|
Understand, of course, that actual communists believed their system was "voluntary" as well. And they spent decades performing psychological research in order to find the most effective ways of conning people into agreeing with them.
|
|
|
|
"you can't buy something, tell everyone it's awesome in order to drive up the price, and then sell it"
I think you're missing the crucial aspect that the thing in question must not actually be awesome. Since Bitcoin is, in fact, awesome, this doesn't seem to apply. Seriously, though, I see early adopters "cashing out" in order to buy mining equipment and mine more Bitcoins. And I seriously question whether anyone has sold Bitcoins in order to hold fiat currency. |
|
|
|
Bitcoin dictator announces another round of currency devaluation. |
|
|
|
|
I guess since the US government's "guaranty" of all its worthless paper is based on threatening and bullying third parties when it comes time to pay, he thinks it's a good idea to expand this model to individuals as well.
|
|
|
|
|
Bitcoin is equivalent to cash.
Refer to him as "The Senator from Wall Street" a few times.
No other response is really necessary.
|
|
|
|
|
Look into brute-forcing 256-bit ECDSA. It's a bit more difficult than that.
e: My uneducated guess is 5,395,141,535,403,007,094 years.
|
|
|
|
|
what is this I don't even
|
|
|
|
This will be my last post regarding this subject, i'm not here to argue about definitions.
Honestly I'm not sure what you're here to argue about. You keep wanting to assume that banks have to make loans and pay interest. And I'm telling you that this is emperically false. It's not even the way banks operate today. Go sign up for a savings account. See how much interest you get. Apply for an unsecured loan. See if you get one. Banks today operate by enabling trade, not savings or investment. |
|
|
|
Stop this talk is stupid - its never going to take 1% of the worlds economy and you make us look like idiots when you talk like this. It maybe an alternative to other investments like gold or silver but lets be honest its value is because it can buy a relatively high amount of dollars. People want the dollar value not the bitcoins.
Personally I think Bitcoin has much more promise as a medium of exchange than as an investment. But even if it just reached parity with silver, that's $1500 / BTC. |
|
|
|
I'm not sure if bitcoins deflationary nature would add to the parasitic consequences of financial speculation in drawing purchasing resources from the real economy, Speculation only has parasitic consequences when 1) it is subsidized, or 2) externalities are not accounted for. Although Bitcoin subsidizes miners, it will probably not end up being a large subsidy and can be dismissed. Since Bitcoin is not a government, externalities are the real issue. And I'm not talking about externalities caused by speculation. I'm talking about real physical externalities that are not even widely recognized as such. And even if it did perhaps the effect would be offset by the non-debt basis of bitcoin creation This is the key. With non-debt-based currency, the supply doesn't need to fluctuate because the contrived concept of "demand" for money loses all meaning. Demand for money is infinite. But people have got to get money for new enterprises somehow, from where then if not by paying a bank to create it?
From savers? Investors? People who receive dividends in return? Paying a bank to raid its depositors is not a viable method of raising capital in the long term. |
|
|
|
Electricity is a renewable resource. Mankind has increased electricity exponentially. Most electricity is created using coal. Coal is not renewable on non-geologic timeframes. It is expected to last only another few hundred years. Or another example, Dubai is a city that grew out of the sand within 15 years. Population exploded and with it the demand for clean water exploded. Your theory would state that it'd be impossible for Dubai to grow exponentially, because it would run out of water - water being produced only in a "linear" fashion.
But of course, Dubai doesn't care about your theory. The solution was simply to build more desalination plants, thus increasing clean water exponentially along with population.
Dubai went bankrupt in the housing crash, and had to be bailed out by it's neighbor Abu Dhabi, which owns the energy resources necessary to run desalination plants. |
|
|
|
|
Well, in the US, credit card debt is normally a loan of goods or services, when it's not a cash advance. So it's consumer credit. I'm not sure what the definition is wherever you live.
Regardless, loaning Bitcoins isn't required for such services; and they can support a Bitcoin bank perfectly well.
|
|
|
|
The bitcoin network currently has more hashing power than the top 500 super computers COMBINED.
That figure is really only valid for publicly available info. NSA, for instance, is one of the largest electricity users on the eastern seaboard. |
|
|
|
As long as we are still leaving the planet in better shape for the next generation than we found it
We are?  Considering the millions of hectares of forest lost each year, extinguishing species, overfishing, etc, I wouldn't say so. No, see, you don't understand. As long as we use all of those worthless resources to build needed things like SUVs and strip malls, then we're making the world a better place. |
|
|
|
Sheesh, you can't read the first paragraph? Credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately (thereby generating a debt), but instead arranges either to repay or return those resources (or other materials of equal value) at a later date. The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Consumer credit is vendor finance. The point is to get people to purchase stuff, not to pay interest. |
|
|
|
the group hug does look a bit odd to me, though ;-)
You mean the rest of you guys don't look like that? |
|
|
|
Lots of big banks these days don't pay much in the way of interest, half a percent or so. And their loan business is crap. They make money on credit cards and transaction fees.
So credit cards are not loan business? Yeah consumer credit isn't technically a loan. http://en.wikipedia.org/wiki/Credit_%28finance%29 |
|
|
|
|
Show Posts
