Rather than looking at absolute numbers, it might be better to look at the ratio of debt/GDP. The worrying thing is, this has been going up as well over the years.  |
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Secondly, this AML rules are just silly. I pointed out the irony in it, if you think a few grandmas sending 2-3$ to their grandchildren are terrorists or part of an organized crime network then you are naive or ignorant (and i`m not talking about you, so no offence meant). Because you just restrict the freedom of normal people (like 99.999% of the polulation) to prevent a few criminals do something (0.001% of the pop) is very silly.
Also if you think about it, the only maffia here are the politicians, they are part of the real organized crime network called government: who counterfeit money (QE program & fractional reserve banking), steal money (taxation),harass people (inspection), all these criminal activities whitewashed just because many of the people think they are the good guys, when they are not, yet their legitimacy is never questioned though...
The AML rules are framed by governments not banks.  Governments would always err on the side of caution when faced with the question of too much surveillance/reporting versus too less. They make the rules they are comfortable playing with. |
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Really good news. I read today about another bitcoin paradise: Island of Man. It it really great the some small countries are more far-sighted on the bitcoin acceptance than world leading economic countries like USA or Germany. Soon I will be able to travel to bali and spend only bitcoin but I wont be able to buy anything in Berlin.
Smaller countries can act as test cases before adoption of Bitcoin by large countries. If Bitcoin adoption does take off in these places and there are no teething troubles, we have a case for use of Bitcoin in mainland countries. |
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Money supply should be depended by some factors of economy, like velocity of money, price level, amount of good and services or the value of aggregate transactions. So a fixed supply is totally wrong. You need an equation to calculate it.
The supply of bitcoins is constant. The variable is the value of bitcoin. You do have an equation.  |
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Can I send gold to someone at the other side of the globe? Can I pay my friend a tiny little bit of gold for that money I owe him for those beers he bought me last night? Can I back my gold up multiples times to protect it? That's why bitcoin is far better as a currency.
Bitcoin is more practical that's true. But for some people and in some scenarios it is less safe. For example in 2003 in there was a power outage in Northeastern and Midwestern United States and many people where out of energy for almost two days. In 1999 Southern Brazil also experienced blackout. If you have physical money you still can buy things like food and so on. Forget blackouts, there is still a substantial section of the world population which does not even have access to the internet. Even if Bitcoin does become the global currency of choice, we need physical money to ensure that the entire population has access to a medium of exchange. I don't see fiat disappearing too soon. |
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they should have targeting evaders much better before their crisis not only now, prevention is always better, but no one "use" it apparently
It would help if they create a culture of tax compliance, at least now. While tax evasion may have been rampant in the past, it is really hurting the country now. Nothing wrong in going after the tax cheats. |
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Hey guys,
I was thinking about how the world would change if it used BTC as reserve currency in the future.
- What would need to change for this to happen?
- What would change once it actually is used for it?
- What would be the benefits of this?
- What would be the downside of this?
Lets hear some answers, then I will tell what I think will change. I don't want to bias this thread!
Downside to this - loss of monetary flexibility. There was a period of time when essentially the reserves of central banks was held in the form of gold. The Bretton Woods system tied the exchange rate of every currency to a known weight of gold. The effect of using Bitcoin as reserve currency would essentially be something similar. We know that all countries decided to drop the peg of their currencies to gold eventually. |
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Yeah well they dont care about minor transactors, if you want to wire transfer 1$ at a time to people then they dont let you waste their servers with such a low price transfer...
Also it can be an anti-money laundering mechanism too. Since banks only report transactions above 1000$ or € i think so if some criminal transacts 2-3$ at a time with 1 cent transaction fee then it can be laundered...
It definitely is something to do with cost. Banks hate voluminous, low-value transactions. As far as anti-money laundering mechanisms are considered, banks have to be vigilant in any case. Multiple, low-value transactions below the reporting threshold are flagged. So if $1000 is the threshold, and you think you can get away with 5 x $200 transactions, you are wrong. The onus is on the banks to still flag these transactions, evaluate them and report them if they think there is no business reason behind these transactions. |
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And the solution to inflation is the deflation? You need to study some economics.
