty Shorts.
There have been 4 jobs or activities which Man has engaged in throughout the centuries: Hunter/Gathering, Agriculture, Manufacturing, and Services. What's next? What category can you imagine in which billions of people will be working in the future?
It turns out that there is a final category. It is known as Unemployment. As Agriculture, Manufacturing, and Services become more efficient in the coming months, workers will have nowhere to go but to the unemployment line. At some point, Man's artificial economic system will necessarily collapse. When that happens, the corporations which produce and deliver food will no longer have an incentive to do so. The cities will suffer great hunger and it will be the end of Man.
For shits and giggles ask a hardcore Austrian what all these people displaced by efficiency (automation, mechanization, computerization) are going to do.
Austrians are now dated/antique/prehsitoric. Get with the times. Maybe the advices about "honest money" had some intrinsic worth way back then, but these days the deed has been done. The gold/assets/privatised world are owned by privately owned bankers, directly and indirectly. Going back to honest money would require prosecution and confiscation back to adult supervision so that the parasite is removed.
Once the parasite has been removed and the clean up has begun, then we might be able to re-grease the wheels.
In the meantime, at least prisoners in a prison that actually says "Prison" know how to exchange anecdotes, methods of excape, tobacco, drugs, files to cut through prison bars. However ...even in a prison that is/isn't labeleled "Prison" there are those who would not have it any other way and life goes on as usual. They like it there and want other prisoners to buy their bitcoins, tiny specks of gold, and so on, who generally can offer little more than a 'one liner' to demonstrate the strength of their logic..
Evident (According to them) by the length of the short mental processes required to arrive at them, which gives them more time to sleep in the prison cell or go to prison parties blah blah blah....
Rusty Shorts... You forgot 'slavery'. No problemo though.
Rusty Shorts "There have been 4 jobs or activities which Man has engaged in throughout the centuries: Hunter/Gathering, Agriculture, Manufacturing, and Services."
Hunter/Gathering is not really a category. That exists in all phases.
The main problem is overpopulation. WWIII will solve that one handily. So, no worries.
It's time to take seriously a US-led global recession by Lau Nai-keung
2005-10-06 07:37 [anonnn's underlines/emphasis]
It is well known that the US is the world's biggest economy, taking up about
30 per cent of global GDP, but it is now also the world's biggest debtor
country. According to the most authoritative person on this subject, the US
Comptroller General David Walker, who audits the federal government's books,
the tab for the long-term promises the US Government has made to creditors,
retirees, veterans and the poor amounts to US$43,000 billion, US$145,000 per
US citizen, or US$350,000 for every full-time worker.
And this figure does not even take into account all the personal debts such
as credit card bills and mortgages. With a low interest rate of 1 per cent
running for the past three years in a row, savings plummeted to just 1.8 per
cent last year, below 1 per cent since January and at zero in the latest
estimate from the Bureau of Economic Analysis. In 2000, household debt broke
18 per cent of disposable income for the first time in 20 years. Credit card
debt alone averages US$7,200 per household.
The US Government indebtedness is financed this way: The US now runs a trade
deficit roughly 6.5 per cent of its GDP and the gap is widened every day.
Its citizens are spending ever more on foreign goods, and with the US dollar
as the international currency, the US Government just prints money to
finance the deficit. And with this money, central banks in the surplus
countries purchase most of the US Treasury bonds as currency reserve.
By now, Japan is the largest creditor of the US Government, and the Chinese
mainland has been a fervent buyer for the last few years. As for Hong Kong,
most if not all of our reserves are in US dollar denominated assets. The US
Government in turn uses this foreign borrowed money to finance as much as 90
per cent of the federal deficit which stood at US$412 billion last year. The
federal deficit is expected to be running at about US$2 billion a day at the
moment.
Put it simply, the Americans have been living way beyond their means for
much too long. On top of this, the Bush Administration is cutting tax at
least three times while fighting an expensive war in Iraq, which has already
cost the country US$700 billion, and currently progressing at US$5.6 billion
per month. Now the US economy is dependent on the central banks of Japan,
China and other nations to invest in US Treasuries and keep American
interest rates down. The low rates keep American consumers snapping up
imported goods.
Any economist worth his salt knows that this situation is unsustainable.
This includes the country's economic guru driver Alan Greenspan, who
recently warned his countrymen that the federal budget deficit would hamper
the nation's ability to absorb possible shocks from the soaring trade
deficit and the housing boom. Now he may have to add two more worries:
soaring oil prices and cyclones.
