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1  Bitcoin / Bitcoin Discussion / Re: How much is 1 bit? on: May 21, 2014, 04:17:41 AM
Even 'ubit' would be a million times better.

How many marketing firms do you think would tell you that "ubit" is a better brand than "bit" for a unit of currency?

In order to gain adoption, a "startup currency" relies in large part on its brand.  see: every shitcoin.  If bitcoin had been called humbuggers or some random shitty name, nobody would use it.  And since we clearly will be using units much smaller than 1 bitcoin for every day purchases, that smaller unit needs a good brand.  
2  Bitcoin / Bitcoin Discussion / Re: Calling all Bitcoiners: SPEAK OUT against CIRCLE! on: May 17, 2014, 08:10:05 AM
Things like Circle can only make Bitcoin more popular and take it mainstream.

You know what else is mainstream?  Federal reserve notes.  

It doesn't matter how mainstream bitcoin becomes if it becomes another fiat currency controlled by centralized institutions in the process.  Circle issues IOU's to bitcoin.  IOU's can and will be manipulated unless we reject any and all centralized bitcoin institutions / bitcoin "banks".
3  Bitcoin / Bitcoin Discussion / Re: Best quote from Satoshi on: April 01, 2014, 07:21:55 PM
On the Origins of Money
Quote
To be useful as a general-purpose store of wealth and means of wealth transfer, a collectible had to be embedded in at least one institution with a closed-loop cycle, so that the cost of discovering and/or manufacturing the object was amortized over multiple transactions. Furthermore, a collectible was not just any kind of beautiful decorative object. It had to have certain functional properties, such as the security of being wearable on the person, compactness for hiding or burial, and unforgeable costliness. That costliness must have been verifiable by the recipient of the transfer -- using many of the same skills that collectors use to appraise collectibles today.

Second key insight into why a verifiable proof of work will give rise to store of value.

Satoshi also used the term "collectible" to describe bitcoin in 2010 - a term Szabo used in your quote. 

"Bitcoins have no dividend or potential future dividend, therefore not like a stock. (They’re) more like a collectible or commodity." - Satoshi
4  Bitcoin / Bitcoin Discussion / Re: Best quote from Satoshi on: April 01, 2014, 06:03:51 AM
This quote shows also that he's probably not that young since he knows about the time sharing computers in the nineties. And indeed a great quote. Clearly showing the trust deficiency in the current money system.

He's not that young, and he's been writing about economic theory for quite some time.  You can see his blog here:  http://unenumerated.blogspot.com Wink

In 1993, he also described how to maintain a pseudonomous identity online, which is seemingly working pretty well for him to date:  http://cypherpunks.venona.com/date/1993/10/msg00759.html
5  Bitcoin / Bitcoin Discussion / Re: Poll: Who is Satoshi? on: March 28, 2014, 05:32:39 PM
I think Satoshi should be a group of people. Because of the need to create bitcoin is not a person can complete the project. This is too hard!

Hal Finney, David Chaum and Wai Dai all wrote their own e-cash software by themselves.  Nick Szabo also wrote a rough one in 2005 that he called Bit Gold.  Bit Gold was described almost identically to bitcoin.  He then got someone to help him finish the code in 2008, and launched it as Bitcoin under the pseudonym Satoshi Nakamoto.  
6  Bitcoin / Bitcoin Discussion / Re: Rumors of Bitcoin's libertarian death have been greatly exaggerated. on: March 28, 2014, 06:46:23 AM
Sure, I see a lot more posts in here by clueless people who worship at the alter of big government. More as it has gone more mainstream.
I believe there should be subsidies to get broadband internet service to every rural household in America, just as there was for telephone service and electricity.


If I ran the best charity in the world, would be ok for me to knock on your door and force you to pay for it under threat of imprisoning you?  If not, then how do you justify permitting the "government" to do this?
7  Bitcoin / Bitcoin Discussion / Re: Bitcoin is in the process of being "nipped at the bud", and we're doing nothing. on: March 28, 2014, 02:38:30 AM

You gotta forgive the OP..... he joined in June 2013.... still a toddler in my books.

I bet he never filed tax with a software b4.

I've actually claimed capital gains before.  One entrance, one exit.  I subtracted two numbers.  

Nobody on the entire planet has ever been required to claim capital gains on every purchase they've made.  Nobody is buying coffee with stocks or gold ingots.   
8  Bitcoin / Bitcoin Discussion / Re: Bitcoin is in the process of being "nipped at the bud", and we're doing nothing. on: March 28, 2014, 02:34:23 AM
Totally legal and totally unusable
Are torrents unusable? No, they are widely used and no one gives a shit about the law.

I also can't use a torrented file to buy a coffee. 
9  Bitcoin / Bitcoin Discussion / Re: Bitcoin is doomed. Thanks IRS!!! You Ass hats! on: March 28, 2014, 01:44:34 AM
If anyone thinks this is the killing blow for Bitcoin, they should just get out now, because they don't understand the project in the slightest.

For some reason I don't think satoshi had "regulation" and "taxation" in mind.  Bitcoin was about undermining government monopolies over the world's currency.  We have failed miserably thus far.  
10  Bitcoin / Bitcoin Discussion / Re: Bitcoin is in the process of being "nipped at the bud", and we're doing nothing. on: March 28, 2014, 12:37:53 AM
Hey bitcoin is now going to go main stream!!!

Totally legal and totally taxed

Totally legal and totally unusable
11  Bitcoin / Bitcoin Discussion / Re: Bitcoin is in the process of being "nipped at the bud", and we're doing nothing. on: March 28, 2014, 12:36:53 AM
Now, this decision is the first step to regulate BTC.

