I never realised until today, that the printed Euro was not fungible, eg the first letter of a Euro at least show which country it is for. This means Greece Euro can be devalued in a day to worthlessness.
It seems the Euro was set up to fail or at least with easily implemented mechanisms to carve out remember quickly.
I would be getting my "money" out of EURO or at least Greek Euros ASAP.
Good to know all this news. I didn't know that the euro wasn't fungible. I knew that there is produced euro which is with characteristics of every country. So every country will be represented in some (its) euros. Every euro will be known for which country is. And that this euro can be used the same in every country of EU. Have the same value and used equally like the every other euro of every other country in every country. But that this euro cannot be changed with the same euro from another country this is the first time that I hear. Thanks a lot. But I have a question. Even now when this news have no more to much importance (like two months ago) because Greece is in EU and are no risks (for the moment) to go out. If the Greece would go out, the Greek euro will not have more value? I don't think so but is someone who know for sure the answer? |
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It is to much possible and not surprising for me. The Asian people are hard workers and very obedient. Then they work for much less than the Europeans and Americans or other wealth people. So they produce to much without asking as much as the others. This help to make rich more fast the owners. |
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As long as I have the feeling that Bitcoin will make it I will not sell any coin. I have faith in the technology and especially in the Bitcoin Blockchain to be a protocol for many future use cases we might think about right now. Right now we're going through hard and tough times. But this will change one day and we will go up again. Follow the news and not only the stagnant price we're seing at the moment.
me too im trust about blockchain technology, p2p payment in future more bank will use bitcoin technology to transfer money that why i never sell my bitcoin Except at high price  At least 22 banks have joined a growing initiative to develop blockchain technology for the financial industry - according to Financial Times of September, 29. See for more this article: http://www.ft.com/intl/cms/s/0/72ffd222-66be-11e5-97d0-1456a776a4f5.html#axzz3nOxdkJik |
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First, it was not this the aim of my answer. It was an lateral explanation.
Second and the most important you haven't answer to the main aim of my answer and our discuss - the paper bitcoin is not auto-regulated - but need rules. You must accept that you were wrong about the things told in your previous post. This is seriousness and fairness in an discussion.
Third, I haven't heard never in my life such foolishness like the words wrote by you in your last post and your "explanations" given there.
Forth, you must see a doctor because suffer from narcissism which will hurt you to much during your life. You love yourself in an unimaginable way and that in the future can damage you seriously. I have no desire to answer to your post but I will obligated because this forum will be read by thousand people and to many from them may be deviated from your hallucinations. Which for more are provoking with the way you do the comments. You don't comment or discuss. You give lessons with your posts. You give mind without having yourself. This way provokes the other pair that - without having desire (at least in my case) - to be taken with you and not with the discussion. Thing that I personally hate.
You are again doing ad hominem attacks, which is kind of unfair and disrespectful. I was just simply explaining to you my views. I wasnt even talking about paper currency, my last post, and my post before that was a satire about the "regulation" that exists on paper printing , which it obviously doesnt exist, otherwise we would not lose 99% of our purchasing power in the course of 30-40 years. Then again you have your answer, the bitcoin miners are regulating the network, so the questioin is answered. Who are you to make satire with thoughts of the others telling "was a satire"? Isn't this disrespectful versus the author of the thought? Where is written that "the "regulation" that exists on paper printing"? Who told that exist regulation on paper printing? Bring here this expression and show the post where this is written. Why don't you accept that don't read that the others write but what you want to understand from their that the other write? Or if not that then that you diverges from the object of discussion with words without meaning? In this case why don't you accept that you spoke about bitcoin when the discussion was about the paper printing. And then diverge with other words totally without meaning. like: "The miners do regulate bitcoin, because they have the voting rights" What kind of vote have the miners and in which way is counted this vote? Then who are you to decide that "otherwise we would not lose 99% of our purchasing power in the course of 30-40 years" and what does it mean this phrase? It is not an error your phrase "my post before that was a satire about the "regulation" that exists on paper printing , which it obviously doesn't exist, otherwise we would not lose 99% of our purchasing power in the course of 30-40 years" which mean that "if exist the paper printing of bitcoin we will not lose 99% of our....." So you are against the paper printing and if we will have that will not lose 99% of our purchasing. What is this thought? |
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The chief executive of CIBC says the bank isn't afraid of new entrants and technologies that threaten to shake up the financial services sector. Instead, the lender is closely studying everything from peer-to-peer lending platforms to the technology underlying digital currencies such as Bitcoin, looking for ways it can use these innovations for its own benefit. " We can play in that space," Victor Dodig said Tuesday when asked whether he feels threatened by financial technology startups that seek to disrupt the traditional banking sector, the bank is closely studying blockchain technology — computer code that makes up the underlying architecture of virtual currencies such as Bitcoin. [...] http://www.ottawacitizen.com/business/CIBC+chief+says+banks+will+adapt+disruptive+impact+technologies/11160092/story.htmlThe blockchain technology is now applied from to many banks: are between the biggest of the world. There are 22 the number of those which are applying this technology through the consortium led by financial tech firm R3. For more read this article of Reuters: http://www.reuters.com/article/2015/09/29/banks-blockchain-idUSL5N11Z2QE20150929More and more this technology is attract the atention of all the technological world. |
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I will not. But no because it is not worth that amount the pizza I will have but for the respect of the bitcoin. I appreciate much it to spend in something. According to me the bitcoin must be "used" only as a savings or as an investment. The other ways are a big loss: monetary and sentimental loss. I suffered when I lost 1.5 bitcoin from an wrong "investment" (the inverted commas shows that this amount don't deserve the be named investment). You can imagine what it will be my situation if I will be sure that I will not be return from an "getaway" of satoshi from my wallet like the case of the bought of pizza. Even the amount spent is totally insignificant. The story of programmer Laszo Hanyecz who has bought two pizza with 10 000 bitcoins maybe will leads me in depression.  |
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Hello all. I have been thinking a lot about alternative economic systems and have two hypothetical questions.
