Indeed.  Before the civil war, 2/3rd of the homes in Syria were illegally constructed and a lot of these homes were very sturdy and beautiful.


Homeless in the sense of people living on a cold paved sidewalk is something that only exists in the first world.  Homeless people everywhere just build their own homes. 

Starter homes in my area start at $1 million

"Son go to law school and this crack shack will be yours after 30 years"   


It's not a question about being rich but not being some indentured slave who is constantly living on the edge and yet that describes most people in our society (even in prosperous countries).

Delete

I remember this one circulating on Bitcointalk.   Mark Karpeles used to be on the foundation and all the photoshops / images about him were hilarious.  I like the ones where Karpeles is working at McDonalds and the other where he is holding a samurai sword.

http://en.wikipedia.org/wiki/Long_Depression

Historically Gold Standard did fail and largely from lack of velocity (gold got tight) or from inflation (American Gold & Silver bankrupted much of Europe and East Asia in the 1600s).


If we returned to gold standard then we would have to return to that cycle of production boom and busts.  $Fiat as it stands can be crap from certain perspectives but at least it does seem to generate more predictable growth (without the hard busts) and you can still shelter your wealth (to an extent) through assets including newer forms like Bitcoin.

I'm waiting until we have crypto banks as I would like to use them.   Real world credit is no different, they can't throw you into prison or chop your arm off just because you made a bad decision.  Now if you borrowed from the mafia they can certainty cement your feet and toss you into the river.


A good example here in cryptos is there is a lot of IPOs and assets, so starting a credit limit of say $50 or $100 would allow someone to invest into assets on asset exchanges or in IPOs and possibly make a good return and be able to pay off the interest.  This would allow the person to acquire a better credit score so they can borrow more and continue making those returns and everybody (the bank and the account holders at the bank) would make money from this.

Eventually as the bank gets bigger then so would the available credit.  As for people who can't pay their credit off - that's called bad debt and it's commonplace in this world.

Best way to answer it is for you to deposit funds into multiple exchanges and try following it on the block explorer.  They use scripts to break up deposits, have their own mixers, move them into multiple cold storage wallets, et cetera - but none of this is actually mentioned on the interface at the exchange's URL.

They can also sell Bitcoin for $Fiat and other coins without necessarily proving they have those funds (beyond putting forward an address to one of their cold wallets which is no different than the local teller at your bank showing they have $100K in cash on site despite accounts numbering in the millions).

Why are you phrasing a question in that particular way?   It was originally 3 billion coins divided amongst 3000 stakeholders, with another 1 billion for development / marketing.  What it is right now I'm not too certain anymore as there hasn't been a PDF written to explain the current breakdown.

FRB succeeds because these institutions accept each other's IOUs, withdrawal panics can be stopped with banking holidays, big banks will bail in each other to advert a crisis and then bail outs from the government who consider these banks too big to fail.


MtGox wasn't a bank but imagine if there were other MtGoxes and they were chummy with each other?  They would had rescued MtGox and there may had been no Bitcoin bust in 2014.

 
No it is not.  It is only 500K-2M users, some academics who are experts on this  subject push the number lower than 500K.  This is less users than the internet had in the late 1980s.

Bitcoin hasn't really seen any surge in userbase expansion in over a year now.  Too many people think MtGox, security vulnerabilities, exchange hacking, et al.  Then there are the clowns with criminal records who draw in too much bad PR.  Won't name names but there's that one guy who was mailing bombs in the mail, another who is an alleged pedophile (well not a criminal but i wouldn't want to associate myself with someone who was alleged of fiddling a minor), et  cetera.

There is already fractional reserves among the Bitcoin and alternate exchanges and they are creating immense inflation.   At least a crypto bank fractional reserves would be leading to something more positive - like financing & credit, investment options or even consumer protection.

Myself wouldn't use such an institution unless I was ensured it was safe and the person running it was public and had legal liability (like imprisonment or fines) if it went bankrupt.  It would have to be compliant with regulatory laws in the sense that it would have to undergo external audits and publish reports every quarter or semi-annual.

This is an economical discussion not particularly well understood by most users of Bitcoin.  Our contemporary world economy and even national countries are largely ran on the premise of spendable IOUs.  If there wasn't spendable IOUs then velocity of money would likely slow to a crawl as nobody would be able to get financing, credit or capital for economic activities.

Back in 2013 Bitcoin was too big to bring any ROI anytime soon.  Hypothetically the most ROI left in Bitcoin is maybe 1000x.  This is compared to the earliest adopters who have seen 450,000x return (people who bought or mined in 2009 when it was fractions of a cent) and if Bitcoin did go up another 1000x then their return would be 4.5x million.

Bitcoin rich get richer and they've assumed no capital risk.  $20 - $200 investment in 2009?  That's compared to people who've drained their life savings or reverse mortgaged their homes and are now left holding the bag.

Assuming this isn't some fiction - what took you almost a year to sign up on the forum?  As well you live in Croatia so I wouldn't sweat it, I've been to Croatia and I was of the opinion that practically everybody there was poor.


It isn't a loss until it is a realized loss (as in sold for $Fiat).  It could be the case that Bitcoin in the future could have 100 million users and be worth $Trillions (because this is asset capitalization) but that could be 10-20 years away.  Of course that could just happen to another alternate currency and Bitcoin is left behind as a small footnote in the history pages.

 While you were bagholding that Bitcoin, many people after November bought alternates like NXT, Doge, BitsharesX and made some amount of money off it (depending on how early they had gone into these alternates).

 While people holding Bitcoin are losing everything there were individual success stories among the alternates.   There were people who spent $150 and made $3-$4 million within months from the NXT IPO (this has yet to be repeated but it is an example).

Moved

Spoetnik why did you have to do it.. now you are going to jails..      

but this is probably low security Canadian prison where you get to decorate your cell, play video games, get let out on the weekend and get to eat hotel buffet food.  aka vacation.

Many people have been holding since January thinking the next upcoming November would be a boom.  Here we are - it's November and no boom yet.

Many people might start panic selling within the next 60 days and this could drive the price down to $100 or lower.

Spoetnik hiding among Mormons and German farmers in the mountains?  Should be easy to find

Spoetnik the internets is coming after you!!  It's going to be a long ass bus ride from Boston but Dan Metcalfe is gonna find you!!

Profit 30000% if I bought buckets of Bat Piss Guano-Urea and store it in my living room?  How?!     What do I do about the smell? 

They are being taken for fools.  The original plan was an unapologetic cut off but now you are given 3 months to claim and yet people are now asking for 6 months or indefinitely.  This is a metaphor called: "moving the goal posts"

http://en.wikipedia.org/wiki/Moving_the_goalposts


I'ld say this - if people keep whining about it then the development team should change the 3 months down to 2 months.  If the whining persists then move it down to 1 month.  There is that old saying: "we don't negotiate with terrorists".

In the future:  "Guys NEM just felled to $22 per NEM, is NEM dying?!"