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I don't want the dollar to collapse. Would you like a world where the strongest currency would be Chinese?
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I'm wondering how will the government know if I am getting money for bitcoins when it is just cash deposits?
They can't, but if they are going to ask you about the nature of these deposits, you'll need to find some excuse, like selling used computer hardware.. They can still ask you to pay tax on any profits that you are making if you are selling used computer hardware. I believe BTC. You only pay that on your profit, so if you bought at $200 and sold at $250, you would pay $14 per bitcoin tax, assuming that 28% number is right. They are unlikely to know about it though, unless you buy and sell through coinbase, in which case they could find out about it as it is a regulated exchange now. I'm amazed to see someone considering a 28% tax rate is low! I say ouch! |
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I'm not afraid, I'm sure there will be a minimum. Say if you want to buy 50 BTC, you will have to explain where your money comes from.
This is why in China, they started to buy mining gear instead of Bitcoin itself in order to get money out of their country once the government came down on it. Even if the profitability of mining decreases, hash keeps going up from things like this (as well as technical advances obviously). So just how effective are these AML laws when people can just buy hardware instead? Regulation will come afterwards, when people will look for ways to exchange their freshly mined coins into fiat. |
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I'm very disappointed! They use to be better than that, they totally misunderstood BTC. They consist only of data. And data can be copied without a great deal of effort. There is therefore a risk of the same "digital coin" being spent more than once. Their conclusion is hardly better: In the end, the question remains: Who do you trust more, your own central bank or an anonymous online network? Maybe in Switzerland, people can trust their central bank, but that's not the case in the US or in the EU. Maybe not What makes a Central bank in Switzerland any different than a Central bank else where? Switzerland doesn't do QE, and it doesn't have a huge deficit. |
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Millionaires are losers anyway. I'm a billionaire! I own more than one billion satoshis.
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As some of you guessed I didn't really send £1000 worth of bitcoin to Namibia but what I wanted to do was discuss and highlight the difficulties of using the currency in places where it would be most beneficial.
I am married into a Namibian family. My wife likes to send funds to her parents in Namibia every couple of months. She has been doing this for the last 9 years.
Currently they use one of her bankcards and she has given them her PIN. She uses a UK bank account specifically for the purpose.
So, when she decides she wants to send money she transfers money from regular account to the account her parents have a card for and just does a regular bank transfer. This works fine however she probably shouldn't have given her card and PIN to someone else.
Most people are not in a position to do this.
I guess bitcoin just isn't ready for these communities yet.
I was thinking about a scam, as I was doubting there's a phone network in Northern Namibia. This is no London! And driving to SA isn't an option, African roads mean the journey would take 3 days. So there's an opportunity. It's probably very small because of Northern Namibia being so remote, but Africa badly needs BTC-to-cash shops. In America, there used to be many small shops offering people without a bank account to cash their checks, the same thing needs to be done in every large city in Africa. Otherwise, the credit card solution is a good one, but I understand it can only be done within a family. |
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An organization supposes there's an organizer at the head!
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Sweden is seen like a role-model in terms of social welfare, health and education in the whole of southern Europe. Literally, I've heard the Scandinavian countries mentioned as something to follow in the parliament.
It can only work because of Scandinavian mentality. These people are terribly strict and almost incorruptible. The level of social control is very high. Maybe it is due to the severe nature over there, but Swedish (and Scandinavians in general) are like robots that obey to the rules. To give you an example: I took a bus there, and the machine to discount a fare from your electronic multi-pass didn't work. So the driver told me (and others) to "count two fares the next day if I took a bus again". The next day, I saw many people actually DO that. It was a different driver, btw. He didn't know. So people told him that they wanted to pay twice because they had gotten a free ride the day before ! Go and try such a thing in Italy  I've experienced that. Boring people, there's more fun living in Italy. I guess somehow many Scandinavians are bored with their country too. My last time in Oslo, my flight out was on a Friday afternoon, and there were huge lines at the airport. One guy working there told me it was like that every Friday, thousands of people travel somewhere South every week-end. |
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I'm not sure everybody understands it, so I'll write clearly: nothing is stable in economy. Oil, coffee, currencies, everything's always goes up and down.
