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Jybrael
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March 03, 2015, 11:39:19 PM
 #41

Well it is true that a lot of hacking incidents are happening at the moment when it comes to bitcoin related...businesses...but this also shows them that they need to up their security to better serve their customers. It's not a matter of whether or not the bitcoin currency is secure or not...but more of a question...of whether or not the people are taking the proper precautions...
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March 03, 2015, 11:49:38 PM
 #42

Why do people see "doomed to failed, because it's not already big", while I see "Has tremendous growth potential, because it's not already big nor the defacto world currency".



Because they're either trolls or ignorant, usually both. Obviously we can see the potential in bitcoin and the opportunity for both growth and profit so we see it as a worthwhile investment, but others don't. Some people thought it was a get rich quick scheme and it didn't work out for them or they lost a lot of money and now they're pissed so they become aggressive and cynical.

most because bitcoin related investmen businesses went either scam or bankrupt, thats why most people are pissed but I agree with you that its not a get rich quick scheme.
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March 04, 2015, 03:39:31 AM
 #43



First, when you make x10 less milk, FED will not destroy money, it is a one way ticket. They only print more and more, never destroy it, not because the economy can not shrink, just because they don't want to sell their assets in exchange for useless paper

And your second reasoning is quite right, the milk's price should be based on supply and demand, has nothing to do with FED's money supply. Changing the money supply will just affect milk's price, thus give wrong signal of milk's supply and demand, which usually first cause over production and over hiring, and then followed by a larger sell-off of over produced goods and lay-off

Correct. The price of milk should be based on the supply and demand of the milk. When you change the yardstick (the value of money) you completely disrupt the market's understanding of the supply and demand of milk because the price has changed in regards to the value of each dollar rather than the current value of milk.

So many people (including Lampchop) don't understand this very simple concept.

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March 04, 2015, 04:10:19 AM
 #44

Its doomed to fail if every bitcoin related businesses gets hacked. After the recent hacking incidents im losing faith

This is very true.  But then again, the latest price is near $280.  Still though, I agree.. the insecurity of what is supposed to be a secure finance method is troubling. 


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March 04, 2015, 01:42:11 PM
 #45

There is no way to explain to you , because there's nothing to understand. people just simply things that the FIAT system is working great , and that this bitcoin thing is just bad. once the fiat system crash ( if ever ) bitcoin will skyrocket.
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March 04, 2015, 04:02:01 PM
 #46

Its doomed to fail if every bitcoin related businesses gets hacked. After the recent hacking incidents im losing faith

This is very true.  But then again, the latest price is near $280.  Still though, I agree.. the insecurity of what is supposed to be a secure finance method is troubling. 
It comes down to what the individual does to protect their Bitcoin. The traditional system is already quite vulnerable, and there's not a lot that can be done about that. If you're looking for an example, that Chase Bank hack a little while ago.

Hackers will always become more and more sophisticated, and people have to find work-arounds to protect their stuff. Nothing is immune.














 

 

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NotLambchop
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March 04, 2015, 04:51:33 PM
 #47

There is no way to explain to you , because there's nothing to understand. people just simply things that the FIAT system is working great , and that this bitcoin thing is just bad. once the fiat system crash ( if ever ) bitcoin will skyrocket.

I found this learning aid rather helpful in explaining the eternal battle of Good vs. BTC:

Die, Bitcoin Monster!  You don't belong in this world!

GLORIOUS USD ==><==Bitcoin abomination
xingming
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March 04, 2015, 05:30:41 PM
 #48

In reallity bicoin value is not in his price , The bitcoin value is in the simple method you can use it with the low
value of taxes and the full private protect tha give you , sometimes people just want to disapear because
they want to hide from governs .

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March 04, 2015, 06:12:10 PM
 #49

In reallity bicoin value is not in his price , The bitcoin value is in the simple method you can use it with the low
value of taxes and the full private protect tha give you , sometimes people just want to disapear because
they want to hide from governs .
You seems to not get everything. Bitcoin is no different than any other FIATs out there. The only difference is that it is virtual and not managed by one government. Standard money are still your better choice because they seems to be not volatile. As for tracking qualities of money vs bitcoin... well that is something yet to be proven.


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March 04, 2015, 11:29:56 PM
 #50

Fun fact: most people are fools. Give it ten years and everyone will be kicking themselves for not jumping on the Bitcoin train earlier.

Specially when they had a blessed opportunity o buy at sub 300 twice.


