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Author Topic: ownmatusow - why bitcoin not bigger  (Read 739 times)
ownmatusow
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May 25, 2012, 06:54:09 PM
 #1

Seems like a much safer way to play poker.

US government has no right to seize a site using non US currency.

why do i have to stay on the dam newbie board
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cst
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May 25, 2012, 07:02:52 PM
 #2

Seems like a much safer way to play poker.

US government has no right to seize a site using non US currency.

why do i have to stay on the dam newbie board

Maybe because of stuff like that :p
And afaik bitcoin is not really a currency (yet?)
ownmatusow
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May 25, 2012, 07:07:56 PM
 #3

here's a bitcoin poem for you:

whats long and sweet - and hangs to my feet

its thick like my wrist - with a head like my fist ?
cst
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May 25, 2012, 07:14:41 PM
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I was just trying to be helpful Wink and you're threatening me with a baseball bat? Tongue

Just chill, have you posted in the 'Want out of here' thread?
d6d4d59
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May 25, 2012, 08:09:27 PM
 #5

How is bitcoin not a currency (yet)?

I agree that poker players should totally look into bitcoin. i think it'll happen soon.
cst
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May 25, 2012, 09:08:41 PM
 #6

Because it's a commodity. The difference? You can't just print more commodity, if you need to, like you do with fiat currencies. There is a fixed supply limit. And in that aspect bitcoin can never be a currency.

'Yet' was just me being hopeful for the future, as in: hope for more widespread adoption (merchants, merchants, merchants..), maybe official recognition by the governments? etc.

Hope I haven't spouted too much nonsense/BS, I'm still kind of new to this whole economy/money thing ;)
fatigue
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May 26, 2012, 12:14:48 AM
 #7

Because it's a commodity. The difference? You can't just print more commodity, if you need to, like you do with fiat currencies.

There is a difference between the bitcoin and a currency, however, until all 21 million coins are generated, it should be treated as such. People DO produce the currency, and that alone makes it a currency. Although, once all 21 million are generated, it will oddly enough become a sort of... reverse currency where instead of making more, the amount slowly dwindles with lost coins, etc.
JJJJust
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May 26, 2012, 12:40:51 AM
 #8

Seems like a much safer way to play poker.

US government has no right to seize a site using non US currency.

The US Government does indeed have the right to obtain an injunction to prevent acceptance of funds (31 USC §5365) of any site that is subject to US law and accepts payments for internet gambling through/that have been funded by certain means (31 USC §5363), even if the site is not denominated in US currency.

It would be unlawful for someone on US soil to operate a gambling site or host a gambling site in the US that accepts Bitcoins that have been funded through ACH, domestic wire transfers, or through a money transmitting service/business (31 USC §5363 (2)).
d6d4d59
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May 26, 2012, 02:10:15 AM
 #9

Because it's a commodity. The difference? You can't just print more commodity, if you need to, like you do with fiat currencies. There is a fixed supply limit. And in that aspect bitcoin can never be a currency.

'Yet' was just me being hopeful for the future, as in: hope for more widespread adoption (merchants, merchants, merchants..), maybe official recognition by the governments? etc.

Hope I haven't spouted too much nonsense/BS, I'm still kind of new to this whole economy/money thing Wink

Newspapers can be printed, and they're a commodity. Gold was a money even though it was not printed.

My hair is a bird, your argument is invalid.
cst
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May 26, 2012, 08:08:50 AM
 #10

Because it's a commodity. The difference? You can't just print more commodity, if you need to, like you do with fiat currencies.

There is a difference between the bitcoin and a currency, however, until all 21 million coins are generated, it should be treated as such. People DO produce the currency, and that alone makes it a currency. Although, once all 21 million are generated, it will oddly enough become a sort of... reverse currency where instead of making more, the amount slowly dwindles with lost coins, etc.

Bitcoins however are produced at a steady, predictable pace, you can't just decide to make some more as with fiat. But as you said, I don't really think it matters so much for the end-user, as long as you can use it to get stuff.

Because it's a commodity. The difference? You can't just print more commodity, if you need to, like you do with fiat currencies. There is a fixed supply limit. And in that aspect bitcoin can never be a currency.

'Yet' was just me being hopeful for the future, as in: hope for more widespread adoption (merchants, merchants, merchants..), maybe official recognition by the governments? etc.

Hope I haven't spouted too much nonsense/BS, I'm still kind of new to this whole economy/money thing Wink

Newspapers can be printed, and they're a commodity. Gold was a money even though it was not printed.

My hair is a bird, your argument is invalid.

Yes, gold was used as money but it's still a commodity. Though as I said, I don't think it matters so much.
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