Bitcoin Forum
December 03, 2016, 03:48:37 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Poll
Question: Will you support Gavin's new block size limit hard fork of 8MB by January 1, 2016 then doubling every 2 years?
1.  yes
2.  no

Pages: « 1 ... 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 [506] 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544 545 546 547 548 549 550 551 552 553 554 555 556 ... 1560 »
  Print  
Author Topic: Gold collapsing. Bitcoin UP.  (Read 1803715 times)
NewLiberty
Legendary
*
Offline Offline

Activity: 1064


Gresham's Lawyer


View Profile WWW
August 02, 2014, 12:35:13 AM
 #10101

By that measure Bitcoin is a pyramid scheme too. While civilization seems to be degrading along with the global financial system Bitcoin is just getting started. I think Bitcoin going to really inflate that civilization bubble Type 1 civilization here we come. Smiley

Pyramid Scheme:


FREE MONEY1 Bitcoin for Silver and Gold NewLibertyDollar.com and now BITCOIN SPECIE (silver 1 ozt) shows value by QR
Bulk premiums as low as .0012 BTC "BETTER, MORE COLLECTIBLE, AND CHEAPER THAN SILVER EAGLES" 1Free of Government
1480780117
Hero Member
*
Offline Offline

Posts: 1480780117

View Profile Personal Message (Offline)

Ignore
1480780117
Reply with quote  #2

1480780117
Report to moderator
1480780117
Hero Member
*
Offline Offline

Posts: 1480780117

View Profile Personal Message (Offline)

Ignore
1480780117
Reply with quote  #2

1480780117
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480780117
Hero Member
*
Offline Offline

Posts: 1480780117

View Profile Personal Message (Offline)

Ignore
1480780117
Reply with quote  #2

1480780117
Report to moderator
justusranvier
Legendary
*
Offline Offline

Activity: 1400



View Profile WWW
August 02, 2014, 12:58:42 AM
 #10102

He doesn't understand that an algorithm of consensus is superior to authority. Turk get's it.
When did you change your mind on this subject?
huh? I've always been a Bitcoin permabull. The minor issues I've had were regarding absolute anonymity and scalability. I need to make a trip to Austin one day soon, probably later this month.
Last time I remember you had some different thoughts about effective governments would be at dictating the fate of cryptocurrencies.

Anyway, if you do come down do it on the 10th. That's when we're bringing in Charlie Shrem in via Google Hangout.
vokain
Legendary
*
Offline Offline

Activity: 1610


V.V.V.V.V.


View Profile
August 02, 2014, 12:59:58 AM
 #10103

By that measure Bitcoin is a pyramid scheme too. While civilization seems to be degrading along with the global financial system Bitcoin is just getting started. I think Bitcoin going to really inflate that civilization bubble Type 1 civilization here we come. Smiley

Pyramid Scheme:


hehe if you superimpose the pyramid with its opposite it completes a Star of David whose points point to

...مكتوب
Escape the plutocrats’ zanpakutō, Flower in the Mirror, Moon on the Water: brave “the ascent which is rough and steep” (Plato).
cypherdoc
Legendary
*
Offline Offline

Activity: 1764



View Profile
August 02, 2014, 01:01:36 AM
 #10104

By that measure Bitcoin is a pyramid scheme too. While civilization seems to be degrading along with the global financial system Bitcoin is just getting started. I think Bitcoin going to really inflate that civilization bubble Type 1 civilization here we come. Smiley

Pyramid Scheme:


hehe if you superimpose the pyramid with its opposite it completes a Star of David whose points point to


no mas?  Grin
STT
Legendary
*
Offline Offline

Activity: 1190



View Profile WWW
August 02, 2014, 01:03:03 AM
 #10105

Couldnt say I agree on that one even though Madoff did accuse the same and to be fair he really isnt that far wrong.   much as I hate to say it, government does have a use, provide a utility for its operation.  It might be a giant leaky bucket of failing inefficency and dangerously self justified and self serving convolution but there is some water carried and tasks of some use to society.  Some functions of government do provide security.  Its often the case that private companies would be superior not that government operations are totally false.

