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361  Economy / Economics / Re: Dollar coming to an end on: August 17, 2014, 04:59:07 PM
Before dollar will come to an end, everyone will have died then, so it will not affect us.
This is the most naive comment I have ever seen.

If you would read a majority of the thread, you would have seen why the dollar will collapse BEFORE you are dead. It will affect you plenty.

Please, go read the thread.
What is in this thread is mostly speculation and generally not backed up by facts. It would be unprecedented for the dollar to fall from where it is now to "come to an end" in just one generation. The british pound is still a major currency several generations (~300 years) after it's empire collapsed. The greek economy flourished for a long time after it's empire collapsed.   
I would also highly doubt that the dollar will collapse for the very same reasons. I would hope that other currencies like bitcoin would become more commonly use in trade, potentially to levels that would eclipse other major currencies. However it is very difficult to make huge impacts on levels of currency trade.

It is not a question of if the Dollar will collapse but when because it can't not collapse; it could have been saved 20years ago and maybe 10years ago but now the collapse will happen no matter what
Why do you say this? What is difference now then 20 or 10 years ago? If anything the dollar has become more widely used and stronger when compared to other currencies.
362  Economy / Economics / Re: How profitable are exchanges? on: August 17, 2014, 04:53:18 PM
I think  ;)A good exchange is very profitabel

If you take btc-e for example, with multi million dollars turnarounds daily, and 0,2% fees, it is not that hard to see that its highly profitable.
There are some other things one should also be aware of, like the amount of security and maintenence that is needed to run such high volume operation.
I wonder how they keep their relations with banks, since bitcoin is still considered a gray area.
You need to understand that the numbers you are quoting are only the exchanges' revenues. They must still pay their expenses which are far from free. I don't think btc-e spends a lot on compliance costs, but they probably spend some non-zero amount. They have to pay for their servers and internet so people can access their site. They need to pay people to maintain their site and for security. All these add up and are probably a lot.
363  Economy / Economics / Re: Facebook accepts Bitcoin? on: August 17, 2014, 04:51:22 PM
There is no guarantee facebook is thinking about accepting bitcoin. They already accepted whatsapp and instagram. Right now, it seems like Facebook is getting ready for another new technology by accepting bitcoin. The company is ready to provide financial services and electronic money.
It isn't so much that facebook "accepted" instagram and whatsapp but they rather bought them out.

It is already possible to pay for things via bitcoin on facebook and IMO it is only a matter of time that facebook will start to accept bitcoin for payment for ads and likely credits. Also since it is possible to purchase many gift cards on this forum, I would not be surprised to start to see trading of facebook credits on the marketplace sometime in the future.

Facebook credits will slowly fade away. Merchants might decided to by pass payment system and accept and deal using bitcoin directly.
Unless facebook were to change their current policy this would really not be possible. AFAIK all "in-site" purchases must be done with facebook credits. This is very similar to how all "in-app" purchases must be done via the iTunes app store for apps on iPhones, iPads and iPods. I could see facebook potentially accepting BTC for payment for facebook credits in the future, but I would doubt that they would allow users to buy things with BTC directly.
364  Economy / Economics / Re: What are Effective Bitcoin Monitoring Tools? on: August 17, 2014, 04:48:38 PM
What really needs to be monitored about bitcoin is the news. Especially news that appears in the MSM as this tends to have the greatest impact on overall price, use and adoption of bitcoin.
I couldn't agree more with you. But there is no way (without self learning neural network) software can analyze an article on content to measure impact. However it would be possible to list all trending news articles, based on social media attention velocity. Which would be a great idea indeed, since nothing like this exists yet.

I'm not familiar with MSM, and neither is google somehow. Can you tell me more about it?
The MSM is the Mainstream Media. It is comprised of news outlets like CNN, NBC, Fox news, The Washington post, the wall street journal and the like. It is media outlets that are very heavily read and respected. They are generally responsible in confirming most of the facts that they report prior to publishing their stories.
365  Economy / Economics / Re: Solution to poverty - Socialism or Capitalism? on: August 17, 2014, 04:44:42 PM

At a restaurant you trade money against a good meal. Wealth just got created.
You valued your money less than the meal, and the cook valued the meal less than the money. The sum of the difference of valuation is wealth.


Not all trade is equal.  Most of the time there is a power relationship where the strong exploits the weak.

An example is sweatshops.  People who need jobs are willing to allow themselves to be exploited because they need money.  This was common in 19th/ early 20th century before existence of labor unions

how is a sweatshop exploiting anyone if they agree to work there out of their own free will, without the sweatshop they would be worse off.

