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Author Topic: Things getting interesting once we past $100  (Read 17261 times)
myrkul
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April 04, 2013, 12:51:50 AM
 #161

No? You don't want to explain how taxation is not theft?

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April 04, 2013, 12:59:47 AM
 #162

No? You don't want to explain how taxation is not theft?

Sad

I'll tell you why taxation is not theft:

Theft is non-violent larceny. The act of taxation involves implicit [threat of] physical force by the government agents (of whatever flavour), so it is not theft in my book, it counts as "robbery with violence" according to the definition in the common law, or indeed the 1968 definition under English law. Smiley

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myrkul
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April 04, 2013, 01:02:17 AM
 #163

No? You don't want to explain how taxation is not theft?

Sad

I'll tell you why taxation is not theft:

Theft is non-violent larceny. The act of taxation involves implicit [threat of] physical force by the government agents (of whatever flavour), so it is not theft in my book, it counts as "robbery with violence" according to the definition in the common law, or indeed the 1968 definition under English law. Smiley

Oh, sorry, you're right.

Armed robbery, then.

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sgbett
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April 04, 2013, 09:35:14 AM
 #164


Now, if the central bank destroys any value as a speculative investment, then the exchange rate may drop, but it will only ever go as low as its utility value. This floor is some function of the amount of wealth that needs to be exchanged, and the number of 'circulating' coins.

Of course at that point it doesn't matter how good of a job was done destroying BTC as an investment. They will be so cheap that people are bound to gamble. It may be that billions were lost last time around, but im sure that millions were made. Human psychology is such that there are always going to be people that want to take a shot at that.

See, this thing that 'the exchange rate may drop', is key. For example. If I were a business accepting payment in Bitcoin today for example. At some point, I may have received a $1500 order, paid for in Bitcoin, so ~ 10 Btc. Now however, that I need to turn my Bitcoin into money, that 10 Btc is only worth $1150. My profit on the order was only $250, so I am working to be down $100! This is a fkn crazy way to conduct business, and simply not viable. If I am prepared to put up with this kind of risk in the running of the business which provides my daily bread, I may as well just sell up, go down the casino, and put everything on red!

With sort of volatility we are seeing in Bitcoin, it is strangling real world transactions on the way up, but will destroy the real Bitcoin economy on the down. Yes, there will always be people looking to buy back in, and the market places that rely upon its use will also seek to rearrange themselves after the dust settles, but as mindtomatter describes, in this manner, Bitcoin can be held in its place as a fringe asset, popular with high risk tolerant speculators, and online drug customers. It will bring a few people exceedingly large profits, but leave the majority with a disgusting taste in their mouths.



Thats the purpose of using someone like bitpay, you have the option to do instant conversion to fiat at the point the buyer pays, so if you want zero exchange risk, that's the one for you.

The risk remains for the buyer, but I think the buyer (one hopes) is well aware of the risks of holding bitcoin!

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April 05, 2013, 05:22:25 PM
 #165

So, OP tell us the truth. As of today 2013-04-05 BTC1 = $140. Did the things get interesting for you?   Grin
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April 05, 2013, 05:32:28 PM
 #166

So, OP tell us the truth. As of today 2013-04-05 BTC1 = $140. Did the things get interesting for you?   Grin

Yes, I'm actually considering selling some to buy me a motorcycle.
What I'll be selling is less than my original investment but close to it, and I will consider myself at break even point after that, with my remaining bitcoins staying as they are, that is, bitcoins.
If the price goes up more, great and if it goes down, I don't care because I didn't lose money.
I'm not an early adopter, but I was lucky I discovered bitcoins last year when the price was around $7.5ish and I entered the market at $8 so, yeah, I'd say things are more than interesting at current prices..

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April 05, 2013, 07:43:11 PM
 #167

hoho! Nice! I got in a bit late, but way before all this bitcoin rush. Also, you can buy a motorcycle right in bitcoins too. The guy who sold porsche for bitcoins, still has motorcycle for sale.
This is my dream to buy everything right in bitcoins and just don't bother with fiat
deathcode
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April 05, 2013, 11:23:29 PM
 #168

hoho! Nice! I got in a bit late, but way before all this bitcoin rush. Also, you can buy a motorcycle right in bitcoins too. The guy who sold porsche for bitcoins, still has motorcycle for sale.
This is my dream to buy everything right in bitcoins and just don't bother with fiat

I have fiat for the bike, but when I make offers, I always specify that I can pay with bitcoins if they want to.

