This is totally un-documentable BS, since nobody knows what you are doing on Kijiji or whatever with your friends and Bitcoins.

In fact being stupid or greedy enough to need to be reporting it as "investment income" or  "investment losses" should be the crime.

In the USA the "Over the Counter, funded Credit Default Swap" derivatives (OTC fCDS) are totally tax free "deregulated" mediums of swap-transaction. (eg: a marginal cost, basically zero-sum instrument)

http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

A "funded" CDS (Credit Swap) is simply an instrument where you fund someone else's "default loss" to be compensated for that by the next owners funding of your "default loss".  It's just a rubber cheque that people can all play "bounce" with, and fortunately for us all, it is also the intrinsic nature of a BTCitcoin.

If it's value changed while it was in the air, who's to say if you lost or gained or what else was involved at the time when you swapped them in or out and back in from elsewhere?

Who could determine your costs for one you've sold or still have, or it's "new" value if you haven't sold it yet?

Who can prove you didn't barter your granny's sewing machine for more of them?

Can an exchange know you weren't cashing in or buying them for somebody else?


use your wallets and transfers at all those exchanges you can, often, problem solved...

Ok guys please don't think I'm picking on either of you here, but these are the facts. (as I see them)


The inflationary or deflationary exchange value of the BTCitcoin Over the Counter "Credit Swap Derivative" will have nothing or only very, very little ever to do with it's quantitative monetary "supply" (destruction or mining uncovery) nature. Mining uncovery merely sustains it's uniquely contrived exchange verification (universal blockchain) network.

BTCitcoins are valued and devalued solely by the laws of supply and demand mediated through the market price/valuation mechanisms of bid and ask settlements on trading exchanges. These currently grossly infantile and horrifically ill-suited price-exchanging mechanisms will hopefully become better regulated as we progress here with identifying much better trade-exchanging practices.  


townf please explain the mathematical reason why everybody on earth would "eventually" lose all of their money? Do you know something about hard drives, memory sticks, software and online trading accounts that we don't? Anyone who is clever and sophisticated enough to use/keep a digitally encrypted virtual Over the Counter Credit Swap Derivative as savings will be smart enough to use a backup program to save the current state of their wallet. Over time the number lost should never even approach the number newly uncovered


DannyHamilton it is impossible for a transaction to occur over the network involving less than a further - tenth of a "femtoBTC (1 fBTC = BTC0.000 000 1)".

The smallest possible "atto" 1/100 millionth unit is called a "sitoshiBTC (sBTC) = BTC0.000 000 01 = 1 sitoshiBTC. The blockchain network cannot record nor verify any smaller of a transaction. BTCitcoin will have a vast, nearly infinite universe of "SitoshiBTC pennies" to use should it's valuation ever need some.



Score! Danny =1 town = 0

You couldn't "divide up" and sell-off (allocate) parts of the limited range of IPV4 addresses to more computers than that who needed them, which made their central IP database registry (bitchain) impossible to enlarge.

Unlike an IPV6 address, a single "mommy BTCitcoin" regardless of wether she is plump or skinny, can always be crisply divided up into a 100 million different screaming and burping little SitoshiBTCs who are all totally independent of whats left of her.


BTCitcoin valuation has nothing much at all to do with the supply of it , and everything to do with the demands for it. As a productive global human population increases it's demand for it, it's exchange-valuation-supply will naturally tend to only increase. Should that demand fall it's owner's own independent valuations of it should tend to stay where they were moreso than they tend to fall.

BTCitcoin was designed to be "counter-flationary" owing to independent, local "market-owner" valuations rather than centrally dictated noble-fiat "slave-owner" ones



No it doesn't, really,


"Monetary devaluation" or decreasing the value of a money (price inflation) is the same thing as making and circulating more of it. It is a moronic tactic used by Tory-Bilderberg Trotskyite Mensheviks to foolishly attempt to prod growth by monetizing slaves debts that you are too greedy and evil to forgive. It only results in making bond loans even more worthless than the debt liabilities they back.

"Monetary revaluation" (seldom heard-of as in 1973 Bretton Woods) or increasing the value of a "limited commodity" foolishly used as money is the same thing as reducing/monopolizing it's supply or a "Gold Standard" doomed to shrink until fraudulent rented-Receipts For It Notes must be used to replace it (1913), then leading to rented They-Owe-Us Notes backed by "bond" debt-slavery pledges to it's former value (1973).

"Monetary iValuation" is the BTCitcoin free market system, where monetary supply and demand determine an ever naturally increasing valuation that profits all who own it and automatically remains "price-inflation neutral" regardless of growth without central control.


If you don't like the "inflation or deflation" of your BTCitcoin you don't have to sell it. But, this may change, hopefully it's price always inflates at a goodly more or less demand-constant premium to encourage saving, rather than it deflating and robbing us.



Not me  

indeed A.J. held them off, and gold was still a far more seriously threatening economic disease back then too. Endogenous money is the only way to go. Sure I have savings in gold, but that's because it's a giant pain in the butt to spend it

Well the people of Iceland did it, but you have to keep thinking to stay alive there.

A Credit Swap derivative is a perfectly fine medium of self-backed transactional exchange mechanism but to assure it's more or less constant and conservatively or at least gracefully rising Exchange Valuation you cannot have it traded like just-any common penny-stock.

The simple liquidity transfer burdens themselves become a severe vulnerability and hazard to it's values, as large gulfs of spread must be bridged for them.

The current system is unworkable - you have to regiment bids and asks into a dense well populated region of echelons about the current median basis point and while still vastly encouraging deeper support for the effects of moving big BTC by backing fallback bid (red) volumes you must also be counterweighting the effects of moving $cash ask (green) volumes through always fostering lesser (discouraging or banning greater) upwards ask spreads

I mean people shouldn't be using exchanges to post their Craigs list "want ads" to move their special, "vintage, smells like Sitoshi" $3,000 "collectors 2010" BTCitcoin. If they do, an exchange should charge them a "reasonable" 95.64% transaction fee

The Soviet Union kicked out Trotsky and did it, fortunately none of them got assassinated, because they killed the banksters first. Julius Caesar, Abe Lincoln and John F Kennedy weren't so lucky...