Do you believe its ethical to exploit desperate people? Free will is just a red herring
They are not as desperate as you think. These people can try to get better work or collectively bargen for better wages or work environment.
My question was simple...is it ethical to exploit desperate people.  Even if these people voluntrarly amd free willungly accets the sweathop jobs.  Yes or no?
If people are accepting these jobs out of their own free will and when other jobs are available then they are not at all being exploited. Exploiting someone would be when they would be tricked into accepting a job and then paying them much less then what is promised.
366  Economy / Economics / Re: Can bitcoin survive without the Internet? on: August 17, 2014, 04:42:08 PM
If Internet has shut down, the whole world will affect not only bitcoin. So I think living without the Internet nowadays is impossible to happened.

Yes, it's possible if some authority decide to shut down Internet but hope this will never happen.
There was an editorial in the WSJ today that highlighted the thread of a nuke being detonated over North America. It said that the EMP would do serious damage to the entire country. I would argue that this would be the only real way to shut down the internet and/or "ban" bitcoin.

It's not that complicated.
Remember that woman in Georgia that cut a few cables and two countries were left offline for two days?

The internet is just a bunch of computers hooked with cables , cut 4 or 5 of the most important ones and chaos will rule.

http://gizmodo.com/5912383/how-to-destroy-the-internet
What's even more scary is that the power grid is pretty similar.  There are only a few places through which a lot of the electricity passes (at least in the US).  Although, I would imagine that a lot of places could still get at least some power from local power plants.  I'm not sure how all of that is set up.
The electric grid is not as sensitive to disruptions as the internet is. Yes some areas of the country have to purchase electricity from other places of the country however this electricity does not travel huge distances. You will generally not consume electricity generated in CA in New York. But rather you might consume power generated in NV in CA, which border each-other.
367  Economy / Economics / Re: What have you invested since the recession and how are they doing? on: August 17, 2014, 04:38:34 PM
Banks.Not American banks, however.Primary industry.
Can someone tell me which bank pays the best interest? And I don't mean in any specific country, but worldwide.
Investing in bank deposits overseas is something that is very risky. In the US your deposits are insured by the FDIC up to $250,000 so if the bank were to fail you would be made whole. The same is not true for banks in most of the rest of the world. Even when countries have similar deposit insurance programs, the government that backs the bank insurance is nowhere near as strong financially so your funds would still be at great risk.

To answer your question, it would likely be banks in Iran, as if reports that I have read on here are correct, pays interest well into the double digits. My understanding of the reasons behind this are due to the fact that it is very difficult for Iran banks to get dollars due to US and other countries sanctions against Iran. By depositing money in banks in Iran you would not only face the risks mentioned above but would also face potential criminal charges for violating sanctions, and have moral risks that the money you use could potentially be used to finance Iran building nuclear weapons and terrorism.
368  Economy / Economics / Re: Does BTC.com Really Worth $1 Million? AND What Would You Do With it? on: August 17, 2014, 04:20:47 PM
The bitcoin domain name BTC.com was sold to Josh Garza of GAWMiners for a whooping $1 million dollars a few days ago! Do you think it's worth $1M, MORE or LESS? and what would you do with it if it was yours?

Gawminers has already gotten back the investment because of the publicity spotlight they received for the deal.
I am not sure this publicity is worth quite $1 million. In order for this to be the case they would need to have made at least $1 million in additional profits that they would not otherwise have made. I would highly doubt that this is the case.
369  Economy / Economics / Re: Transferring out of Bitcoin on: August 17, 2014, 04:19:33 PM
I'm trying to figure out what stage is set here.
There are a lot of companies accepting bitcoins in pretty nice volumes.
Are they transferring out to fiat as soon as they make a sale?
Are they waiting until a certain day of the month and dumping coins?
A lot of the major companies are selling their BTC for fiat as soon as they receive it from sales. The reason for this is because they have expenses based in fiat so they have to use fiat to pay these expenses.

When a consumer pays in bitcoin he will have had to had purchased the bitcoin somehow in the past. It would not be unusual for someone to buy more bitcoin then what they spend so the net effect would be that more bitcoin would be purchased.
370  Bitcoin / Bitcoin Technical Support / Re: BTC transaction not confirming on: August 17, 2014, 03:27:47 AM
I find for a small sized tx that if I pay 0.0002 (rather than 0.0001) for the fee it will be confirmed much faster (i.e. generally in the very next block).