  A true pyramid money really does go in one end  and is never to be seen again hence is no where near to investment at all

cypherdoc
Legendary
*
Offline Offline

Activity: 1764



View Profile
August 02, 2014, 01:23:11 AM
 #10106

best not ignore:

Erdogan
Hero Member
*****
Offline Offline

Activity: 714



View Profile
August 02, 2014, 01:27:13 AM
 #10107

Couldnt say I agree on that one even though Madoff did accuse the same and to be fair he really isnt that far wrong.   much as I hate to say it, government does have a use, provide a utility for its operation.  It might be a giant leaky bucket of failing inefficency and dangerously self justified and self serving convolution but there is some water carried and tasks of some use to society.  Some functions of government do provide security.  Its often the case that private companies would be superior not that government operations are totally false.

  A true pyramid money really does go in one end  and is never to be seen again hence is no where near to investment at all

Madoff ran a ponzi. He deceived his customers. A pyramid is open, everybody knows the endgame. (Most people underestimate the speed of which an exponential function increases). Bitcoin could be understood as a pyramid, except the endgame is not expected to be crash and burn.
cbeast
Donator
Legendary
*
Offline Offline

Activity: 1722

Let's talk governance, lipstick, and pigs.


View Profile
August 02, 2014, 01:39:48 AM
 #10108

He doesn't understand that an algorithm of consensus is superior to authority. Turk get's it.
When did you change your mind on this subject?
huh? I've always been a Bitcoin permabull. The minor issues I've had were regarding absolute anonymity and scalability. I need to make a trip to Austin one day soon, probably later this month.
Last time I remember you had some different thoughts about effective governments would be at dictating the fate of cryptocurrencies.

I appreciate the sentiment of the anti-establishment people. Prisons and unemployment lines are full of them. The best way to win a war isn't always a direct assault. I'm in the long game. My goal is to eliminate the need for money as well as governments. To me, Bitcoin is just a transitional technology that will help us get there and help me with my rapidly approaching golden years.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
thefunkybits
Hero Member
*****
Offline Offline

Activity: 728



View Profile
August 02, 2014, 02:25:36 AM
 #10109

By that measure Bitcoin is a pyramid scheme too. While civilization seems to be degrading along with the global financial system Bitcoin is just getting started. I think Bitcoin going to really inflate that civilization bubble Type 1 civilization here we come. Smiley

Pyramid Scheme:


hehe if you superimpose the pyramid with its opposite it completes a Star of David whose points point to



and the other side...




Draw it for yourself  Wink

HeliKopterBen
Hero Member
*****
Offline Offline

Activity: 622



View Profile
August 02, 2014, 02:56:42 PM
 #10110

The problem I have with gold bugs who advocate a gold backed currency such as Rickards and Schiff is that gold backed currency has been tried and failed. It failed because of a central point of failure and in the US this central point of failure is the federal reserve and it failed to maintain a dollar peg to gold.  Einstein's definition of insanity is "doing the same thing over and over again and expecting a different result."  By that definition, all gold bugs who want a gold backed currency are insane because it has been tried and failed miserably.  Don't try it again.  Bitcoiners are the sane ones for trying something different.

A gold backed digital currency would be great but these three conditions cannot exist simultaneously for money:
1.  Digital
2.  Backed by gold
3.  No third party risk (no central point of failure - decentralized)

The next best thing is to have 1 and 3 exist simultaneously, which leaves us with bitcoin.

Counterfeit:  made in imitation of something else with intent to deceive:  merriam-webster
cypherdoc
Legendary
*
Offline Offline

Activity: 1764



View Profile
August 02, 2014, 05:07:59 PM
 #10111

Bears weakening:

iCEBREAKER
Legendary
*
Offline Offline

Activity: 1498


Crypto is the separation of Power and State.