BTCitcoin finally uses their own Over the Counter Derivative "Credit Swap" medicine against them. It is all always solidly "backed" when we buy it.

the price of bitcoin was manipulated by banks a week ago, where were you?

We need better trading rules for these penny-stock market exchanges and I have put them forward.

altcoin- shmaltcoin!

Cavemen always attack what they fear. The idiot argues that a BTCitcoin Over the Counter (OTC) Derivative - "Medium of Credit Swap" (fCDS) - is a "nothing" for a "something', which is demonstrably false and untrue.

It's just a "Funded Credit Swap", you fund the "loss" of it's last owner, then in the "future", it's next owner funds yours.

The "conspiracy nut" guy has a point, but he doesn't understand squat about the fundamental and crucial difference between "wealth" and "money", or the nature of the process of "price discovery" for a New Epoch Defining devastatingly simple, colossally utilitarian, and infinitely egalitarian "New Economic World" BTCitcoin Medium of Labour-Credit Swap "currency".

Consider these "Ponzi Schemes":

 In fact salt, necessary to preserve meat before refrigeration, was the first "money", and all new markets for a new commodity are trade and distribution "ponzi pyramids".

The first cave guy who stumbled upon shiny yellow stones he couldn't eat or kill anything with in a pile of rocks at the bottom of some stream was exactly like Sitoshi. He picked them all up and went "kool" to himself, went back to the campground. probably pounded them into ear rings and pawned some of them off on some pals. Immediately these guys noticed that their shorties were fascinated by and thrilled with them. Soon other guys also came across chicks with them and also noticed they could also make rings and bangles out of them that really drove the chicks crazy and they all went back to Sitoshi to get some more.

Soon Sitoshi was fat, buried in other valuables and out of places to find more gold just laying around, so still having a bunch of gold that cost him nearly nothing, he decided he had to get guys to pan or mine for him around where he'd got the first batches. Also some dudes named litecoin also got hired by mistake and also figured out exactly what was going on with these ugly dudes getting action with all the hot chicks with this junk. Once Sitoshi's mine was sold out he was fixed for life, still selling it now for many hundreds of times more than he first did and out off the top of his 1st sales pyramid with a fortune. (and probably all the hottest babes in the region)

Meanwhile everybody else was left to either holding on to them as long a they could, and flipping bits for more stuff to new horny dudes or selling their hoards for similar fortunes of value to other tribal warlords etc. using bits of it for barter, whacking one another or "getting their sins forgiven" for some.  

This of course prompted other gold mining and gold panning "pyramids" to be started as get rich schemes for their bankrollers. The story of oil is little different.

When the first entrepreneur discovered salt, oil or gold for instance, they likely had no idea of the intrinsic-value, utility-value or exchange-values of them. In most all of these cases, the lucky dudes named Sitoshi brought some of their new "intrinsic curiosity" back to the encampment, and noticed their pals also had a curiosity about it, so he promptly gave them some in exchange for a few extra cups of their grog and went back a day or two later to the place he found that for more, to continue his enterprise. He did this because he was made drunkenly aware that this new "common curiosity" of his seemed to have both an intrinsic(curiosity) and what remarkably seemed to be an exchange value!

Meanwhile his pals noticed that you could salt meat to keep it from spoiling and even use it to make other crud taste better or use oil to make wagon wheels move more smoothly or was easier to light for light or heat, others noticed the hottest chicks loved earrings and bangles made out of the yellow shiny stuff. This second echelon "second floor-down" of low price meddlers had developed or discovered that Sitoshi's kool new "commodity" resources had utility value, separate from their common intrinsic value that increased their (greatest and most desirable of all) "exchange value".

Owing to these new discoveries Sitoshi's small second floor-echelon of Sitoshi-Resource Pharoahs began to market their new wares as bagged salt, bottled torch fuel and bullion to make chick-magnet jewellery. Buzz and newly discovered utility values allowed third and fourth floor-down echelons to "Price Inflate" (discover) the same Sitoshi-Resources their wholesalers got for grog into hard assets they could sell for boats, tents and fancier rides for their shorties. Finally fifth and lower floor-down operators in the marketing pyramid's echelon really started to exploit even newer and better utility values leading the price discovery of their new commodity resources into becoming something closer to reaching for the most treasured and coveted crown of either being a utilitarian commodity resource of serious hard-asset exchange value, or just a too-rare "wealth itself". (eg: gold)

Of course all these things didn't happen at once because, in the pre-refrigerated ancient world, salt (in high demand) was the first well known and widely traded form of a widely accepted Medium of Labour Exchange Currency (aka "money"). Indeed the further it had to be conveyed to deliver it, the more it's intrinsic value was "Price Inflated".

Salt worked as a "money" only so long as it retained it's aura as a rarity of constantly assured value. Salt's price-demise (Price Deflation)  as a currency no doubt came about with the invention of the Sauna bath where people suddenly became aware it was as common as sea water.

Gold worked as a "money" (Medium of Labour Exchange) until rich wealthy Pharaohs hoarded it all and we all ran out of enough of it to make it useful and/or had to end-up settling for counterfeit receipts for some that was rented out, lost and all sold-out 40 years ago.

We'll never run out of BTCitcoins or room to iValue them upwards to a more appropriate value when the monetary supplies and demands of growth necessitates it....

"Monetary devaluation" or decreasing the value of a money (price inflation) is the same thing as making and circulating more of it. It is a moronic tactic used by Tory-Bilderberg Trotskyite Mensheviks to foolishly attempt to prod growth by monetizing slaves debts that you are too greedy and evil to forgive. It only results in making bond loans even more worthless than the debt liabilities they back.

