cypherdoc (OP)
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July 28, 2014, 05:57:13 PM |
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It may be simple/easy from a technical standpoint, but since it would force real honesty in government and thus deprive government and banks of the main source of their power, such a system will be resisted and fought against in every way imaginable. The only way a bitcoin standard will happen is if the majority of people choose to walk away from fiat of their own free will and choose to adopt bitcoin and think in bitcoin. (Which is exactly why there used to be a gold standard, it wasn't because governments liked it, but because it was demanded by the people)
These two opposing forces between government resistance and individual adoption is what will make this journey one of the most interesting in our lifetime, whichever way it eventually goes.
I like your way of thinking. I'm in it for what promises to be the ride of a lifetime  I can't even imagine the world of crypto 5 or 10 years from now so I'm happy that I get to see it grow with my own eyes. meanwhile...Bitcoin DOWN. Why?  b/c Bulls are hard to ride. |
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conspirosphere.tk
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Bitcoin is antisemitic
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July 28, 2014, 06:01:59 PM |
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meanwhile...Bitcoin DOWN. Why? either some big scammer is dumping (Goxcoins etc.) -but the volume is too low for that-, or there is much uncertainty due to the influx of new and supposedly better altcoins, new bans/quasi-bans (from NY to Ecuador), and new FUD ( http://motherboard.vice.com/read/why-bitcoin-may-one-day-split-into-black-and-white-coins) Today i'm still buying and oriented to liquidate my paper silver stash to buy BTC in case of larger crashes |
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thezerg
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July 28, 2014, 06:12:55 PM |
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It may be simple/easy from a technical standpoint, but since it would force real honesty in government and thus deprive government and banks of the main source of their power, such a system will be resisted and fought against in every way imaginable. The only way a bitcoin standard will happen is if the majority of people choose to walk away from fiat of their own free will and choose to adopt bitcoin and think in bitcoin. (Which is exactly why there used to be a gold standard, it wasn't because governments liked it, but because it was demanded by the people)
These two opposing forces between government resistance and individual adoption is what will make this journey one of the most interesting in our lifetime, whichever way it eventually goes.
I like your way of thinking. I'm in it for what promises to be the ride of a lifetime I can't even imagine the world of crypto 5 or 10 years from now so I'm happy that I get to see it grow with my own eyes. meanwhile...Bitcoin DOWN. Why? It is very possible that we are more like at Jan 15, 2012 at this point. In other words, we've recovered from the oversold condition but will be basically flat (slowly creeping up) for another year -- probably until there's another minor meltdown in the traditional banking sector.
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cypherdoc (OP)
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July 28, 2014, 06:20:10 PM |
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meanwhile...Bitcoin DOWN. Why? either some big scammer is dumping (Goxcoins etc.) -but the volume is too low for that-, or there is much uncertainty due to the influx of new and supposedly better altcoins, new bans/quasi-bans (from NY to Ecuador), and new FUD ( http://motherboard.vice.com/read/why-bitcoin-may-one-day-split-into-black-and-white-coins) Today i'm still buying and oriented to liquidate my paper silver stash to buy BTC in case of larger crashes i'm sure there are plenty of Wall St mouth breathers around who believe that w/o NYDFS regs, Bitcoin is doomed. |
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vokain
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July 28, 2014, 06:29:13 PM |
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It may be simple/easy from a technical standpoint, but since it would force real honesty in government and thus deprive government and banks of the main source of their power, such a system will be resisted and fought against in every way imaginable. The only way a bitcoin standard will happen is if the majority of people choose to walk away from fiat of their own free will and choose to adopt bitcoin and think in bitcoin. (Which is exactly why there used to be a gold standard, it wasn't because governments liked it, but because it was demanded by the people)
These two opposing forces between government resistance and individual adoption is what will make this journey one of the most interesting in our lifetime, whichever way it eventually goes.
I like your way of thinking. I'm in it for what promises to be the ride of a lifetime I can't even imagine the world of crypto 5 or 10 years from now so I'm happy that I get to see it grow with my own eyes. meanwhile...Bitcoin DOWN. Why? Seven Stages Of Empire http://www.youtube.com/watch?v=EdSq5H7awi8&desktop_uri=%2Fwatch%3Fv%3DEdSq5H7awi8&app=desktopBitcoin down probably because of too many people are expecting a bubble rise and margin calls on Bitfinex |
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cypherdoc (OP)
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July 28, 2014, 06:39:09 PM |
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Luria told Institutional Investor in June that he believes Atlas to be the frontrunner at creating a world-class trading platform, ahead of even existing market heavyweights such as SecondMarket and Kraken.i think Atlas is extremely important: Atlas ATS Expands Institutional Bitcoin Exchange to European Market http://www.coindesk.com/atlas-ats-expands-institutional-exchange-european-market/
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doo
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July 28, 2014, 06:44:25 PM |
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It may be simple/easy from a technical standpoint, but since it would force real honesty in government and thus deprive government and banks of the main source of their power, such a system will be resisted and fought against in every way imaginable. The only way a bitcoin standard will happen is if the majority of people choose to walk away from fiat of their own free will and choose to adopt bitcoin and think in bitcoin. (Which is exactly why there used to be a gold standard, it wasn't because governments liked it, but because it was demanded by the people)
These two opposing forces between government resistance and individual adoption is what will make this journey one of the most interesting in our lifetime, whichever way it eventually goes.
