Bitcoins

mmedia

Now, I'm thinking... As the FBI own those 144,000 Bitcoins, I'm sure they would want to keep hold of that $80 million dollars they are currently worth.

So it would be in Americas interest to make Bitcoin a success... From that fiatleak site, the main buyers are Americans and Chinese and if you say that Americans are flying over to China to buy, that live data that shows the Chinese buying is really more Americans buying and sending back to their American Bitcoin accounts?

:eek:

csm888

mmedia wrote: »

Now, I'm thinking... As the FBI own those 144,000 Bitcoins, I'm sure they would want to keep hold of that $80 million dollars they are currently worth.
So it would be in Americas interest to make Bitcoin a success... From that fiatleak site, the main buyers are Americans and Chinese and if you say that Americans are flying over to China to buy, that live data that shows the Chinese buying is really more Americans buying and sending back to their American Bitcoin accounts?
:eek:

Yes, I think it is Americans buying in China too.
$80million is nothing to the FBI, plus the market isn't deep enough to liquidate that size of holding easily. I don't know much about US law, but I doubt they can simply sell the confiscated assets and appropriate the resultant funds.

M.Johnson_2

dryhat wrote: »

Personally, I haven't bought any more on this dip. I'm happy with what I've got and have enjoyed some massive gains this year.

I got into Bitcoin for ideological reasons and because I recognise the importance of this new ground-breaking technology.

Whether Bitcoin survives, or something like it takes over is unknown. But the technology is here to stay.

Either way, for all sorts of reasons this year has been a great year to be involved in Bitcoin and I am looking forward to 2014.

What ideological reasons?

mmedia

csm888 wrote: »

Yes, I think it is Americans buying in China too.
$80million is nothing to the FBI, plus the market isn't deep enough to liquidate that size of holding easily. I don't know much about US law, but I doubt they can simply sell the confiscated assets and appropriate the resultant funds.

If Americans are buying most of those coins (Even in China) and the US government and big US online stores eventually accept Bitcoin as a currency, then the FBI's/USA's $80 million dollars could possibly be worth 100 times that!

JohnRo

You have to factor inflation and the increasingly worthless supply of confetti you measure btc with and the increasing cost of real things in tandem to get a sense of its true worth. The "value" of monopoly fiat currencies has fallen by a factor of about 100 in as many years and that trend isn't going to change for the better.

The tricky part of devaluing a currency by printing more of it and transferring wealth to the printers in the process, is how to do it without the plebs noticing or getting too upset they're being forced to work for and use something as money then robbed of its value for their efforts by the privileged money printers monopoly on ever increasing supply.

btc has every other currency licked on that score because it is decentralised, incorruptible and finite, it can't be manipulated directly to anyone's advantage which is why it'll most likely end up being heavily restricted through tax, laws, corrupt versions propped up by captured governments or failing all that, attempts made to take ownership through direct confiscation and outlawing possession to destroy the equity from within. The precedent has already been set long ago.

There's an almighty battle against btc coming at some point if it does ever start to gain truly widespread adoption but that's still a long way off.

Ideological enough?

mmedia

http://www.youtube.com/watch?v=NQ-zDEL05w0

1 BTC could be worth $1 million if it does become accepted in the future.

You never know they could be right! :rotfl:

csm888

JohnRo wrote: »

You have to factor inflation and the increasingly worthless supply of confetti you measure btc with and the increasing cost of real things in tandem to get a sense of its true worth. The "value" of monopoly fiat currencies has fallen by a factor of about 100 in as many years and that trend isn't going to change for the better.

The tricky part of devaluing a currency by printing more of it and transferring wealth to the printers in the process, is how to do it without the plebs noticing or getting too upset they're being forced to work for and use something as money then robbed of its value for their efforts by the privileged money printers monopoly on ever increasing supply.

btc has every other currency licked on that score because it is decentralised, incorruptible and finite, it can't be manipulated directly to anyone's advantage which is why it'll most likely end up being heavily restricted through tax, laws, corrupt versions propped up by captured governments or failing all that, attempts made to take ownership through direct confiscation and outlawing possession to destroy the equity from within. The precedent has already been set long ago.

There's an almighty battle against btc coming at some point if it does ever start to gain truly widespread adoption but that's still a long way off.

Ideological enough?

I agree, the battle is coming. Its going to be dirty, Bitcoin stands a chance if it gets big enough first.

Printing fiat is essentially the same as tax.

The thing I find most sickening is the US$ is the world currency, and the US was printing $80billion per month (QE).... its going down to $70billion soon, this means they are stealing value from everyone in the world to support their economy... no wonder the Chinese are pis*ed.

csm888

mmedia wrote: »

http://www.youtube.com/watch?v=NQ-zDEL05w0

1 BTC could be worth $1 million if it does become accepted in the future.

You never know they could be right! :rotfl:

Cyprus becoming the bitcoin world hub.... sounds great. (21.00 onwards)

sabretoothtigger

Saxo bank recently predicted the Euro will confiscate funds over 100k as part of a wider actions to stabilise economies


Its on their extreme list of things that could happen. But still the remote possibility at all is why these made up coins carry on.
A virtual fairy liquid plethora of mini bubbles is somehow preferable to the circus tent sized bubble being inflated and controlled by Washington

http://www.macrobusiness.com.au/2013/12/saxo-banks-10-outrageous-predictions-for-2014/

Satoshi

the other difference with bitcoin and monetary precious metals is the more people who buy monetary PM's the higher the value of them. So when someone already has bought a lot of gold and silver they have a vested interest in getting others to buy and use as money because its in their interests, they have thousands of years history as money and no end in sight as being used as money.

Bit coin does have an end in sight, admittedly it is said to be a long way off. Some say at current mining levels it could the year 2100 so 86 years away from when Im writing this in 2014. But as I have said if entities like the Box or the Firm otherwise known as MI5 or 6 or the CIA or FBI or KGB want to get involved in a big way they could mine the last of the bitcoins in a relatively short time.

The simple fact is when the last of the bitcoins have been mined the systems come to an end. We are over half way there as I write this in 2014.

So as with gold and silver when someone has already invested in them they have an interest in getting others to as well because its good fr them. But the more people who use and mine for bitcoins the sooner the end will come. But most bitcoin users dont understand this and talk others into using it as well, this is not good for them because its just expanding the supply quicker and devaluing the bitcoins they hold.