247casino and the OP are the same person., now who votes to get this crap topic deleted as its all bull crap anyway

this whole topic is yet another adoni puppet theory based on the fact that cryptography was invent by NSA.

whats next that bitcoin must be a microsoft invention because it was originally programmed in C++ (microsoft patent)
or that bitcoin must be a scam created by hard drive manufacturers as it needs 20gb of storage..

and before you say it, based on a possible future brain fart you may have that i am from Oxford..  no.. i am not from oxford. i say this as you may presume that me using words and characters found and documented in the book "oxford dictionary" must make me part of the oxford elite, as that is the mindset that you are projecting onto this forum

first few paragraphs
satoshi doesnt need to be known because satishi is not a leader, nor is he advocating anything. he just supplied a tool and WE THE PEOPLE advocate how WE want to use it.

second few paragraphs
it doesnt matter who has how many bitcoins, if you were rich and had hundreds of thousands you wouldnt be shouting the same speach, i understand selfishness of man always wants what others have and that most will complain when they have less.. put simply if you want it, do something. dont bitch and moan.

thirdly
by your comparison of bitcoin to a dollar fiscal value, shows your limited understanding of bitcoin and the fact that your purchase was only in the intention of buying at $1200 to sell at $10k. if you wish to be one of the golden hoarders, the price and fiat value would be meaningless to you and you would be hoarding bitcoins for the multiple other reasons bitcoins exist. never to sell bitcoins on an exchange for fiat profit

fourthly
the 7k node tally is not the world collection of bitcoiners. it is simply the small corner of the globe that has nodes with direct connections to the node listing website. i and atleast 20 other people in my circle of communications are not listed on that list eventhough i/we bitcoin-core. thus that 7k is a useless number in regards to estimating anything.

fifthly
good idea to close our computer, stop selling coins on exchanges and stop looking at the crappy exchanges (i agree they are crap) instead lock your coins away in paper wallets and leave it as your retirement present.

basically if people were allowed to personally withdraw and mess around with their own personal pensions anytime they liked, they would not have anything left by the time they reached retirement age. so do not sell at a loss. you only lose!

1.learn what a ponzi is, you will then see you are wrong
2. if you dont use bitcoin why have a 280 activity count
3. i guess just like other money, assets, currency you may have had losses in some form and just angry
4. i think the OP getting advise from you wont help him as you do not seem to understand the basics

to put short.. anyone who uses testnet (the mindset of playing around with worthless coins) how often do you bother to keep the privkeys..

i certainly think satoshi didn't bother backing up his wallets each time he implemented a new version. and especially with the fact that each reward went to a unique address, i do not think he cared about gathering up coins.. it wasnt until alot of people began jumping onboard in early 2010 that he started to realise that his invention had real world usefulness. especially after the bitcoin pizza and first exchanges opened, this is when i think his mindset changed and he started telling others to backup. (wouldnt you remind others the seriousness of backing up if you realise you unassumingly let hundreds of thousands of coins to just go to waste)

even when trying to change to POS (proof of stake) or POR (proof of resource) to attempt to dilute mega pools into more singular participants, wont work. this is because there are many ways to fool the system

proof of work (current bitcoin protocol) is the only true method.

lets say that 20,000 people solo mined. and lets hypothetically say everyone had the exact same hashrate to make it a fair chance to all

1 person will get a block every 10 minutes.

meaning you could be waiting upto 19 weeks just to get 25btc.

now work out that on todays hashrate each of those people would need an equal 15 terrahash running for them 19 weeks to get the reward.

knowing that the difficulty jumps every 2 weeks that is nearly 10 jumps before your possible reward, and that would mean to keep within your 19 week predicted win you wold need to change something, either increase your hashrate or join a pool to increase chances.

so would you rather solo mine, knowing every two weeks the chance of getting reward gets further and further away as difficulty rises (due to more people joining) or join a pool and atleast know that each day you are getting small percentages.

there is no point arguing that solo mining is better, because if it financially was.. people would be doing it.

just be happy you are not waiting 20 weeks+(due to difficulty jumps) whilst spending X amount of electric to run 15T/hash unit.

the bitcoin protocol (blockchain) is open source and hundreds of people have looked at the source to know it has no hidden code.

but the OP is not talking about the blockchain/protocol. the OP is talking about the crappy PHP exchanges that may hav crappy code. for instance all the so called exchange hacks and malleability code where PHP programmers have not done much security bug fixes to ensure that people cannot mess with exchanges.

again bitcoin blockchain protocol is safe. but we cannot blindly trust exchanges, as they are the places people look to for value.

i have seen it myself on a few exchanges where people can buy cheaper coins than whats on the order lines. many have talked about hacks and backdoors of exchanges so the OP is correct. the crappy exchanges do have potential to me messed and manipulated by smart people.