Inflation can be defined as either rate of increase in prices or rate of increase in money supply. The rate of increase of bitcoins in circulations is fixed and known in advance. This is one of the biggest advantages of Bitcoin. It is definitely not a deflating currency in this stage of its life cycle. |
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A dated article about Bali which might be relevant here. http://www.coindesk.com/bitislands-bali-bitcoin-paradise/How Bitislands Plans to Turn All of Bali into 'Bitcoin Paradise
Tourists traveling to the tropical holiday island of Bali would "only need to bring bitcoin" under a new initiative called 'Bitislands' that is aiming to convince all local businesses to accept the digital currency, including money changers.I am not sure how far this initiative has progressed. Some of the locals could update us on this. |
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i think bitcoin is still a long way from being the global currency
Bitcoin is very flexible because he can be accepted and exchanged with any payment and transaction done very quickly. No need to wait a long time. It's already happening now I had to send a bank transaction inside my country to another bank entity and it was so annoying now that im used to BTC transactions. Once you are in its forever. The reason for the annoying procedures is government regulations. Banks have to comply with know your customer norms, anti-money laundering norms, foreign exchange rules, etc. Bitcoin has it easy. |
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I am from EU and I can see some alarming increase in the price are going on. Not groceries and stuff like that but electronic hardware and general imported goods are expensive as ever. I wanted to buy new graphics card for my gaming PC and I check prices everyday and in past 2 weeks there were already two price increases of my preferable graphics card.
The ECB hopes to make local manufacturing competitive through currency depreciation. Definitely not a good thing for consumers. Boosting prices of investments is not the only impact of quantitative easing. |
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As great as bitcoin;s are for store of value, they sometimes have to be used in order to create more economic output, which means spent….
There are spenders, borrowers and savers in every economy. We need all types to have a robust economy. The spenders increase bitcoin acceptance; the savers provide a price floor. |
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It looks like some upward pressure is building and I'm not sure I like it. This rise is fast enough that it looks like another bubble. It would be better, IMO, if we saw a rise of $5-6USD per week. But whatever. For the moment I'm going to stop buying and move into a spending phase.
Remember the best time to buy is when there is nothing but pessimism and "blood on the streets". Now that we are rallying it is a better time to spend coins and take some profits. So the $230 bitcoin you bought last week is now super money worth more than what you paid.
Or maybe you have another strategy? Do tell.
My strategy is to be happy with the paper profits that I have made. I do think that the pessimism associated with bitcoin's price is finally lifting and a bull run may be in order. I definitely don't want to regret missing out on it. |
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Auction of 50,000 btc hath taken place and no price dump wot ith going on I woz hoping to buy a couple at 250 wot dose the price think its doing going up like that the auction woz supposed to dump the price not height it im so angry
and now im forced to buy at 300 im just so angry
Nobody expected a price dump after the auction. The people who bid are big players, and are definitely not interested in turning it around to make a quick profit. You may still get lucky - $300 is cheap when looking at the price of bitcoin over the last one year. A good bull run might net you a neat profit. |
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Did it break $300?
I usually check coinmarketcap.com and the price seems to have hovered between $290 and $295.
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Money is definitely there in my top 3. I include Bitcoin in money too. |
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It's great that this subforum can be funny without all the bears calling the end of Bitcoin with their 'hilarious' GIFs of that guy laughing at a big red candle...
Well it would be hilarious if there were funny gifs and pictures. We do have that in the off-topic section right? Going back to the topic, I'm still optimistic to see a $300 by the end of this week. Still doing good though, not hoping for a rapid growth. This slow and steady increase is fine by me.  $300 isn't that far away. We could get there even tomorrow. |
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$116 million is a lot of money!
When they do come out with their products, it will be very interesting.
I am sure it will be soon; they have no other reason to make details of their funding public after remaining in stealth mode for so long.
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