Honestly I believe gold and silver would be better suited for this situation.
As an old silver/goldbug that switched to bitcoin, I have to totally agree. Bitcoin is a bet on a positive future. Silver & Gold are a bet on total economic collapse that results in no more internet. Guns, Ammo, Food are a bet on a total collapse of society. |
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Next week would be perfect for $100, I get paid then, will pick up a couple more BTC.
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Could you give us a link to that old prediction?
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For me, I track local inflation using the Whopper Index. The price of a whopper at the local Burger King is going up faster than 11% per year.
In 1994, a whopper was exactly $1 here. It is currently $7.95 here.
$7.95 for a Whopper?? You must be referring to the combo meal at least, right? I think the combo meal is almost $10 now. Yes, they are more expensive here in Hawaii than the mainland, but they were still only a $1 back in 1994. |
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I see it as three synergistic things:
1) A frictionless means of exchange.
2) A better way of storing and transporting wealth.
3) An investment in the bitcoin network.
I have also seen videos on it's use as programmable money. I guess I am to old to see the value in that, but I can take it on faith that their will be additional uses for bitcoin. The internet has given me things of great value that I could never have imagined.
I am so grateful to be alive at this time in history.
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For me, I track local inflation using the Whopper Index. The price of a whopper at the local Burger King is going up faster than 11% per year. In 1994, a whopper was exactly $1 here. It is currently $7.95 here. 7.95^(1/19)=1.1152 and most of the price increases have been in the last couple years. That is over 11% inflation during the last 19 years. The media is lying to us about inflation, for example: http://money.cnn.com/2013/10/29/news/economy/relative-prices/ "Stuff" is getting cheaper
The price of manufactured goods is way down. Televisions are now 98% cheaper than they were in 1983, according to the Consumer Price Index.
The index accounts for advances in technology. That 98% drop means a TV that costs $100 in 1983 -- with its dial controls and antenna -- would be worth about $2 today. This is due to the hedonics adjustment in the CPI index. They are saying that a modern television is 50 times better than one from 1983, but the free market says otherwise. For example: I can buy a new CRT television (old design like in the 70's) in the Philippines for about $100 vs. an LED television of the same size for about $250 there. I guess that the free market only sees the new ones as being 2.5 times better design. Also, here in the USA, I work at an ewaste recycle center 3 days a week (no is allowed to work over 29 hours a week thanks to Obamacare). An old CRT television in good shape sells for about $20, while a plasma TV of about the same size sells for about $50, and LED of the same size for about $100. So even here in the USA, the new LED TVs are only worth 5 times more according to the free market. In neither country does the free market consider a new LED television to be worth 50 times more than an old style CRT television. Those CPI numbers are a straight lie. Most of my co-workers make minimum wage of $7.25 per hour, even the ones that have been here for years. Jobs are scarce and my boss has no problems hiring new ones to replace the old ones. And I have seen his books, he is barely surviving. Anyway, I was handed the wrong paycheck once and discovered that my co-workers are earning about $750 per month. I don't know how they survive after paying rent. Most of them get food stamps. I fix the computers here that people (mostly schools & government offices) throw away or sell the chips out of them on Ebay. Since they are basically free for us, I also make sure that every employee gets a refurbished laptop for free. Most of them have never owned a computer before. A couple of the girls started crying when I gave them one. That is how poor they are. Wages are NOT keeping up with inflation. People at the bottom are starting to hurt. I am lucky enough that I always saved some of my earnings in precious metals over the years, so I had savings to invest in bitcoin. I have good job skills and can show my boss each month how much money I made for him fixing and selling discarded ewaste, so I have job security. I also own a piece of land up in the jungle area with a cabin in the back, so I don't pay any rent. I get free computer stuff from work, but I still spend money on food and gas. As I see the prices constantly go up on those two things, I alway wonder, how do normal people survive? I really hope bitcoin reverses this trend of falling real wages. |
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I have only been messing around with bitcoins for about 3 months now. I have found Bitstamp and Coinbase to be perfect for transactions back and forth to fiat. As for my hot wallet, I use Blockchain.info. Between these three sites, I feel in control. Just bought a t-shirt from 7bucktees.com tonight using bitcoins.
Most of the people I have been talking to are using Coinbase for buying bitcoins. Just talked to a successful business man on the phone that bought about a 100k in bitcoins late November for the first time. There is plenty of new money.
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To the restaurant waiters, to the taxist and to the take-away delivery man always consider giving paper wallets as a tip.
