Holy crap 0.27 per kWh? dammmnn... I pay .06
You in the States? Nuke power? We mainly use coal. Australian's have a phobia on Nuclear power. Sad really... You guys HAVE cheap power, it's just that your government thinks it's green to tax you on energy. Nothing cheaper than coal. But yeah, for bitcoin mining, power costs must be considered.... |
|
|
|
how about BTC sucks up all fiat money in da wurlde  then the planet is on the BTC STANDARD Wunder what all that paper could be used for then.... |
|
|
|
....So what I really think deflation does is provide an incentive to critically think before going off and speculating, "investing", or wasting money on frivolous things -- because money will be worth more if it isn't trying to be spent as quickly as possible (mindset of the current wealthy elite in society). I think it truly helps those without the ability to invest (the less wealthy), as their wealth is not unknowingly being eroded as time goes on.....
So if bitcoin in spite of high volatility generally has an upward price, then it acts like a savings account with an actual interest rate? To be competitive with savings in bitcoin, how would the US$ need to change? It'd need to have an interest rate, right? But then the US government could not begin to pay interest on it's debt. And so here we are... |
|
|
|
You don't understand the definition of a fair shake. It's the opposite of an unfair shake. So I'm saying that you're being "unfair". If you think it sums it up nicely, then you're admitting to being unfair. He's an idiot, and a bigot. That is after a fair shake, even a more than fair shake, is applied. Take everything he says then mix, strain, rinse, repeat, boil and skim: garbage = what it boils down toBut that's so much work just to get garbage. Reminds me of a truck I saw on the road. Sign on the side said: We haul your junk If you are not happy Twice your junk back! |
|
|
|
Deflationary currency wouldn't make the poor better off because by definition they are spenders, not savers. A deflationary currency spreads wealth so the poor would be better off in the long run. An inflationary currency is designed to centralize wealth in a few hands. That's why banking classes dislike deflationary currencies. Umm, that's rather cherry picking an effect out of a whole basket of causes and effects. Inflationary currencies have many causes, and in the abstract, various rationales have been put forth for their being good, or bad. Key to that is the range of "inflation in the currency", whether it is slight, moderate or severe. Without actual evidence to support your claims I couldn't take these seriously: - An inflationary currency is designed to centralize wealth in a few hands
That's why banking classes dislike deflationary currencies.
Maybe correct the over generalizations, then restate the claims with some evidence to support? Clearly there is no similarity between an inflationary currency with a rate of 0.5% per year and one with a rate of 25% per year. |
|
|
|
Thought some of you would like this little gem  Why most economists' predictions are wrong.
By Paul Krugman
......
Paul Krugman is a bigot and a fool. Whatever he says, look the other way. This guy actually advocated for higher inflation (8% is what he said, but since I am assuming he's going by the CPI and not real inflation, I take it to mean he wants it much higher, which is what he said.).
Any time someone tells you how wonderful it is for them to print and spend your money, just figure they a con man. Hard to go wrong with that. |
|
|
|
wow i am amazed how blind investor mentality is! btw, that is not just towards you, there seems to be a lot of that blind mentality around; consumers and suppliers of goods and services are not concerned about the long term value of currency! what matters for that use, $->btc-> goods and services->btc->$, is that for successful trading (of goods and services), the $ at each end has to roughly match! y, sometimes, someone (with the volatility, rarely both) in that transaction will benefit but that is not much security for people whose only interest is $1=$1 within the lifecycle of the transaction. sure, this might not be applicable for all traders (of goods and services) but it represents a downhill direction where less and less people are using btc for exchange of goods and services. my question remains unanswered "how do you hold the exchange value of a currency that you can't buy or sell anything with?!"
That's what I mean, bitcoin is not suitable for use as a currency due to high appreciation potential. Of course you can invent many derivatives to hedge the exchange risk, but the price will never be stable due to limited supplyModern money are all valueless digits but they hold their exchange value due to 2 things: Consensus and Trust. If bitcoin has gained enough consensus and trust, it will hold the exchange value. And if it has value, you can buy and sell anything with it I think the bolded part is false. Consider if we just decide to talk and discuss microbitcoins (1/1,000,000) of a bitcoin. Suddenly there are lots of monetary units. I recall in college working on a historical project, where Spanish gold was archived and stored. It was basically, poured into depressions in the sand made with a dinner plate. Each disk was worth a lot. And there couldn't have been that many of them (hundreds or thousands). You see the error in logic. Both gold, and bitcoin are fungable. |
|
|
|
I think a wise guy once said "the love of money is the root of all evil" .... but yes it is a fascinating, yet powerful force (like splitting atoms).