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March 05, 2015, 01:41:46 AM
 #51

Definitely, however debt and assets are not included in CPI, they buy as much debt and assets as possible, and when most of the debts and assets are concentrated in the hands of a few, there will be even less worry about inflation

No investments are included in the PCE, which the Fed uses not the CPI.

They only buy or sell as much debt that the Fed funds target tells the New York Branch to.

PCE does not include assets and debts either, if it indeed does, we are in hyper inflation now. And you can see, they dramatically reduce the weight of housing cost in the index and increased the medicare cost in the index, due to cheaper medicare and more expensive housing, how brilliant



Humans are adaptive, if you see the future price volatility risk, you will either take less exposure or make some hedging against that risk. The much larger danger is seeing an illusion of price stability that is created by FED, while not detecting the underlying problem under the calm surface, and crashed without any preparation. FED is also human, they are not much smarter than average graduates, can not avoid human's weakness. But due to their higher level of view, they could drive larger changes, and also cause larger disasters
Yes, people are avoiding the price instability of BTC like the plague, and hedging an asset like BTC is impossibly expensive.  It will never put a dent into any major currency as it currently exists.

They could be more variant, but they've become less variant over time.  They are slow learners.  Only a major policy change would make the Fed act as you suggest.

It is not difficult to learn to deal with price instability: Buy low and sell high, small leverage. Sometimes you gain, sometimes you lose, long term wise you gain. But for fiat money, you lose a tiny amount each day, and long term wise you are a sure loser

Central banks are playing a game which quickly erode the credibility of fiat money. From surface, it seems they can drive a forever expanding debt and forever expanding consumption, borrowing new money to pay the old debt, and grow the GDP at mean time. However, people will quickly lose trust in fiat money when they learned more knowledge about modern fiat money creation, maybe fiat money itself already collapsed long before this game run its course

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March 05, 2015, 02:36:19 AM
 #52

If the US economy is destroyed because of a few percent deflation in 2008, it's no wonder that sellers completely stop pricing products in BTC during its price instabilities.

The only one will be destroyed are the banks, and the whole scam exposed. People will learn from it and reorganize the economy with what they have left. However, FED printed 30 years' money to save the banks and now people did not learn anything from it and they have been ripped off even more due to this large scale of money printing

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March 06, 2015, 01:39:34 AM
 #53


I prefer total price stability.
Over slavery  Wink

Sooner or later, people will realize that price stability is only a belief, it has never been realized. Look at all the world currency wildly swing against each other, it is only a best-effort control by central banks, and Swiss central bank just gave up the control and make it swing 40% in a couple of hours

But again, comparing to money creation, inflation or deflation or stability are all minor issues, it is the money creation bring the slavery to mankind, not inflation
`
agree, the current money creation process is the root of all evil, inflation is just a manifestation of it..

alltough i still dont get why price stability is such an important goal

Both inflation and deflation are evil.

If the US economy is destroyed because of a few percent deflation in 2008, it's no wonder that sellers completely stop pricing products in BTC during its price instabilities.

The only one will be destroyed are the banks, and the whole scam exposed. People will learn from it and reorganize the economy with what they have left. However, FED printed 30 years' money to save the banks and now people did not learn anything from it and they have been ripped off even more due to this large scale of money printing

The Fed has no choice but to increase deposits at the Fed branches.  The banks were destroyed by the Fed's bungling deflation which caused everyone to walk away from their homes, that in turn and the Fed-raised reserve ratios causing the banks to require extreme amounts of reserves.  Cash has not deviated from its long term trend.  If the Fed did not follow the Fed Funds target, we would have another Great Recession.  Here's an explanation despite my hero's misspeaking about the higher order money creation process.

As for the banks, the ones who were bailed out and then protected by Dodd-Frank did well indeed.  The median household was annihilated.  People, like in the ultimatum game, scorched the earth.

Deflation "made them walk away from their homes"? Or they could no longer afford to pay their mortgage since they got loans which took nearly 100% of their disposable income and their interest rates went up just enough to make it so they could no longer pay their mortgage?

Most americans have a fixed income. Deflation would end up giving them extra dollars in the pocket as the price of goods decreased and their pay stayed the same.

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March 06, 2015, 03:14:42 AM
 #54

...
Most americans have a fixed income...
Where do you guys come up with this shit?  Is that what they tell you at stormfront.org mises.org/zerohedge?

Here, educate yourself:  http://www.angels-heaven.org/english/default_0c_en.htm



And get some real tinfoil for your hat already.  Tinfoil works, aluminum foil (the shit they duped you into buying) don't.
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