Amitabh S (OP)
Legendary
Offline
Activity: 1001
Merit: 1005
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 04:23:53 PM |
|
Bitcoin is too awesome.. First of all the concept of money itself is mind-boggling.. Now we have true money that is backed by natural resources...
The more I think.of it, the more I realize how much we are living in the Matrix!
|
|
|
|
evoorhees
Legendary
Offline
Activity: 1008
Merit: 1023
Democracy is the original 51% attack
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 04:28:27 PM |
|
Well Bitcoin IS mind-boggling, but it's not backed by natural resources. It is actually more accurate to say that Bitcoin is a natural resource itself... or more accurately a man-made resource.
Like gold, Bitcoin is not backed by anything because it is useful for certain purposes.
Sometimes I worry that I will wake up and Bitcoin will all have been a dream. I'll try to explain it to my friends and family, who will dismiss the silly dream as absurd. Of course you can't have secure decentralized digital money! Psssh!!
But yet, it seems real, and we're living it right now.
|
|
|
|
maxmint
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 04:33:52 PM |
|
Don't know if "Pandora's box" is the accurate metaphor, but I too have to admit that I'm totally fascinated by Bitcoin, Satoshi, the economic implications and especially the times we're living right now. I mean, we're onto something really new and possibly world-changing.
I feel like a pioneer exploring the new realms of the crypto age ... and that feels awesome!
|
|
|
|
Isokivi
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 04:35:15 PM |
|
Bitcoin is too awesome.. First of all the concept of money itself is mind-boggling.. Now we have true money that is backed by natural resources...
The more I think.of it, the more I realize how much we are living in the Matrix!
I've had the feeling of living in the matrix for a long time now, I keep trying to wake the people around me in vain.
|
Bitcoin trinkets now on my online store: btc trinkets.com <- Bitcoin Tiepins, cufflinks, lapel pins, keychains, card holders and challenge coins.
|
|
|
|
Amitabh S (OP)
Legendary
Offline
Activity: 1001
Merit: 1005
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 04:41:42 PM |
|
Is Satoshi "the one"?
|
|
|
|
whitenight639
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 04:44:27 PM |
|
What we need now is a Bitcoin style Secure Voting system for a Primary / Direct democracy- so everybody can vote on every piece of legislation and can put forward their own legislation.
Or
Crypto-Anarcho-capitalism
Or
just back to our old values and constitutions with our Liberties being respected and taking priority.
Any of the above has to be better than the Corporate bought puppet Governments we have now
|
125uWc197UW5kM659m4uwEakxoNHzMKzwz
|
|
|
Amitabh S (OP)
Legendary
Offline
Activity: 1001
Merit: 1005
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 04:50:42 PM |
|
Bitcoin is the first few of a series of events that will lead us to the next level of cryptoanarchy.. And its kind of scary too at the same time.... Im one of those who does not like to rock the boat too much when the waters are calm.
|
|
|
|
nameface
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 04:55:43 PM |
|
Crypto-Anarcho-capitalism
Hear! Hear! my catchphrase = anarchy is underrated
|
|
|
|
allthingsluxury
Legendary
Offline
Activity: 1540
Merit: 1029
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 05:22:54 PM |
|
It most certainly is revolutionary.
|
Gold & Silver Financial News: Silver Liberation Army, Gold & Silver News, Geopolitical & Financial News, Jim Rickards Blog, Marc Faber Blog, Jim Rogers Blog, Peter Schiff Blog, David Morgan Blog, James Turk Blog, Eric Sprott Blog, Gerald Celente Blog
|
|
|
maxmint
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 05:40:24 PM |
|
Oh thanks, glad you like it!
|
|
|
|
iCEBREAKER
Legendary
Offline
Activity: 2156
Merit: 1072
Crypto is the separation of Power and State.
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 05:46:14 PM |
|
Bitcoin is backed by the cost of electricity (and equipment) required to compute its proof of work.
Electricity comes from natural resources like wind, hydro, solar, nuclear, and hydrocarbons.
Thus, our new Joule Standard is backed by natural resources.
Prepare to meet your doom, central bankers! The era of cryptodollar hegemony is upon us!
|
██████████ ██████████████████ ██████████████████████ ██████████████████████████ ████████████████████████████ ██████████████████████████████ ████████████████████████████████ ████████████████████████████████ ██████████████████████████████████ ██████████████████████████████████ ██████████████████████████████████ ██████████████████████████████████ ██████████████████████████████████ ████████████████████████████████ ██████████████ ██████████████ ████████████████████████████ ██████████████████████████ ██████████████████████ ██████████████████ ██████████ Monero
|
| "The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy." David Chaum 1996 "Fungibility provides privacy as a side effect." Adam Back 2014
|
| | |
|
|
|
Zeilap
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 05:47:44 PM |
|
Well Bitcoin IS mind-boggling, but it's not backed by natural resources. It is actually more accurate to say that Bitcoin is a natural resource itself... or more accurately a man-made resource.
Like gold, Bitcoin is not backed by anything because it is useful for certain purposes.
