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There are some interesting ideas.
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I think it's time to let Banks to do Bitcoin exchange business.
Um nobody every prohibited any bank from exchanging bitcoins. They never will. Ever. Not unless Bitcoin is already accepted by the masses. Bitcoin is potentially (not in its current implementation but in its potential for "someday") the greatest threat banks have ever faced. It makes them mostly obsolete and cuts them out of the trillion dollar business of collecting fees from people to "let" them spend their own money. Banks will fight to the bloody end to kill, minimize, and disrupt Bitcoin. When a major bank offers Bitcoin exchange service it means they have already lost. Bitcoin has become the dominant method of global payment and continuing to fight Bitcoin is simply futile. Until that day happens (if ever) the banks will NEVER support Bitcoin (or any alternative which undermines their very existence). No, that's not true... Unfortunately, DeathAndTaxes is absolutely right! |
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I know it's not simple but what stops you guys to get licensed as a financial institution to be able to have other people deposit/withdraw funds from your accounts?
The answer is part of your question. It is not simple and it is very expensive. In general, if you do it you make bitcoin part of the fiat world. This has to be avoided! |
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I think payments should either be direct or in the architecture of Ripple. This is the only path to follow if bitcoin exchanges continue to get their bank accounts canceled one after another. |
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this issue up for months and the response of the exchanges has tended to be that they don't need a licence because...Bitcoins. Of course. Bitcoins do not need license! I have predicted 4-5 months ago this is exactly what will happen. This is inevitable and this is good for bitcoins. Very good! |
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The fact is they are there and are under Cuba's territory. They have value just being there because oil is scarce and it continues to deplete.
The fact is those reserves have value since 2010! If you say this is what helps Cuba run their healthcare system you have to explain how this system was run in the period 1959-2010 to the effect that the lifespan in Cuba is even slightly higher than in the US? Currently 17% of the GNP of the USA is spent for healthcare! This % has doubled during the last 20 years (continues to increase!) and is way ahead of every other nation on this Planet. Such a massive % of nation's wealth spent without any productivity is an indicator that something in the U.S. healthcare system is terribly wrong. The government should find ways to demolish this monopoly effectively established by healthcare and big pharma companies sucking taxpayer dollars. That is it and it is a big test for this Government! |
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The oil reserves are highly relevant and are what are keeping Cuba alive despite them not being used. Let me quote part of your wikipedia link: By 2010 an active leasing program for blocks of the ocean floor north and west of Cuba was underway. Even if they have done what you're suggesting, they'd have 'a disposable income' just for the last year?! Sounds very irrelevant to what you say... Yes because they have massive oil reserves. They have disposable income to throw at a socialized healthcare system that runs at a loss. The US doesn't have such capacity.
Cuba has a 'socialized' healthcare system since 1959... |
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No, Cuba doesn't. To discover an oil field and to exploit it are two quite different things! Even now (2011) Cuba is importing 100% of all the oil they consume. |
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Yes because they have massive oil reserves. They have disposable income to throw at a socialized healthcare system that runs at a loss. The US doesn't have such capacity.
You're wrong. Cuba doesn't have oil reserves. Venezuela has. The U.S. have vast oil reserves in different parts of the world. Now even Iraq, the second largest oil reserves after Saudi Arabia, is a U.S. colony! Lets not forget that Americans pay the cheapest gas prices at the gas station among all developed countries. |
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Risk without accountability fallacy.
Speaking about accountability, do you know that Cuba has one of the highest (if not the highest) life expectancy rates in both Americas? Why average lifespan in Cuba is the same (or slightly better) than the average lifespan in the U.S. and how is that corresponding to your statement about the superiority of current U.S. medicare system? |
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The Executive Order issued by the President yesterday amplifies and particularizes his earlier warnings against hoarding. On March 6, taking advantage of a wartime statute that had not been repealed, he forbade the hoarding 'of gold or silver coin or bullion or currency,' under penalty of $10,000 fine or ten years imprisonment or both. So, taking advantage of a wartime statute... You have to recognize your country is at war because in a time of war everything can be criminalized. In a war time you'd better have a gun than gold. Paper money is just... paper. Even then the only money you can buy gun is gold. This is what history tells us for gold as money has 6000 years of history! |
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Can we relabel the front page of bitcoin to say crypto-commodity instead of crypto-currency? Bitcoin is digital gold that can be transfered on a network based on cryptographic principles. As the real gold it can be both commodity and currency. And like the real gold it can not be... illegal. It simply exists! How do you use it is your own business! |
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He's a bad figure. He is a good figure for the people of Venezuela. This is why they vote and elect him for President. He is a bad figure for those guys that want to control the oil fields of Venezuela like they do with Iraq and Libya. "You get what you pay for," Except when you don't get what you pay for... |
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Yeah, they go to Cuba and get an entire infection across their body from a botched surgery. Lovely. Lovely is your "report" dated July 5, 2011. Read the article I've posted a link to that is only 2 days old! |
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With an instawallet account and some btc
But wasn't bitcoin created to avoid maintaining accounts with a third party? If I have to have such an account I'd prefer to have such account with my bank as it is regulated and controlled by a central bank! |
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Attracting and guiding a talented group of individuals toward a specific, unifying goal requires a clear, well-defined vision and a passionate, well respected leader. It's a lot harder than it looks.
I know what it requires as I have plenty of experience in leading project teams in bank IT departments. It looks though many brilliant people writing here have lost their ability to be team players? They do really trust no one... I can't blame them. The stake here is gigantic. |
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Even if it DOES go up again do any of you guys think this is a sustainable economic system for the long run? (serious question) You are right. Bitcoin currently is not a sustainable payment system. Technically it has many flaws but still can serve as a clearing currency. It can not, however, serve every transaction. It would be too expensive. Not suitable for a payment system as it misses a fundamental cornerstone for every economic system - the TRUST. In every economy there should be an element of trust. In every business relation there should be an element of trust. Operating on the "trust no one" basis is simply too expensive and is not sustainable. You have to somehow combine "trust no one" and "trust absolutely up to a predefined limit"... Why is that? I have partially explained it here - https://bitcointalk.org/index.php?topic=28565.msg470117#msg470117 |
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It’s the main problem nowadays – everybody wants to score by himself. Unfortunately, this is true. My sympathy is all with what you said, Andrew. I can perfectly understand you. I have personally tried couple of times to organize some developers in teams but miserably failed. Once they understand the scope and essentials of the project everyone of them thought they can do it alone and score by themselves. However, I'm not so stupid to tell them every bit of detail. So, sooner or later they fail but I'm stuck too. The truth is all we are greedy selfish bastards. A non for profit bitcoin foundation is a must. I personally see it as a second generation non for profit foundation, say, like the Apache Software Foundation. |
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Notice the part that says from stock options. That means the compensation comes directly from folks who buy the stock the CEO sells. It does not come out of the pocket of employees. It is worse than that. It is coming from taxpayers! And if your employees are taxpayers, yes, it does come out of the pocket of employees! Tax payers pay for all newly printed money that the Fed gives to banks and different plunge protection teams that constantly and massively intervene in the stock market to not allow it to fall and go where it deserves to go (and keep market above option strike price. otherwise options will be worthless). This is the way people and their pension savings are robbed nowadays. This state of the economy is also known as biflation - During Biflation, there's a rise in the price of commodity/earnings-based assets (inflation) and a simultaneous fall in the price of debt-based assets (deflation). http://en.wikipedia.org/wiki/Biflation |
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