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Why not just adopt Bitcoin itself as a main currency? You could even set up a fractional banking system based on top Bitcoin. The first government to do this is going to have a huge economic advantage for the rest of this century.
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I try to use Bitcoin whenever possible to make online purchases, but I also immediately buy more to replace any that I spend.
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M3 model may be around $75 trillion, but how much wealth is stored in land, artwork, ect?
Mining sales will keep bitcoin capitalization down in the short run, but 50 years from now, I wouldn't be surprised to see the value of a bitcoin approaching a $billion dollars. Not saying it will, just saying I wouldn't be very surprised.
I will be surprised if a bitcoin isn't worth a $million within 12 years.
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Any government that creates it's own cryptocurrency is only making it easier to move currency into bitcoin. This will backfire for them. /popcorn
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Meanwhile in spain: Unemployed, barely can pay bills, my pet is sick to boot. On top of that: I learned about Bitcoin back in 2009 but didn't invest because it was always linked to criminal activity so didn't look into it, as a result, I see it on mainstream news 4 years later about how it went to 700 dollar a coin. Thank you Bitcoin for making me suicidal for life. If you are feeling suicidal, then there are problably deeper issues than just missing out on buying when bitcoins were pennies each. I can point to dozens of major episodes in my life and say "if I had only known that...". Depression is usually caused by some set of cognitive distortions. I would suggest reading "The Road less Traveled" by Scott M. Peck and as counterbalance "The Psychology of Self-Esteem" by Nathaniel Brandon. Send me a PM if you can't afford them and would like a text copy. I use to deal with serious depression in the past and it was caused by some seriously flawed thinking. As for missing the train on Bitcoin. It is very unlikely. The value (capitalization) seems to be following metcalfes law, so as more people adopt Bitcoin, it will continue to grow A LOT. A price of over a million dollars per coin within 20 years is fully reasonable according to my analysis. I would expect it much sooner, but major mining companies sell most of their coins to continue operations and I believe this will start to create a huge downward pressure in the future slowing growth. On the positive side, it may create more stability though. |
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I think the FED uses the term "sequestered". They are expanding the money supply, but basically only banks get access to it.
Another reason that QE has resulted in as much inflation as would be expected is that a lot of money is used overseas. As more people around the world started using the dollar, the demand for it kept price inflation in check.
Also price inflation is much higher than stated. Shadowstats.com has a much closer chart to the real rate of inflation. Money magazine did a survey to find their reader's personal rate of inflation (how much did their living expenses go up). Both sources show closer to a price inflation rate around 12% compared to the supposed rate of 2% if you listened to our government. Looking at the most of my expenses, I would put inflation around that rate too.
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Xapo is suppose to be sending out cards this month according to an email I received from them. I will be testing one as soon as I receive it.
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I just received this email: Hi Pente,
We wanted to provide you with a quick update about the status of your Xapo Debit Card.
Since this is the first true bitcoin debit card that is designed as a seamless extension of your bitcoin wallet, we and our card partner have had a lot of work to do!
Fortunately, we are in the final stages of testing the card, and the first Xapo Debit Cards will be shipped in a few weeks.
The plan for distribution is to ship the cards in batches. If you are not in the first wave of cards, don't worry. We will continue to distribute cards for everyone that has pre-ordered the card.
You don’t need to take any action right now. Prior to shipping your card, we will follow up to confirm your shipping address.
We appreciate your continued support of Xapo and we are working hard not just on the Xapo Debit, but on other innovative products, as well.
For more information regarding the Xapo Debit Card, please visit our FAQ’s.
Sincerely,
Customer Support Team
Unlike other bitcoin credit cards, Xapo will store your value in bitcoins and only exchange it at the moment you use your card. It still involves credit card fees, but for now this is a great improvement. |
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US might would invade Kuwait for abandoning dollar for bitcoin.
FTFY |
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OP asks the community to kill scammers.
Dank is the 1st response, and asks a question that I can't really find a bearing to.
Are they handing out free catnip somewhere?
Maybe government paid provocateurs are joining bitcointalk  |
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Because they think they own a person just for being born on their land. Even if you move to another country, you are still expected to pay taxes and obey a bunch of federal laws.
I am not against the concept of governments as a whole, just in the way the are implemented.
Recently, I have been considering the concept of a virtual nation. It would be voluntary to join and would be ran more like a business. Government would be minimal and the yearly fees would be mainly used to protect it's members. Kind of like an insurance policy.
From reading history, I have felt that in the past when polytheism was more common, religious groups protected from the excesses of government. Their members formed close knit organizations. Eventually monotheism took over though and eventually the resulting single religion in any area merged with it's local government.
