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evoorhees
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Democracy is the original 51% attack
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November 02, 2012, 10:38:40 PM |
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Nice
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molecular
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Activity: 2772
Merit: 1019
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November 02, 2012, 11:39:38 PM |
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jesus, these journalists! And as an added bonus, here is the part in which the ECB appears to be so worried about BitCoin taking over as legitimate "legal tender" from the EUR (which the ECB's Coeure said two days ago is as "solid and longlasting as a diamond") it dedicated an entire report to bash the recently conceived electronic currency:
- BitCoin instead of Bitcoin
- nowhere does the ECB paper say they're worried about Bitcoin taking over as legitimate "legal tender"
- the report isn't entirely dedicated to Bitcoin
- the report doesn't bash Bitcoin
Oh, and one might add: - Bitcoin wasn't recently conceived
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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hazek
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Activity: 1078
Merit: 1003
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November 02, 2012, 11:51:57 PM |
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jesus, these journalists! And as an added bonus, here is the part in which the ECB appears to be so worried about BitCoin taking over as legitimate "legal tender" from the EUR (which the ECB's Coeure said two days ago is as "solid and longlasting as a diamond") it dedicated an entire report to bash the recently conceived electronic currency:
- BitCoin instead of Bitcoin
- nowhere does the ECB paper say they're worried about Bitcoin taking over as legitimate "legal tender"
- the report isn't entirely dedicated to Bitcoin
- the report doesn't bash Bitcoin
Oh, and one might add: - Bitcoin wasn't recently conceived
It's seems just impossible to find an objective news outlet anymore. ZH is pretty good but I still see a lot of bias and reporting through a specific lens which is regrettable but I guess understandable if they want to keep a huge readership entertained.
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My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)
If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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cypherdoc
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Activity: 1764
Merit: 1002
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November 03, 2012, 01:28:29 AM |
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my favorite part: "And while it is one thing for the Chairsatan to say gold is not money but is merely "tradition", it is a whole new level of panic when a major central bank is forced to defend itself against an electronic currency."
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benjamindees
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Merit: 1000
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November 03, 2012, 03:35:18 AM |
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Jeez... don't nitpick ZH. They aren't really "journalists," and their dramatic license is usually spot on. This is positive press for BitCoin
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Civil Liberty Through Complex Mathematics
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Steve
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November 03, 2012, 03:35:44 AM |
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My favorite comment:
"There will be 21million bitcoins one day. There are ~5 billions ounces of above ground gold. Make the calculation.
ONE bitcoin's scarcity is higher than 230 ounces of gold.
This is nothing short of the asymmetric bet of the decade."
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paraipan
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Activity: 924
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Firstbits: 1pirata
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November 03, 2012, 04:02:23 AM |
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My favorite comment:
"There will be 21million bitcoins one day. There are ~5 billions ounces of above ground gold. Make the calculation.
ONE bitcoin's scarcity is higher than 230 ounces of gold.
This is nothing short of the asymmetric bet of the decade."
That is a bit unfair, he could have compared bitcoins "above ground", currently 10.3M, or approximately estimate the remaining "below ground" gold on all Earth and compare with the precise number of bitcoins that will ever exist. Then, ONE bitcoin's scarcity then is higher than ~485 ounces of gold.
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BTCitcoin: An Idea Worth Saving - Q&A with bitcoins on rugatu.com - Check my rep
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Roger_Murdock
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November 03, 2012, 08:34:21 AM |
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Then, ONE bitcoin's scarcity then is higher than ~485 ounces of gold.
And that's why we're already rich. Now if we could just get the rest of the world to acknowledge that, we'd be set.
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molecular
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Merit: 1019
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November 03, 2012, 10:10:49 AM |
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My favorite comment:
"There will be 21million bitcoins one day. There are ~5 billions ounces of above ground gold. Make the calculation.
ONE bitcoin's scarcity is higher than 230 ounces of gold.
This is nothing short of the asymmetric bet of the decade."
wuuut? this from bitpay? Love it
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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Rygon
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November 05, 2012, 03:59:59 PM |
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If hyperinflation occurs in the fiat currencies, the typical person who is familiar with debit cards and electronic purchases aren't going to rush to PM's. They will want digital money to buy junk off the internet. Robust payment systems for Bitcoin are being developed now, and adoption of those systems could happen within days after a crisis. Plus, Bitcoin could be rapidly distributed throughout communities through early adopters selling their coins for goods and services, via something as simple as a phone app. I'm sure PM's would be traded as currency, but we'd have to rely on some central exchange to produce small denominations, and it would be a huge shift for people to carry around coins again. If/when the SHTF, you can bet that Bitcoin will be in a prime position to gain widespread use as a currency.
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Wekkel
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yes
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November 05, 2012, 04:57:55 PM |
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If hyperinflation occurs in the fiat currencies, [...]
Lending in fresh FIAT will be a boon too, since paying of the debt after a few months would be easy (if the interest rate is reasonable)
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Rygon
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November 05, 2012, 05:18:44 PM |
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If hyperinflation occurs in the fiat currencies, [...]
Lending in fresh FIAT will be a boon too, since paying of the debt after a few months would be easy (if the interest rate is reasonable) Yep! And buy up income generating sources like land, rentals, and depression-resistent businesses with that new FIAT is even better. When we start seeing the moderately super wealthy (Has more than millionaires, but less than billionaires) trampling over each other to buy real estate and rental complexes at seemingly ridiculous prices, it'll be a sign of impending inflation.
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Wekkel
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yes
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November 05, 2012, 05:29:41 PM |
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Yep! And buy up income generating sources like land, rentals, and depression-resistent businesses with that new FIAT is even better. When we start seeing the moderately super wealthy (Has more than millionaires, but less than billionaires) trampling over each other to buy real estate and rental complexes at seemingly ridiculous prices, it'll be a sign of impending inflation.
Another counter-intuitive result could be the relative rise of wages: labour is valued better in a hyperinflationary environment (and wages will more or less be revised in accordance with the increased amount of curreny in circulation. Those who are without (labour) income or have a fixed income are the ones suffering most. But let's not derail the topic further.
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