+1 Make some nice ones, like: https://bitcoinpaperwallet.com/and if possible, get some nice plastic inserts for them. I bought a hundred of the identity card inserts really cheap off of ebay. They were a bit to small, so I print the wallets out at 89% regular size. I also have to fold them a bit differently, but when done, they look really nice. |
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Well , I don't know how that goes but if he denies in court that he has any other bitcoins(valuables) in his possession and after he is released he gets caught using them , well , isn't he going back to court for another round?
Not if he gets asylum in North Korea or Russia (or more realistically in Venezuela or Cuba). Asylum? Just go to the Philippines and disappear in Manila. Manila is HUGE and packed full of people. I have never been stopped or questioned by a cop in all the years that I have visited. Most people speak some english and their language, tagalog, is easy to learn. Girls are easy to meet, if you are shy, go online and use cherry blossoms or dateinasia. |
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Philippines
You can live there for a couple hundred a month, easy to find a good girl, most young people speak some english, language is easy to learn.
If you want, you can easily disappear, especially in Manila.
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in order to be a rival, you'd need to be formidable. whatever the hell that currency is called, it's not even close. in fact, i consider litecoin more of a rival to bitcoin at the moment.
+1 |
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He's not an IT 'pro' if he:
1. failed to take a hdd backup;
2. failed to check what was on a hdd before binning it;
3. failed to physically destroy the hdd before binning it.
Not a 'pro' in any means of the word.
And total lack of awareness of his situation. If he was an "IT Pro", one of the worse ever. I have absolutely no sympathy for him. Besides, I find the story incredulous. |
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Age 56
I was a gold & silver nut till just a few months ago. I have a background in computer programming, economics, and mathematics. Self-educated, when I was a kid, I read almost every book in the non-fiction section of the city library. After I read a serious article about bitcoin, I realized that it was going to change the world. Other people my age just can't seem to grasp this new idea though.
After thousands of years, automobiles made horses obsolete for transportation.
Now, after thousands of years, Bitcoin is making precious metals obsolete as a store of value.
I love science & technology. Glad to be alive at this time in history.
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Bitcoin will do just fine without human disasters. I can be patient.
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Ok, tell me if I understand the question correctly paraphrased for fiat:
If I can buy a radio with a $20 bill and I go to the bank and break that $20 bill into twenty $1 bills, then can I buy 20 radios?
If I can buy a coke for $1 and go to the bank and turn that dollar into a hundred pennies, can I buy 100 cokes?
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A merchant could charge 4 mbits (about $4 today) and promise to refund 2 mbits if the price doubles within six months. In general, a merchant could give several such options. For example.
1. Pay 3 mbits today with no possible future refunds.
2. Pay 4 mbits today with a refund of 2 mbits if the price doubles within six months.
3. Pay 5 mbits today with a refund of 2.5 mbits if the price doubles within six months and a further refund of 1.25 mbits if the price quadruples within the next year.
This amounts to building option contracts into the pricing model. The effect is to reduce the volatility risk taken on by the customer.
+1 Sounds like one of my killer deals when I use to play Monopoly as a kid. I may try that with some of my Ebay listings. Unfortunately, I think the concept may be beyond the average person's intelligence. What if Bitpay offered a service like this as a special promotion? |
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If people evade taxes with crypto-currencies, states will tax first and foremost real estate. You have to live somewhere you know.
For me, this is the correct way for a government to collect taxes. All taxes should be based on land. Governments own land, they don't own people. Why should someone that moved to another country, pay taxes to the USA just because they were born there? |
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Happening right now, crashing right through $900....$1000 before the week is over.
Wait until it stabilizes above 900$, then we'll see about 1000$. Like I said, $1000 before the week was over. As for stability....I have no idea. From $900 to $1000 there are quite some buy orders already. As I type this Mt. Gox is at $1140, Bitstamp is $985 (but hit $1050.18 according to Bitcoinwisdom). Most important, I could sell a bitcoin at Coinbase for over a $1000 just a little while ago (price is now back down to $990). So I am convinced we hit $1000 before the end of the week and I suspect any difference in opinion is just a matter of which tool/method are we using to measure price. |
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Happening right now, crashing right through $900....$1000 before the week is over.
Wait until it stabilizes above 900$, then we'll see about 1000$. Like I said, $1000 before the week was over. As for stability....I have no idea. |
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Surprised that nobody has suggested "quatloos" yet.  Personally, I like any of the following: Bits: mBTC, has an electronic feel, but if Bitcoin keeps deflating at the rate we are going, may soon be obsolete. Millis: mBTC, short for mBTC, same problem with deflation as Bits, but leads naturally to Mikeys/Mickeys for uBTC. Satoshis: Way to soon, and I expect Bitcoin value to level out (less than 12% deflation per year) long before a satoshi is worth even a penny. |
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