Like it or not, we've got to live with that.
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That was an interesting question, but it also shows the difference between BTC and fiat.
When it comes to banknotes, I like it better to have new ones, than old notes which have been through hundreds of hands. Now regarding BTC in my wallet, one mined in 2010 is exactly the same than one mined last week.
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I'm not afraid, I'm sure there will be a minimum. Say if you want to buy 50 BTC, you will have to explain where your money comes from, but if you just buy 2 BTC, nothing will be checked, nor required.
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I'm very disappointed! They use to be better than that, they totally misunderstood BTC. They consist only of data. And data can be copied without a great deal of effort. There is therefore a risk of the same "digital coin" being spent more than once. Their conclusion is hardly better: In the end, the question remains: Who do you trust more, your own central bank or an anonymous online network? Maybe in Switzerland, people can trust their central bank, but that's not the case in the US or in the EU. |
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No, it can't. No way.
It would be totally illegal.
The Federal Reserve, nor any central bank, doesn't have the power to create a new currency. It's duty is to protect, or control, or develop (depending on circumstances) the currency which is legal tender in the country. It cannot create a new currency, and it cannot change the currency it's working with.
They could if they just said that they were "reformatting" the way that the USD is transacted within the banking system and that they are moving to a USDCoin that essentially just takes over the place of the physical USD and digital USD in bank account. They could also create an addendum to the current laws and they would sell the addendum as "we need to adapt the law to the current advances in cryptocurrencies that are among us". The real question becomes this: IF the fed did create their own coin, would you trade all of your bitcoins in for them? I don't think so... Also they could create "fake" hard caps to the currency and then they would need to hardfork it every few years to increase the cap, much like they need to vote on "increasing the debt ceiling" every few years... Sorry, but the Federal Reserve cannot change any law. It can certainly look at cryptocurrencies, but it would require a vote from congress to allow it to change from paper money to virtual currency. |
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Houses don't last. I regularly see old ones being demolished with apartments buildings replacing them. So I suggest you build a pyramid atop of the stone in your basement where you've carved your private key. This is time-proven, I've never seen anyone demolishing a pyramid.
But you gonna need quite a lot of big stones.
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I have uninstalled Bitcoin-Qt and the database!!!...
That was your only mistake. As a rule of thumb, when you make a mistake or see something you don't understand, don't ever uninstall everything. You'll risk losing all chances to understand what happened. And in that case, you may have lost money, too! |
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Setting up the software isn't so difficult. It can be done for less than $10,000. The most difficult and most expensive part will be to convince players to bet at the new site.
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BTC is easier to carry, you can travel around the world with it, but gold's easier to sell, and there are more buyers. I bet there are more gold ATM than there are BTC ATM in the world. All the Chineses and Indians love gold.
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There is an immigration problem in Sweden, it's about young entrepreneurs who are moving abroad of this communist country because of the tax and regulatory burden. The country is a terrible failure for the young who would not dare do anything outside of the umbrella of the nanny state. So the few braves are leaving and I guess that someday there will be only civil servants left in Sweden.
Deflation will just move the country quicker to a standstill.
I am no socialist, but I think it is better that taxes are high and services are good, than the middle road that most countries go, middle taxes, crappy services The other option of having very low taxes to allow the rich to screw over the masses, i.e. the American system, also doesn't really appeal to me. If they do have a big immigration problem, it will be because it is doing so well as a country. I can imagine a lack of entrepreneurialism being caused by the system, but when I have been there it always seems pretty forward think, especially in comparison with Germany. You nailed it. The country's doing fine, but individuals aren't. I like it better the other way around. |
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So the criminals turned out to be criminals. I for one am shocked.
Not fair. Some time ago, there used to be honour among thieves.  Hackers have never pledged allegiance to the cosa nostra... |
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Depends on where you are too.
I've made larger cash deposits without raising any alarm.
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