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Pruden
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October 13, 2014, 10:22:33 AM |
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Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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NotLambchop
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October 13, 2014, 10:58:52 AM |
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Due to cherry picking graph start and end points you fail to make your point here. Be less arbitrary in your favor. This is not how science is done. No? |
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Wekkel
Legendary
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Activity: 3108
Merit: 1531
yes
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October 13, 2014, 11:39:43 AM |
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The speculation part of Bitcoin is indeed a necessary aspect of Bitcoin's ascent. But the price of a single Bitcoin in USD is not the most interesting aspect of bitcoin. The most intriguing part of Bitcoin is its transparent decentralised ledger. This ledger cannot be negotiated with, cannot be extorted or bribed and not seized. It can be accessed universally and anywhere electronically. it's a way of keeping score without anyone interfering.
We all know that the current monetary system comes with perks that lead to a transfer of wealth from ordinary citizens to governments. People are increasingly becoming aware of this and will be looking for escapes. The great aspects of the Bitcoin ledger will induce people over time to keep score in an honest ledger instead of obfuscated official ledgers. Slowly but surely the honest ledger will show its upside compared to a mismanaged ledger. The USD centric approach of today still limits the penetration of decentralized ledgers but over time a critical mass will cross the line. I expect currency turbulence to hasten this process, although it may take many years. It will be the youth leading and not pensioners with a large stake in the current system. The trust and comfort found in banks has catched firm hold in people's believe system.
In the end, the honest transparent ledgers will prevail. Now that bypassing the official ledger is possible (at least - theoretically), nothing can stop this from happening over time, even if it takes a generation.
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FNG
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October 13, 2014, 12:36:39 PM |
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A lot of transactions happen within coinbase |
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World
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October 13, 2014, 12:47:17 PM |
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Finland govt should buy BTCs and add bitcoin functionality to every Nokia smartphones, feature phones, mobile phones be default. http://9to5mac.com/2014/10/13/finlands-credit-rating-downgraded-and-its-all-apples-fault-says-prime-minister/ |
Supporting people with beautiful creative ideas. Bitcoin is because of the developers,exchanges,merchants,miners,investors,users,machines and blockchain technologies work together.
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Hunyadi
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Merit: 1000
☑ ♟ ☐ ♚
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October 13, 2014, 12:54:15 PM |
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Nokia sold their smartphone business to Microsoft. |
▂▃▅▇█▓▒░B**-Cultist░▒▓█▇▅▃▂
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World
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October 13, 2014, 01:32:34 PM |
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Nokia sold their smartphone business to Microsoft. thx oh… I see for $7 billion last year. |
Supporting people with beautiful creative ideas. Bitcoin is because of the developers,exchanges,merchants,miners,investors,users,machines and blockchain technologies work together.
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NewLiberty
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Gresham's Lawyer
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October 13, 2014, 02:24:22 PM |
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Due to cherry picking graph start and end points you fail to make your point here. Be less arbitrary in your favor. This is not how science is done. No? lol Right. That wasn't science either. It is not science when you decide that 9/11 and the financial meltdown of the last decade are going to be repeated simply because some stock index reaches the same price it was when those previous two events happened. |
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FNG
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October 13, 2014, 02:39:05 PM |
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Stock markets still bleeding.  |
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cypherdoc (OP)
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October 13, 2014, 03:44:01 PM |
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interesting insights, thanks for the link Greed is Bitcoins killer app. Incentivising early adoption and evangelizing by early adopters bootstraps it and provides the necessary marketing. as an admitted speculator, i can't tell you how much criticism i took in 2011 for speculating. |
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rocks
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October 13, 2014, 04:42:38 PM |
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interesting insights, thanks for the link Greed is Bitcoins killer app. Incentivising early adoption and evangelizing by early adopters bootstraps it and provides the necessary marketing. as an admitted speculator, i can't tell you how much criticism i took in 2011 for speculating. Don't call yourself an admitted speculator, instead call yourself a venture capital investor (or maybe an angle for you early early adopters). It's closer to the truth, even if you are just sitting back watching, by speculating you are raising the price which trickels into the rest of the bitcoin economy. You yourself are also active in the marketing department which is critical at this phase..... |
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wachtwoord
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October 13, 2014, 04:57:08 PM |
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as an admitted speculator, i can't tell you how much criticism i took in 2011 for speculating.
