2013-08-15 FOX News - Bitcoin Investigation: Is this the end of virtual currency

[paraipan]

LOL - Most of it is correct.

http://www.foxnews.com/on-air/shepard-smith/index.html

TL;DR: Bitcoins, B-I-T-C-O-I-N-S - It's available to you inside the google.

LOL i never laughed so hard in years, funny guy  

Edit: No one gets it, when you make something illegal it's value rises, alcohol or drugs are a good example of this.

[Raoul Duke]

No one gets it, when you make something illegal it's value rises, alcohol or drugs are a good example of this.

I disagree. I've witnessed the exact opposite of what you describe. YMMV, ofcourse, and currency is probably on a whole new level that drugs, alcohol, and tobacco are not.

[cbeast]

No one gets it, when you make something illegal it's value rises, alcohol or drugs are a good example of this.

I disagree. I've witnessed the exact opposite of what you describe. YMMV, ofcourse, and currency is probably on a whole new level that drugs, alcohol, and tobacco are not.

Unless you believe that the whole world respects USA polices, I doubt Bitcoin will go away. When the dollar eventually devalues to nothing, Bitcoin will be the only way to get your wealth out of the country. The price will go up.

[420]

No one gets it, when you make something illegal it's value rises, alcohol or drugs are a good example of this.

I disagree. I've witnessed the exact opposite of what you describe. YMMV, ofcourse, and currency is probably on a whole new level that drugs, alcohol, and tobacco are not.

Unless you believe that the whole world respects USA polices, I doubt Bitcoin will go away. When the dollar eventually devalues to nothing, Bitcoin will be the only way to get your wealth out of the country. The price will go up.

you mean as its declining quite apparently (that some of the population realize)

because who's going to take these worthless dollars for bitcoin so that they can get it out of country smartypants

[pedrog]

No one gets it, when you make something illegal it's value rises, alcohol or drugs are a good example of this.

I disagree. I've witnessed the exact opposite of what you describe. YMMV, ofcourse, and currency is probably on a whole new level that drugs, alcohol, and tobacco are not.

Free market: not ilegal -> less demand -> cost rises.

No need to make it ilegal in the first place!

Just legalize it.

[420]

No one gets it, when you make something illegal it's value rises, alcohol or drugs are a good example of this.

I disagree. I've witnessed the exact opposite of what you describe. YMMV, ofcourse, and currency is probably on a whole new level that drugs, alcohol, and tobacco are not.

Free market; less demand -> cost rises.

oh makes total sense 

[GenTarkin]

HAHA, I do love the closing line: "Bitcoins, B-I-T-C-O-I-N-S - It's available to you inside the google." - AWESOME

I do have to say, I did enjoy the fact the first couple minutes was the intro and almost a mockery of bitcoin in the sense of it being taken seriously cuz its supposedly not backed by nothing...
But then the guy being interviewed took a moment to point out that fiat is backed by nothing but peoples belief in it having "Value" and thats happening with bitcoin as well.

Thought that was an awesome moment of truth! Cuz thats one of the more important things people need to realize bout their "real" money... its just as fake as anything else =P

[pedrog]

No one gets it, when you make something illegal it's value rises, alcohol or drugs are a good example of this.

I disagree. I've witnessed the exact opposite of what you describe. YMMV, ofcourse, and currency is probably on a whole new level that drugs, alcohol, and tobacco are not.

Free market; less demand -> cost rises.

oh makes total sense  

Sorry, I've made a small edit.

I believe psy is referring to narcotics consumption decriminalization in our country, it led to less addiction/consumption and higher price.

HAHA, I do love the closing line: "Bitcoins, B-I-T-C-O-I-N-S - It's available to you inside the google." - AWESOME

I do have to say, I did enjoy the fact the first couple minutes was the intro and almost a mockery of bitcoin in the sense of it being taken seriously cuz its supposedly not backed by nothing...
But then the guy being interviewed took a moment to point out that fiat is backed by nothing but peoples belief in it having "Value" and thats happening with bitcoin as well.

Thought that was an awesome moment of truth! Cuz thats one of the more important things people need to realize bout their "real" money... its just as fake as anything else =P

If you thing about it, bitcoin is the pure fiat.

[GenTarkin]

If you thing about it, bitcoin is the pure fiat.

I dont follow?... explain are you basing this on the fact fiat has no intrinsic value?

Taken from wiki:
*any money declared by a government to be legal tender.[7]
*state-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.[8]
*money without intrinsic value.[9][10]

Because the first 2 dont really apply to bitcoin....

[pedrog]

If you thing about it, bitcoin is the pure fiat.

I dont follow?... explain are you basing this on the fact fiat has no intrinsic value?

Taken from wiki:
*any money declared by a government to be legal tender.[7]
*state-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.[8]
*money without intrinsic value.[9][10]

Because the first 2 dont really apply to bitcoin....