The US is now clearly in huge trouble, economically, socially, politically,
and internationally. The Bush Administration bungled big in cyclone
Katrina's aftermath in New Orleans, and then a minor rerun from Rita in
Houston, and this will trigger the general outburst of people's
dissatisfaction with the government, leading to great internal turmoil
lasting for many years. In all likelihood, long-term interest rates are
going to rise, and the greatest property bubble the world has witnessed is
going to burst in the next one to two years. [written Oct 6 05]
The countdown is in progress, and there is no way that anybody can do
anything to reverse it either by short-term measures such as fiscal and
monetary policy, or through long-term reform of tax policy, entitlement
programmes and even the entire federal budget. This is as inevitable as
gravity, and it will take place under a new and inexperienced chairman of
the Federal Reserve Board. I do not want to sound alarmist, but I see very
bad omens.
To make things simple, let us just examine some key economic issues raised
by some economists:
What if the dollar plummets? Do stocks follow? How about pensions?
What if interest rates soar? How would all the new homeowners, who stretched
to buy with adjustable and interest-only loans, cover their mortgages?
How would consumers with record credit-card debt make their payments? Would
they stop buying? Stop taking vacations? What will happen if they go
bankrupt? New rules going into effect later this year make it harder on such
debtors.
How would a government, which depends on the taxes of a strong economy to
operate, keep all its promises?
To us, the good news is that when the country is in deep trouble, the US
will not have the energy to pick on China. Even when it is necessary to
start another war to divert people's attention, it would pick one much
smaller in size and weaker in strength, like Iran. This will provide a much
more amicable environment for China to make good use of its "period of
strategic opportunity" till 2020 for the country to pass through a turbulent
zone between per capita income of US$1,000-3,000.
But in the short term, now the US not only sneezes, and all symptoms
indicate that it is going to suffer from a SARS-like trouble, the whole
world should take extra precaution not to get infected. One thing is for
sure, some time in the not too distant future, every central bank and
institutional investor is going to dump US dollar and US Treasury bonds.
Once, when a country like South Korea dumps the dollar, the still unsold US
Treasuries in the asset column of Asian central banks - US$2,000 billion
according to some estimates - will collapse. The cheapened dollar will cause
a sudden jump in the US inflation, which forces the Fed to jack up interest
rates. A giant leap in inflation will cause a severe recession, or perhaps a
depression, in the US. These countries' exports to America will dry up,
which in turn will spread the global economic downturn like wildfire.
After the stampede, everybody is going to get hurt, not least the central
bank of China, and the Hong Kong Monetary Authority, which are major US
creditors and with the US as their number one export market. The recent
currency reform of the RMB is most timely, and it is about time we should do
something about the Hong Kong dollar. At the same time, China should make
extra efforts to rekindle internal consumption, and diversify its market
really fast before the great US bubble bursts.
(HK Edition 10/06/2005 page2)
"First they ignore you, then they mock you,"
Then they make a reality show about you
Reloading your super shotgun for another round of deathmatch?
Warren Buffet says no one can value an internet company and if you took his class and tried to he'd flunk you - 1990
http://www.youtube.com/watch?v=G-v3V862dl4
The Sacramento Kings?! Holy shit. All in
Yellen Notes 101010101010101010 bitcoin 10101010101010101010
Yep, big difference.......
But I want to know where in the room is fonestar?
Oh there you are beat me by seven seconds.
If the corporate media's clowns think bitcoin is stupid and funny, I better wise up. Wouldn't want the cool kids to think I'm a nerd.
googling bitcoin price says $617
If there is anybody I'll trust when it comes to investing money, it is uncle Warren.
Pity I don't have so much insider's information as he does, but hey, it is all good, I just spotted a few chicks selling lemonade in the neigborhood.
USA, USA, Ameeeeerikaaaaaaa, Ameeerikaaaaa.....
Bitcoins are virtual. They ARE worth money. So are virtual clothing and goods sold on World of Warcraft. In a virtual world, anything is valuable. Same as in a real world. I have Action Figures worth more than a bitcoin. People will be willing to pay for my action figures in bitcoin and/or silver, gold, fiat currency. Point being.....we're headed to a BARTER economy. What you HOLD has value. Action figures, bitcoin, fiat currency, old coins, silver and gold. Choose wisely. I prefer my bitcoin over easy with a dash of salt and pepper, to be perfectly honest. Yes, eggs.
Seems like many of us are living in a virtual world.
Best get a grip on reality soon. Those with ammo have more leverage than you during an exchange with no bids/sells on your goods....be it virtual or physical. #thewildwildwest
digital.
