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Author Topic: Bitcoin: "A Self-Contained Financial System"  (Read 3132 times)
cypherdoc
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November 11, 2011, 07:06:57 PM
 #1

i think this is a good way to describe Bitcoin to the world.
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ALPHA.
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November 11, 2011, 07:08:02 PM
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I asked my father -- who is behind me -- what he thought of this:

"Sounds Un-American, son."

cypherdoc
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November 11, 2011, 07:09:11 PM
 #3

I asked my father behind me what he thought of this:

"Sounds Un-American, son."



there is no doubt that Americans benefit from USD hegemony being the reserve currency of the world.  what about everyone else?
Coinabul
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November 11, 2011, 07:10:24 PM
 #4

Too many big words for the average American. Wink

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cypherdoc
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November 11, 2011, 07:34:06 PM
 #5

the "System" could be overlayed with a variety of industries such as online poker

i know this is obvious but describing these concepts to the avg person needs to be framed appropriately to enhance understanding.
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November 11, 2011, 07:36:50 PM
 #6

Why not an "Independent Financial System"?

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ALPHA.
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November 11, 2011, 07:38:16 PM
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"Sovereign Money"
cypherdoc
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November 11, 2011, 07:42:37 PM
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Why not an "Independent Financial System"?

to me the words "Self Contained" and "System" conveys compactness, tightness, and modularity.  my teenagers can be very independent but not always in a good way.
cypherdoc
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November 11, 2011, 07:43:23 PM
 #9

"Sovereign Money"

Sovereign can be a large negative depending on who you ask.
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November 11, 2011, 07:44:38 PM
 #10

Self Contained is wordy and inaccurate.

No financial system is self contained and Bitcoin is no exception.  Many people wouldn't want to accept or buy Bitcoins if they were self contained.

2112
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November 11, 2011, 07:53:41 PM
 #11

i think this is a good way to describe Bitcoin to the world.
It is as true as: 'Schizophrenic: "A Self-Contained Human Being"'.

One thing that Bitcoin has in common with schizophrenia: seems like nobody had analyzed the implication that the currency exchangers have two streams of income: one in bitcoin and one in fiat. They can use one to cross-subsidize transaction fees in the other.

The whole "mining pools" as a business entities are the proverbial giants on clay legs.

I'm thinking of the future will bring the interesting battles between terahash dinosaurs and the little mice that can survive by scratching both sides of the coins.

Please comment, critique, criticize or ridicule BIP 2112: https://bitcointalk.org/index.php?topic=54382.0
Long-term mining prognosis: https://bitcointalk.org/index.php?topic=91101.0
cypherdoc
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November 11, 2011, 07:55:46 PM
 #12

Self Contained is wordy and inaccurate.

No financial system is self contained and Bitcoin is no exception.  Many people wouldn't want to accept or buy Bitcoins if they were self contained.



i am thinking about it in the context of an industry like the casinos using Bitcoin to trade like poker chips.  of course ppl would eventually like to get their USD's out of the "system".

but as the economy grows hopefully to the point of independence then indeed Bitcoin would be self contained.
ElectricMucus
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November 11, 2011, 08:07:51 PM
 #13

It could be a way to describe it yes, but there is alot to be done till this term would be accurate enough to describe it.
The necessity to rely on fiat money to give it purchasing power needs to go away first.


In the mean time I would say it's  "A potential Self-Contained Financial System"  Smiley


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My money; Our Bitcoin.


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November 11, 2011, 08:35:51 PM
 #14

{
autonomous;
communal;
egalitarian;
self-governing;
unconstrained;
}


My money; Our Bitcoin. 

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Faucets & Earn Bitcoin Sites: FreeBitco.in; BitsForClicks; Moonbit
P4man
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November 11, 2011, 09:32:33 PM
 #15

"Sounds Un-American, son."

Good. Because so is bitcoin.


As for "selfcontained".. I dont think that describes bitcoin. a financial system that is "selfcontained" isnt one.  Meh, well, okay, maybe its not that bad as a description for now lol.

adamstgBit
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November 11, 2011, 09:37:39 PM
 #16

I asked my father -- who is behind me -- what he thought of this:

"Sounds Un-American, son."


American was founded with principals.  freedom and democracy... "The American Dream"...  bitcoin seeks to revive these lost principals, and freedoms.

the central bank is Un-American, the founding fathers said so... and they fought real hard to no be subject to the central bank.

tell your dad to watch this...
http://www.youtube.com/watch?v=_dmPchuXIXQ

ElectricMucus
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November 11, 2011, 09:39:15 PM
 #17

I think that was supposed to be a sarcastic wink, not a real statement...

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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November 11, 2011, 09:43:13 PM
 #18

i think this is a good way to describe Bitcoin to the world.
I think "A secure, decentralized payment system" would be a better way to describe it so the average person (1) understands what it is, and (2) isn't scared off thinking it's some type of subversive, anarchistic movement.

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paraipan
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November 11, 2011, 10:02:52 PM
 #19

{
autonomous;
communal;
egalitarian;
self-governing;
unconstrained;
}


My money; Our Bitcoin. 

allright

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DeathAndTaxes
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Gerald Davis


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November 11, 2011, 10:18:33 PM
 #20

My money; Our Bitcoin. 

I like that.  Kinda embodies the concept of I am responsible and in control of my funds.  We collectively support the network.  Nice one.
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