Sometimes I worry that I will wake up and Bitcoin will all have been a dream. I'll try to explain it to my friends and family, who will dismiss the silly dream as absurd. Of course you can't have secure decentralized digital money! Psssh!!
But yet, it seems real, and we're living it right now.
I expect your friends and family think you really a major drug dealer, and that this 'bitcoin' thing is just a way for you to avoid admitting it to them ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
|
|
|
|
oleganza
Full Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 200
Merit: 104
Software design and user experience.
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 05:53:27 PM |
|
Bitcoin is backed by the cost of electricity (and equipment) required to compute its proof of work.
What do you mean by "backed by"? When we say "paper receipt is backed by gold" it means you can get gold in exchange for receipt at any time. In case of Bitcoin, you are NOT getting back electricity in exchange for your bitcoins, blocks or transactions. Please clarify what you mean by this.
|
Bitcoin analytics: blog.oleganza.com / 1TipsuQ7CSqfQsjA9KU5jarSB1AnrVLLo
|
|
|
iCEBREAKER
Legendary
Offline
Activity: 2156
Merit: 1072
Crypto is the separation of Power and State.
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 06:01:52 PM |
|
What do you mean by "backed by"? When we say "paper receipt is backed by gold" it means you can get gold in exchange for receipt at any time. In case of Bitcoin, you are NOT getting back electricity in exchange for your bitcoins, blocks or transactions. Please clarify what you mean by this.
One definition of "backed by" is "guaranteed exchangeable for." Another is "supported by." As in 'Bitcoin is supported by the scarcity of energy available from natural resources.'
|
██████████ ██████████████████ ██████████████████████ ██████████████████████████ ████████████████████████████ ██████████████████████████████ ████████████████████████████████ ████████████████████████████████ ██████████████████████████████████ ██████████████████████████████████ ██████████████████████████████████ ██████████████████████████████████ ██████████████████████████████████ ████████████████████████████████ ██████████████ ██████████████ ████████████████████████████ ██████████████████████████ ██████████████████████ ██████████████████ ██████████ Monero
|
| "The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy." David Chaum 1996 "Fungibility provides privacy as a side effect." Adam Back 2014
|
| | |
|
|
|
benjamindees
Legendary
Offline
Activity: 1330
Merit: 1000
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 06:23:01 PM |
|
I expect your friends and family think you really a major drug dealer, and that this 'bitcoin' thing is just a way for you to avoid admitting it to them ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) I'm guessing that Erik's family knows a little more about Bitcoin than he has let on.
|
Civil Liberty Through Complex Mathematics
|
|
|
MooC Tals
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 06:32:57 PM |
|
Bitcoin is backed by the cost of electricity (and equipment) required to compute its proof of work.
Electricity comes from natural resources like wind, hydro, solar, nuclear, and hydrocarbons.
Thus, our new Joule Standard is backed by natural resources.
Prepare to meet your doom, central bankers! The era of cryptodollar hegemony is upon us!
I guess the more costly electricity goes the more bitcoins go. With that said how will that effect electricity rates globally if one country supplies power at a substantial difference. Interesting to discuss
|
|
|
|
herzmeister
Legendary
Offline
Activity: 1764
Merit: 1007
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 06:42:23 PM |
|
Well Bitcoin IS mind-boggling, but it's not backed by natural resources. It is actually more accurate to say that Bitcoin is a natural resource itself... or more accurately a man-made resource.
Like gold, Bitcoin is not backed by anything because it is useful for certain purposes.
Sometimes I worry that I will wake up and Bitcoin will all have been a dream. I'll try to explain it to my friends and family, who will dismiss the silly dream as absurd. Of course you can't have secure decentralized digital money! Psssh!!
But yet, it seems real, and we're living it right now.
then you know what to do when you wake up. (assuming the laws of math and 1 + 1 = 2 don't change one layer of reality above ours) I mean don't try to persuade anybody first ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
|
|
|
|
Bit_Happy
Legendary
Offline
Activity: 2114
Merit: 1040
A Great Time to Start Something!
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 07:47:51 PM |
|
Good so far, will watch the rest later, thanks.
|
|
|
|
oleganza
Full Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 200
Merit: 104
Software design and user experience.
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 20, 2013, 08:33:16 PM |
|
What do you mean by "backed by"? When we say "paper receipt is backed by gold" it means you can get gold in exchange for receipt at any time. In case of Bitcoin, you are NOT getting back electricity in exchange for your bitcoins, blocks or transactions. Please clarify what you mean by this.
One definition of "backed by" is "guaranteed exchangeable for." Another is "supported by." As in 'Bitcoin is supported by the scarcity of energy available from natural resources.' These are totally different definitions and the second one is made up. If you want to point out prerequisites to deal with Bitcoins, you don't need to redefine words. Bitcoins need the same modern capital structure that you also need for having dollars and modern banking. Namely, connectivity, electricity, equipment and many people employed in that area. Back to the first definition (which is what most people use): what exactly and by whom is guaranteed to be exchanged for irrevocably spent electricity in case of Bitcoin?
|
Bitcoin analytics: blog.oleganza.com / 1TipsuQ7CSqfQsjA9KU5jarSB1AnrVLLo
|
|
|
|