Regulation is great... as well as needing to spend $4 worth of effort to buy a $2 coffee.

That's on paper. In my country it's forbidden to spit on the street and the fine is very expensive. I never saw someone got caught for this infraction Grin

It's not just "on paper" when a coffee shop needs to spend a few thousand dollars on accounting every year just to be able to accept Bitcoin.  
12  Bitcoin / Bitcoin Discussion / Re: Bitcoin is in the process of being "nipped at the bud", and we're doing nothing. on: March 28, 2014, 12:31:24 AM
Now, this decision is the first step to regulate BTC.

Regulation is great... as well as needing to spend $4 worth of effort to buy a $2 coffee.
13  Bitcoin / Bitcoin Discussion / Re: Bitcoin is in the process of being "nipped at the bud", and we're doing nothing. on: March 28, 2014, 12:28:08 AM
Oh hey a new thread talking about the same things we've all been discussing in seven other threads!

Speaking of trying to nip things in the bud...
14  Bitcoin / Bitcoin Discussion / Bitcoin is in the process of being "nipped at the bud", and we're doing nothing. on: March 28, 2014, 12:22:07 AM
The US Government now oversees all possible entry points into Bitcoin from US Dollars, even localbitcoins / peer to peer sales over $300.  (see: florida bitcoin sting).  They now legally have access to the identity of everyone who purchases over $300 worth of Bitcoin with US Dollars.

The US Government also now requires you to report every Bitcoin transaction as a capital gain or loss.

So every time I spend bitcoin, I need to:

1) Keep track of how much fiat I used to buy the bitcoins originally
2) How much the item costs in fiat
3) Figure out when I bought what bitcoins and when
4) Calculate the capital gain based on the difference between the item and the purchase price of the coins
5) Repeat steps 1-4 every time I spend Bitcoin
6) Calculate my total gained / lost from every transaction at the end of the year.  
7) Report this amount on my tax form, including proof of every transaction in the event of an audit 

If this procedure is not followed, you are subject to being locked in a cage.  

So to buy a $2 coffee, I need to expend more effort than the coffee is worth.

Where is the outrage?  What many have feared is currently taking place, and it's like nobody gives a damn.  They are stopping Bitcoin in its tracks before there are enough people outraged by it to create any backlash.

Let this be noted by everyone calling for "more regulation", and to "ignore the libertarians".  We are losing.  Badly.  
15  Economy / Speculation / Re: $473 on bitstamp? WTH! on: March 28, 2014, 12:04:09 AM
The US government banned bitcoin without banning bitcoin, and people in the Bitcoin community are applauding it. 

This is what happens when the libertarians "lose". 

16  Bitcoin / Bitcoin Discussion / Re: Poll: Who is Satoshi? on: March 27, 2014, 10:02:46 PM
It's one individual, and his name is Nick Szabo.

This is just a theory Smiley there are and never will be any proof of that...

Smiley but yes - it is possible. Like in a same time it is not possible... Tongue

50/50.

I'd say the odds are a little better than that
17  Bitcoin / Bitcoin Discussion / Re: Poll: Who is Satoshi? on: March 27, 2014, 09:49:37 PM
It's one individual, and his name is Nick Szabo.  

And I also think now would be a great time for him to come out and denounce the way that the Bitcoin community has all but abandoned the principles that Bitcoin was founded upon.  When Nick sees statements like this one by Jeremy Allaire of Circle, he's got to be doing a giant facepalm in his secret lair:

"I’m not so concerned about the vocal, early-adopter community of anarcho-libertarians, who may be frustrated or disappointed about [all bitcoin transactions being subject to capital gains tax]"
18  Bitcoin / Legal / Re: It is now next to impossible to spend bitcoins legally if your american on: March 27, 2014, 03:32:05 PM
Currently, the majority of BTC owners are investors.  If it becomes mainstream, then maybe change it, but for now the classification is correct.

The problem is, Bitcoin will never become mainstream and function as a currency if this regulation stands.  The chicken just ate the egg.

If you keep your money in an interest-bearing account, the bank will send you a form that it files with the IRS showing the profits you made for the tax year.   For most people, this isn't a lot of money and they pay their taxes on it.

Since one of the mottos of bitcoin is "be your own bank",  it becomes your job to track your own capital gains for the IRS.   Software is available to do this, so you don't need to do it manually.   At the end of the tax year, it prints you a form showing your gains.   Keep the documentation in your records, report it on your tax return.  Boom. done.

Whats the big problem?


Everything bolded.  And the fact that accepting Bitcoin now becomes extremely burdensome for businesses, forcing them to implement a completely new accounting mechanism just to accept Bitcoin.
19  Bitcoin / Legal / Re: It is now next to impossible to spend bitcoins legally if your american on: March 27, 2014, 02:58:51 PM
Currently, the majority of BTC owners are investors.  If it becomes mainstream, then maybe change it, but for now the classification is correct.

The problem is, Bitcoin will never become mainstream and function as a currency if this regulation stands.  The chicken just ate the egg.
20  Economy / Economics / When Bitcoin loses its growth potential.. on: March 23, 2014, 07:09:19 PM
Let's say Bitcoin gains a significant level of adoption and the price stabilizes and plateaus for an extended time. 

From an investment perspective, it makes MUCH more sense for a very wealthy investor to start a new crypto, mine a ton of it, and market the hell out of it.  Is it not only a matter of time before we see this happen?
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