That's double the fee so miners would be happy to scour for those
The higher the fee per KB that you pay in a TX, the faster the miners will confirm the TX as it will generate more revenue for them. This is simple economics - if you offer to pay more for a service then someone will offer to fulfill the service for you quickly.
371  Bitcoin / Bitcoin Discussion / Re: imagine having to 'sales pitch' bitcoin to..... a bank on: August 17, 2014, 03:24:49 AM
I really don't think that banks "hate" bitcoin, but rather they partly do not understand it. If they do not understand something then they will likely not want anything to do with it. This is simple business and is not anything against bitcoin per say.

Another reason banks try to "avoid" bitcoin is due to AML issues. There are a lot of traders who use their personal bank accounts for business purposes, and they transact huge amounts of dollars into and out of their account. Most of these traders are likely not following MSB requirements even though they should be. Banks need to perform some level of due diligence regarding this and it is very hard to do so.

I think once Obama leaves office (and the regularity environment gets much better), banks will likely be much more accepting of bitcoin.

I agree AML are probably the main issues for wider and faster worldwide usage.

Some mining suppliers/traders are already finding a way around this and move their operation to a friendlier country.
It is not that easy to move your operations to another country. It costs a lot of money to break your lease and bring your employees and equipment to a distant country. You have the same issue for traders as they have many reasons to stay where they are.
372  Bitcoin / Bitcoin Discussion / Re: The most Overused Words in Bitcoin History on: August 17, 2014, 03:23:03 AM
I choose
decentralized
scam
FUD
Holdhodl
to the moon

decentralized is with difference the most abused word in the bitcoin texts
FIFY

The bottom 5 of this list pretty much sums it up. These five words more or less will appear in every thread on this forum that has at least two pages worth of replies.
373  Bitcoin / Bitcoin Discussion / Re: Ebay CEO finally surrender to Bitcoin on: August 17, 2014, 03:16:14 AM
Ebay CEO finally surrender to Bitcoin.
His company Ebay is far behind many other big fortune 500 companies that's currently accepting Bitcoin.
One of the biggest company Dish Network beat them to the race. Ebay is now left behind to eat dirt.

They are now looking at many different angles on how to let their customers pay using Bitcoin on Ebay.

related article:
eBay CEO Says Digital Currency Integration Coming 'Very Soon'
http://www.ibtimes.com/paypal-getting-bitcoin-ebay-ceo-says-digital-currency-integration-coming-very-soon-1594904

Bitcoin key to future of online payments: EBay CEO
http://www.cnbc.com/id/101734293

Now we need to get Amazon. Resistance is futile.

Amazon will HAVE to accept BTC eventually ... that's something I feel is inevitable! let's just hope its before 2140 or before Mr. Nakamoto decides to take BTC offline  Cool
LOL. Okay first of all satochi is not able to bitcoin "offline" as that is simply not how it works. Secondly Amazon, nor any other merchant will not ever have to accept bitcoin. It will generally be beneficial for them to do so to remain competitive and to reduce costs but they will never be forced. 
374  Bitcoin / Bitcoin Discussion / Re: The $100->$1200 BTC bubble! on: August 17, 2014, 03:11:53 AM
Who made money during the $100 --> $1200 BTC spike, it was too easy which makes me think exchanges robbed people that listened and invested at $100 to get a return of at the least over $500. I was a victim of this selective scamming by BTC-E. How many people do you think made millions in profits off the BTC bubble?

Bitcoin isn't an investment, it's a currency.

Bitcoin isn't a currency. It's a protocol.

You're confusing the blockchain with bitcoins.  Bitcoins, millibits, microbits, and satoshis are currency units.
No Skoupi is correct. The protocol is Bitcoin with a capital "B" while the currency is bitcoin with a lowercase "b"

Currencies can be considered to be an investment, yes a speculative one but still an investment.
375  Bitcoin / Bitcoin Discussion / Re: Wikipedia Raises 237 BTC Through Donations In One Week on: August 17, 2014, 03:09:11 AM
On the other hand, Wikipedia is run by a bunch of greedy people who survive on bribes from the organized cabals who control many of its articles (especially in the politics and religion sections).

Really, I thought with Wikipedia it was free for the public to edit - although moderated to remove useless and incorrect material that hadn't had proper citing. Are you trying to say that the articles are designed to be biased towards specific causes?
Wiki articles are rarely moderated and only are in the most extreme of extreme examples. Even when they are moderated the moderation is so that only people with older accounts that have successfully edited many other articles over time can edit specific articles. It is almost like they are moderated by the community.