Fiat ("let it be done", "it shall be").

When you sell a bitcoin for 100 dollars, that means you don't think that that bitcoin is worth more than 100 dollars and the person who buys it think it is worth more than 100 dollars, otherwise she wouldn't buy it and you wouldn't sell it, you two decide the value, "let it have value", it was 1 dollar for 1300 BTC, 10000 BTC for 1 pizza. now 100 dollars/BTC.

Bitcoin is worth what people agree it is worth.

[GenTarkin]

ah ok got ya, the literal translation =)

[Peter Lambert]

Dumb lady: Irs is not going to stand for people making their own money
guy: well, what are they going to do?
dumb lady: they will make it illegal, they will stop it.

-yeah, because that worked so well for drugs, good thing nobody uses those anymore because they are illegal!

So the noob guy say you might be able to buy bitcoins from a "M-T-gox", whenever I read it I say "Mount Gox", how do you read it?

[Raoul Duke]

I believe psy is referring to narcotics consumption decriminalization in our country, it led to less addiction/consumption and higher price.

As a matter of fact I'm talking about The Netherlands and Portugal. Weed bought to a street dealer in any of the 2 countries costs half-price or less of what it costs in a dutch coffeshop.


Illegal != Expensive

I guess people like 420 prefer to believe urban myths than life experience...

[paraipan]

I believe psy is referring to narcotics consumption decriminalization in our country, it led to less addiction/consumption and higher price.

As a matter of fact I'm talking about The Netherlands and Portugal. Weed bought to a street dealer in any of the 2 countries costs half-price or less of what it costs in a dutch coffeshop.


Illegal != Expensive

I guess people like 420 prefer to believe urban myths than life experience...

I disagree psy. As you probably learned from history any prohibition raised those goods prices on the black markets. Bitcoin is no different than a digital good, people want it and would pay a premium to get it in case it was made illegal. We're getting into human nature here.

Of course you will have higher prices in dutch coffeeshops than street because of taxes. You would see way higher prices on the streets for drugs with the same daily production, and demand, bitcoin has. Do you think bitcoin black market will be identical to marihuana's which everybody can grow in their back yards?

[Raoul Duke]

So, which is it? You disagree that blackmarket lowers prices and next you tell me "of course" weed will be more expensive in a dutch coffeshop because of taxes? It seems you are in agreement, not in disagreement.
I know it's hard to convince your brain that all the lies you were taught your whole life are just lies, but you should try.

I disagree psy.

Of course you will have higher prices in dutch coffeeshops than street because of taxes.

Oh, one thing I've noticed is that people tend to think of Silk Road as a good example of a blackmarket. Well, it's an insanely overpriced blackmarket. Prices on Silk Road are like 3 to 4 times street prices, sometimes even more. Truly insane.

[OC19850520]

No one gets it, when you make something illegal it's value rises, alcohol or drugs are a good example of this.

I disagree. I've witnessed the exact opposite of what you describe. YMMV, ofcourse, and currency is probably on a whole new level that drugs, alcohol, and tobacco are not.

Unless you believe that the whole world respects USA polices, I doubt Bitcoin will go away. When the dollar eventually devalues to nothing, Bitcoin will be the only way to get your wealth out of the country. The price will go up.

you mean as its declining quite apparently (that some of the population realize)

because who's going to take these worthless dollars for bitcoin so that they can get it out of country smartypants

I agree, but you cant buy and pay all bills with Bitcoin.

[paraipan]

So, which is it? You disagree that blackmarket lowers prices and next you tell me "of course" weed will be more expensive in a dutch coffeshop because of taxes? It seems you are in agreement, not in disagreement.
I know it's hard to convince your brain that all the lies you were taught your whole life are just lies, but you should try.

I disagree psy.

Of course you will have higher prices in dutch coffeeshops than street because of taxes.

Oh, one thing I've noticed is that people tend to think of Silk Road as a good example of a blackmarket. Well, it's an insanely overpriced blackmarket. Prices on Silk Road are like 3 to 4 times street prices, sometimes even more. Truly insane.

Hmm, so you agree with me that people don't have an issue to pay a premium for illegal goods. I think the secret lies within ease of use. It's way easier to order online, and safer, than to get your dose in some dark back alley. So the higher price is compensated with higher security.

Only time will tell who is right on this one, but will be fun to watch indeed!

[Raoul Duke]

Only time will tell who is right on this one, but will be fun to watch indeed!

Exactly.

[420]

It's all supply and demand. it depends on the events occurring after it is criminalized or decriminalized; the level of enforcement and more.

[nobbynobbynoob]

It's all supply and demand. it depends on the events occurring after it is criminalized or decriminalized; the level of enforcement and more.

Tougher enforcement can lead to even higher prices (by squeezing supply further), witness cocaine and heroin.