Bitcoins are digital not virtual.
a) DIGITAL LIBRARY - It's the same thing as Electronic Library. The name DIGITAL means that the collection is on a binary format and stored on an electronic device. So it is a Library whose material (books, journals, reports, thesis, and so on) is stored on electronic format (on CD ROM or winchester). They can be read and printed through a computer. It doesn't mind if those publications can be accessed by a standalone computer, a local network, or the Internet. As described above a Digital Library have a staff, and services. One can borrow material, request copies and so on. As it is on any paper based Library. The only change is the storage media. A Digital Library .project may include a "Virtual Library". b) VIRTUAL LIBRARY - It's a collection of links. Those links do not reflect physical Library material. Instead it reflects subjects categories of sites on Internet. The name virtual means "not real" . So we cannot borrow anything from a Virtual Library. I believe that the word Library is in the concept VIRTUAL LIBRARY because it looks like a Library index.
What a bunch of crap. If we ever get down to the point where barter is the only way to trade, I seriously doubt that there will be electricity to trade those bitcoins. Ditto with a martial law type situation where it would be likely that many sites would be blocked. Your bitcoins will do you little good if the ISP's don't let you access them.
I also think that people will only spend them when the price of them falls. If the idea is that price will be ever expanding then why would anyone ever use them except as a last resort. The problem then arises that a hoarded currency makes a very bad medium of exchange. You really can't have it both ways.
Did you not get my comparison to bitcoins vs. eggs over easy???
You threw them in wth everything else that will have value.
I like my i'm-fucked-either-way-omelet scrambled....I know I won't choke on a digital/virtual bitcoin. An american eagle, that might require the heimlich manuever.
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after watching this, I'm now confused as to what humour is. Oh, wait. Follow the laugh track. got it.
More anti-Bitcoin trolls I see. They just won't accept it...... So sad.
Actually good. The will come later to the game when the fiat price of botcoin adds digit after digit.
I honestly wish you guys make a ton of money with bitcoin, I really do. I hope we all do well with silver/gold/BTC and any other forn of money that fights the federal reserve.
I just don't understand the fighting between people, it's either anti-bitcoin trolls or anti-gold trolls. Aren't we all awake and working towards a better world. If we make any wealth on these investments lets please use that money to build a better world. Not just charity, but founding organizations that can really make a change. I admit I get mad at fonestar because he is so cocky and brazen about it, but in the end I feel we are all on the same team....
That team is Anti-Federal Reserve Fractional Reserve Banking and the Governments that use revoloving doors of corruption that facilitate our slavery.
well put,
since we know all markest are rigged and the fiat ponzi scheme is a protracted mightmare, its also worth dabbling in a few hedges inc PM's, BTC's with some moderation in the short to medium term no one seems to know the outcome. A reset can have many configurations and confiscation is already happening under several guises including ZIRP with FSB bail-in planning for financial institutions (not just banks). PMs in the long run are sound but in the ST suppression could get worse along with fiat in a reset - perhaps BTC could do well in this circumstance?
just sayin' not advocating there are too many 'gators in the unknown pathway ahead
Some of us want to win the battle against TPTB. However, we feel that Bitcoin is not a way to do that. Many of us feel it is a trap. As such, we do argue vociferously against it, for your own good.
They can confiscate anything by force. They can hack/track/rack and stack you with Bitcoin. Bitcoin is not the savior. It might have some utility in a powered on world, at least for a while it would seem, but do not count on nor push it as the be all end all. That is insulting to anyone with a brain.
To see clearly, first stir up the mud.
How hard is it for people to think of Bitcoin as being like dollars/euro/yen/whatever, but without the physical representation? If people use a credit or debit card at all, there's almost no difference, because they never see the amendments to ledgers (or physical coins and notes go between people) during the transaction anyway.
Note: This isn't a for/against Bitcoin or Dollars post - it's just the simplest explanation I can think of for what Bitcoin is and how it works.
That's a shit explanation.
Bitcoin is a scarce commodity, produced competitively at real cost, whose future total supply is precisely known to everyone.
Dollars are issued ad-libitum by central planners, who force us by law to accept them as currency.
Not at all. If you can't relate Bitcoin to something people are familiar with, then it doesn't matter where it comes from, or how bad Dollars/Euro/Yen are, people just won't care about it. Technicals don't matter to people who just want to buy something.
Fine... then relate it to commodity money, not fiat debt-notes. Bitcoin is nothing like USD. Even its mode of electronic transmission is completely different. You don't need permission to move BTC, and there are no counterparties involved.
