What we are discussing here is called Gresham's Law http://en.wikipedia.org/wiki/Gresham's_lawBad Money Drives Out Good. The idea is that when bad money is in circulation, good money will go into treasure troves, hoarding, offshore, it will flee the marketplace to places of safety hiding. When a currency is debased, as happened in the USA in the 60's when they stopped putting silver in the coins, all the silver coins left the market place as quickly as the cashiers could discover them, put them in their pocket and replace it with a new debased coin. We have this today with bitcoin. However, bitcoin is also a social phenomenon. I do trade my bitcoins, but I do so with people I feel some affinity for or with whom I have a sense of alliance. Currently, this is most any other honest person who trades in bitcoin, because our universe is so small. I always thank those that purchase my New Liberty Dollar silver pieces in bitcoin, as I know they are honoring me in the same way. So we have this dilemma, to hoard, or to spend. The answer of course is to do both. Spend especially with those who are either new to bitcoin, or who you may cherish for some reason. The more that start posting out in the open the beautiful "Bitcoin accepted here" graphic, the more bitcoins will be a useful currency. https://en.bitcoin.it/wiki/Promotional_graphics |
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Gold is highly manipulated. ETFs make it easier to do this, as central banks can run shorts naked or go as long as they like, and they never have to unwind because they can print fiat/issue debt. The tighter the rubberband is drawn back, the harder it snaps back.   BCF has a Bitcoin ETF. This can enable high volume trading and also manipulation if backed by anything other than actual Bitcoin. So far this is the method of operation, if things change or there is competitive ETF with a different model the game changes and we may have to recognize the unbacked fund as invalid. The CFTC may not come to the rescue. |
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Where should we expect to see the video?
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Moved most of my coins out of blockchain.info, just because.
There is no perfect security, except locking up the guilty.
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Going to be backing bitcoin with silver and gold. Simply by selling silver and gold pieces for bitcoin. Doing my little bit for the community. When the new pieces will be available they will be under http://bitColdHardCash.com |
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I don't use it to break laws. And it DOES work well in a white market, so it won't collapse.
Keep it up and encourage others to do the same, and we may have a chance to be spending them by the time the generation stops. |
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"I think currently that IS what people should believe. Until the coins stop being produced.
They will not stop going up in value until they are all produced, and the payout is 0 per block.
By then I think 1 Saratoshi will be valued like 1 BTC is today."
I respect you opinion, and indeed your enthusiasm, but I don't think that you understand the economics surrounding bitcoin or the many risks involved. I hope that you only commit to bitcoin that which you can afford to lose. I really hope that.
I understand that bitcoin COULD collapse at any moment, but I don't believe it WILL. And that is not pure faith... I first learned about Bitcoin from the Silk Road, and that is NOT the only place people can trade drugs for Bitcoins. As long as Bitcoin offers anonymity, no taxes and international convenience, it will continue to rise. It has more REAL WORLD value than paper money. Those could also be existential threats to the existence of bitcoin if it is targeted just in order to get at the folks using it for black market. The best money should function well in white markets, in grey and black markets there are always other options. Even if everything that was available on the silk road were legal in all jurisdictions on the planet, there would still be a need for bitcoin. Also, bitcoin has a very solid distributed logging and accounting, so if you are using it to break laws, you will need to be even more careful than if you were using something more anonymous. |
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From the US Constitution Article I. Sec. 10: No State shall [...] coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; [...] I think that means that the States can't create their own currency. If I remember my history correctly, one of the problems after independence was that all of the States issued their own currencies, making the central government's treasury and interstate trade difficult. Thank you for that important quote of the constitution. I had to dig into old newspapers to find out where I read about local provincial currency, and I found it took place in England, not in the U.S. So from that news leads back to the wikipedia article: http://en.wikipedia.org/wiki/Totnes_poundTotnes Pound is issued by Totnes, a town in Devon, England. Quote from wikipedia: A Totnes Pound is equal to one pound sterling and is backed by sterling held in a bank account.
In December 2008 a Totnes Pound was sold on eBay for £13.02.[citation needed]
As at September 2008, about 70 businesses in Totnes were accepting the Totnes Pound.
I wonder why British government not act agressive and ban it outright. Even if it is pegged to pound sterling it may shift through time. Further digging into wikipedia reveals there are other community currencies: This page lists 6 community currencies in the U.K. http://en.wikipedia.org/wiki/Category:Community_currencies_of_the_United_KingdomI further wonder if they are required to follow governmental fiscal policies. There are a bunch of community currencies in the USA. Individual citizens and companies are not prohibited by this law, only the State governments are so prohibited. There are Disney Dollars, all sorts of coupons, and many private currencies. Some of these are voluntary only (like bitcoin) some are intrinsic, gold/silver/labor (Ithica Hours). |
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Bitcoin is fiat money, just not a government controlled fiat money.
who is forced to use bitcoin? Fiat money=money without intrinsic value. Fiat means force. Fiat does not mean money without intrinsic value, though it is typical that if it is fiat, intrinsic value can be dispensed with. For example, the US Dollar was fiat even when there was silver in the coins (up to the early 60's). Fiat money is money that has the force of law. The Legal Tender law means that the fiat currency discharges a debt when offered. This means that you can eat at a restaurant, and the restaurant is free to accept any sort of payment that you agree to, but if you are in the US and offer them dollars they can not then say "no we only accept payment in live rabbits" and hold you for non-payment in rabbits. You have a debt for the food you ate, and legal tender will discharge that debt. |
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Bitcoins are dangerous to accept now because of how much the price fluctuates. However, I believe if more and more retailers were to accept it the price would become more stable. The best thing you can do right now is implement a system that sells all your bitcoins if they drop a certain amount, say 10%
Agree, with one exception. If he's looking to invest in BTC, selling his hot sauce for BTC is one way to go about it. In fact, he could implement a system where it would stop offering BTC as a payment method once he's reached his monthly BTC investment goal. yep As a merchant that accepts (even prefers) bitcoin payment. It does have risk, but the time cost averaging tends to work out nicely. We sell the New Liberty Dollar silver pieces and do not take credit cards or paypal, only non-reversible transactions such as Bitcoin or bank deposit. This allows us to keep our costs lower than any others that do the same thing, so if you are looking to expand your silver collection, or to pick up pieces useful for in person commerce, you can find us at NewLibertyDollar.com. We will likely do a piece specifically to honor Bitcoin in the near future. At the Bitcoin Conference last weekend in San Jose there was a lot of folks clamoring for them, so our designers have been hard at work ever since. They have some interesting ideas that we are looking forward to seeing realized. Speaking of which, if any of you have ideas that you would like to see in a physical silver piece celebrating the bitcoin development, send me an IM or suggestion through the website which will go to the developers directly. |
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Its not really a big deal.
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Would it be beneficial to mine on their own devices? Hell yes! More than just selling them.
No. It wouldn't. Thanks for discrediting yourself very early on. Can you explain this "discredit" rather than just assert it? |
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I think $150-$200+
..because China, India and Principality of Sealand
LOL! |
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The Bitcoin Fund is going to be the #1 ETF on the planet.
Big money speculators will flood in.
>500
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What do you mean by "Newbie Jail"?
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Nicely done. You deserve donations.
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Just keep in mind that it "could" go to zero. Don't bet the family, but maybe bet the car.  |
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Hello back atcha. The conference was worth far more than the time and expense.
Recommended for any who have the opportunity.
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The hacker caused the hacking.
Stronger defenses might prevent future attempts.
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