That's a biblical reference, actually. It's a(n incorrect) paraphrase of something Paul said. A more accurate reference would be, "The love of money is the cause of all kinds of evil." It was not a condemnation of wealth, let that be clear. Lol, and what is the root of money? |
|
|
|
Stock prices and Bitcoin are fundamentally different he can't just compare the two as if they're the same, I also found the quote you put up funny  It's like they're actually trying to argue against the idea of the poor being better off which is what deflationary currencies do for us and that's just madness as far as I'm concerned. Maybe someone should make an inflationary version of Bitcoin as an experiment and then we can finally see which ones would last under the exact same conditions and rules. There's likely nothing wrong and several beneficial aspects to a slightly inflationary currency within a nation state, the problem would always be keeping the greedy fingers out of the equation. Deflationary currency wouldn't make the poor better off because by definition they are spenders, not savers. And if their votes were bought with printed dollars in an inflationary currency environment then at least in the short run, they certainly think they are better off. |
|
|
|
Examples of strawmen arguments include mischaracterizing the argument, Deflation in Bitcoin isn't bad because deflation is inherently good" as "Deflation in Bitcoin isn't bad because of some special characteristic of Bitcoin."
That's a different kind of argument, and not what I was talking about. Asserting that deflation in currency is inherently good is a general assertion, and it's something that can be debated on its own evidence. We can look at how deflation has affected currencies in the past. What I was saying was that IF we look at how deflation affects currencies in the past, and IF deflation appears to negatively affect the economy that uses those currencies, one can't just dismiss the argument by saying "those examples don't apply to Bitcoins because bitcoins are different." Yep, deflation, it's presence during certain times, and it's implications is a unique argument with merit. It is not a diversion. There was a US Congressman sponsored money seminar in DC where historians asserted that US deflationary periods had nothing to do with...guess what.... deflation. But, if one were to ask the typical academia economist they would mark history as being riddled with deflationary events due to poor money supply management. It's highly debatable. That's very interesting. I'd never heard that before. I can certainly see the argument that deflation is good for a currency as having merit. I'm not sure I agree with it... but I don't think I know enough to be certain one way or another. We'll probably be able to find out soon because of Bitcoins.  What bothers me is when people lay out an argument for why they think deflation is bad, using history and macroeconomics, and people dismiss the argument because "Deflation will affect Bitcoins differently" or "These charts are meaningless because Hayek something something". Arguing that it only appears to be deflation causing bad things, or that the role of deflation is misunderstood, I think is a much better argument. This is a general issue, and I think it would be better to try to phrase it specificially in terms of something like... Is a near term scenario where in the major developed countries, and particularly in the US, the little guy has a choice of currencies, the national currency and a deflationary currency, the bitcoin, good or bad for (that country, the world as a whole, the little guy, etc....)?Hayek - "Choice in Currencies" http://mises.org/document/3983I believe the answer is obvious, but that's just me... |
|
|
|
I looked at your link. I wasted my time. Now I'm off to have fun. |
|
|
|
Interesting. This position assumes bitcoin is a currency, or foreign exchange. On the other hand, if bitcoin is a commodity, I think the capital gains/losses approach I outlined in my previous post applies (this is, I believe, the type of reporting required of individuals trading precious metals, for example -- see http://www.irs.gov/publications/p17/ch14.html ). You know, I believe that if one did his best to pay taxes, whether the right form and method was used or not, that'd be doing pretty good. They might or might not care or ask for a correction. But with respect to a "sort of currency that acts like a commodity but we'd like it to be a currency but it's not quite yet" you know, I'd go with considering it a currency. If one took a position that resulted in paying higher taxes, and a clear determination was later made by the IRS which resulted in lower taxes due, then one could file an amended return. A much more difficult and interesting question is something like whether it's time to get out of IRA and 401k plans entirely, and what the tax consequences for those types of actions are. |
|
|
|
In which Krugman proves he's a fluffer for the Federal Reserve. That an idiot like Krugman has any influence in this culture just ensures Bitcoin's future success. This is the same idiot that said the net was a passing fad. A bit of a clusterfluffer we have here, mates. |
|
|
|
Well - anyhow.