MikeH
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April 06, 2013, 06:39:28 AM
 #169

Give it a shot. I'm interested to hear what your argument on why no one should pay taxes.

I recall an interview with Bill Still where he said that we needn't pay taxes - money would just be created by the government for roads, infrastructure etc as required.

Seems almost as dangerous as our current system to me but he didn't go into much detail, might have to look into it some more.

There are quite a few countries with no income tax though and I can imagine that governments could easily not only be self sustaining but generate surplus without tax.
HappyBitCoinUser
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April 08, 2013, 07:55:01 AM
 #170

Just hit $180 and still rising.... $100 was nothing.
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April 08, 2013, 10:09:10 AM
 #171

Once we past 200$, likely today it is even more interesting.

I guess what will happen when we reach $1000

I can foresee some pumping&dumping coming, let's be prepared to take some cheap coins from weak hands!

deathcode
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April 08, 2013, 12:49:18 PM
 #172

Once we past 200$, likely today it is even more interesting.
Yes, basically, I will be able to pay my mortgage fully with my initial investment in bitcoin $8k That's how interesting things will get once we past $200

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April 08, 2013, 03:18:45 PM
 #173

Once we past 200$, likely today it is even more interesting.
Yes, basically, I will be able to pay my mortgage fully with my initial investment in bitcoin $8k That's how interesting things will get once we past $200
And this is why the rich will get richer, and the poor get poorer.  Because all of us poor folk are doing responsible things like paying off loans, losing our investment in BTC while selling it to those with millions.  Cheesy
deathcode
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April 08, 2013, 04:33:04 PM
 #174

Once we past 200$, likely today it is even more interesting.
Yes, basically, I will be able to pay my mortgage fully with my initial investment in bitcoin $8k That's how interesting things will get once we past $200
And this is why the rich will get richer, and the poor get poorer.  Because all of us poor folk are doing responsible things like paying off loans, losing our investment in BTC while selling it to those with millions.  Cheesy

hahaha yeah... but wait a minute. the fact that I will be ableto pay off my mortgage doesn't mean that I will actually do it.
Why would I sell my BTC investment with insane returns to pay off a 4.5% APR loan?
I'll keep my BTC for now... but eventually I will reduce my BTC investment in half.

Rampion
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April 08, 2013, 04:36:54 PM
 #175

Hey deathcode, how will be things getting once we past $1,000?

deathcode
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April 08, 2013, 04:42:19 PM
 #176

Hey deathcode, how will be things getting once we past $1,000?

let me check... mmmm

have you seen boiler room? the speech from Ben Affleck?

Well, I'll resume it for you:

"I'm a fucking millionaire" Smiley Smiley Smiley


reality check: I don't think it will happen this year.

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April 08, 2013, 04:50:35 PM
 #177

Once we past 200$, likely today it is even more interesting.
Yes, basically, I will be able to pay my mortgage fully with my initial investment in bitcoin $8k That's how interesting things will get once we past $200
And this is why the rich will get richer, and the poor get poorer.  Because all of us poor folk are doing responsible things like paying off loans, losing our investment in BTC while selling it to those with millions.  Cheesy

hahaha yeah... but wait a minute. the fact that I will be ableto pay off my mortgage doesn't mean that I will actually do it.
Why would I sell my BTC investment with insane returns to pay off a 4.5% APR loan?
I'll keep my BTC for now... but eventually I will reduce my BTC investment in half.
Cool.  Wink
Rampion
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April 08, 2013, 04:53:52 PM
 #178

Hey deathcode, how will be things getting once we past $1,000?

let me check... mmmm

have you seen boiler room? the speech from Ben Affleck?

Well, I'll resume it for you:

"I'm a fucking millionaire" Smiley Smiley Smiley


reality check: I don't think it will happen this year.

Do you realize how many fucking millionaires there would be in this forum if (or I should say when?) we hit $1,000?

reality check: It may happen this year, but I hope things calm down a bit.

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December 17, 2013, 10:21:31 AM
 #179

Considering how excited was the OP during the run up to $266 and how calm and cautious he became after the April crash and the subsequent run up to $1000, id bet he sold most of his coins during the bear market and before the run up to $1000.

Ouch.

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