"Monetary revaluation" (seldom heard-of as in 1973 Bretton Woods) or increasing the value of a "limited commodity" foolishly used as money is the same thing as reducing/monopolizing it's supply or a "Gold Standard" doomed to shrink until fraudulent rented-Receipts For It Notes must be used to replace it (1913), then leading to rented They-Owe-Us Notes backed by "bond" debt-slavery pledges to it's former value (1973).

"Monetary iValuation" is the BTCitcoin free market system, where monetary supply and demand determine an ever naturally increasing valuation that profits all who own it and automatically remains "price-inflation neutral" regardless of growth without central control.

The solution is childsplay but first you have to understand the essentials:


About Bitcoin:

A Bitcoin is a commercial "over the counter (OTC) derivative" of the current-past value and future possible values of itself and it's network, which are only (at best) completely deregulated commercial resources, and neither "commodity futures" nor "securities" as per the CFMA of 2000. This is why, with it's "penny-stock market" exchange-value changing every 15 seconds, it is useless as a "money" because you need an hour to accept and/or spend it, and never really[/] know what it will be worth come (future) selling time. It's current wildly unstable, disparate and volatile exchange-values are really only very useful as a delayed-exchange "funding" funded-swap medium.

The "exchange-value" (price) inflation and deflation of Fiat Bitcoins has squat to do with any "monetary supply" of them and (foreseeably) never, ever will!

Market speculators and their fiat-antics capriciously determine the latest (stale) fiat exchange-value of the last fiat Bitcoin that past their way.

The actual "price" of any given Bitcoin remains forever unknown and unknowable until after it has been re-sold (re-exchange valued) to the next guy, in the future.

The best way to think of the exchange-value of Bitcoins is as a kind of a "virtual toilet" which, regardless of what has been dumped through it, only bears the memory-value of the position that it's last user left the seat in, to it's own current owner, alone. Bitcoin functions exactly in much the same way as a "funded" Credit Default Swap (fCDS). You fund it's former owner's "loss" (costs) on it, and the next owner funds yours.

This and it's other features make it ideal as a delayed patient "credit swap" Medium of Exchange between two sophisticated parties, but other factors make it a totally or nearly useless commercial Medium of Labour Exchange Currency like other stable, dependable and reliably valued things that "currently" serve that purpose.

The way BTC is kicked around by it's bone-headed "exchangers" as if it were "somebody else's" trashy penny stock, it will never be stably valued enough to be considered as a competitive Medium of Labour Exchange "currency" by anyone who might wish to contract, conduct business nor any serious large or long-term transactions in it. (let alone loan it  LOL)

The stupid Bitcoin "penny stock market" Exchangers


Well this is the whole deal. Certainly it has to always continue to rise in value or "gradually deflate" (simply our profits or "interest" for adopting and spreading the adoption and wider use, ever-more widely of our "money") but we can't ever be pleased to see it inflate,(devalued) such that we all lose!!

So not only should those "$5 Bitcoin Pharaohs" who have profited most immensely from it be eager to support it, but our exchanges have to stop thinking like penny-stock markets, by actually assisting speculators to long and short it excessively without any sturdy disincentives to deter or make such deliberately mischievous attacks upon our currencies value unprofitable.

Exchangers: It's not like you don't know what's going on when you see the same fat wallet speculative traders high frequency bidding your basis up with low volume spread price "egg-on" buy/sell orders. By permitting out of range bids to execute at the same cost as rational fair bargaining bids (for more patient bargain seekers) a single player can rapidly bid the price through 20-30% by burning through as little as a hundred bucks, then buy or sell his thousands into it, causing scary and catastrophic volatilities to be triggered.

So really it's quite a simple and automatic dampening system you need like an "arithmetic shock absorber". There are two things you have to control, the number of and value-levels of (valid, permissible) bid/ask slots about the "current basis", and a progressive scale of "trading slot fees"(for them) that increase exponentially the further they deviate from the "current basis" value.

Of course you may need to keep (out of range) buy-limits there too,(without fee penalty) for support.

The number of buyers or sellers are irrelevant, only their positions their goals and the weights of their wallets are.

Usually sellers sell at the buy price and buyers buy at the sell price but often the buyers go short and the sellers go long, to "bargain".

Eventually an impatient buyer must go long enough to get a buy or an impatient seller must go short enough to make a sale, especially if a larger quantity is involved.

Those two smallish "bridging a spread" labours capriciously move the last market price (spread bounds range limits) up or down, over-valueing or devaluing the pretend "currency" like a hooked swordfish but that is not the real problem.

Any larger transactor (who we desperately want and need more of like big retailers) who must obtain or clear large amounts is always forced to very painfully suffer a much lower or higher than market price, (vaulting the spreads) and the larger the quantities, the bigger those (nasty) spreads get and remain, left behind them. It's not like they can go to a flush "money-changer" and buy or sell the particular given price.

They have to go into the "penny-stock exchanges" penny-order book and find a bid that will get them all the cash or BTC they need to transact.

In fact the critical challenge to Bitcoin transactions other than a stable price, is the actually practical value of liquidity a given transactor can move through an exchange at or around a given price within a practical period of time, which argues for a much, much more highly valued Bitcoin (eg $1,000-$10,000-$100,000), specific pre-determined bid-rung levels about the "current median-basis price" with exponentially higher fee punishments for further out of bounds bids, and for tighter daily transaction frequency limits also punished by exponentially higher fees.

 

So you accomplish three goals; making simple exchanges at current value the "cheapest fee trades", and you make wildly out of range bids or asks that may stampede the market in either direction costly to place the further they go, you keep bids and asks within a given "basis-centric" range and ladder, while you still preserve "support level" bids.

The way I see it is as an automatic mathematically derived dampening mechanism that (profitably for the exchanges and us all) simply impedes upwards bubbles, and large gulfs in ongoing median trading prices, by tweaking, rather than breaking the laws of (monetary) supply and demand.