Our founding fathers had an idea of creating a constitution to protect people from government excesses. This idea is failing. There is no current counterbalance to government growth. Voting is ineffective since the lowest common denominator will combine their votes to ignore the natural rights of others. Government has become a cancer. Look at the war on drugs.
Cryptocurrencies will start taking away some of the power of government as fiat currency will lose a lot of its power. People will have a way to store, protect, move and hide their wealth.
Government will still survive though as they can use import/export taxes, land taxes, and heavy user fees. For instance, my car registration went to almost $200 this year from about $60 last year. My mom who drives an economy model will pay more for mandatory insurance and registration this year than she will spend on gas. I wouldn't be surprised if people in some states start paying over a grand a year to register their non-luxury car before the end of this decade.
As governments get even worse about plundering from it's slaves citizens, they will provide less and less services. This will leave a gap to be filled and result in the emergence of new groups to provide this missing service. In a way, this is what gangs do in some areas of the country now. It may not be their primary function, but joining a gang provides some local protection.
The internet and cryptocurrency will allow the rise of virtual nations. Cryptocurrency is necessary for a virtual nation to survive, because it provides a way to save, move, and protect wealth.
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There are ways of dealing with these people (scammers) without killing them. Pariah. Disenfranchisement. Leper. Having a bad name should destroy any ability for them to do anything in the future. The internet makes it possible to display their actions, all of their identification, and everything about them. All without committing violence.
Violence should only be used to defend from violence.
People also need to start taking proper precautions of protecting their bitcoins. Leaving a million dollars worth of bitcoins on Mt. Gox was not the wisest thing in the world. We have spent the last hundred years being protected by governments and suddenly people have to protect themselves. I think there is an adjustment period going on here while people figure out how to become totally responsible for their own wealth.
There is also a certain amount of "karma" in life. People who steal to survive often pay for it in other ways. Look at Mark Karpeles of Mt. Gox. He may have gotten away with stealing all those coins. I suspect he wasted most of them already. He is a fat tub of lard. Even if he can get a girlfriend, he is so out of shape that he probably can't even enjoy sleeping with her. I bet he is totally impotent. Even if he never goes to prison, I would never want to change places with him.
If Mark had ran Mt. Gox properly, he would probably have ended up richer than Bill Gates by the end of this decade. He would be admired around the world. Now his name just makes people feel revulsion. Nobody needs to do anything to him, he will just do it to himself.
Look at other people who seemingly get away with crime. O.J. Simpson won his murder trial and avoided prison. Years later, he still managed to get himself put in prison. His life sucks.
Living a life of harm creates internal conflicts in most people. When we harm others, we end up treating ourselves as we treated them.
My two bits (BTC0.000002)
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I was a software engineer at a company about 20 years ago that had a piece of code in the EPROM that would make a multi-million dollar industrial machine fail on a certain date. I often went out on field calls to simply update these EPROMs with a new "fail date". I wasn't allowed to tell the customer what I was really doing. Horrible boss too.
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So the drug wasn't pure enough at 91%?... Article didn't really explain, but I think that the purity was high enough that she overdosed. I think the mom feels that if the drug had been legalized, then dosage would be more consistant and her daughter wouldn't have overdosed. I am not into drugs, but if I was, then I would certainly feel safer using a recreational drug that was legally packaged and distributed by a name brand pharmaceutical company. |
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I keep hearing that brain wallets are not viable solutions and that we have to use hardware/software wallets with a bitcoin client to have a secure wallet, because of the lack of entropy in wallets generated by brainwallet passwords. Rubbish! There is a really simple way to fix this problem and make your brain wallet 100 times more secure. Private key = SHA256(salt+passphrase) Just generate a giant random alphanumber (at least 256 bits to provide maximum entropy) and store it somewhere. You can call this your 'entropy key', your 'salt', your 'seed', or whatever. Then use it in addition to a memorized password when generating a brainwallet. For example could store a salt somewhere "a3fE3f92kOe2p4d0" (it would actualy be much longer than this), memorize a password "correcthorsebatterystaple", and then your password would be "a3fE3f92kOe2p4d0correcthorsebatterystaple". So now instead of your private key being SHA256(passphrase), it is SHA256(salt+passphrase), or you could make it something more complicated than that - it's up to you. This completely solves the entropy problem of a brainwallet by adding the maximum amount of entropy possible to your password right off the bat. It's kind of like two-factor authentication. It is also solves the physical security issue of a paper wallet where if the wallet is stolen, it is compromised. If an attacker steals your seed, no big deal - they still don't have the password component. An attacker