Say there is a country of 4 million people and the average earnings every year for each person is 25,000 units of bitcoin. And in this country, the people here save 10 percent of their income (for religious reasons or whatever). And when I say save, I mean they do not want to invest it in the stock market or a company or anything else. They just want to set it aside, like keeping gold coins under your mattress. I assume this because to my understanding bitcoin doesn't support money printing and this means people aren't forced to invest their money to avoid inflation. Come to think of it, deflation is a great incentive to save money. Now, this would mean every year 2500 bitcoins per person is no longer circulating within the economy. Just laying dormant. In 10 years it would be 25,000 per person. In 100 years 250,000. My question is, is this sustainable for an economy? What gives?
Secondly, what effect would an interest free economic system like the muslims supposedly use have on an economy based on bitcoin? To my understanding muslim banking is a bit like kickstarter where people pool funds to create a business (could be occulus rift or lego or whatever) and if the business succeeds they get a share according to what percentage they invested in the company. If it fails then everybody loses. This reduces debt loads because you are not stuck with interest payments and there is really no such thing as borrowing in the traditional sense. Room for fraud obviously but it seems there is a lot of fraud in our current system as well. And with a system like the internet, past reputation can probably be easier to gauge. Is this sustainable also? What are the pros and cons?
Please note I am by no means an economics specialist, just worried about the way most economies around the world seem to be unsustainable and imploding and thinking of solutions. Thanks
Bitcoin is a great invention and with this, everyone which known and like it, agree. So an economy based on it as a currency is (must be) theoretically almost perfect. Mainly because, according to me but even for to, to many others, this economy will not suffer from inflation. But I write "almost" perfect. Because it will be a deflationary economy. Your post explain a similar case. You wrote: "deflation is a great incentive to save money". That's correct. Buy it will be such for overall economy of this country? You can find exhaustive answer to this question here: https://en.wikipedia.org/wiki/Deflation As for me the "word" almost expressed above shows my thoughts about this economic model. |
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No because first not the miners but the technology regulate bitcoin.Then the technology regulate the digital bitcoin The digital currency, the currency of internet). The papers bitcoin (the banknotes) will be another thing. If it will be produced (printed) more banknotes than the real number of bitcoins then will be trouble. The technology or your miners in this case can do nothing. At least the technology known since this moment in the production of the digital bitcoin (the internet currency).
No you misunderstand me. The miners do regulate bitcoin, because they have the voting rights. So whatever issue/problem/event/implementation happens with bitcoin, the miners can veto it. Not very democratical, but still more fair than the political system, because atleast miner's vote is transparent, while political elections can be faked. First, it was not this the aim of my answer. It was an lateral explanation. Second and the most important you haven't answer to the main aim of my answer and our discuss - the paper bitcoin is not auto-regulated - but need rules. You must accept that you were wrong about the things told in your previous post. This is seriousness and fairness in an discussion. Third, I haven't heard never in my life such foolishness like the words wrote by you in your last post and your "explanations" given there. Forth, you must see a doctor because suffer from narcissism which will hurt you to much during your life. You love yourself in an unimaginable way and that in the future can damage you seriously. I have no desire to answer to your post but I will obligated because this forum will be read by thousand people and to many from them may be deviated from your hallucinations. Which for more are provoking with the way you do the comments. You don't comment or discuss. You give lessons with your posts. You give mind without having yourself. This way provokes the other pair that - without having desire (at least in my case) - to be taken with you and not with the discussion. Thing that I personally hate. |
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Greek prime minister Alexis Tsipras just announced referendum to ask people about proposed IMF/ECB bailout conditions. If majority of the people will vote for, austerity measures will be implemented (pension cuts, tax increases, layoffs, privatization etc). Otherwise Greece have to default and most likely to leave Eurozone and/or European Union altogether. We are today in October and the referendum was made. Everyone know the results of it. I saw even the results of the pool in this thread. I am thunderstruck by both of those. How is possible to not known the debt you have to someone? How is possible to vote to not give the money to the owner? How is possible that the people of bitcointalk be so ungrateful. Greeks have made the life of sultans for decades with the money of the others and don't want to pay back those money to the owners. This is accepted by 60% of the Greeks and by 68% of bitcoiners (bitocointalkers). This is really sorrowful. I have no words about this. |
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I don't know how will work because first must be created and then regulated but I think like the normal cash of every existing currency.