Indeed George Bush Sr. despite his own self-proclaimed ignorance of the subject is about the only person to have accurately described it in the last hundred years or so when he correctly identified Reagan's Tory Trotskyite Freidmanist-Menshevism as "Voodoo"

Baseball cards would have probably worked much better than silver. Had they chosen silver the art of fine dining would have been tragically degraded forever and banksters would be losing hair and sleep worrying about getting caught for hypothesizing rented out sugar bowl contracts..

Obviously nobody here has the FIRST CLUE about the difference between "WEALTH" and "MONEY".  

Colbert, the Malthusian Physiocrats and the "Xxx World Order" Freidmanist Mercantilists never did and still clearly don't, but almost every other valid, classical and neo-classical economist from Julius Caesar, Henry 1st, John Locke and Adam Smith to Keynes always (more or less) have.

FREE MARKET ECONOMICS isn't about what or how much a money is, nor really about how much or little of it is lying around. It's all about the very most important matter of "Who owns, controls the values and supplies of, rents-out and profits from it?"

When we use the word "wealth" all it means is "a lot of" any "one sort of" or "many sorts of" COMMODITY or RESOURCE.

Commodity = some sort of a generic asset (as in "fungible" meaning things that are "all the same".)

Resource = some sort of an action or limitation, a "renewable or non-renewable" source, asset or supply.

When we use the word "money" we are discussing some medium of VALUE exchange. (eg What'll we use for "money?")

Value = either or all of the intrinsic, utilitarian or exchange natures of any asset.

The first reason people confuse wealth with money has to do with assets. Since any asset can be a "money" for a given transaction this is understandable, so we need a more narrow definition of an "only-money" to distinguish it from other stuff.

The second reason people confuse wealth with money has to do with the confusion between Resource-assets and Commodity-assets. Very often we see them lumped together as "Commodity-Resources" which is also rather understandable but is DEFINITELY NOT all well and good!

In fact it is a fact of life that there is BUT ONE "Resource" that is SUPREME! All other resources are secondary.

Without the PRIME RESOURCE nothing happens, ever, at all, anywhere, to anything or to, for or between anyone, period!

Once again we return to Locke and Smith's three distinctly separated concepts of the loose-term "value". These are differentiated as utility-value, exchange-value and intrinsic-value. If we consider the Medium of Investment commodity of water and the Medium of Savings commodity of "emeralds"(gold) as examples, you can see where each can end up isolated into a single category depending entirely upon conditions of chance. During a long drought in a desert water has all three values, emeralds only one. At a feast next to the fountains of a palace garden, emeralds have all three values and water only maybe one.

In both cases above the "Prime Resource of Labour" alone ALWAYS stably retains at least two if not all three of the natures of value, as it usually does in most all scenarios. It is usually the prime function of a "money" that it be a suitably stable and reliable "Medium of Labour Exchange" value, first and foremost!

A good and useful "money" is always, first and foremost, a token of the Prime Resource, or, in other words a "standard" MEDIUM OF LABOUR EXCHANGE.

NATIONAL-SOCIALIST (NAZI) ECONOMICS 101:

1: Most economies are local. More-local economies of scale exist within them but the delineating factor that comprises them has usually been the "commonwealth" national, public Medium of Labour Exchange "currency" token that they share. International trade-exchanges themselves are NOT "global economy" they are a collection of marketplaces or the Global Marketplace that the New Economic World of the BTCitcoin Nation now truly first represents in "human economic", as opposed to mercantile "national-socialist (NAZI) or transnational-socialist (Bilderberg-Fascist) economic" history.

2: All labours and the (renewable) fruits of all labours are the Prime Economic Resource. Only "menial labours" can be regarded as a "commodity".

5: The main and principle mediums of all commercial exchange are local, public (national) Labor Exchange “Currencies”(money-tokens) which, although they may be possessed by all, are ALWAYS the sole and exclusive "properties" of the (trade-) wealths of national economies.  The conventional old-world Medium of Exchange which are a public economies "labor exchange currency" tokens, can be possessed by individuals but they are never "owned" by those individuals (only their exchange values are). To privately impose and "own, value/devalue and/or issue" the sole lawful Medium of Labour Exchange is to impose slavery.

3 The Prime Commodities (Labors and Labor’s-Fruits) are “fiat”, unlimited, and ever-growing in a healthy, growing economic system. Growth is a "fiat" choice. As the size and exported productivity of an economies labor force vary so must the well-proportioned quantities of it's labor exchanging tokens, otherwise inflation or deflation of the absolute value of those tokens occur. This well-regulation of a "money supply" is the duty and responsibility of a well-accountable system of public governance.

4: All Non-Renewable Commodity Resources OTHER than ever-growing Labor and its Renewable Fruits are finite, limited and ever-shrinking in proportion, due to economic and labor population growth itself. All these "others" are, to certain labor and demand conditions, exchangeable "Mediums of Investment".   A medium of investment's commodity-resource value may increase or decrease, regardless of supply or demand, due to a host of other market factors. Certain exclusive, limited and highly specialized skilled-labor "specialties" are also "more finite resource" Mediums of Investment, but still, their added-values are still subject to market factors.

6: Rare Commodity Resources (arts, antiques, fuels, metal and mineral rarities) are less-exchangeable, but certain to appreciate in value "Mediums of Savings". Their long term values are far less affected by market conditions due to their exclusive irreplaceability and non-renewability.

7: The current value of a local (Central Bankster) Labour Exchange “Currency” token is the sum of the values of it’s exportable labours and labours fruits, divided by it's quantitive availability among and size of labour value exchanging populance. Its absolute "current" value is determined by its foreign exchange worth in/to the global marketplace. The New Economic World of the BTCitcoin Nation employs an "Over The Counter (OTC)" Derivative Swap Token who's ultimate (hopefully trading-convention stabilized) exchange value will be determined solely by the Global (or a local) Marketplaces demand for them.