I like your way of thinking. I'm in it for what promises to be the ride of a lifetime I can't even imagine the world of crypto 5 or 10 years from now so I'm happy that I get to see it grow with my own eyes. meanwhile...Bitcoin DOWN. Why? Seven Stages Of Empire http://www.youtube.com/watch?v=EdSq5H7awi8&desktop_uri=%2Fwatch%3Fv%3DEdSq5H7awi8&app=desktopBitcoin down probably because of too many people are expecting a bubble rise and margin calls on Bitfinex lol, had to update this tread https://bitcointalk.org/index.php?topic=705604.0 |
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cypherdoc (OP)
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July 28, 2014, 07:00:52 PM |
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Russell still lagging. not a good sign:  |
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cypherdoc (OP)
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July 28, 2014, 07:13:59 PM |
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cypherdoc (OP)
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July 28, 2014, 07:34:34 PM |
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Xapo debit card spotted in the wild:  |
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zeetubes
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July 28, 2014, 07:53:06 PM |
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Xapo debit card spotted in the wild: Cool. What is the xapo identifier on the receipt? |
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zeetubes
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July 28, 2014, 08:43:23 PM |
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Perfect. Google translate works nicely. Hopefully they'll start shipping to the rest of the world in the near future.
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molecular
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July 28, 2014, 10:00:59 PM |
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The ultimate advantage for bitcoin is governments can not stop convertability and it is relatively easy for individuals to hold and transact in bitcoin. Do not doubt for a moment they won't try. I can see the IRS being used to harass anybody who dares to withdraw actual bitcoins from these off chain trading platforms like Coinbase or Circle. Have you moved the coins since you withdrew them? That's a taxable event unless you can prove otherwise. Audits all around for everybody who asks for their coins. If they can make it easier to keep your coins in an off chain system that allows for fractional reserve, and harass and punish anyone who tries to leave the system, they can play all the same games as they've successfully played with gold. Accountability (via proof of liabilities and proof of bitcoin funds) is possible rather easily. No need to withdraw coins in order to force non-fratctional reserves. At least not in theory. |
PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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justusranvier
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July 28, 2014, 10:35:36 PM |
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No need to withdraw coins in order to force non-fratctional reserves. At least not in theory. I never said they will be successful, only that they will try. Also, proof of liabilities in a way that is not easily gamed isn't nearly as easy as proof of assets. |
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rocks
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July 28, 2014, 11:23:56 PM |
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The ultimate advantage for bitcoin is governments can not stop convertability and it is relatively easy for individuals to hold and transact in bitcoin. Do not doubt for a moment they won't try. I can see the IRS being used to harass anybody who dares to withdraw actual bitcoins from these off chain trading platforms like Coinbase or Circle. Have you moved the coins since you withdrew them? That's a taxable event unless you can prove otherwise. Audits all around for everybody who asks for their coins. If they can make it easier to keep your coins in an off chain system that allows for fractional reserve, and harass and punish anyone who tries to leave the system, they can play all the same games as they've successfully played with gold. Accountability (via proof of liabilities and proof of bitcoin funds) is possible rather easily. No need to withdraw coins in order to force non-fratctional reserves. At least not in theory. Bingo To demonstrate your point one simply needs to ask how much of the FED's balance sheet is backed by real physical gold? i.e. How many ounces do they have vs. dollars in existence. The answer is no one really knows. The amount of physical metal has not been audited in a very long time, and even if they did that it is not clear how much of that has been lent out as collateral to primary dealers (i.e. gold no one else has claims to). In addition to that the number of dollars in existence is difficult to say because the FED and US government is required to back stop so many entities, it is not clear how much "liquidity" they would have to create "on demand", i.e. what forced future money printing has already been promised. Note: This ratio information was quite clear when the FED was first created and the country was on a gold standard. The ratio of gold-to-dollars fell and fell and fell over time, until it finally broke in the 70s and since then no one has known the ratio with any clarity. In bitcoin, all of this would be transparent and clear. In addition if a central government went too far past a 1:1 ratio, you can be sure smart people would remove as many coins as possible from the fractional off-chain system, to directly controlled on-chain coins. This would cause the ratio to become worse and worse and crash the system in a final bank run, after which the exit window closes and no one trusts that fiat anymore. Fear of such a run will force central states to remain honest. |
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cypherdoc (OP)
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July 28, 2014, 11:24:23 PM |
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cypherdoc (OP)
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July 28, 2014, 11:34:27 PM |
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cypherdoc (OP)
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July 28, 2014, 11:39:49 PM |
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