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Author Topic: Importing Bitcoin Inflation  (Read 1200 times)
benjamindees
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November 05, 2013, 08:11:12 AM
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I've just realized the reason certain people are pushing Bitcoin for international money transfers.

US tax regulations currently prevent a lot of dollars from re-entering the country.  This is part of the FED's strategy to export inflation, so that they can recklessly print money without Americans complaining.

Bitcoin is a way around this.

Bitcoins leave the US as remissions, are exchanged for foreign currencies, and then eventually exchanged for US dollars (outside the US).  These Bitcoins return to the US tax-free, and are exchanged for dollars (inside the US).

So, dollars outside the US are turned into dollars inside the US.  The effect is Bitcoin inflation inside the US.  We are exporting dollar inflation, but importing Bitcoin inflation.  Bitcoins become worth less.  Bitcoin adoption in the US is suppressed.

See how it works?  There is no real Bitcoin economy anywhere.  The FED maintains control over the real economy, and Bitcoiners help them do it.  In a few years, the regulations are changed or Bitcoin is replaced with something else, and the Bitcoin economy is back to square one, having made zero progress whatsoever.

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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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User705
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November 05, 2013, 08:12:37 AM
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What progress is it "supposed" to make?
BitchicksHusband
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November 05, 2013, 08:51:19 AM
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I've just realized the reason certain people are pushing Bitcoin for international money transfers.

US tax regulations currently prevent a lot of dollars from re-entering the country.  This is part of the FED's strategy to export inflation, so that they can recklessly print money without Americans complaining.

Bitcoin is a way around this.

Bitcoins leave the US as remissions, are exchanged for foreign currencies, and then eventually exchanged for US dollars (outside the US).  These Bitcoins return to the US tax-free, and are exchanged for dollars (inside the US).

So, dollars outside the US are turned into dollars inside the US.  The effect is Bitcoin inflation inside the US.  We are exporting dollar inflation, but importing Bitcoin inflation.  Bitcoins become worth less.  Bitcoin adoption in the US is suppressed.

See how it works?  There is no real Bitcoin economy anywhere.  The FED maintains control over the real economy, and Bitcoiners help them do it.  In a few years, the regulations are changed or Bitcoin is replaced with something else, and the Bitcoin economy is back to square one, having made zero progress whatsoever.

Their plan doesn't seem to be working so far.

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November 05, 2013, 01:05:39 PM
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The market cap of BTC isn't big enough for them to care... yet.

Rest assured that ALL countries want to tax the hell out of you. Not just the US. The US however will flex its muscles to get its way around the world. The US will drone strike your ass if it doesn't collect.  Wink

Bitcoin is really a commodity. Not so much a currency. You can't use something this volatile as a 'currency' (or can you in a digital age?). I think Bitcoin is for the tech savvy commodity trader.  Lots of people also hord coins, killing the notion of a currency.

As far as modern global banking is concerned, these are a special group of bankers that make the current monetary system work. And they control it. The Germans call them the illuminati.

People have referred to Bitcoin as the gold rush. It's basically the same thing. Digital gold. Cool commodity. The finite number makes it just that.

Google did their whole analysis on BTC. That's why they invested in OpenCoin.
CoinDox
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November 05, 2013, 06:20:27 PM
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The market cap of BTC isn't big enough for them to care... yet.

Rest assured that ALL countries want to tax the hell out of you. Not just the US. The US however will flex its muscles to get its way around the world. The US will drone strike your ass if it doesn't collect.  Wink

Bitcoin is really a commodity. Not so much a currency. You can't use something this volatile as a 'currency' (or can you in a digital age?). I think Bitcoin is for the tech savvy commodity trader.  Lots of people also hord coins, killing the notion of a currency.

As far as modern global banking is concerned, these are a special group of bankers that make the current monetary system work. And they control it. The Germans call them the illuminati.

People have referred to Bitcoin as the gold rush. It's basically the same thing. Digital gold. Cool commodity. The finite number makes it just that.

Google did their whole analysis on BTC. That's why they invested in OpenCoin.

I realize this was internal research, but does any one know the rationale behind Google's decision? I can't find anything online past anecdotal reasons. Could this be really more than simply a classic vc play just with the hot topic of the day, ie "cryptocurrency"?
benjamindees
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November 06, 2013, 06:46:05 AM
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Bitcoin is really a commodity. Not so much a currency. You can't use something this volatile as a 'currency' (or can you in a digital age?).

Of course you can.  We are, aren't we?  Despite Bitcoin's current volatility and high rate of inflation, it will always be useful to some.  And that's all it needs to continue growing and to continue becoming less volatile and less inflationary and more useful as a currency.

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I think Bitcoin is for the tech savvy commodity trader.  Lots of people also hord coins, killing the notion of a currency.

Strategic hoarding decreases volatility, increasing Bitcoin's utility as a currency.  They aren't mutually exclusive.

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