Bitcoin works like a lottery ticket. IF it becomes the standard international currency, each bitcoin unit will be worth many many times its current value. So, even though the chance of success is very small, people gamble on it.
You could say bitcoin's value is backed by dreams of getting rich with a lot of luck.
You could say it. But that would not make it true.  Value <> Backing These two concepts are too often confused. Captain Pedantic to the rescue: "The value is supported by dreams of getting rich with a lot of luck." yes, true. But you can not redeem any amount of bitcoin for a specific amount of "dreams of getting rich" from anyone that I am aware of... http://en.wikipedia.org/wiki/Private_currency#Currency_backing |
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Great progress, keep up the good work on it. This could be a HUGE addition in many directions. Thank you for your work on it so far.
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Is the amount in the account expected to change for some reason?
Why is it a gamble?
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You may want to add some details privately to your buyer when you find it as far as any trading history on that account. The buyer may be assuming some tax liabilities unknowingly if they do verify the account.
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Dunno anything about silver or whats legit / whats not, but just FYI to other bitcoiners, all sorts of fakes for silver and gold coins are sold cheap on Silk Road. You can buy a silver plated 1 oz fake coin for like $6 per on there. They claim it weighs the same as the real thing.
The difference is pretty obvious on those to anyone that deals with silver. They are too thick. |
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The funniest thing of all: people don't read my posts. For if they did, they'd stop arguing against things I haven't said.
Go back and read them, and then you'll discover my position on guns. It addresses the faults of the system and factors in the most blatantly obvious statistical data.
If only your solution was not worse than the problem, more people would agree. The ideal world, where the police inside all our heads prevents harm to others may be preferable. The solution with the competent authority that can adequately respond to any threat has police on every corner. The internal police state costs a lot less to society than the external police state. mdude77 may be alluding to this state of grace, but uses "Godly" (which can be very confusing). It may be prudent to spend your efforts on the cure for the need to protect ourselves rather than the symptom of protecting yourself. The way to "gun reduction" does not live in the law, but in creating a better world. Forced disarmament is unkind. The same process works all the way up to nuclear disarmament. You don't get from here to there with demands, laws, and threats. You get there from agreement and "yes, you are right, we don't need any more of these than we already have even though some are getting rusty." |
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Very collectible! Thanks for offering these.
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Here is what it means to trade the 10/21 crossover:
- When the 10 period moving average is above the 21 period moving average, hold BTC
- When the 10 period moving average is below the 21 period moving average, hold cash
Trading far less actively and picking a different period (than days) but loving the method. Keep up the great work. |
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Hi Goat, Congratulations on your project! Looking forward to purchasing each. Coincidentally in response to requests from the community (and some rather assertive demands) we'll also be joining in the effort to support the community of Bitcoin and alternate cryptocurrencies with physical precious metal pieces. Ours are significantly different than what you propose, and are complementary, and so not in competition. Formal announcement and display of the first strike mintings will be next week, announced at OHM2013 conference in the Netherlands, but this will be followed by announcements here and an exclusive offering for collectors. Our offering is foremost intended to be "pocket-friendly" and permanently useful transactionally rather than making use of a one-time security hologram, so a different market focus. Having been in the minting and precious metals business for quite some time, we are happy to offer any advice or expertise in evaluating designs, production and supply partners and assist you in your efforts as you like. If you are seeking to reduce costs, we can surely assist with that as evidenced by our pieces being consistently offered at premiums far below others. (Though those that buy ours tend to mark them up greatly on eBay and elsewhere). |
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Scenario 2: What if Johnny, instead of "cashing out," uses a service, such as amagimetals, to buy equivalent gold/silver directly for his bitcoin. Is this "realization?" I recall a quote from some government agency about virtual goods to real goods not needing to be... something.
The IRS reporting requirements of precious metals varies with both the type of metal, quantity, and it's form according to the commodity futures trading commission (CFTC). Oddly enough, if your precious metals purchases is something traded on an ETF, you probably have an IRS reporting requirement. http://www.coinworld.com/Articles/ViewArticle/what-coins-are-reportableThere is no ETF for New Liberty Dollars, so all my customers are safe here. Some but not all of Amagi's are also not IRS reportable depending on quantity. Another gotcha: If you have had US$10K of "value" in a foreign account which you control (even if it is only Bitcoin). There is a very serious reporting requirement, for which failure to report could cost you the whole account, or even more depending on how long you fail to report. http://bitcoinmagazine.com/real-compliance-getting-your-way-by-giving-in/"Control" of the account is measured by whether you can get the value out of the account while on foreign soil without going through a US financial entity. This is a weird and not very well known requirement. It is likely to be the single strongest weapon the IRS has to take bitcoins from US taxpayers who remain unaware of it. ---------- The foregoing is not to be construed as legal or tax advice. Do your own research, and hire your own advisers upon which you may rely. |
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I happened by an unexpected chance, to see the full exhibits of Tsiolkovsky at the Museum of Jurassic Technology in Los Angeles. This part of that Museum is worth visiting if you have a chance.
As for cryptoanarchist, here he shows that he does not understand the rocket equation. More basic than that, his error is in not understanding the relation between velocity and momentum.
