Such a sudden increase does not cause concern about things to come? Care to share your supplier of rose colored glasses so we can enjoy the hyperinflation together?
The increase is essentially just cancelling out the losses from bad mortgages and other loans. It's preventing massive deflation, not creating hyperinflation. Besides this process robbing the people who defaulted on their mortgages blind you have no idea what you're talking about. If you'd understand fractional reserve banking you'd know that it wasn't just as simple as replenishing the amount of dollars that got wiped out since now banks have their reserves tripled and just waiting for the new wave of loan demand which will explode M3 into the stratosphere. Good luck holding onto your precious system then! |
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Usually what I tell minarchists who staunchly defend the idea of a republic and public law in the form of a constitution is this:
The constitution either gave you the corrupt overreaching tyrannical and parasitic government that you have, or it was unable to prevent it.
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Even though I'm a big believer and supporter of Bitcoin you still can't go against a 5000 year old tradition. You just can't.
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I'd like to sell some Pokerstars currency for BTC. PM your offers.
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I want to buy a $50 worth of BTC via Pokerstars money transfer. Please PM me.
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The reason I ask is because I had a conversation with someone on another forum and he said this: It's easy to block bittorrent traffic. I owned and ran a small ISP for years. I managed hundreds of routers. We could identify bittorrent traffic and give it more or less priority. We could even block it. In fact we were required by the FBI to have the ability to sniff and retain ANY traffic from any customer on our network at a moments notice. Every ISP in the USA must comply with CALEA laws: http://en.wikipedia.org/wiki/Communi...nforcement_ActPlease don't misunderstand me on this one. I really like bitcoins as a currency. I think you came up with a good solution. You need to be able to trade bitcoins in person because if a transaction goes through a router it can be identified and blocked. And no, Tor does not help here. Tor makes you anonymous but the traffic can still be blocked. I'm not sure how the in-person thing will work since every transaction is supposed to be propagated out to the whole network. This will need to be resolved because if bitcoin continues to grow like this it will compete against the banking cartel and their fiat. The government hates competition and they will outlaw it. We'll see how the bitcoin development community handles this. They've been pretty damn clever so far. And this: I don't expect you to take my word for it. I'm glad you don't. In my business we used Mikrotik routers mostly. A very simple filter rule could be applied to drop all bitTorrent traffic. See this forum for a short discussion on it: http://forum.mikrotik.com/viewtopic.php?f=7&t=19613I can delve into more technical details, as deeply as you want on this. The reason bitTorrent traffic is not blocked everywhere is because it is not illegal. In fact, because of net neutrality laws an ISP can face legal challenges for blocking or slowing bitTorrent traffic (or any other traffic). I know Comcast has been challenged on this in the past and lost ( http://news.cnet.com/8301-13578_3-10004508-38.html). Yes, bitTorrent is used for illegal purposes but the copyright lawyers have chosen to go after individuals or ISP's rather than try to change net neutrality laws. I can't tell you how many "Cease and Desist Infringement of Copyrights" notices I received as an ISP. The last one I got was from the "Zappa Family Trust". Some guy on my network was illegally downloading a song by Frank Zappa called "Titties & Beer". That's the kind of ridiculous crap you have to deal with as an ISP. Don't get me started. Anyway, in that particular case if I didn't remedy the situation the lawyers would target my upstream provider who would then cut me off. My whole business could be wiped out by one asshole downloading "Titties and Beer". I don't think Bitcoin and bitTorrent will be treated the same by the FCC. Bitcoin is a challenge to the government's power and they will hammer it if they feel threatened. Can Bitcoin survive in a black market scenario? I think so but it will be an arms race. Bitcoin will need to constantly modify their network traffic to get around the traffic filters. This might be tolerable by the market if the rest of the world has gone to shit.
Can anyone respond to his concern? |
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Well there you go, I did not know what OpenID was before just now. Ty, I'll manage now.
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Yes bitcoin is probably going to be illegal, but if everyone's doing it, and very few, if any are caught then it doesn't matter. We don't have to deal with the government anymore if we don't want to.
