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i think the OP is right.
nor do i think Ripple will interface with the existing banking either. do u really think they will tolerate a new actor in the space that issues themselves 50% of the trading units and maintains control of the code?
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before regulating it they would have to recognize it as an official currency.
i would welcome the latter and await to see if they can enforce the former.
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Gold is up now
BTC gonna crash like crazy
so this is where you're coming from. |
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the gold bulls are desperate. your question prompted me to call my local coin dealer down the street. the markup for a Kruggerand over spot is 4%. it's been that for years back when i was buying in 2005. |
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So, NO! Of course we don't want to work with regulators. And you know what? - regulators didn't want to work with us (whoever ''us'' is) either. Look at the OP quotes (in bold in my post) to see what happened - this is very funny: ---------------------------------------------------------- A. One guy (from Australia) from Bitcoin Foundation says: Hi! I would like the board to discuss opening up lines of communication with money regulators - particularly FinCEN and AUSTRAC (I'm from Australia).Note it is not the so called regulators who seek contact with Bitcoin Foundation guys. It is the guy within Bitcoin Foundation who wants other Bitcoin Foundation guys to co-operate with the so called regulators. Funny, isn't it? B. The Australian guy continues: I think it would be better if some organisation like the Bitcoin Foundation could offer guidance draft rules and work with the regulators.He just makes a pretty neutral suggestion, but pointing his finger at guys (geeks) who have no clue how to defend against bureaucrats. C. And here comes the FUD out of the blue: Otherwise we'll have a situation pretty soon where they try to implement something unworkable, the criminals flood into the Bitcoin system then the argument for 'shutting down bitcoin' grows in popularity.I wonder where he gets this ''pretty soon'' idea from? ------------------------------------------------------- D. The other guy (a developer) replies: The Bitcoin Foundation itself is in a difficult position: we all know who it's funded by, and everyone involved is publicly known.Clearly he caught the bait (FUD) and is sincerely afraid of decent persons involved in Bitcoin Foundation. E. The scared developer makes concessions to requests that haven't been even made by the so called regulators, i.e.: We can also ensure that there are options if certain funds need to be frozen and blacklisted, due to fraud, theft, or because they encode illegal data.
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We can work with them to find ways to apply AML rules to Bitcoin transactions
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There are ways to put taxation into Bitcoin itself, so that taxes are automatically applied when a transaction is made.
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Maybe even one day we'll be required to prevent dangerous levels of deflation.
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developing P2P blacklist technologiesIn my opinion the so called regulators, even if any meeting were to be held in the future, wouldn't even put forward such request - they have no clue what the Bitcoin system is all about. ------------------------------------------------------- The problem is: now that this thread is open to public, the so called regulators were given numerous concessions (luckily of one man on behalf of this man only) on a silver plate + were given the info on what's possible to regulate. Bitcoin Foundation guys shoot themselves in the foot. please list the identities of the bolded quotes. |
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I just wanted to inject an example of a rare IT person (I wouldn't call him geek) who understands the divide-and-impera concept. His comments are in the Alternate cryptocurrentcies subforum in the "A proposed fair premine idea": The banking system is where it is because of the greed, because they want more that they can need. But the banking system is using a "centralized greed", but in crypto world is a P2P greed, envy and hypocrisy. The ones that have a lot of coin X (this is including BITCOIN) will defend that coin no matter how broken or flawed it is, the ones that are late will hate them and will try to bring the coin down or to clone it for a quick profit.
At this pace, the crypto coins will remain a geek only thing, where the guys that where early on the bitcoin can afford big rigs to take down new coins, and the late guys will clone some coins to make a quick profit.
Unless we don't get our shit together and don't acknowledge that:
1. we need incremental coins
2. the developers need to be payed in some way for their work, like the miners are now.
You think that a good programmer will quite his job to donate his time just so you can mine and make a profit?
In a way, the Bitcoin is a nearly perfect example of how to execute a divide-and-impera strategy: draw a bandwagon with 21000000 seats and make the early jumpers-on fight the late jumpers-on. Then watch the commotion safely from the distance. you're an example of a geek that has been wrong for so long and yet you still don't get it. the whole project is voluntary and we have more than enough devs to step in. i understand jeff garzik is now mining with an Avalon and making money hand over fist having been the first. why don't other devs freely choose to do this as well if the guy you're quoting is complaining about miners? btw, the free market price of 1 BTC is now $119. |
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The question is not, will there be a financial collapse, it's when will it happen. Nobody knows: this is not a normal economic situation; it is unprecedented. It could continue like this for a decade or more, or the shit could hit the fan tomorrow. IMO, the key to the bitcoin investment story is context, something which is not mentioned in this interview.
