http://www.cnbc.com/id/100971898"We should have competition in the production of money. I have long been a proponent of Friedrich August von Hayek scheme to denationalize money. Bitcoins are a first step in this direction,"said Frank Schaeffler, a member of the German parliament's Finance Committee, who has pushed for legal classification of bitcoins. "Sooner or later, depending on the success of private currencies, authorities will feel the urge to ban or regulate private currency. A free country should resist and not intervene in citizen's private choice of money. In my opinion the production of money is none of the government's business," Schaeffler said. Wow x 2. Quite a stark contrast to the US stance to date. Indeed, big thumbs up to Mr. Schaeffler ! Go Germany !  |
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I suggested a p2p trust ledger a while ago, the idea was disliked. I still think some implementation of a system like that would be incredibly useful to a social, technological species such as us, but I don't think I'd personally be capable of coming up with anything usable. Hopefully someone will dream something up.
You mean keeping tabs on whether a person is trustworthy or not? Like you meet someone new, and through this ledger you know if he's a decent fellow or not? |
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It would indeed open a second market to people who want to get rid of their goxed USD.
So the gox price of BTC would go down a little, until the LTC price has risen to +10 (maybe 20) % above the BTCe LTC price...
Depends, are there a decent amount of people (or 1 rich one :-) ) willing to sell their LTC at gox at <20% premium? |
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I tested one polish withdraw for 500 zlota and it went through next day. So then i tried larger ones and they are all still pending.
What does support have to say about it? "We are broke."  (No, I truly hope this isn't the case, but it's a real possibility imo) |
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Can anyone recommend a (somewhat) safe alternative to bitstamp and gox?
I want to spread my 'broke/shutdown/scammer' risks somewhat. Slippage isn't an issue as I am only krill to the whales.
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That's a SWIFT from gox to polish bank account denominated in EURO but in japanese yen (so bank will convert upon arrival).
SWIFT transfer is futile at the moment. EUR (SEPA) or PLN (domestic) will be much faster. I have been waiting more than a month for PLN and I gave up. Are there any news about PLN wire transfers from MtGox? Just to be clear, you tried to withdraw polish zloty from mtgox to a polish bank account, and it wasn't processed after a month? |
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(Actually he is a bull in disguise. No sane person spends this much time on a forum dedicated to something they seem to despise so much.)
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I hope you succeed in the future to also get the big picture right (that the bull market was over and a bear market would start) and that you choose the right course of action so that you help yourself and others to reduce losses instead of increasing them.
You do realize that for someone to profit in trading, someone else has to lose, right? Yes. Why you ask? It sounded like you were saying it was a holy mission to correctly predict the market, and everybody would profit from this. EDIT: maybe, to the extent that trading could be useful (in providing information to the economy), correctly predicting price based on value fundamentals is the best thing that a trader can do. |
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I hope you succeed in the future to also get the big picture right (that the bull market was over and a bear market would start) and that you choose the right course of action so that you help yourself and others to reduce losses instead of increasing them.
You do realize that for someone to profit in trading, someone else has to lose, right? |
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The problem with compounding interest and the problem with deflation are essentially the same. Both choke off money velocity. The only excuse I've heard is that "It's actually good people don't spend their money." This stands in contrast to every economic theory, even Austrian Economics. Only "Bitcoin Economists" have come to this strange conclusion.
Maybe Bitcoin (and gold) are not very 'money-like' after all. At the present time at least. What's your def. of money then? |
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Germany should attract a lot of start-up capital and associated bitcoin innovation if this legal framework is indicative of future attitudes toward bitcoin by the German gov't.
I truly hope so. After the Weimar period, Germans traditionally have greatly valued a strong currency (like their Mark), so they might have the right attitude for bitcoin. I guess the future will tell... |
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Something about Greece and bank bailouts. In a sense Satoshi promised to solve the problems associated with that, he does not.
Really ? this is in genesis block ? What is your source ? Yeah, it's something like 'the times: chancellor on brink of second bank bailout'. Look it up. |
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Right now it looks like whales herding the sheeple into buying up to the 115 wall.
I hope I'm wrong and we'll see 120, but for now this looks fishy to me.
It's like those videos you see of the orcas herding the seals into a trap to eat them...... Do they want to feed at $115 or are they after a bigger catch at $130 or $160 or higher ?? Are there bigger fish to fry ? Something smells fishy... |
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Most of this value retaining properties come from the false promise of being able to replace the system with itself. This is why ultimately when it comes down to it it's a scam, not because of it's ponzi like properties but because of the deception encoded into the genesis block. Yes I am attacking the golden goose.
You keep insisting it's a scam. I don't get it. |
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Market is starting to look erratic, capitulation is coming.
You mean down? Yes, enjoy the show. I believe it 'll go down too, though I am not really sure. |
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I really don't get this whole fixation on "what backs it up?".
What backs up the bread on your plate?
The fact that you can eat it to stay alive. It is something I often hear from gold bulls and to be honest they are right. If the internet were to go down then your bitcoin would be worthless, just as if the government decides to inflate the currency on the scale of Zimbabwe your fiat becomes worthless. Currencies have a long history of coming and going and this is why some people especially investors are wary of anything not "backed". Because if the SHTF in any significant way (war, famine, economic collapse) there is still value in things like food, guns, medicine etc, and other investors understand this, even if they are not tin hatters themselves, and consider it when making investment decisions. This affects prices. I believe we think alike, but I still don't like the word 'backing' . In the bread case, you seem to use the term "backing" as a synonym to "what gives this value". Or what is your definition of "backing"? And if we are talking about different scenario's, how much value is there in gold or guns when you are on a sinking boat in the middle of the ocean with no lifeboats? Anything can become useless in some scenarios, so the present value you ascribe to an asset should consider the likeliness of these scenarios, and the value the asset holds in each scenario. |
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Bitcoin is backed up by Math ^^
That's a nice sound bite, but not much more. Depends on how deep you read into it. Is the math behind Clonecoin 42 any less valid? |
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that will bring down the price of btc's in Yen, won't solve the USD price from being high (unless it is somehow possible to convert dollars to yen at gox).
You can buy from someone in USD using EUR. So you are saying I can convert euros to usd in mtgox? I highly doubt that is a standard practice to be honest. Maybe people with huge accounts can ask for special service. Maybe you meant that BTC connects all currencies in gox, but that still doesn't change anything. Yes they convert currency for 2.5% fee. If I send Canadian dollar without a Canadian account they will convert to USD. Oh, I didn't know that, thanks. |
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that will bring down the price of btc's in Yen, won't solve the USD price from being high (unless it is somehow possible to convert dollars to yen at gox).
You can buy from someone in USD using EUR. So you are saying I can convert euros to usd in mtgox? I highly doubt that is a standard practice to be honest. Maybe people with huge accounts can ask for special service. Maybe you meant that BTC connects all currencies in gox, but that still doesn't change anything. |
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