Oh how I wish exactly this happens. |
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It seems that no government, large or small, wants you to have control over your money. It's the sole source of their power. |
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Institutional investors can easily convince smaller, citizen investors to buy into ill understood, complex investment vehicles. Just like sub prime loans, malicious institutions could hype Bitcoin as "the currency of the future; buy in before the world finds out." And regarding scrutiny, governments and regulatory bodies are painfully slow to learn about and deal with new investment mechanics such as Bitcoin. This could fly under the radar in hedge funds for a year before regulators understand it.
lol see that's the problem. For whatever reason you believe that not enough regulation caused the housing bubble. Maybe you should learn the true reason and you can start by listening to this: http://www.youtube.com/watch?v=EgMclXX5msc |
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Well sir, I know of no way to log in. You really should put some sort of a guide up there because it's not as straightforward as you might think  |
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Btw Cuddle "sellers near me" shows me the same page as the "home" page.
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Last night I was thinking about exactly the kind of a service you are trying to build here cuddle. And I stumbled upon IMO a very important question dealing with the state trying to fight back and outlawing Bitcoins.
Say it happens, which I think at one point it will. Or maybe not even that but those selling Bitcoins start tax evading on a very large scale and the state wants to catch these evaders. So they send government thugs to pose as buyers and when you meet with you(a seller) locally they arrest you. So my question was how do we figure out a way to prevent this from happening. How could we still make the local transaction happen but where both parties identities would be protected? Is there even a way?
I immediately thought about how people sell and buy drugs these days which are obviously illegal according to the state. Are we going to see gangs occupy street corners where cars pull up to buy Bitcoins in the same fashion someone would buy drugs? How can both parties be protected from the state tyranny?
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I'm sorry, but if the current system is FUBAR and criminals are running amok anyway what's the harm in trying something new and bringing in some competition at least?
Problem is those criminals have thugs in blue costumes that carry out their "laws" and will send them after you if you should dare to threaten their monopoly on theft and fraud. |
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Will malicious investors abuse and manipulate Bitcoin value for their gain and our loss like they do to every other financial system? Buy in, create a bubble, then sell out before it bursts; just like the Dot Com and Housing bubbles. The recent spike in the value of Bitcoin has me concerned that this may be happening.
There are "few enough" Bitcoins that a single investment firm could afford to buy large quantities or however they go about creating bubbles. They may find our "primitive" market tools to be laughably easy to exploit considering their experience with complex real world markets. Just like the Internet was in 1995, institutional investors may see Bitcoin as promising but poorly understood, thus a fertile medium for generating buzz, inflating value, tricking smaller investors, and ultimately profiting before the bottom falls out.
The Bitcoin community often fears a technical attack on the block chain or total hashing power, but are we considering the economic attack of manipulating value? What is the opinion of the economics and investing veterans among us?
What you forget is that here in a free market there will be no moral hazard. No one can come in and get people to give them money to gamble with because those people wouldn't care because they would knew that their money was insured by some government agency. Here with Bitcoins if you lose you lose. So people will be way more vary of anyone trying to get them to invest into with them so the investment firms and banks will be under complete scrutiny. Also keep in mind these firms can't just get Bitcoins printed out of thin air to gamble with. They either have to risk their own money or get people to give them theirs. Now that's not to say it's not going to happen. It might well happen but then those who gambled and lost will actually lose and learn a lesson together with the rest of us and the market will survive and improve. |
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As long as no one is forced to use them I don't care. I don't like it so I wouldn't use it. But if some else wants to by all means I wont stop them. But like I said I have a hard time seeing someone wanting to do so voluntarily.
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Or you could just use Bitcoin?
Sorry that my response isn't more constructive but honestly I don't understand why anyone would give up all the great features that Bitcoin brings to the table and settle for some inferior centrally controlled local currency.
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I think this quote speaks volumes:
None are more hopelessly enslaved than those who falsely believe they are free.
- Johann Wolfgang von Goethe
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I just love it when people like the OP think they are smarter then the market!  But guess what! No matter what you, or I or any other individual thinks it's all irrelevant. The only thing that matters is what the marketplace as a collective thinks of Bitcoin. And I guarantee you if the marketplace thinks it's useful and good it's going to be used and it will grow and if not, well I guess it wont. But your opinion sir, is irrelevant. |
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