View Profile WWW
August 02, 2014, 05:35:03 PM
 #10112

and the other side...



Draw it for yourself  Wink

Nice, I haven't seen that one before.  Shocked

lol annunaki

zomg evil lizards from planet x

quick ma, hide the gold!   Grin

The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
Fungibility provides privacy as a side effect.  Adam Back 2014
"Monero" : { Private - Auditable - 100% Fungible - Flexible Blocksize - Wild & Free® - Intro - Wallets - Podcats - Roadmap - Dice - Blackjack - Github - Android }


Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016
Blocks must necessarily be full for the Bitcoin network to be able to pay for its own security.  davout 2015
Blocksize is an intentionally limited resource, like the 21e6 BTC limit.  Changing it degrades the surrounding economics, creating negative incentives.  Jeff Garzik 2013


"I believed @Dashpay instamine was a bug & not a feature but then read: https://bitcointalk.org/index.php?topic=421615.msg13017231#msg13017231
I'm not against people making money, but can't support questionable origins."
https://twitter.com/Tone_LLT/status/717822927908024320


The raison d'être of bitcoin is trustlessness. - Eric Lombrozo 2015
It is an Engineering Requirement that Bitcoin be “Above the Law”  Paul Sztorc 2015
Resiliency, not efficiency, is the paramount goal of decentralized, non-state sanctioned currency -Jon Matonis 2015

Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016

Technology tends to move in the direction of making surveillance easier, and the ability of computers to track us doubles every eighteen months. - Phil Zimmerman 2013

The only way to make software secure, reliable, and fast is to make it small. Fight Features. - Andy Tanenbaum 2004

"Hard forks cannot be co
NewLiberty
Legendary
*
Offline Offline

Activity: 1064


Gresham's Lawyer


View Profile WWW
August 02, 2014, 05:59:01 PM
 #10113

The problem I have with gold bugs who advocate a gold backed currency such as Rickards and Schiff is that gold backed currency has been tried and failed. It failed because of a central point of failure and in the US this central point of failure is the federal reserve and it failed to maintain a dollar peg to gold.  Einstein's definition of insanity is "doing the same thing over and over again and expecting a different result."  By that definition, all gold bugs who want a gold backed currency are insane because it has been tried and failed miserably.  Don't try it again.  Bitcoiners are the sane ones for trying something different.

A gold backed digital currency would be great but these three conditions cannot exist simultaneously for money:
1.  Digital
2.  Backed by gold
3.  No third party risk (no central point of failure - decentralized)

The next best thing is to have 1 and 3 exist simultaneously, which leaves us with bitcoin.

With Bitcoin Specie, we get all three.

The problem with #2-#3 is when it is all kept in some central vault.
A gold coin standard with a flexible free market valuation gives all three.
Bitcoin does this now.  You can buy gold or silver with bitcoin, and sell them for bitcoin.
Gold and silver provide pure anonymity in point of sale transactions.  They are not so good at being sent over the internet as Bitcoin.
Bitcoin is not quite as good at point of sale.  With both, you get Rickards dream coin.  Its already here.  Its called Bitcoin.

FREE MONEY1 Bitcoin for Silver and Gold NewLibertyDollar.com and now BITCOIN SPECIE (silver 1 ozt) shows value by QR
Bulk premiums as low as .0012 BTC "BETTER, MORE COLLECTIBLE, AND CHEAPER THAN SILVER EAGLES" 1Free of Government
dompsairs
Member
**
Offline Offline

Activity: 70


View Profile
August 02, 2014, 06:37:35 PM
 #10114

I wish I could sell aall my gold for BTC, but its so little that its not worth it
HeliKopterBen
Hero Member
*****
Offline Offline

Activity: 622



View Profile
August 03, 2014, 07:36:59 AM
 #10115

The problem I have with gold bugs who advocate a gold backed currency such as Rickards and Schiff is that gold backed currency has been tried and failed. It failed because of a central point of failure and in the US this central point of failure is the federal reserve and it failed to maintain a dollar peg to gold.  Einstein's definition of insanity is "doing the same thing over and over again and expecting a different result."  By that definition, all gold bugs who want a gold backed currency are insane because it has been tried and failed miserably.  Don't try it again.  Bitcoiners are the sane ones for trying something different.

