Maybe the term is inaccurate but not sure. What happens if no new debt is created and even is paid back?
In a ponzi if people start pulling out and nothing new flows in... same thing.
When a real estate bubble pops prices are falling but they don't drop to zero (as in a Ponzi) because real estate has utility beside mere speculation and it can be used according to its intended purpose, i.e. for living. In the case of a fiat currency its utility consists in the goods and services which you can exchange for it. So if a debt bubble pops you will see the currency purchasing power diminish in proportion with its commodity content just like the real estate loses its value after burst down to its real non-speculative demand. Bubble popping strips the asset price of its speculative part Whereas in a Ponzi scheme no real component in the underlying "asset" is present... |
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I cannot follow the rest of your argumentation. I do not advocate "cashing out" because you mean buying fiat with your Bitcoins. Why would you choose to hold such a lousy form value preservation for anything but a very short time? I also don't understand how anyone can see Bitcoin as a Ponzi scheme. Indeed, fiat currencies are the biggest Ponzi scheme to have ever existed.
I beg to differ. As long as a fiat currency can be used for buying goods and services, it is not a Ponzi scheme. What makes a Ponzi scheme different from a bubble lies in the fact that its value token (certificate, share, whatever) can't be used for anything but investing in itself, directly or by some intermediary (to make it less evident). In a bubble an underlying asset can be either used directly (e.g. real estate), or for other purposes not related to investing. The latter holds true for Bitcoin (that's why it's not a Ponzi scheme either) and in this aspect it's not widely different from other fiats... A debt based fiat system IS a ponzi. New debt has to be created continually or it all collapses. We just happen to live in an age where the end is in sight. Nope. In a housing bubble an incessant inflow of new buyers is required to enter the market lest the bubble should burst, but this doesn't make it a Ponzi scheme. New debt being created continually makes a debt bubble. The debt bubble popping may actually cause an economic collapse, but the possibility of it doesn't make a debt based fiat system a Ponzi either. You're just using the wrong term here... |
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Partly agree, but what about the threat of altcoins and the mental barrier of being able to purchase so little Bitcoin for your dollar? I think this is the biggest barrier for becoming mainstream, making it harder for BTc (or any altcoin) to succeed.
Yes, I also thought of this. My best take on this so far would be to think up some catchy name for, say, 0.001 BTC, so people don't get scared off by the minuscule amount their hard earned dollar represents in Bitcoin... |
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You are right indeed and it would be unwise to argue head-on against what you say. But just as bank accounts are hacked, so are the personal computers in-house. And it still remains to be seen what makes an easier target. Thus it is a moot point actually... Cold storage is not an option if you make transactions on a daily basis |
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Bitcoin user not affected ^_^
Bitcoin user is still a US citizen (or whatever country) , if this is going to affect the economy you're going to be affected too. Yes, but we all implicitly suggest that Bitcoin user will be affected only in a positive way, i.e. by sharpening and deepening his competitive edge over fiat users in the case of banks going underwater... |
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I think now there was a rapid rise due to a too many new ASIC miner, but in the long run if a difficulty is rise will definitely return into the $ 100-level .
Common sense would suggest quite the contrary (i.e. less supply would cause higher price). Recently there was much debate over here about whether newly minted mined coins and difficulty rising affect Bitcoin price somehow. No definite answer as of yet, but many (me included) think that the price is affected far more by speculation and the introduction of new users to Bitcoin than by hashrate and difficulty... |
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I cannot follow the rest of your argumentation. I do not advocate "cashing out" because you mean buying fiat with your Bitcoins. Why would you choose to hold such a lousy form value preservation for anything but a very short time? I also don't understand how anyone can see Bitcoin as a Ponzi scheme. Indeed, fiat currencies are the biggest Ponzi scheme to have ever existed.
I beg to differ. As long as a fiat currency can be used for buying goods and services, it is not a Ponzi scheme. What makes a Ponzi scheme different from a bubble lies in the fact that its value token (certificate, share, whatever) can't be used for anything but investing in itself, directly or by some intermediary (to make it less evident). In a bubble an underlying asset can be either used directly (e.g. real estate), or for other purposes not related to investing. The latter holds true for Bitcoin (that's why it's not a Ponzi scheme either) and in this aspect it's not widely different from other fiats... |
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With all the news of different services being hacked it makes me wonder?
Personally, I don't think they are any less safe than an average online banking system out there, provided you are using two-step verification... |
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Let me help:
With money, intrinsic value is the same as the value for direct use, as in ornament, electrical contacts and so on.