Wiki articles are suppose to be neutral and when they are not they are flagged to be updated.
376  Bitcoin / Bitcoin Discussion / Re: What are the top places of Bitcoin discussion ? on: August 17, 2014, 03:05:13 AM
I would like to list out the top places of Bitcoin discussion where Big Brothers discuss their business and communicate with customers. I'm listing here what I know. If u know more, please add below, let us know which one is your best choice and why ?

1. https://bitcointalk.org

2. http://www.reddit.com/r/bitcoin

3. https://webchat.freenode.net/ #bitcoin

4. https://bitcoinfoundation.org/forum/

Bitcointalk is definetly the best, and top place for bitcoin discussions,since it offers everything related to bitcoin, from development, to mining and investing.
The only downside is that it also has alot of p&d coins that emerge each minute of the day, which only confuses some people..
I only discuss here tho, since old habbits die hard Smiley
The IRC channel was likely the top contender until several years ago when it was dethroned by this forum. Reddit likely has more members overall, however only a small percentage of them ever visit/post on /r/bitcoin. I didn't even know that the BTF had a forum on their website.
377  Bitcoin / Bitcoin Discussion / Re: Satoshi was assassinated by The Bitcoin Foundation? New evidence coming in on: August 17, 2014, 03:02:46 AM
The Bitcoin Foundation is a very shady group that has been heavily involved in many illegal activities. From allegely hiring hitmen to the "loss" of around 800k bitcoins.

Many murders and "suicides" revolve around TBF.

Here is the "suicide" of Autumn Radtke : http://nypost.com/2014/03/05/bitcoin-firm-ceo-found-dead-in-suspected-suicide/

she was involved with the Bitcoin Foundation and the "suicide" is looking very suspicious.

With The Bitcoin Foundation being one of the biggest most influential entities in Bitcoin if they somehow were able to find out Satoshis indentity which is very much possibile. Their is no question they would act immoraly and either kill him to seize his power or detain him.

From theft in the hundreds of millions to murders the Bitcoin Foundation is a corrupt organization that will do whatever it can to gain more power, I will look into this case more and bring out the truth.

Cryptopaths, Chief Of Police of the CPD

~Crypto Knight~
Are you insane? The Bitcoin Foundation is tiny...and has like $5M max in assets.
Threads like this generally only have posts by people who wear tin foil hats on a regular basis. There is more or less zero evidence to support pretty much anything that is being said in this thread, or if there is any evidence it is highly circumstantial.
378  Bitcoin / Bitcoin Discussion / Re: OverstockCEO rocks: "Cryptocurrencies like bitcoin are going to be around for as on: August 17, 2014, 02:58:48 AM
It seems to be very clear that he is bullish on bitcoin (and possibly other altcoins). He is a true believer. He is reportedly keeping 10% of bitcoin sales in the company coffers and is paying his employees' bonuses in bitcoin.

He is not well known in the bitcoin world as of yet but he will likely be a better known name in the future. 
379  Bitcoin / Bitcoin Discussion / Re: Bitcoin to Become a World Reserve Currency on: August 17, 2014, 02:43:49 AM
There are a few other factors that make Bitcoin ideal:

-Bitcoin has no counter party risk: no one can devalue them
-Bitcoin can't be confisicated. Unlike gold in 1933:http://en.wikipedia.org/wiki/Executive_Order_6102
-Bitcoin can be sent over the Internet.

The president could issue a similar order regarding bitcoins, it would just be impossible to execute.
The president could not order that bitcoin (or any other asset) be confiscated. This would be against both the 4th and 5th amendments to the constitution. Although for president Obama, this does not seem to matter.

You also very much have counter-party risk when dealing with bitcoin. If I were to purchase a widget from you and I send you bitcoin I would be risking that you would not send me the widget that I paid for or that the widget is somehow effective, or that you somehow try to steal the widget back from me.
380  Bitcoin / Bitcoin Discussion / Re: Does this brainwallet have sufficient entropy ? on: August 17, 2014, 02:33:32 AM
With brain wallets the question of sufficient entropy is not so much as to how long the paraphrase is, but is more how close to being truly random it is. If parts of it contain words that can be found in any piece of literature (backwards or forwards - including the dictionary - in any language) then you are likely vulnerable. If there is not any kind of pattern to your paraphrase then even a shorter paraphrase could potentially keep your funds safe.

A word to the wise: using a brain wallet is very similar to using an address that was generated with a flawed RNG. It may provide some level of security, but you have a much greater chance of having your coins stolen at some point in time.
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