Regulated like the current printing presses? The CB just prints 100000000000$ /year because that is allowed by the regulation. Wow what a useful regulation. How about non-regulated currency like bitcoin that is free from this "hazardous" regulation You are really someone with which is in vain to take in consideration but I am obligated to give answers from the others. Regulated is not copied but doing rules. The rules may be totally different. That doesn't meant that it will be different. May be exactly the same. But this can be decided or made by those who are expert of those things. Maybe from you. Seen that you understand everything and have knowledge of everything. Have you found yet the answer of the problem of the sheep? I haven't hear yet nothing about. It is important to find that answer... It is very sad that someone like me which have a poor English explain the meaning of the English words to an expert of everything like you.... I really don't want to speak about you in my posts but it is impossible when I read your comments. Ok i will disregard the personal attacks here. So to answer your question: bitcoin is regulated. It is self-regulated. The miners regulate bitcoin. We dont need other entity to do so. Is that satisfy your question? No because first not the miners but the technology regulate bitcoin.Then the technology regulate the digital bitcoin The digital currency, the currency of internet). The papers bitcoin (the banknotes) will be another thing. If it will be produced (printed) more banknotes than the real number of bitcoins then will be trouble. The technology or your miners in this case can do nothing. At least the technology known since this moment in the production of the digital bitcoin (the internet currency). |
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I don't know how will work because first must be created and then regulated but I think like the normal cash of every existing currency.
Regulated like the current printing presses? The CB just prints 100000000000$ /year because that is allowed by the regulation. Wow what a useful regulation. How about non-regulated currency like bitcoin that is free from this "hazardous" regulation You are really someone with which is in vain to take in consideration but I am obligated to give answers from the others. Regulated is not copied but doing rules. The rules may be totally different. That doesn't meant that it will be different. May be exactly the same. But this can be decided or made by those who are expert of those things. Maybe from you. Seen that you understand everything and have knowledge of everything. Have you found yet the answer of the problem of the sheep? I haven't hear yet nothing about. It is important to find that answer... It is very sad that someone like me which have a poor English explain the meaning of the English words to an expert of everything like you.... I really don't want to speak about you in my posts but it was impossible when I read your comments. |
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is bitcoin more economical in remote areas ?
Enigmatic question with enigmatic meaning words in it. Compared to which is more economic? Which are the remote areas. For me a remote area is 2 hours away from my home. If this is true and if we compare the bitcoin with the money of my country the answer will be. Bitcoin is not known at all in my remote areas so have no sense to speak about the problem if it is economical or not. |
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I was thinking about this, what if the US Dollar crashes like speculated by many renowned economists around the world?
What will be it's affects on the beloved currency, BTC?
Us dollar will never crash. This is for sure. The Federal Reserve and the Government of United States will not allow this never. But it will crash the first thing that it will happen it will be a world financial and economic crisis. I thinks will influence bitcoin in positive way. Most people will buy bitcoin to save their money and the price of bitcoin will increased. But I repeat: Us dollar never will crash. There are to many people (important or not) that has predicted this event to many times during the times and nothing has happen. Even, the last months the us dollar has gain about 25% of its value. |
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I almost ready to open a small general store and I have been going back and forth with myself on rather its of more importance to make the store exclusively for Bitcoin, include the local currency as well as BTC, or if it makes a difference one way or other? Thoughts? Experiences? Suggestions?
The part in bold it will be my choice. If you choose only one from the two currencies you will lose the buyers of the other currency. So have no sense doing the choice of one currency. This it would be my advice. But you must think and decide only by yourself. Only you know the market of your country and only you know the conditions that must be fulfilled that you have the maximum of profits. |
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However unlikely this may be, please lend me your imagination for a while.