Note 1: It is still subjective like all other values. Note 2: that jewelry is not only ornamental, people behang themselves with gold jewelry also for the money value of it. Note 3: It is not possible to tell how much of the gold value is intrinsic, and how much is money value. Note 4: The only advantage of a money having intrinsic value, is that it can not fall to zero value, therefore gold will always be available and ready should it become money again after a period of gold-is-not-money.
Hey, I thought we had already done with the term... No more helping hands please! |
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Are you going to make translations yourself or would like to hire someone?  I will have to hire others for translation but before that I need to make a spreadsheet of all the text that needs to be translated which will take a bit of time. If you take a look through my posts in my profile you will get an idea... |
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В соответствующей английской теме уже пришли к выводу, что это мог быть кошелёк самого Ульбрихта (очевидное предположение от том, что Сатоши Накамото и есть Росс Ульбрихт не встретило существенной поддержки). Лень вспоминать ссылку, но если кому-то надо, то могу поискать... |
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Between which contractors? If you read my posts carefully, you would have noticed that I was talking about international trade between China and the USA... If you tried to pay in BTC for USD orders but got caught what would happen?
"Got caught"? doing what? Doing payments in BTC (or any other currency for that matter) for dollar-denominated orders while all your documents (contracts, invoices, customs declarations, bank guarantees, etc) are officially issued in dollars and you ultimately end up paying customs duties and taxes if applicable, selling currency to the state if required as well as falsifying your accounting and financial documents (e.g. bank statements) necessary for making corresponding accounting records... I'm not talking here about you paying for a shirt you order from abroad but about multi-million contracts employing all available means of foreign trade... |
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It seems to me (and probably I'm not alone in such an opinion) that your purpose was not really to help us out (actually, we have all agreed to expel the term as useless) but rather to confuse matters even more...
If that is so, then please accept my appologies and ignore my post. Never mind! I read your post but couldn't grasp where you were going, so read the comments and saw it hadn't even been worth trying... |
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very nice site, waiting my 1st payout  monday almost over here, anyone got his payout yet ? Yes, I've just got mine pending in the Coinbase wallet, though the sum is miserable beside what I got on previous Monday (there were some bonuses back then)... |
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It will be a long time before companies routinely invoice in BTC, but payments in BTC for USD orders are happening today.
Between which contractors? If you read my posts carefully, you would have noticed that I was talking about international trade between China and the USA... If you tried to pay in BTC for USD orders but got caught what would happen? |
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It is not all that simple. If you import something (or export for that matter) you have to declare the goods at the customs with their corresponding price list. I doubt it strongly the contractors would show the price in BTCs and still more if they would try to deceive, i.e. write down the price in dollars but pay out in bitcoins...
This is not something that you could easily spit upon
It's actually very simple. Pricing, invoicing, customs documents etc are in USD, but payment is made in BTC. Buyers all over the world already buy USD in various local currencies to pay chinese suppliers (in USD) so this is nothing particularly new at all for those familiar with international trade. You said that buyers buy USD to pay Chinese suppliers in USD. I agree that there is nothing particularly new in all this. But that was not my point... |
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Is going down again I am afraid that this time will be the end of BTC and we will all lose our money investe on it.......
But on what you based your assumptions? It is called gut feeling... Instincts are usually fine when you cross the road, but as a rule they do a poor job in helping you to trade profitably. Market knows your instincts much better that you could think it should and even better than you could think you would... |
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КПРФ двигает вперед криптовалюту... - страшно представить.
Да не, как раз в их духе!!! Если у них, конечно, ещё остались шары в шароварах! Вот только жаль, что их в своё время ЕБН не запретил... |
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Let me help...
When used in an economic sense, "intrinsic value" is better stated as, "the value that the owner might attribute to some intrinsice characteristics or properties common to the object". It was never a theory that an object can have a definable value as an intrinic property unto itself. Even within the context of 'intrinsic value theory of money', all value is subjective. Which is why we need markets to tell us what the price is. (There is no way to determine how much any particular person may value his purchase, beyond what he is apparently willing to pay for it; but even then, the price isn't usually set by the buyer, but by what the next willing buyer isn't willing to pay. Using ebay as an example, the final price of any auction is determined by what the first loser isn't willing to bid, not what the winner was willing to pay to win.)
It seems to me (and probably I'm not alone in such an opinion) that your purpose was not really to help us out (actually, we have all agreed to expel the term as useless) but rather to confuse matters even more... |
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Price in BTC is no probklem , only thing they have to do is calculate the $ price.... with will be more and more , so in the end it will be cheaper and cheaper if you use BTC instead of dollar Could you please provide actual facts that the price of the contract for delivery of goods from China to the USA was set in BTC and the goods were cleared through the U.S. Customs and Border Protection agency? Scan of a CBP declaration with price in it would do... |
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