befuddled
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June 11, 2011, 05:43:26 AM |
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The block chain is the main innovation of Bitcoin. It is the
first distributed timestamping system.
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MoonShadow
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June 11, 2011, 06:41:25 AM |
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"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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MoonShadow
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June 11, 2011, 06:50:04 AM |
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It's a shame that LRC couldn't manage to wrap their heads around Bitcoin before posting this.
It's astounding how many people state that Bitcoin is worthless because they did not value its initial state. I valued it because it was cool (and should have paid more attention with BTC I bought/earned). Now I value it because it will revolutionise the world. Trading shiny lumps of metal is no more fundamental than transaction announcements. They're both pretty good. I look forward to when we can trade gold based predominantly on its industrial value. They also tend to forget gold's initial use value was little more than "ooooh, shiny!" Gold's initial "use value"? was a lot more than that. Gold has over a dozen properties that make it an excellent store of value over other resources. This is true, and why gold became that preferred market money for thousands of years. But Regression theorem requires a use value to exist before it's properties as a good money could matter. Since gold was money long before the bronze age, and is too soft and heavy for weaponry, it's initial use value was highly limited at the time. Basicly, some warrior-king's most favored wife saw some gold and desired it for it's beauty, so the king desired it to keep momma happy. So basicly, "Ooooh, shiny!" Bitcoin's initial use value was it's potential to be a good medium of exchange as compared to current online offerings; and it's first monetary use was basicly a 10K BTC pizza. |
"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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Vladimir
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June 11, 2011, 07:00:58 AM |
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Aha! Satoshi is outed!  |
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S3052
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June 11, 2011, 07:17:47 AM |
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Agree with you, this article is just ridiculous. People with no idea about financial markets and trading write this superficial nonsense.
I predicted based on technical analysis that BTCUSD will enter a consolidation / correction on Jun 9th. The 30% decline is nothing special in financial markets like bitcoin with high volatility after a huge exponential rise.
Nothing different, and nothing worrying for bitcoins, UNLESS BTCUSD falls through 18-20$ or 10$.
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error
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June 11, 2011, 02:40:20 PM |
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Does that mean we can panic now?
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3KzNGwzRZ6SimWuFAgh4TnXzHpruHMZmV8
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Nesetalis
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June 11, 2011, 03:01:17 PM |
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nah, just means some one decided to sell out :p it's going to keep happening. Eventually some one with alot of BTC is going to meet their price and cash out.
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ZOMG Moo!  |
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em3rgentOrdr
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June 11, 2011, 03:03:02 PM |
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It's a shame that LRC couldn't manage to wrap their heads around Bitcoin before posting this.
It's astounding how many people state that Bitcoin is worthless because they did not value its initial state. I valued it because it was cool (and should have paid more attention with BTC I bought/earned). Now I value it because it will revolutionise the world. Trading shiny lumps of metal is no more fundamental than transaction announcements. They're both pretty good. I look forward to when we can trade gold based predominantly on its industrial value. They also tend to forget gold's initial use value was little more than "ooooh, shiny!" Gold's initial "use value"? was a lot more than that. Gold has over a dozen properties that make it an excellent store of value over other resources. One of them being durability. How durable is a hard drive? Bitcoin does have an initial use value as a distributed time stamp network. You can see and verify transactions from anywhere i'm the world without accessing a central server. Also you don't need to store it in a single location like a safe or harddrive, but you can instead encrypt your wallet, upload a copy to dropbox, stick a copy on usb, and keep a daytoday use wallet on your mobile device without having to hire armed guards to protect your stash. Another thing its funny David Kramer cites Rothbards "What has the government done to our money when that book is really an example of why bitcoin can work as money. |
"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."
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yossarian
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June 11, 2011, 07:37:22 PM |
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Spiegel Online strikes again: http://www.spiegel.de/netzwelt/netzpolitik/0,1518,768071,00.htmlI looks like the journalists writing for Spiegel Online have taken a like in Bitcoin. This is the 4th article published in not even 2 weeks. It does have some minor flaws (e.g. the mtgox peak price was somewhere around $31.5 instead of $29 as described in the article), but in general it's pretty neutral, maybe even slightly supportive. |
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zef
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June 11, 2011, 08:23:50 PM |
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zef
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June 11, 2011, 08:34:42 PM |
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JeanLucPicard
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June 11, 2011, 09:14:47 PM |
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flug
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June 11, 2011, 09:20:37 PM |
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I wonder if he's done it yet |
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molecular
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June 11, 2011, 10:57:48 PM |
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Gold's initial "use value"? was a lot more than that. Gold has over a dozen properties that make it an excellent store of value over other resources. One of them being durability. How durable is a hard drive?
A bitcoin wallet can be made quite durable by distributing an encrypted copy to many places. You can even extract the keys and print them (maybe also encrypted) on a piece of paper... or carve them in gold Maybe not as durable as gold, but durable enough, I'd say. |
PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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Vladimir
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June 11, 2011, 11:09:35 PM |
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also unlike gold bitcoin can be 'teleported' over the internet, can be made to be very difficult to find with metal detector, more compact, easier to measure, more difficult to make tungsten fakes, more difficult to misreport amount of it stored at Fort Knox, if public accountability is required. Wow more than one thing goes in favour of bitcoin as compared to gold.
Gold has one thing going for it big time, though, it has many thousands year history as a store of value, definitely not a 2 year old high risk 'maybe fad', but highly speculative too nonetheless.
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timmo11
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June 11, 2011, 11:39:04 PM |
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One thing he has wrong is that "gold can be infinitely mined" - in fact there is talk that not only have we reached peak oil, we have reached peak gold. What I find particularly ingenious about the Bitcoin system is that it mimics this whole cycle. In the beginning gold was easy to find in Australia. We are still producing but its much harder. |
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kiba
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June 11, 2011, 11:44:33 PM |
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One thing he has wrong is that "gold can be infinitely mined" - in fact there is talk that not only have we reached peak oil, we have reached peak gold.
What I find particularly ingenious about the Bitcoin system is that it mimics this whole cycle. In the beginning gold was easy to find in Australia. We are still producing but its much harder.
Mine asteroids. |
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