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When a state reaches peak extortion and begins to lose the ability to function the people who have control of government-owned resources usually start looting whatever they can get their hands on. This is followed by a dissolution of the existing government and the formation of a new one that doesn't recognize the financial obligations of the previous one (too bad about those pensions...).
I expect the government to spend more time using Bitcoin to to launder misappropriated funds than it spends trying to outlaw it.
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When all that doesn't work, they will attack the system with their vast computer resources.
I think it would be completely shortsighted and naive to think the Federal Reserve and other central banks around the world will watch their monopoly go down the tubes without deploying every weapon in their arsenal to protect their interests.
...We are dealing with the most wealthy, powerful, and soulless individuals existing on the planet to date, with near infinite financial and military resources at their disposal. You've obviously never worked for the federal government, or else you wouldn't have such a high opinion of their capabilities. Even if they could effectively deploy all these resources you're talking about the act of correctly perceiving the threat and the means necessary to combat it represent a competence that goes far beyond that which the institution is capable. |
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What about imaginary arrangements like unicorns. Your definition would imply that unicorns and bizzarro superman exist The idea of a unicorn is different than an actual unicorn standing in front of you. Existance is subject to all the same rules for proof than any other statement is subject. |
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I'm tired of arguing about Mises' Regression Theorem and the definitions of money and currency.
We should just admit that Bitcoin isn't "real money" because it's better than money, just like how a web site is better than a newspaper.
This article is a perfect example of why - mere money can't do any of those things.
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There are several good Google Plus streams.
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What people who are worried deflation really want is passive income. The idea that they will have to work to earn all the value themselves just doesn't compute.
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Is $20/min accurate for what it would cost to buy a DDoS of this scale?
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So in fact, rather than being "useless to the economy," the thrifty, productive saver will go to his grave having produced more for humanity than he consumed, and he should be respected for that. Many people could learn a lesson from his life. The people who oppose savings will never respect that man, because they want to dictate who benefits from his deferred consumption instead of letting him decide based on who he freely chooses to trade with. |
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I've heard that a network of miners large enough to represent 51% of the total hashing power of the entire network could push through false transactions and corrupt the blockchain.
An attacker with suitable computing power could 1) prevent new transactions from being confirmed immedately. 2) rewrite history to delete transactions. That being said the amount of computing power needed, especially for 2), is unlikely to ever be possessed by a single entity and getting less likely all the time. |
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(Or is it more appropriate to say "atwit?")  Based on my experience with Twitter I'd change the second vowel to get a more accurate adjective. |
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Why the hell every week someone must come up with the same fail idea? Because the idea of not being able to steal other people's money fills them with great anxiety. |
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Btw try defining "to exist" without making a circular definition..  existence: an identifiable arraignment of matter and/or energy. |
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It means that loans will be rare in a Bitcoin economy. Growth will come from savings (capital formation).
Instead of being able to borrow money to buy a car and a flatscreen TV you'll need to save the money first.
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Bitcoin has no way of competing against a currency that actually promotes trade. Maybe it will be a store of value compared to fiat, but it will unlikely be a better store of value than a better cryptocurrency, because few will want it over the better one. It is speculation though. Will you change your thesis if it turns out that people do not, in fact, want what you think they "should" want, or will declare your theory to be perfect and blame the world? |
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In 1984 I was busy building a bug-out shelter because my economics classes at university had convinced me the staggering U.S. national debt of an incredible 1.7 Trillion Dollars was unsustainable for even two more years. It is unsustainable. The 1983 amendments to Social Security allowed the federal government to consume the savings of the Baby Boomers, which provided a brief (by historical standards) reprieve. |
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Some people are still going to be arguing that Bitcoin "isn't a real currency" and "can't form a viable economy" long after it already has.
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New poll: How many people want to change their answer because they initially misread the question?
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"Triple entry bookkeeping"?
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The Iraqi resistance is anything but disorganized. They have weapon-smuggling channels from other Arab states, they Al Queda and other religious organisations providing training and men. In fact, they have a pretty significant command-and-control structure, it's just that it's very branched and asymmetric. But they didn't need a government to create that organization, did they? |
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I'm right there with you. But we still have newspapers, old media, landlines and postal mail. For that most part that will only be true until the last generation that grew up without the Internet dies. |
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