8: One cannot represent the exchange value of an infinite, ever growing fiat quantity of the utility-value worths of all the labourers and all of their labours fruits with the increasingly rarer ever-shrinking intrinsic-value of any finite one, hence, the growth of the Medium of Labour Exchange "currency" money-supply (or at least growth of it's exchange value like BTCitcoin) must also be “fiat” or ever-growing along with the ever-growing economic outputs it represents (rather than ever shrinking!). This means that penny that's worthless and obsolete now might buy you a half a book of matches again if it wasn't for Ben Bernanke financing wars, till quarters are relics.

One must have adequate tokenage to put a bit into every labourers pocket, in exchange for their labours for them to conduct commercial exchanges with other labourers for their needs. At the same time, it is always valid to compare the value of the money supply to the value of "Mediums of Savings" such as gold, as a regulatory tool to discipline government socialists and their well regulating management and open public coinage of the public's own money supplies

9: A local Labor Exchange Currency is owned, issued and its value determined solely by and for the utility of the economic populance to who’s economy it belongs, It is NEVER owned by those who merely possess (hoard) it, such a "crony-capitol" tyranny is enslavement, save for the exception of the BTCitcoin "over the counter" (OTC) derivative swap which is private, worldwide and totally decentralized.

10: The prime socioeconomic conflict and corruption is always between the evil greed and corruptions of parasitic, unwilling to invest, commodity-monopolizing, lazy, unproductive usurers with hoarded “old” wealth (gold) who are desperate to "usure", hypothesize and re-hypothesize and thus parasitically live off the avails of their greed  and the good, freed market public economy’s continuous, accountably well-regulated public needs for a growing, steady and reliable supply of “new” money/credit for the values of their labors.  

--The public commonwealth's goodly national need for the profits from renting  (loaning as an investor of last resort)  such new money that it alone creates in the public's name, and its ever-growing requirement to responsibly and accountably maintain a  predictably stable token-utility supply with which to exchange  labors values and the fruits of labors with, is in direct conflict with the selfish (hoarded liquidity) interests of parasitic private bond-Shylocking usurers. The right to issue a national public labor exchange currency-token is a public right and responsibility that must never be delegated to any small corrupting, insider-manipulating and unaccountable gaggle of private-boardroom-socialist Pharaohs. (currently nobody could loan BTC since nobody knows what it will be worth in 15 minutes and it takes an hour to use it)

11: It is the Net Export Product that is the key economic indicator, not the Gross Domestic Product. The "currently internationally relativistic commonwealth value" (or "currency" value) of a national economy's Labor Exchange Currency tokens is determined by the comparative to import wealth of its EXPORTS alone. The relativistic global-market day to day value of a given "currency" vaies by the current (net-positive or net-negative) values of it's trades with other national economies in the global marketplaces, and can never be "pegged" to the value of anything else but what that current value is (unless it is just pegged to the supply and demand for it like BTCitcoins!).

The Prime Economic Lesson:

In the economics lesson in Genesis, we read of the 7 years famine in Egypt.  Joseph, a Tory-Bilderberg Trotskyite boardroom-socialist crony of his Pharaoh conveniently (greedily) sells Pharaoh’s stored grain so that Pharaoh accrues all of the gold which was then the only form of "money" in the first year of the famine. In the second year, the people were then forced to barter their animals and other holdings for the grain and then, thereafter, they end up bartering themselves as slaves for grain merely to survive the famine as they are all then finally left gold-rent-token debt-enslaved and "bonded in indenture" to Pharaoh for eternity.

Fortunately this "eternity" only lasted until a later, not too up on current events (King) George (or "W") Pharaoh mistakenly adopted himself a Crown Prince out of the bull rushes named thut-Moses....

Precious finite gold or any "rare finite something" like DaVinci paintings or '57 Chevy Bel Airs could not ever be used as a Free Market "Labor Exchange Currency" in any growing freed market economic system. A finite and privately hoarded “old money” (gold, silver, Quagga-skins etc) public Labor Exchange Currency supply system is slavery. In any commercial system by means fair or foul a "commercial" winner (or winners) will always eventually emerge to own nearly all of the available, finite Labor Exchanging "currency" resource (all the gold, DaVinci paintings, silver, Quagga skins etc) after which point the rest of the economy (all property) becomes their private chattel collateral, and all of it's participants become their rent-debt-slaves. In a private, finite currency system after that point everyone else has to go to them, cap in hand, to rent some flake of paint off one of their loaned-out and re-hypothesized a thousand times DaVinci paintings even just to use a pay-toilet!

Even if everyone had some tiny reserve of gold or DaVinci painting scraps set aside as savings the debt enslavers could drive prices up by raising rent-debt-prices (usury) or printing-dilution money-supply (monetization) inflation and thus force all the small gold holders to be forced to exchange their paltry holdings to eat or heat their homes or fuel their cars. (hoarded false-scarcities, engineered famines or pandemics). If you own an ounce of gold you ALREADY have more than your human lifetime of labours "share" of it. It's utility value as a money actually ended in the 17th-18th century, it just took it till the 20th to finally go off and die. It is still however still a fair third rate "bulk" Medium of Savings next to Antiques, Fine Art and Gems or truly rare metals. Even baseball cards are worth more than silver.

One "winning" consumer (Gold Pharaoh), no matter how audacious his corruptly consumptive lifestyle cannot "urinate down" a "Free Market" economy getting his yards cut or renovating his palaces. The power to counterfeit, loan and issue (from nothing) a fiat Labor Exchange Currency token is the power to corrupt. The Wealth of Nations is their public property expressed and represented by the foreign-export fruits of all labors value of their publicly owned and issued "Medium of Labor Exchange Currency".  Maintaining and growing the ongoing exchange-value of its own economic "currency" is the public work of a nation, it is not ever to be regarded as the private toy-hobby of some "beneficent" private gang of wealthy-socialist Pharaohs.