what is needed is no more crappy basement dwellers hobby sites offering exchanges, but proper security grade exchanges, which hopefully things like circle and the winklevoss exchange will bring to the community.

once there are truly trustworthy exchanges that meet or exceed the security of the world stock exchanges, then the trust of bitcoin true value can be obtained.

for now the only closest we can get to a true value is localbitcoins/OTC swaps as they are deemed to be more direct bitcoin for fiat trades as oppose to MySql database alterations

intrinsic value is a term only for natural resources(commodities),  not assets.. assets do not need intrinsic value. do not compare the word true value and intrinsic value. they are two different things. in short bitcoin is an asset, not a commodity.
the simplist way to truly value bitcoin is not ignore the speculation markets (crappy exchanges that have daily fiat deposit limits and allow manipulations.) and instead look at the direct swap markets such as localbitcoins/otc where EVERY bitcoin is swapped with a bank transfer



bitcoin has atleast 30 purposes/benefits.
bitcoin is scarce, hense why why its a few hundred dollars and not a few cents in price.

make your own service to buy and sell domains

i havnt even looked at the exchange value of bitcoin as measured by crappy exchanges. and yet i already can see the OP is simply
1. he is a scared sheeple that doesnt know true value
2. trying to scare sheeple for the intent of him buying cheaper coins..

either way, a pointless thread

and thats why banks dont want hyper inflation and trying to get bailouts and increasing the debt ceiling to try keeping inflation below a couple percent.

they are scared that people will be able to pay off their debt with the funds used to buy said toilet roll

great to hear others are finding the benefits. now just talk to your landlord about setting up a bitpay account, then walk down to your local grocery store and get them to accept bitcoin and you will be nearly sorted.

what if i was to tell you that i quit my job in 2012 with only a couple thousand in the bank, enough to pay a few months of rent before being made homeless..

what if i told you right now purely because of bitcoin, i now have a net value holding of hundreds of thousands.
and also tell you that i have helped other people become financially free purely due to bitcoin.

i will also like to add
holding $2k in a bank for 10 years, lets say from 2004 would have bought you 1000 loaves of bread. but today only buys you around 750 loaves of bread.

now lets say i bought bitcoin in 2012 and simply held (no trading) again in 2012 would be about 800 loaves of bread, but today you can by 46k loaves of bread.

bitcoin is at a yearly low right now so dont base bitcoin on todays value when arguing the merits or demerits of helping the poor. base it on bitcoins true abilities and fundamentals in comparison to FIAT

i think he is asking can people sign up to millions of credit cards, use them to buy bitcoin and hide the funds, and then claim bankruptcy by showing no income and no bank balance..

hmmm you can. but just like gold if they find out you have hidden assets. they will do you for fraud..

your best chance is to ask mark karpeles what his plans are with his bankruptcy.

but i dont think people need to worry too much longer about being in debt. as the sh!t is about to hit the fan in regards to banks,
the main risk assessor of CitiGroup just committed suicide today, i guess he just realized the true state of financial affairs. also places like detroit is declaring bankruptcy..

i think people are reading too much into it.

for instance i can see the picture which gleb just posted and see a water dispenser with a + on it. and the poster of "go cows". and using these two things to talk about the red cross charity with its water and farming projects.

i could also go into how the star and cross are religious symbols and make a talk about some religious link that a magical gathering is about religious miracles.

in short if you replaced magic gathering with world of warcraft, the plot wont break apart.. because... its nothing to do with bitcoin

right now we are definetly in a bitcoin consumerism spectrum. i have talked to many people crying out for their local stores to accept bitcoin, but when asked if they personally done anything to motivate their local store.. i hear silence.

bitcoin has become the armchair activist that wants all of the benefits of self management of their wealth, without permission. but too afraid or too lazy to be truly active in getting bitcoin beyond the innovation stage. simply waiting for other people to do it for them.

bitcoin has soo much potential in itself to do alot of good, but the people using it dont realize it is them that have to do the hard work.. after all bitcoin has no arms or legs or a voice.. its just code

the secret is to not look at the exchange rate and not read sheeples screams

creating walls is the more fun way, even i have to admit to doing this in late 2012. but haven't really thrown any large amount into an exchange since. im just hoarding and playing with a hand full of coin as junk change that i dont mind losing

well when most orders are below 1btc, with only a couple orders under 5btc.. it is pretty simple for someone with 200 btc to eat a nice slice of the order list and then let the sheeple panic do the rest of the snowball effect.

the easiest thing to do is to just ignore the exchanges as they are not true supply and demand indicators, they are just bot trading speculators who day trade.

use localbitcoins or bitcoin-otc as your true supply and demand indicators. try not to let someone with just 200 coins determine the market cap value of 13.5million