A gold backed digital currency would be great but these three conditions cannot exist simultaneously for money:
1.  Digital
2.  Backed by gold
3.  No third party risk (no central point of failure - decentralized)

The next best thing is to have 1 and 3 exist simultaneously, which leaves us with bitcoin.

With Bitcoin Specie, we get all three.

Bitccoin is not backed by gold so we don't get #2.

Quote
The problem with #2-#3 is when it is all kept in some central vault.
A gold coin standard with a flexible free market valuation gives all three.
Bitcoin does this now.  You can buy gold or silver with bitcoin, and sell them for bitcoin.
This is not a true gold standard.  If it were, then a fixed amount of bitcoin would be directly redeemable for a fixed amount of gold.  This cannot exist in a trusless environment.  What you speak of are just market rates.  By your logic, the Argentinian peso is backed by gold.

Quote
Gold and silver provide pure anonymity in point of sale transactions.  They are not so good at being sent over the internet as Bitcoin.
Bitcoin is not quite as good at point of sale.  With both, you get Rickards dream coin.  Its already here.  Its called Bitcoin.

Gold and silver cannot be sent over the internet.  Period.  All you can do is send an IOU for gold or silver over the internet, which requires third party trust.  Bitcoin gives us 1 and 3 but not 2.  All 3 cannot exist simultaneously.  Unless someone can make all 3 happen at the same time, then bitcoin is our best option.

Counterfeit:  made in imitation of something else with intent to deceive:  merriam-webster
molecular
Donator
Legendary
*
Offline Offline

Activity: 2128



View Profile
August 03, 2014, 07:41:33 AM
 #10116

The problem I have with gold bugs who advocate a gold backed currency such as Rickards and Schiff is that gold backed currency has been tried and failed. It failed because of a central point of failure and in the US this central point of failure is the federal reserve and it failed to maintain a dollar peg to gold.  Einstein's definition of insanity is "doing the same thing over and over again and expecting a different result."  By that definition, all gold bugs who want a gold backed currency are insane because it has been tried and failed miserably.  Don't try it again.  Bitcoiners are the sane ones for trying something different.

A gold backed digital currency would be great but these three conditions cannot exist simultaneously for money:
1.  Digital
2.  Backed by gold
3.  No third party risk (no central point of failure - decentralized)

The next best thing is to have 1 and 3 exist simultaneously, which leaves us with bitcoin.

With Bitcoin Specie, we get all three.

Bitccoin is not backed by gold so we don't get #2.

I hereby promise to give 1 oz of gold for 21,000,000 BTC or fractions of 1 oz of gold for respective fractions of Bitcoin to anyone who is willing to meet me in person. PM me if you want to redeem.

Here we go. Bitcoin is backed by gold.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
cypherdoc
Legendary
*
Offline Offline

Activity: 1764



View Profile
August 03, 2014, 02:09:42 PM
 #10117

"In other words, were we to return to panic mode, the value of the implied taxpayer backing would rocket. The threat of high-cost taxpayer bailouts remains very much with us."

http://mobile.nytimes.com/2014/08/03/business/big-banks-still-a-risk.html?smid=tw-share&_r=0&referrer=
cypherdoc
Legendary
*
Offline Offline

Activity: 1764



View Profile
August 03, 2014, 02:16:19 PM
 #10118

The problem I have with gold bugs who advocate a gold backed currency such as Rickards and Schiff is that gold backed currency has been tried and failed. It failed because of a central point of failure and in the US this central point of failure is the federal reserve and it failed to maintain a dollar peg to gold.  Einstein's definition of insanity is "doing the same thing over and over again and expecting a different result."  By that definition, all gold bugs who want a gold backed currency are insane because it has been tried and failed miserably.  Don't try it again.  Bitcoiners are the sane ones for trying something different.