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The stupidly foolish Mercantile "Austrian Fascist" notion of (only) using and hard-coding a limited, finite, precious resource (like DaVinci paintings, gems, antiques or gold) to represent the limitless ever-expanding and growing resource value of our Prime Resource (the "current national token" of our individual labor properties and the limitlessly ever-expanding fruits thereof)IS A RECIPE FOR GUARANTEED, INEVITABLE ECONOMIC SLAVERY AND EXHAUSTION FOR ALL, FOREVER.

To use a limited, finite resource like gold (global Medium of Savings)  as money (national economic Medium of Labor Exchange) all nations wages and incomes would have to continually decline to allow for any and every new person or economic growth.

WHAT IT IS, IS WHAT IT IS, - IT CANNOT ALSO BE SOMETHING ELSE THAT IT IS NOT!

The value of nation’s Labor Exchange Currency is a fractional token of the values of all of it’s laborers EXPORTABLE labors – PERIOD!

There would never have been the tyrannical corruption of an unconstitutional private Federal Reserve "They-Owe-Us Note" printing company if the criminal, treasonous, global Trotskyite moron Wilson had ever understood the intrinsic difference between gold wealth and human resource "money".

It you want to save your nations "medium of labour exchange" tokens you must exchange it's current value for the current value of a "Medium of Savings", if you want to spend it you spend the labor (Prime Resource) it represents. You must never be forced to go cap in hand to some Gold-Pharaoh to beg or borrow some of "his tokens" of his hoard (private FED currency) just so you can use a pay-toilet..

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The global depression we all now must face is one created solely by and for the benefit of the private old-money (private Gold Fed-Pharaoh paper labor-exchange "currency") usurer-hoarders, WHO KNEW that it was totally obvious and inevitable that from the moment that they, themselves treasonously coined and disseminated the depraved, corrupt imperial-global-corporate--Shylock-fascist political expressions "Deregulation", Global Economy"  and “Free Trade”, to corruptly sell us, for the sole benefit of them and to finance their soulless corporatist transnational-socialist fascist cronies, that we and our Labor Exchange Currencies would be dead. When a Free Market's economic outputs and means of production are maliciously and deliberately exported to slave labor camps and shrunken by corruptly ill-regulated policies, growth of a nation's currency supply, growth of Keynesian public infrastructure stimulus spending, growth of war-communism spending, growth of destructive, parasitic war-communist-debt and the growth of labor populance and debt-tax enslavements are all totally inflationary.

Even the growth of consumer spending on foreign slave goods and growth in hiring people to use cheap foreign slave-tools and slave-goods to build things at home is pure inflation.

The corrupt private Fed "old-money" Gold Mafia knew they were engineering this result. Due to their maliciously inflationary program everything else shall ultimately deflate except "Mediums of Savings"...

If you have nothing unique nor in broad foreign demand built at home to export, nobody needs your currency and it is thus devalued.

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The “globe” cannot have a “global economy” nor (save until BTCitcoin came along) its own labor exchange “currency” since it has no unified labor participants (save for us independent "New Economic World" BTCitcoiners) of its own nor does it produce nor exchange anything for nor with any other globe. A world of economies enslaved into exporting all of their economies net-new wealth profits to a group of tax evading, debt not printing Gold Pharaohs in Switzerland, Liechtenstein and the Cayman Islands is not "trading with" some other "globe". ((excuse this older pre-BTCitcoin generality of mine, but it's nonetheless still meaningful to mercantilist Tory-Trotskyite Nazis and Pentagon-Communists)

Greedy, corrupt, ennobled Pharoah-welfare parasites who merely lend-out worthless tokens for  the "old money" that they have happened to possess the most of and criminally buy themselves our politicians with are not another economic planet. The ludicrous notion of a "GLOBAL ECONOMY" is the BIGGEST LIE ever sold. We Humans of the Nation of BTCitcoin however, are a whole other New World again! But they, the parasitic global-mercantilist tax-evading money-bond enslaving Shylocks are not "another planet".

Gold, as a very finite resource and rare antiques and art are always certain to appreciate "mediums of savings" that merely suffer from being somewhat more illiquid forms of real, portable, own-able asset possessions. By contrast, as common "mediums of exchange" in ever-growing exchange systems, publicly owned and issued Labor-Exchange "Currencies" must always consistently marginally decline in "gold" value over time since they also must represent the ever-growing anticipated future Prime Commodity-Resource of "the new fruits of all new labors" as well as those extant. This provides the incentive to invest or save, rather than to hoard or live off the avails of the usury of "labor exchanging currencies".

The problem with the private Fed Mafia is not with what it happens to be doing today, it's with its corrupt insider-secrecy and with those who corruptly claim to illegally "own" our public Labor Exchange Currency and by extension all of us, all of our properties and all of our labors. It is an unconstitutional, private, insider-trading and gold enslavement monopoly! If our government was abiding by the Constitution and doing these (money-issuing and money renting) things itself for all of our common good and profit the abominations of taxation would be unnecessary and obsolete.

What The Private Fed Mafia Dictatorship are doing with their criminally forged They-Owe-Us Notes is selling us into slavery to their fellow Rothschild/Bilderberg Bretton Woods Gold Pharaoh cronies, and we are paying for it with our great, great, great grandchildren's slavery.

It's about which Old Gold Pharaohs are getting away with "owning" and have stolen most all of our nation's people's "Labor Exchange Currencies", dummies.

Adam Smith noted at the core of the mercantile system was the "popular folly of confusing wealth with money,"

And so finally it is that all of we, ourselves alone, digitally become the prime resource of all real wealth that shall never ever again be wrongfully confused with "any other wealth" that's far too often "confused with money".

BTCitcoins finally happen to be what we are doing about THEM, using their own OTC Derivative legal-loopholes, and it has been the genius of Sitoshi that we must jealously now all carefully improve, protect and defend that has created us all a New Economic World with the power to save us all from those who would enslave us by defrauding us all of the fruits of our labours, and corrupting our governments on their profits.

That's all I'm trying to help to do. Thanks for your time!