Whatever you do people are going to give you shit one way or another. |
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Melbustus
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October 13, 2014, 05:15:23 PM |
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as an admitted speculator, i can't tell you how much criticism i took in 2011 for speculating.
Whatever you do people are going to give you shit one way or another. Yeah. In the bitcoin-success case, there's going to be a slew of really annoying "you just got lucky" attacks, with zero appreciation for the depth of thought and strength of conviction required to initiate and hold these positions. Not to mention the efforts many of us spend educating others and combating ignorance and stupidity every day. |
Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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cypherdoc (OP)
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October 13, 2014, 05:32:40 PM |
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cypherdoc (OP)
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October 13, 2014, 05:35:12 PM |
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rocks
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Activity: 1153
Merit: 1000
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October 13, 2014, 05:38:02 PM |
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as an admitted speculator, i can't tell you how much criticism i took in 2011 for speculating.
Whatever you do people are going to give you shit one way or another. Yeah. In the bitcoin-success case, there's going to be a slew of really annoying "you just got lucky" attacks, with zero appreciation for the depth of thought and strength of conviction required to initiate and hold these positions. Not to mention the efforts many of us spend educating others and combating ignorance and stupidity every day. Most people who got into bitcoin early I think will be able to withstand the "you just got lucky" attacks by peers or the population at large. The smart ones also won't flaunt it but simply create investment income and retire from day jobs quietly. My real concern is these attacks may result in some form of "windfall profits" tax. If bitcoin becomes what we all think it may become and the global populace eventually recognizes it as a primary form of money, then there probably will be attempts spread out the out-sized early adopter gains gains through the tax structure. There will be lots of arguments around "justice", "equality" and "fairness" but the result will simply be confiscation through taxation. It's not fair that you have $150M in bitcoin cypherdoc, you only need $50M (or $10M or $2M), anything more is greedy and selfish. If bitcoin grows into trillions of dollars, governments all over the world are going to want a very large cut, and there are lots of arguments to justify this cut to the voters. These justifications BTW were the whole reason bitcoin was created in the first place. TL;DR - The tax code is the wrench  |
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Wekkel
Legendary
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Activity: 3108
Merit: 1531
yes
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October 13, 2014, 05:40:02 PM |
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If Bitcoin grows large, exactly how will governments tax the 'windfall'?
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cypherdoc (OP)
Legendary
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Activity: 1764
Merit: 1002
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October 13, 2014, 05:40:56 PM |
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as an admitted speculator, i can't tell you how much criticism i took in 2011 for speculating.
Whatever you do people are going to give you shit one way or another. Yeah. In the bitcoin-success case, there's going to be a slew of really annoying "you just got lucky" attacks, with zero appreciation for the depth of thought and strength of conviction required to initiate and hold these positions. Not to mention the efforts many of us spend educating others and combating ignorance and stupidity every day. Most people who got into bitcoin early I think will be able to withstand the "you just got lucky" attacks by peers or the population at large. The smart ones also won't flaunt it but simply create investment income and retire from day jobs quietly. My real concern is these attacks may result in some form of "windfall profits" tax. If bitcoin becomes what we all think it may become and the global populace eventually recognizes it as a primary form of money, then there probably will be attempts spread out the out-sized early adopter gains gains through the tax structure. There will be lots of arguments around "justice", "equality" and "fairness" but the result will simply be confiscation through taxation. It's not fair that you have $150M in bitcoin cypherdoc, you only need $50M (or $10M or $2M), anything more is greedy and selfish. If bitcoin grows into trillions of dollars, governments all over the world are going to want a very large cut, and there are lots of arguments to justify this cut to the voters. These justifications BTW were the whole reason bitcoin was created in the first place. who says i have any bitcoin? i just believe in the cause of fair money. |
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Cortex7
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October 13, 2014, 05:53:29 PM |
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If Bitcoin grows large, exactly how will governments tax the 'windfall'?
I'm guessing they could only enforce anything at the fiat interface (bank account level). Taxing users for bitcoin to physical goods transactions could only be a written law that users might or might not abide by. The same goes for posting cash around in envelopes. |
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