A gold backed digital currency would be great but these three conditions cannot exist simultaneously for money:
1.  Digital
2.  Backed by gold
3.  No third party risk (no central point of failure - decentralized)

The next best thing is to have 1 and 3 exist simultaneously, which leaves us with bitcoin.

With Bitcoin Specie, we get all three.

Bitccoin is not backed by gold so we don't get #2.

I hereby promise to give 1 oz of gold for 21,000,000 BTC or fractions of 1 oz of gold for respective fractions of Bitcoin to anyone who is willing to meet me in person. PM me if you want to redeem.

Here we go. Bitcoin is backed by gold.


Of course, you all know that backing is a concept that only applies at the institutional level of gubmint, the emitter of paper fiat. If they aren't willing to play ball by backing their worthless paper with Bitcoin, or even gold, your attempts to prove a point are pointless. That is what is required along with a free and open market in Bitcoin.
Trader Steve
Hero Member
*****
Offline Offline

Activity: 725


"How do you eat an elephant? One bit at a time..."


View Profile
August 03, 2014, 03:47:41 PM
 #10119

The problem I have with gold bugs who advocate a gold backed currency such as Rickards and Schiff is that gold backed currency has been tried and failed. It failed because of a central point of failure and in the US this central point of failure is the federal reserve and it failed to maintain a dollar peg to gold.  Einstein's definition of insanity is "doing the same thing over and over again and expecting a different result."  By that definition, all gold bugs who want a gold backed currency are insane because it has been tried and failed miserably.  Don't try it again.  Bitcoiners are the sane ones for trying something different.

A gold backed digital currency would be great but these three conditions cannot exist simultaneously for money:
1.  Digital
2.  Backed by gold
3.  No third party risk (no central point of failure - decentralized)

The next best thing is to have 1 and 3 exist simultaneously, which leaves us with bitcoin.

With Bitcoin Specie, we get all three.

Bitccoin is not backed by gold so we don't get #2.

Quote
The problem with #2-#3 is when it is all kept in some central vault.
A gold coin standard with a flexible free market valuation gives all three.
Bitcoin does this now.  You can buy gold or silver with bitcoin, and sell them for bitcoin.
This is not a true gold standard.  If it were, then a fixed amount of bitcoin would be directly redeemable for a fixed amount of gold.  This cannot exist in a trusless environment.  What you speak of are just market rates.  By your logic, the Argentinian peso is backed by gold.

Quote
Gold and silver provide pure anonymity in point of sale transactions.  They are not so good at being sent over the internet as Bitcoin.
Bitcoin is not quite as good at point of sale.  With both, you get Rickards dream coin.  Its already here.  Its called Bitcoin.

Gold and silver cannot be sent over the internet.  Period.  All you can do is send an IOU for gold or silver over the internet, which requires third party trust.  Bitcoin gives us 1 and 3 but not 2.  All 3 cannot exist simultaneously.  Unless someone can make all 3 happen at the same time, then bitcoin is our best option.

Bitcoin doesn't need backing any more than gold does. They are both scarce commodities that are valued in the marketplace for the utility that they provide.
Adrian-x
Legendary
*
Offline Offline

Activity: 1330



View Profile
August 03, 2014, 03:51:08 PM
 #10120


Bitccoin is not backed by gold so we don't get #2.


It is backed by gold it's backed by the productive wealth of those who choose to be part of the ledger.

If my memory serves Cypher backed Bitcoin with gold by using the dollar as a proxy. Even the likes of Schiff are backing Bitcoin with gold, they're using BitPay as a proxy.

Backing with gold is an idea whose time had gone, Bitcoin is backed by much more ultimately it's faith in the maths that governs the ledger.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
Pages: « 1 ... 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 [506] 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544 545 546 547 548 549 550 551 552 553 554 555 556 ... 1560 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!