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Author Topic: Re: My letter to my U.S. Senators regarding Bitcoin  (Read 1608 times)
BadBitcoin (James Sutton)
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November 21, 2013, 08:48:14 PM
 #21

I get where you're coming from. You want bitcoin, but you also want a regional currency, you want to be able to freely exchange one for the other (maybe pay property tax, buy corporate certifications, etc), I get it.

Right now however, is not the right time to do this. The senator you'll be sending this along to barely can understand what a bitcoin is let alone "hey lets make a US coin wooh!" This could be disasterous for bitcoin adoption.

I personally would like to see a one currency world with only bitcoin as it suits the needs of everyone sans the government itself, however realistically I see multiple cryptocurrencies, some run by governments, and this could certainly happen in the long run.

Nationalism aside, do you have any other reasons for wanting a regional currency rather than a borderless, non-descriminate, inflationless (nearly) single currency?
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November 21, 2013, 08:59:14 PM
 #22

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Nationalism aside, do you have any other reasons for wanting a regional currency rather than a borderless, non-descriminate, inflationless (nearly) single currency?

I do not want a national currency, but I cannot think of a way to create a block chain in which there is an authority that can enforce an even distribution of the initial set of coins without a government to enforce it.  If you can think of a way to have a block chain that intrinsically distributes the coins over everyone in the world (so that everyone starts out even, you can make your fortune with your skill and luck after that), without requiring a government to enforce the distribution, by all means, please tell me, I would adopt that proposal over my own.
Phrenico
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November 21, 2013, 09:04:17 PM
 #23

OP, how is it unfair that early adopters get to keep their bitcoins? These are people who were savvy enough to research a new technology and bet on it. I prefer that a single early adopter have thousands of bitcoins than an extra few thousand people each having one bitcoin. Not only do they deserve them because they helped to boost bitcoin's prominence, but they are far more likely to put their bitcoins to good use being that they understand the market so much better.

Furthermore, it will completely destroy any incentive for new adopters to research bitcoin, especially in comparison to its competitors, and determine which currency is best.
BadBitcoin (James Sutton)
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November 21, 2013, 09:08:10 PM
 #24

I'm pretty sure you may be looking for freicoin (FRC). Each coin over a period of time is sent back  "into the soup" of the mining sector, which means that you can't just hoard freicoins without your investment eventually losing value.

Personally I have no problems at all with bitcoin, even though I personally don't currently hold any (I have 0.15 btc to my name, I had at one point 650 of them but sold them all at $10 each for a 2 dollar exchange profit.)

The people that made the protocol and put faith in bitcoin during the dark years of 2011-2013 have well deserved their fortune, I only wish I was in a better position to not have had to sell my 650 coins for tuition, but such is life.

There is nothing wrong with discovering something first and being able to make money off that fact, that's how life works. Even if you could distribute a single "happycoin" to every single person on the planet, whats the point? I don't get it? wheres the value there? If anyone actually valued these coins, the only way to make more was to make more people, do you really want to overpopulate the planet? You may want to take a doubletake at what your theorizing before you clutter your senators inbox.
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November 21, 2013, 09:59:23 PM
 #25

I'll just leave this here... http://www.youtube.com/watch?v=lu_VqX6J93k
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November 22, 2013, 01:24:25 AM
 #26

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1/2 of the initial coins are allocated to be fairly and evenly distributed among all U.S. citizens

OP, you'd better send this proposal to North Korean government. They love fairly and evenly distributing everything.


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November 22, 2013, 01:33:44 AM
 #27

Who give a fuck about a governmental bitcoin copy. It's a good thing if they are late for the party.

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November 22, 2013, 01:36:34 AM
 #28

I had similar concerns here https://bitcointalk.org/index.php?topic=325663.0
Still not 100% confortable about that.

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November 22, 2013, 03:02:44 AM
 #29


I agree that the U.S. government does not perfectly represent the interests of all nearly any of its citizens equally at all. but it's the best thing we've got now,

...


FTFY.


...like it or not, it decides what is legal tender for transactions with itself, and to a large degree, between private individuals.  Therefore it must establish some policy with regards to virtual currency, which is why there are Senate hearings now.  The only remaining question is, what policy will it establish?


You're way overestimating the influence that government will have over  virtual currency. They could not stop it if they tried. They'll likely not have much luck attempting to restrain it at all. Eventually, it will erode the power structure from beneath their feet until they are completely impotent. Somewhere along the line they may try to stop it or change its course but they will surely fail.




It can choose to accept Bitcoin as legal tender.  Then it will have essentially pre-assigned a large amount of the currency to those people who created bitcoin or heard about it early, which is a very, very small fraction of the U.S. population.  That just seems inherently unfair to me.   I think it's much better to act on behalf of all citizens - which is the point of the government, isn't it - and ensure the fairest possible scheme from the outset.  Hence my proposal.


You just don't get fairness.

Bitcoin has leveled the playing field.



What's not fair is a monopoly game where one guy has a copy machine and can just print off as much play money as he needs.

What's fair is a monopoly game where somebody got a lucky chance at the start of the game to buy the most valuable properties, recognized that chance, took it, and won the game.

So don't whine about how somebody already bought all the best properties and say you think we should distribute them all equally, or quit the game moaning about how it's not fair, instead thank the guy, because he just kicked out the asshole with the copy machine, and there are still some good properties left, so hell, you might get second or third place.


By the way, your letter to the senator made my stomach curl and my face scrunch up in ugly expressions of distaste. I had to restrain my imagination for I surely would have vomited if I had actually visualized the senator reading it. If I had attempted to imagine that I was the senator and read it from his perspective, mentally modeling what his thoughts and reactions might be, I would surely suffer from cardiac arrest from the sheer obscene vulgarity of leading my imagination to such filthy corners of the world. I dare not even imagine what would become of me if I attempted to put myself in your shoes and imagine what a horribly twisted, incoherent world-view would lead one to write the phrases and have the ideas that you have put forth in that letter.

In conclusion I would like to say that while there is a ever-so-slight chance that your logical faculties are functioning, you are clearly operating with one or more faulty premise. Possibly a great many of them.

A properly secured wallet with bitcoin is in my opinion the safest, most secure, best all-around bet for holding wealth at this moment in history. Go ahead, call me crazy. They've been calling me crazy since 2013.
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