This is a very important observation. During times like these there are two choices offered: repression or regeneration. When the Continental collapsed there was the American Revolution and regeneration with gold and silver only as legal tender. On the other side of the Atlantic, John Law got gold and silver outlawed as mediums of exchange punishable by death; repression. The natural backlash was the Reign of Terror with the guillotining of tens of thousands of French aristocracy. During the 1920's in Germany the Mark collapsed in hyperinflation which set the stage for supreme repression with Hitler. But in 1694 Isaac Newton was Master of the Mint and invented the gold standard; regeneration. History is being played out and it seems that the US, China, Bafin and most other regulators are choosing the path of regeneration instead of repression (only the Canadians it seems). It will be interesting to see how this plays out. the US is following regeneration? you saw Chilton, right? and Gates' warning? it remains to be seen... stay vigilant. |
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way to go Andreas.
one thing; you should require the experts to list their pseudonyms here on BitTalk so we can recognize their posts thoughout this Forum.
for instance, i know nothing about George Burke or his thinking based on his formal name.
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some ppl just have a static snapshot way of thinking about things.
which is why most of the ppl around here who understand fluid dynamics or rates of change (best example i could think of right now) get Bitcoin.
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Wow, I didn't know my bitcoins were worthless day before yesterday... I was poor and I didn't even know!
lol. yeah, all those coins Charlie converted to buy EVR must've been someone's imagination. not to mention all those girls he hangs out with in the corner booth now... |
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This dictates that Bitcoin will have by far the strongest development team, the second-in-line, LTC, hasn't seen its source code improved for 10 months already, not to say other alt-coins.
that's a very good point. who does work on LTC development? |
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It's okay though, Apple is slowly dying.
its true. |
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The thing that I'm beginning to realize is, there may already be so much emotional and financial investment in Bitcoin that it's at a network effect/brand awareness tipping point so that even if there is a competitor that is technically superior, it may not substract from its value. MP3 for example is inferior to other compression algorithms, yet it's still what pretty much everyone uses because everyone uses it. And, if Bitcoin is to be displaced, it can take a long time to push it off its throne.
I'm only a little disappointed so far in that I only see work in the intermediaries (coinbase), nothing really revolutionary like Silk Road. Something that makes use of its properties that conventional currency cannot provide. While enforced monetary scarcity is the main thing going for Bitcoin, I would like to see more "killer apps" providing an underlying value in order to distinguish it more clearly from xyz scamcoins.
Sure, being able to buy gift cards for Burger King with Bitcoins in the US is nice. But let's not kid ourselves, it's only convenient if you already posess Bitcoins and happen to run out of USD. An unlikely scenario.
its more than emotional. its logical. that's the beauty of the mathematics. yes, everyone involved in Bitcoin has a vested interest in maintaining the system. that's a strong feature. if any altchain arises that depends on hashing and threatens Bitcoin, i guarantee you'll see guys like BitcoinExpress attack them. what its gonna take is some system way different than cryptocurrency to displace Bitcoin. i'm never sure what ppl mean when they say killer apps. personally, this thing with Gyft card is huge. we now have an instant conversion mechanism right on our Androids which allows one to preserve the value of their money right up to the point of buying something for fiat. this is almost as good as a Bitcoin credit card just b/c its in digitized form. once we get a fully functional cc for Android and iPhone its to the moon. |
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But... But, I thought gold was supposed to break the trend line.
it did. DOWN. |
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all you guys bitching about the 5% fee are missing the big picture.
the strategy is to store your money in an appreciating currency (Bitcoin), and then convert to the depreciating currency (fiat) just before you need to make a buy.
by the time you get around to doing this your Bitcoin will have gone up x-fold dwarfing the 5%.
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Much appreciated Yifu.
We would also appreciate it if, due to the enormously time-sensitive nature of receiving Batch #2 or Batch #3 units, you gave us some kind of option to expedite shipping. It's been >90 days since my order and I feel my brain literally melting each day that goes by.
TL;DR - Let me throw money at you to expedite shipping, or I could literally fly myself to Hong Kong and meet someone somewhere in the city to pick this up. (Hopefully before ASICminer dominates the blockchain)
geez. thatta boy! |
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With all the boring trolls/shills in the forum recently, I kinda start to miss him. At least he can FUD properly.
no he can't. he's a dick. and a stupid one at that. |
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Nagle, why did the 2011 bubble reinflate?
Explain the endgame.
dude, you've been a pretty big bear yourself. And it's helped me out a lot already. I could buy back at 266 and still have more BTC than before. I understand your strategy has worked brilliantly so far. I'm just doing what I can to manage my risk. Also, I'm turning more bullish if you noticed. Mildly bullish.  you know i like you and am just yanking your chain. keep up the good work. |
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oh Lordy. geezuz, silverbox, is it time yet?:  |
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