The entirety of the Museum of Jurassic Technology ought be studied. http://mjt.org/ |
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It's pretty easy to figure out to me. The moon's gravity is 1/6th of the earth's. Look at the NASA picture I posted of the fake spacecraft - does that in any way seem like 1/6th of a Saturn rocket? Keep in mind that the bottom portion supposedly stayed on the moon and just the top half takes off. It's about the size of a SUV. Logically, that would mean that the Saturn rockets would have only needed to be the size of about 6 SUVs. That and about 1000 other things don't add up. Next time you're trying to figure out how big a spacecraft needs to be, try using math instead of just guessing. Does this mean that the Saturn V that carried both the lunar lander and itself does not have to be 6 times bigger than the part of the lunar lander that doesn't have to carry any part of the Saturn V even if the gravity difference is 6x? And does it mean that as the fuel is exhausted that the vehicle loses mass at the rate of the fuel exhaustion and so takes less to move it over time? |
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Congrats. Your reasoning justifies so much more than you have bargained for. U are winrar!
You seem to think that you have a point. Would you like to attempt to make it? |
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Non-sequiturs are always apropos of nothing, redundant. This, OTOH, was not a non-sequitur. Allow me to quote your earlier post:
"Andrew Carnegie, a century ago, declared it disgraceful to die rich." Unless you're suggesting he was poor (a pauper) when he died, he has died in disgrace. By his own standards. I thought it was cruel of you to speak ill of the dead, and called him "a great man nonetheless."
I wouldn't call it a failure (nor did I, you did). He was the richest man on the planet and managed to give away about 95% before sickness over trying to prevent WWI took his life. He founded over 2500 free libraries, and spent many millions trying to prevent the war. It was only in this last effort to which he gave his life that he could have been said to have failed, and there are few more noble efforts one could consider. I meant credible to humans. I didn't realize you couldn't legally disinherit your kinfolk I haven't been able to parse this for any meaning. What is it you don't realize? A million isn't enough to keep a fool well fed for their life, but a wise person can do much with it. I'll be darned... Doing more with his money than any government could. Color me impressed. You should write to Bill & Mel and see if they could do something about all the taxes you have to pay on your minimum wage. I'm sure if he finds you a worthwhile cause, he'll help out. People on minimum wage pay tax? Not income. You mean sales tax or all the random fees and such? Minimum wagers get more in EBT than they pay in tax, so probably not high on the crisis list. Not quite following, but if you're suggesting that Bill is smarter than minimum-wage mom, i agree 100%. I just don't think minimum-wage mom should give 50% of what she makes to charity & starve to death. You obviously think that she should. To each his own, i suppose. One less dumb bitch & one less hungry brat -- they didn't support major charities anyhow. You are right about one thing. You are not following at all. You keep comparing these people. Equating them. I am not. Min-wage mom vs Billionaire? They are not the same. At the risk of redundancy: They do not expect the same of themselves. Further I am not asking anyone to donate anything or even suggesting that anyone "should", much less the hungry, (though some do anyway). All I am doing here is pointing out your ignorance about the generosity of the ultra-rich. Your stereotypes don't match history. These people all tell the same story about how after making their money, the second chapter of their life, the philanthropic chapter, is the more rewarding. Why should it be so surprising that those that can do so much more to help humanity, often do just that? |
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What is the error? Must have missed that.
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Backing is for redeemable currencies. If a currency is a promise from an institution that issued it, that the institution would give the holder of the currency a specific amount of a specific good from the institution's stockpile, then it is redeemable, and backed by that quantity of goods.
So, when someone claims that modern fiat is "backed by the legislation of the issuer", or "backed by state coercion", these are false statements. Redeeming the equivalent quantity of legislation or coercion in exchange for your fiat is also a physical/logical impossibility. Does any modern state run a redeemable fiat system these days?No, and BASEL III puts us even further from redeem-ability, for better or worse, richer or poorer, we are married to it. 1 US Dollar is redeemable for 1 US Dollar worth of Tax burden fulfillment, in fact it's the ONLY thing that can be used to fulfill tax burdens. So while this is not 'backing' in the traditional sense of it is a key reason why fiat currency has value. Instances of states that try to issue fiat currency but fail to tax (The Confederacy in the American Civil war is a prime example) invariably have a collapse in their currencies valuation.
The computer MMORPG models do this through a variety of drains and still get interesting inflationary effects. It looks like the next move IRL is to create ever greater too-big-to-fail issuers. IMF Special Depository Rights may become the new global interchange currency. For the US, the alternative is to let it fail like the USSR and break into many different states. The number of those that hyper-inflated in Eastern Europe or had other currency failures and unrest exacerbated by currency games may prove instructive to avoid that in the other direction and enlarge the problem to SDRs. That could provide another 30 years, by which time Bitcoin may also be in full swing. |
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Bitcoiners are far more attractive than the average person. Here is just a brief list of why smart women like us bitcoin geeks... and why smart men like bitcoin geek women... - We are generally available. - Others will tend not to steal us away. - We can fix things. - Your parents will love us. - We're smart. - We can carry conversations on many interesting topics (well, at least to us). - We are more grateful than average for the positive attention, and less likely to take it for granted.  There is some truth here. My husband once said that women should be very excited to date geeks, specifically computer programmers. He said that typically they never cheat. They follow the logical conclusions by thinking "IF I cheat, THEN X happens." X could be a number of things! Wife gets money, children, revenge etc. So it is not logical to cheat, therefore the man keeps his pants on. Hey, so far it has been very true for me. Also, many geeks make pretty good money too!  Women are crazy for not wanting to date one IMHO. soooooo fucking hilarious!!! hahahahahahhaaha  Funny... and true! Programmers are generally programmable within hardware constraints. |
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