Please give us the public record of monies that Israelis paid for Arab lands in recent history to back up all of the above political statements.
Thank You, Sir.
Easy enough. Source link: http://lmgtfy.com/?q=jewish+land+purchase+in+palestine&l=1They paid the actual land owners, not any government. And wtf did Obama do in Israel other than visit it? linky no worky |
|
|
|
If the powers that be wanted to stop bitcoin they would just buy a lot of hardware and do a simple 51% attack and be done with it.
Not really true. It's useful to consider the history of substitute currencies, historically. There are several dozen studied cases where as one currency lost trust, others came to be used. Often the death penalty was used to try to prevent the good money from coming in. It never worked. Good money always wins out in the end. |
|
|
|
Rand was jewish. people shouldn't touch her stuff with a 10 foot pole.
Nope. Rand was an athiest. More precisely, she viewed God or a belief in God as unnecessary. This is a person who decides, that because you disagree with him about hating Jews, you must be a Jew yourself. Nothing you say will affect his calcified little brain. I did notice that. However, Rand identified as an athiest, and made this very clear on hundreds of occasions. Therefore, he is simply wrong, so I corrected him. Do I disagree with him about hating Jews? I'm not exactly big on haters of any sort. Rand was also, not big on emotional driven logic and viewed that as a tool of propagandists. She was against religion because of the ways she'd seen it subverted to the goals and aims of the state in Russia. Makes sense to me... |
|
|
|
If I had a bitcoin for every different opinion I've read on them, I'd be rich (even at their current price). Yes, I am aware formal credentials aren't everything, but they obviously are a lot. So, if anyone who posts frequently here or in the "Speculation" thread frequently, I would just be curious of what kind of credentials you have.
I got the credentials. Then I got past them. Fortunately. PS: UNFORTUNATELY.... The way things are in the US right now with the government having taken over the student loan market, and the costs of education having quadruple the price increases of inflation on the average, one simply "BUYS" credentials and at very high cost, both in loans and time. Personally I don't think such credentials are a good investment. At least in many cases. A more interesting question would be something like, is there a M. Friedman, Hayek or the like posting on these forums? If so I would know from the writing and need know nothing else about the person's credentials. |
|
|
|
Had 2btc at mtgox, thought 5 seems like a nice number, so waited as climbed up, gambled and
placed buy order for 3 (forgot about fees)
2013/04/10 05:27:12 In 0.56702174 BTC 4.98540213 BTC
BTC bought: [tid:136559xxxxxx] 0.56702174 BTC at $264.60000
Didn't total 5btc so took another stab:
2013/04/10 05:29:13 In 0.03000000 BTC 5.01200000 BTC
BTC bought: [tid:136559xxxxxx] 0.03000000 BTC at $264.70000
So almost got peak and had my 5btc.
I was very proud to "buy" bitcoin at the peak of its "bubble" and emotionally moved.
I did not trade any of my hoarded btc (more than 5) during the roller coaster ride nor when it leveled out at 150
because I did not want to part with my btc for fiat ever.
Instead I traded some when the troll box at btc-e where all yelling and screaming about BitInstant or BitStamps price
constantly dropping and then gleefully scooping up "cheap coins." Traded rest periodically later and currently have none.
I hope I did my little part to help that with that dip.
So far, to date, that has been my entire contribution to bitcoin, I intend to rectify that and will troll forums to see what I can do.
I got very excited about bitcoin in 2011, could see its potential, then got distracted and forgot all about it like most sheeple.
In closing, I would like to thank the bitcoin community and the developers for what you have accomplished in such a short time.
I am looking forward to working with some of you if I can in this next phase.
Regards,
Alex
I can help. At any moment in time I will simply set a peak price and you can buy direct from me. <Just kidding...> |
|
|
|
|
Show Posts