Lets say the Greek prime minister advises Greek citizens to turn to bitcoin. They arrange to help everybody including grandmas to convert their euros to bitcoin. (I know I know. Never in a million years)
So bitcoin is the national currency of greece. All transactions in greece are carried out in bitcoin. Can the network hack it? What would happen?
If bitcoin will be the national currency of Greece it will be another bankruptcy. This time of the Greek State. This State at least will not have the bitcoin needed to pay the salaries to the State employees and the pensions to the pensioners. Then will don't have bitcoin to do economic activity (various investments etc) and to pay the salaries of the military troops (that are not few). Then, I don't know where needed other places when the State need to spend or to have money. They will not have bitcoins to satisfy these needs. The Greece State don't have money to buy bitcoin for its economic state needs. So will bankrupt. |
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Why all such interest for this things? There were has been all the times crisis to every type on most (maybe all) of the countries of the world. For more there was a global one (so, much more than in one country) only 7 years ago (Global Financial Crisis). This last one was much more severe than all the others known until today and was compared with that which happened in years '30 (which is known the most severe of all the times). According to Wikipedia the crisis of 2008 "... played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis" Normally every economy in every country has its economic cycle which include even the depression. The inability to pay the debt is one aspect of crisis which is seen to many times and which has been resolved based on the economic and in the other countries characteristics of every country where it was happen. It was resolved for Argentina, it was resolved for the moment for the Greece, it will be resolved for every other country. With some pain but will be resolved. End of story. |
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I am from Turkey. I wonder what is the best Bitcoin-related thing to do in a country like Turkey. - There are two exchanges, of which I don't really know the volume
- Not much business accept Bitcoin
What are your thoughts? What did the people in other similar countries do? First thing I will do (and this that I do with my bitcoins) is to leave those in my wallet, to try to increase their amount using several ways (purchasing or using some other ways which don't need spending of money and give few but continues amounts) and to be sure that no hacker can steal those to me. The second one (way) that you Can (must) to follow is to find a good trader and to learn from him how to trade with those. This way is to risky but can give you more bitcoins and, in this way, more satisfaction. The choice to you. |
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I really have no idea what to do next , Bitcoin is not very known (not known at all) on my country and not sure if I should sell or not
I can sell my BTC for Skrill or whatever then sell it to someone I know for our local currency , however not sure if I should do that or keep holding, I have little bit more then 1 BTC .. and I will be making some (profit only) on the future
What do you advice me , should I sell them ? because I'am afraid it will be just worst on the end 2016 (halving block reward)
Dear friend. 1 bitcoin is nothing. Are nothing even 10 bitcoin. If you wait to profit from 1 bitcoin will need to wait ten or more years. I suggest that do not sell that bitcoin you have since the profit you will have (or the loss) is none (at least having in mind the level of living in my country). But if you will have it you will have the satisfaction to be owner of a wonderful product which make you part of a little group of privileged peoples and that are the open mind people in the world. |
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I have been monitoring buys and sells at: http://bitcointicker.co/dashboard/for a few days. Just a short while I ago...I saw a buy for 100 BTC. The price didn't even jump UP. What will it take for the price to climb?? What am I missing?? Beh you are missing nothing. But you normally must have learned something. That transaction with 100 bitcoin is not enough to move the price of bitcoin in that exchange. This is a fact and one fact can give you knowledge about the trading with bitcoin in that exchange. You want to know what must the amount which can move the price. You have two choices. The first is that continue your monitoring and that someone buy more bitcoin (to much bitcoin) and then see if the price move. The second one is that you buy yourself big amounts of bitcoin since the moment you will be able to move in high the price. Those are the advices of someone which know nothing from trading. If you wont to learn more you must find a trader who for sure will be able to teach you how grow up the price. This is my final advice and the best one. |
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Alright. I have seen so many threads asking people to vote what they take Bitcoin as. These include currency, investment, payment and tipping etc. Now, if you can only choose between currency and investment.. What do you take Bitcoin as?
I take Bitcoin as a form of currency and investment. However, currency come first. I have never invested my money into Bitcoin. I only invested my time into Bitcoin.
I went to exchange and try to sell them at high price. Upon receiving the money from selling, I try to buy them again at lower price. This way, I can 1.2x or 1.4x my Bitcoin. And I will spend them online. I will never exchange them into USD or whatsoever currency and than withdraw them - unless I'm forced to.
What about you? Currency or investment?
I take bitcoin only as investment. But not in trading. I don't have time to follow the moving of the price of bitcoin, I don't believe in various predictions about the trend in which will move the price of bitcoin and this make me have fear to sell my bitcoins because the price can go down instead of going high and because (this is totally irrational) have satisfaction have bitcoin in my wallet in every moment. The last reason make me feel good (for the part of me that regards bitcoin). |
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