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Author Topic: Bitcoin in 15 Words for Laymen  (Read 14720 times)
Anonymous
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January 31, 2011, 02:17:35 PM
 #61

It is perfectly legal to create a private currency.
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Anonymous
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January 31, 2011, 02:19:06 PM
 #62

Bitcoin - don't ask don't tell.
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January 31, 2011, 02:21:52 PM
 #63

There is no such thing as "illegal tender" because bartering is legal.
Bartering isn't legal if you're paying with prohibited vegetation.
Ok, you're right, in very specific cases when something is illegal to possess, buy, or sell, you might be able to consider it "illegal tender" in a way. But there is no legal concept of "illegal tender" and possession of Bitcoin is not illegal.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
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February 01, 2011, 02:51:17 AM
 #64

Bitcoin is a startup economy!

Anonymous
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February 01, 2011, 03:13:55 AM
 #65

Peoples heads would explode if you could print bitcoins on hemp .
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February 01, 2011, 08:46:27 AM
 #66

Imagine a modern anonymous digital substitute for cash.  Imagine BitCoin.
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February 01, 2011, 08:54:16 AM
 #67

Peoples heads would explode if you could print bitcoins on hemp .

Nah, that's just a myth.  Wasn't that on one of those public service videos we had to watch in high school?

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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February 01, 2011, 05:23:15 PM
 #68


There is such a thing as Illegal tender.  Counterfeit dollars or money of any type is illegal tender.

Also, not sure what the courts will decide on this one, but the Liberty Dollar was deemed illegal tender by the FBI. 
There are some interesting laws that were supposedly violated. 

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


However, I don't expect Bitcoin will fall under these laws.

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February 02, 2011, 02:15:06 AM
 #69


There is such a thing as Illegal tender.  Counterfeit dollars or money of any type is illegal tender.

Also, not sure what the courts will decide on this one, but the Liberty Dollar was deemed illegal tender by the FBI. 
There are some interesting laws that were supposedly violated. 

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


However, I don't expect Bitcoin will fall under these laws.


Was the phrase "illegal tender" used in any of the legal proceedings against the Liberty Dollar people?

Counterfeit money is illegal to possess, so it falls in the same category as illegal plants.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
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February 02, 2011, 08:33:55 AM
 #70

Bitcoin is a totally confusing thingy that I don't get- oh shit. Wait...
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youtube.com/ericfontainejazz now accepts bitcoin


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February 04, 2011, 05:45:35 AM
 #71

Folks, Campaign for Liberty has posted a YouTube video of Ben Bernanke criticizing the Franklin/Dodd Audit the Fed bill at The National Press Club 02/03/11.  I think this is a great opportunity to reach out to them and find some new converts for bitcoin, by trying out your "Bitcoin in 15 Words for Laymen".  Note that most of the C4L folk are probably gold bugs, so don't say anything that might possibly insult gold...for example this is what ericfontainejazz wrote:

Quote
Fellow C4L freedom lovers, please check out bitcoin.  It is an inflation-resistant cryptographic digital peer-to-peer currency.  Stop using dollars.  Bernanke won't listen to your pleas to Audit, or especially, End the Fed.  The State does not want its subjects to use hard currency.  Inflation helps them collect taxes covertly and pay off the debt.  Of course, bitcoin is by no means a replacement for gold (the time-proven long-term store of wealth), but bitcoin's great for Internet transactions.

"We will not find a solution to political problems in cryptography, but we can win a major battle in the arms race and gain a new territory of freedom for several years.

Governments are good at cutting off the heads of a centrally controlled networks, but pure P2P networks are holding their own."
markm
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February 05, 2011, 10:58:04 PM
 #72

Bitcoin in 7 words for g6m3rz:

"All your bitcoin are belong to you"

As adoption increases, additional possibilities include:

"All your customers are got bitcoin"

"All your supply are accept bitcoin"

"All your need are accept bitcoin"

"All your competitor are accept bitcoin"

"All your bitcoin are doubled already"

"All your USD is how much bitcoin?"

-MarkM-

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February 13, 2011, 10:36:26 AM
 #73

Bitcoin - the first decentralized Peer2Peer digital gold standard currency.

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February 13, 2011, 12:35:18 PM
 #74

Bitcoin in 7 words for g6m3rz:

"All your bitcoin are belong to you"

Very clever, I like it!
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February 13, 2011, 07:58:29 PM
 #75

Digital cash
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February 13, 2011, 08:14:07 PM
 #76

Digital cash

Bitcoin has some attributes of cash, but it is really not that exactly.

Digital cash is rather David Chaum's e-cash, which is based on blinded signatures.
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February 13, 2011, 09:35:31 PM
 #77

Mint your own coin - Bitcoin.
ribuck
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February 13, 2011, 09:50:41 PM
 #78


Bitcoin has some attributes of cash, but it is really not that exactly.

For a moment there, I thought this was your "Bitcoin in 15 words for Laymen" entry!
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February 14, 2011, 07:50:34 AM
 #79

Here is my entry..

"BitCoin is electronic currency that is stored on your computer and traded over the internet."

Done. There is no need to know how it works. Just that it's stored on your computer and that you use it over the internet.
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February 14, 2011, 09:54:44 AM
 #80

Bitcoin is a bank account system where people elect a new bank every ten minutes.


15 words
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