would have to first know that what they were looking at was a brainwallet seed and then they'd have a to run a bruteforce cracking operation just on your brainwallet seed specifically. Of course this is not impossible but it is kind of far fetched and much less easy/likely than the attacks involved in a plain brainwallet, a plain paperwallet, or even hardware/software wallets. Now some people might complain that this isn't a true brainwallet solution, because there is some information you need to store somewhere outside of your brain. That is true. However, it is the closest you can get and is a much easier solution than running a dedicated hardware or software bitcoin client. Also, to mitigate this issue, you could take measures to make it very easy for yourself to access your seed and make sure that it is always available to you. You can store it in one, many, or all of many places. For example, you could -Store it on a pc -Store it on a thumbrive -Write it down or print it on paper -Keep it in a bank vault -Store it hidden away somewhere on some websites you can log into -Embed it inside the code of an image you post on facebook -Store it in a file on your web server, possibly behind password protection/htaccess -Store it in a database -Email it yourself -If you are really brave, store it on the blockchain - then you know even in a worst case apocalytic scenario, as long as bitcoin still exists you will have access to your seed. You can be really lax with security on your seed because as I said earlier, you also need the memorized password to add to it. If you are concerned with security, you can also encrypt your seed using some encryption algorithm and another password that you use to decrypt the seed before using it. You can also use multiple seeds and store them in different places, and then use them all together with your password to generate your wallet. Secure solution Private key = SHA256(seed1+password1+seed2+password2+seed3) I hope this helps. Once I got serious about moving into cold storage and was ready to send, it only took me a few hours to think of and perfect this solution. I'm surprised more people aren't doing it. Already a fan of brainwallets: https://bitcointalk.org/index.php?topic=342691.msg5733567#msg5733567especially the: Private key = SHA256(salt+passphrase) |
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How I can get a semi accurate predictions for bitcoin price, as I'm looking for semi accurate prediction for the coming 48 hours.
Impossible for us mortal humans. The best you can do is hedge. |
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Property taxes
Mineral taxes
Oil extraction taxes
Road taxes
Import/Export taxes
Sales taxes
Travel taxes
Governments won't have any trouble collecting taxes. What they won't be able to do anymore is to run a deficit. Governments that try to run a deficit will quickly be marginilized just like in 3rd world countries.
I think this will ultimately mean less war, less prisons, and less welfare.
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Right now we are mining about 1,314,000 bitcoins per year. At a $million each, miners would be selling over a $trillion dollars worth of coins per year to cover mining costs. This would exert tremendous down pressure on the price of bitcoin. After two more halvings, say in 2021, mining pressure will drop to a little over a quarter $trillion per year, and by 2025, this would be only $164 billion dollars downward pressure per year if bitcoins were a $million each.
The last time I checked, we spent over $40 billion mining for gold per year. The federal deficit is over a $trillion per year now, and ultimately this must be printed and dilutes the value of the dollar. Also, the remittance market is around $500 billion per year. These are all positive for Bitcoin.
So maybe after 2025, a bitcoin might reach $1 million per year. I think this is reasonable. In the short run though, I expect prices to peak around $100k each before 2020, then slowly work their way up to a $million each.
It is possible that even the majority of us optimists are totally underestimating bitcoin. What if metcalfe's law applies to Bitcoin and it's value is ultimately proportional to the square of the number of unique transactions/addresses used per day? If that is the case, then I predict that Bitcoins market cap will find a maximum below this due to mining costs/rewards. It also means that future generations will be able to expect the value of their bitcoins to at least double every four years. Eventually though, as the mining reward continues to drop, a bitcoin might exceed a $billion dollars in value. Imagine, you could buy a decent meal for less than a satoshi.
The last paragraph that I wrote sounds so bizarre & ludicrous to even me with my vivid imagination, that I strongly suspect something will happen to divert bitcoin from that path. Maybe a more efficient altcoin will take over.
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I don't want to block the coins, I want to watch the US government make the terrible mistake of trading precious BTC for worthless fiat this early in the fiat->crypto transition, so we can all later laugh at them for their folly.
I want the clever folks who buy these coins to make out like bandits at the FBI's expense. This will be a "stupid government" joke for the rest of history.
I wonder which one of these: Top Ten Economic Mistakes of Historywill be replaced with: In 2014, the former government of the USA sold almost 3 trillion satoshis for less value than a single ton of gold. By the year 2100, their value exceeded the value of all mined gold in the entire planet. Sidenote: In the year 2100, the fiat currency earned from the sale of those bitcoins wouldn't even buy a pizza! |
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They are selling seized coins. Guess they are admitting it has value.
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