"there are no counterparties involved"
Exactly wrong. Bitcoin is all counterparty. The counterparty being unknown is irrelevant.
"Definition: Counterparty, The other party that participates in a financial transaction. Every transaction must have a counterparty in order for the transaction to go through. ... However, in many financial transactions the counterparty is unknown."
Suppose I hold the private key for some bitcoin. Who is my counterparty? Who must perform in order for me to spend that bitcoin?
The answer is nobody. There is no counterparty. Not "unknown".
You sign the transaction with your key and it gets included in the next block on the ledger. There is no contract, no trust, no counterparties. The bitcoin is transferred as you specify, without permission or performance from anyone else.
"The bitcoin is transferred as you specify, without permission or performance from anyone else."
Disagree. The Bitcoin needs permission from the blockchain itself, which represents the counterparty of the transaction.
Suppose you go to the gas station and fill the tank. You use a credit or debit card, and pump your gas. Once the gas is in your tank, it doesn't have counterparty risk, and you own that gas completely and independently of any financial system. It may have other risks, such as if your car is stolen then you lose the gas, but that's not a counterparty risk.
Now the question is: Is Bitcoin more similar to gas in the tank, or to the credit card you used to buy it? I would say that Bitcoin is very similar to the credit card transaction, and not at all like a full tank of gas.
With the credit card, your card must communicate to the ABC Bank software to determine whether you have sufficient credit to make the purchase. The ABC Bank software sends back a message saying "Your credit is good" and you complete the transaction.
With Bitcoin, the situation is very similar. Your wallet sends a message to the blockchain which is the distributed accounting ledger, asking "How much credit does this particular user address have in the Bitcoin system?" and a message is returned saying "You have 10 BTC available to spend."
In both cases you are communicating to a software ledger system to determine how much you can spend.
If it is just like everything else then why bother when .gov can decide to turn on it and us? If it is just like the rest why take that unnecessary risk for virtually no benefit?
They can take or break anything they want. At least you don't have to have electric to trade gold, dollars, or bread and those items aren't traceable back to you forever.
.gov can eat a bag of dicks for all I care. The internet is designed to survice nuclear war so that's at least the conditions we'd expect bitcoin to survive. They can turn off the electricity in the USSA, but the blockchain will keep running anywhere else that's online. It could even run by satellite.
Stack some gold and bread too... I never said you shouldn't diversify.
Please provide us with the justification for your claim that the internet is designed to survive a nuclear war.
At this point I don't think anything would survive an all out nuclear war. After all the weapons , most electrical grid's would shut down , nuclear plants spent fuel storage pool cooling systems would shut down when their diesel backup generators run out of fuel (assuming they were still running) , every spent fuel pool on the planet would soon dry out and turn into a large radiological fire , this would likely be a total extinction level event within 30 days.
Pretty simple really. For example - due to yoiur carelessness, someone steals your credit card number, buys $2k worth of stuff, and you are on the hook for ZERO. On the other hand, due to your lack of understanding of the bitcoin system, a hacker nerd, or bitcoin exchange, manages to get your bitcoins transferred to their digital wallet, and they're gone forever. Understand now?
SO much hate on bitcoin but haters CAN'T STOP IT! HAHA
Ponzi.
Madoff.
Bitcoin.
Which is not to forget the Fed, the Fed, AIG, Citibank, Merrill Lynch, Goldman Sachs, and the Fed. But none of them had the gall to float a separate currency.
There are two bitcoins, is the deal. The currency ain't worth shit. The exchange mechanism is interesting. The question is whether you can do one without the other. I think the answer is yes, but we're not there yet.
I was planning on trying to convert my 401k to metals today (again). For the third time, I decided to leave it alone.
I'm about 30% in gold/silver.
I'm debt free and have food and ammo preps.
I totally get the idea that physical metal is the best. But, even I'm a little spooked about going "all in" on anything.
I'd throw a percent or two of my icome into bitcoin if it becomes easier to get (sans bank routing numbers, exchanges, etc).
The computing resources are a big downside for me too. Large, ever increasing blockchain, etc. Lot's of technical teething problems with the technology.
I'm a hungry fish eyeing bitcoin. But not quite ready to take a bite yet.
I like the idea of bitcoin though. Eventually I'll probably take a bite.
But it would be on the bottom of the financial pyramid for me.
- Debt-free being the top of the pyramid. Followed by preps, then physical metals.
Bitcoin is debt free. There is no 'promise to redeem' anywhere in the system.