Metric scientific notation-names already exist for them

BTC = base
BTC0.1 = 1 deciBTC also dBTC
BTC0.01 = 1 centiBTC also cBTC
BTC0.001 = 1 milliBTC also mBTC
BTC0.0001 = 1 microBTC also µBTC
BTC0.00001 = 1 nanoBTC also nBTC
BTC0.000001 = 1 picoBTC also pBTC
BTC0.0000001 = 1 femtoBTC also fBTC
BTC0.00000001 = 1 sitoshiBTC also sBTC

"Sitoshi" has been chosen to replace the normal "atto" that would otherwise follow "femto" in scientific notation for the highest possible ("Arig)atto"-unit. ("very much" in Japanese)

Domo

While you guys are somehow contented with bragging about some obscure practically irrelevant planned-kindness to it in it's old age, I'm worrying about nurturing, properly raising and sustaining it for the entire duration of it's life

Well few babies spread out their pension plans before they learn how to walk either!

 

I love Bitcoins but have no illusions about exactly what they are. My "views" are not really"opinions" they are statements of facts.

Bitcoins are a very attractive and useful brand new commercial "Medium of Credit Swap" delayed future-funding alternative but they and the networks that trade, fiat-value/fiat-devalue and exchange them are far too Byzantine to ever allow them to be directly usable as standard, stable, Medium of Labour-Exchange "currency".

When one applies the term "currency" to a "money" the assumption is that it is only a minor, daily "current variation" on a stable-overall alternately-valued "currency-exchange" relationship, not a huge every 15 minute nonsense when it takes an hour just to handle it.

The commonly accepted use of the term "inflation", describes "price/cost inflation". In 1910 a Ford car cost $500, today it costs $16,000.

A dollar cost or bought you around a day of common-labour ($9 week) and a decent rent cost $!5 a month.

The global marketplaces do not function within the value of Bitcoins, the Bitcoin-resources function within the values of them.

You might want to brag that it's a "Fiat Bitcoin Deflation" chart, but Fiat Bitcoin (such as it is arbitrarily and capriciously valued or devalued hourly, by "penny stock' market-like fiat-valuations)  is not and never ever can or will be stably valued as nor usable as a "Medium of Labour-Exchange" Currency, against which general, commonly accepted "price inflations" (necessary due to economic growth within a monetized economy) can be rationalized.

If "fiat" Bitcoin was in any manner a "hard" (backed) Medium of Labour-Exchange "currency" it's valuations would be consistent with the massively ever-inflationary "Mediums of Savings" values of "rare" gems, fine art, antiques or third-rate "finites" like gold, silver,metals oil etc  which by virtue of their finite limited intrinsic values, would continue to cause price-inflation due to the ever-expansive "supply growth" demands of all labour resources priced within their ever more limited-supply straightjackets.

This antique form of gold-money slavery is known as Mercantile Tyranny which still stubbornly forms the (now clearly bankrupted) old-underlying and now criminal-counterfeiting basis of the Tory-Bilderberg Trotskyite-Bankstering Western-Globalist Communist "NWO" tyranny of today.

The classical-economics birth of  a flexibly expanding, publicly profitable, publicly owned "endogenous money" (very much ideally like Fiat cooperatively owned, valued and exchanged Bitcoins) solves all of those ancient problems.

Adam Smith noted at the core of the mercantile system was the "popular folly of confusing wealth with money,"

It's simple arithmetic, a foolishly stupid "hard currency" tyranny penalizes you for having children and penalizes everybody for any and all added economic growth that the added-fruits of all of their added-labours produce. It also penalizes your two children for every third or more of their added brothers or sisters who will also need some money to put in their pockets for all of the added fruits of their added labours. It dooms the global marketplace to an eternal tyranny of ever-diminishing returns and eventual certain slavery to fiat loans from domineering monopolist tyrants.

It is therefore, in spite of any and all of it's other faults, that "fiat" Bitcoin is a plentiful and valuably-versatile "credit-derivative pass through" that allows us to store, own and use our own Medium of Value-Swap "money" without involving endlessly un-repayable debts to a tyrants.

These graphs are totally meaningless, and colossally misleading.\

2 1/2 years ago a Bitcoin would cost you one $5 Happy Meal (0.3448% of an oz. of gold).

Thus far, today, a Bitcoin cost you either 24.8 of your Happy Meals (= $128) or 33 of your Happy Meals (= $165).

That's roughly $140, 28 Happy Meals or 9.6551% of an oz. of gold!

Therefore a Bitcoin's labour-exchange value (price/cost) has inflated to somewhere between 24.8X (2560% of) or 33X (3300% of) it's original labour-exchange-value (price/cost), depending what (rather-fortunate or very-unfortunate) point at which you needed to exchange some of your "hard-earned" Happy Meals or gold for one.

Go to http://bitcoin.clarkmoody.com/

Hit "W1"

There's your real, actual Bitcoin "inflation" chart.

The "exchange-value" (price) inflation and deflation of Fiat Bitcoins has squat to do with any "monetary supply" of them and (foreseeably) never, ever will!

Market speculators and their fiat-antics capriciously determine the latest (stale) fiat exchange-value of the last fiat Bitcoin that past their way.

The actual "price" of any given Bitcoin remains forever unknown and unknowable until after it has been re-sold (re-exchange valued) to the next guy, in the future.

A Bitcoin functions exactly in much the same way as a "funded" Credit Default Swap (fCDS). You fund it's former owner's "loss" (costs) on it, and the next owner funds yours.

A Bitcoin is a commercial "over the counter (OTC) derivative" of the current-past value and future possible values of itself and it's network, which are only (at best) completely deregulated commercial resources, and neither "commodity futures" nor "securities" as per the CFMA of 2000. This is why, with it's "market" exchange-value changing every two seconds, it is useless as a "money" because you need an hour to accept and/or spend it. It's exchange-values are really only very useful as a delayed-exchange "funding" medium.

The intrinsic and utility values of the "futures derivative swap-contract token" no matter how attractive or quantitatively prearranged, are materially too small to be any more than a very, very minor factor in it's (inflationary or deflationary) exchange-value (aka price)

Buying a Bitcoin futures derivative swap-contract token is simply gambling that the value of it's current exchange-value will be close to or less than the value of it's future exchange-value.

The commonly accepted use of the term "inflation", describes "price/cost inflation". In 1910 a Ford car cost $500, today it costs $16,000.

The global marketplaces do not function within the values of Bitcoins, the Bitcoin-resources function within the values of them.

Go here and look at the green, grey and red "volume bars"

http://www.bitcoincharts.com/charts/mtgoxCAD#rg2ztgCzm1g10zm2g25zvzcv

When Bidders (Buy prices) are meeting sellers Asks (Sell prices) the bar is green (market is at top of or above spread)

When Askers (Sell prices) are meeting buyers Bids (Buy prices) the bar is red (market is at bottom of or below spread)

When Bidders and Askers (Buying and Selling prices) are colliding somewhere in-between the bar is grey (within spread)

A position cannot be executed (fulfilled) outside of this range. (one or the other transacting counter party is not present)


The number of buyers or sellers are irrelevant, only their positions and the weights of their wallets are.


Usually sellers sell at the buy price and buyers buy at the sell price but often the buyers go short and the sellers go long, to "bargain".

Eventually an impatient buyer must go long enough to get a buy or an impatient seller must go short enough to make a sale, especially if a larger quantity is involved.

Otherwise nothing happens

Those two smallish "bridging a spread" labours move the last market price (spread bounds ranges) up or down, but that is not the real problem.

Any larger transactor who must obtain or clear large amounts is always forced to very painfully suffer a much lower or higher than market price, (vaulting the spreads) and the larger the quantities, the bigger those (nasty) spreads get and remain, left behind them.

In fact the critical challenge to Bitcoin transactions other than a stable price, is the actually practical value of liquidity a given transactor can move through an exchange at or around a given price within a practical period of time, which argues for a much, much more highly valued Bitcoin (eg $1,000-$10,000-$100,000), specific pre-determined bid-rung levels about the "current median-basis price" with exponentially higher fee punishments for further out of bounds bids, and for tighter daily transaction frequency limits also punished by exponentially higher fees.

I mean what the hell is the farking ("insufficient funds") added "exchange-value" of a .000001 "millionth" of a lousy $140-something token?

I mean by law in Canada the useless, worthless penny is already legally obsolete, all prices are to be rounded to nickels and banks no longer provide them.

FYI a bitcoin is technically classified as an "over the counter (OTC) derivative" it is NOT a "common nor preferred share" in a business "security" (since it is pure-fiat, unbacked and representative of nothing but itself), nor is it token of a "Future Quantity Buying Contract" for any quantity of commodity, material product or produce. It only "represents" the right to an externally derived future exchange-value of itself accepted between it's counter-parties.

A Bitcoin is a commercial "over the counter (OTC) derivative" of the current price and future possible values of itself and it's network, which are only (at best) commercial resources, and not "commodities". This is why with it's value changing every two seconds it is useless as a "money" because you need an hour to accept and/or spend it. It is really only any good as a delayed-exchange "funding" medium.

Bitcoins and those who trade or exchange it are totally, completely and invincibly "DEREGULATED" in ALL REGARDS save for so called general “safety and soundness” standards (nobody bitches). Bitcoins (a straight-up "confidence gamble")  fall under the blanket gaming "bucket shop" exemptions to the CFMA that were placed there to exempt State casinos and back door "funded credit default swap" (fCDS) instruments (largely used to bid-rig market prices) from any and all regulation, and therefore, what is good for the private bankster goose is great for the public currency gander.

http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

You see almost every other day either Morgan or Goldman go nearly bankrupt dumping (so-called "naked" shorting) massive gold and silver futures contracts to depress their prices and make practically income-less Bonds and counterfeited FRNs look more attractive. In fact they are never "naked", they just ping-pong the (thus -"funded") "counter-party losses" back and forth (keeping any profits of their own) out their back doors effectively sharing known, prearranged, totally "deregulated" fCDS swapfunds to sustain each of their maximum daily losses.

A Bitcoin functions exactly in much the same way as a CDS. You fund it's former owner's "loss" (costs) on it, and the next owner funds yours.

The supply of Fiat Bitcoins is totally irrelevant and unrelated to their values, and likely to remain so for a long, long time. Small (or even large) quantitative changes in the small intrinsic and utilitarian characteristics of it's values should have practically no impact on it's exchange value, which is solely a "fiat election" of it's futures-market traders (and owner counter-parties) alone.

The (largely utilitarian) demand for Bitcoins is thus far for the most part entirely a function of their intrinsic curiosity, utilitarian novelty and speculative exchange values. Their original purpose was as a gambling casino utility, and they also apparently work pretty well to deal with certain other nastinesses at SR and sports gambling sites.

The best way to think of the exchange-value of Bitcoins is as a kind of a "virtual toilet" which, regardless of what has been dumped through it, only bears the memory-value of the position that it's last user left the seat in, to it's own current owner, alone. The actual "price" (exchange-value) of any given Bitcoin remains forever unknown and unknowable until after it has been re-sold (re-exchange valued) to the next guy, in the future.

At an Exchange, the customers bring all the bitcoins and all the money and then, simply make off with almost all of both in exchanged amounts. Nobody puts any assets of any value into a "Bitcoin Central Reserve-Bank" that then prints up and rents out both original and countless extra counterfeit They-Owe-Us Asset-Receipt Notes to some armed gang of rich political dictators they own and run. (because everybody can't come back for all their assets at once)

People pass their own money around to each other "through" Bitcoins. The number and market-priced fiat value of them are really completely irrelevant. Although it would profit itself and us all much more if it stably went only up at a well controlled and predictable rate and never went down (devalued/inflated).