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Bitcoins
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Yet again, the bitconistas turn fantasy into farce, and fail to notice.
Bitcons can never become a world currency, there aren't enough of them. So either you have to keep moving that decimal point, or computer game over. If the protocols stay at 8 decimal places the problem gets much worse. The only way around that problem is to use bitcons alongside fiat.
Whichever way you carve this turkey up, the link with fiat cannot be broken; and if that subservience of bitcon to fiat is not broken, whats all the propoganda about.
The other problem of this 'world currency' that gets overlooked, is how do the less than afluent get bitcons......the cost of mining is in the reach of the afluent only, the inflation of bitcons to buy precludes many from affording them.....and the poor can go to hell.
How the 500 pound Jaberwockey in the room got overlooked I'll never know.
..._
I take it you are a gold bug?
Did you know the truth is coming out that gold is not as rare as you may think?
What if the truth came out that instead of the thought 170K tons there are millions of tons available in the world.
What then gold bugs?0 -
Very interesting sir, but with what objective?
Bit coins are entirely transparent because every single transaction is logged and recorded which offers a whole new dynamic to how you could implement taxation for starters. It also could be a brilliant Trojan horse to trap those breaking laws and understand economic associations.
It also offers a new currency that will command trust at a time when the dollar is looking weak and outdated. The timing for me is a little suspicious I guess.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
Very interesting sir, but with what objective?
Bit coins are entirely transparent because every single transaction is logged and recorded which offers a whole new dynamic to how you could implement taxation for starters. It also could be a brilliant Trojan horse to trap those breaking laws and understand economic associations.
It also offers a new currency that will command trust at a time when the dollar is looking weak and outdated. The timing for me is a little suspicious I guess.
Its not really logged and recorded though is it? Or it is but it doesnt matter if its not in your name? You can have an account of someone else or several accounts. So it is actually private. Not as good as silver and copper coins changing hands but you cant do that long distance like you can with bitcoins.0 -
Its not really logged and recorded though is it? Or it is but it doesnt matter if its not in your name? You can have an account of someone else or several accounts. So it is actually private. Not as good as silver and copper coins changing hands but you cant do that long distance like you can with bitcoins.
It's like cash that comes with a register of all previous owners. Not names but computer code that tracks every moment forever. That code can then expose individuals and all their associates.
I think the underworld will still prefer to use art as a way of laundering money whilst authorities are going to be very very interested in developing crypto currencies further.
In my opinion it won't be long before the establishment legislates that all large purchases have to be made using the preferred crypto currency of the day.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
8 decimels is 100 million units and then theres 21 million of those. Thats like 210 quadrillion available, Ive lost count anyway. Seems enough
Most people werent walking round with gold sovereigns when we had that for a pound coin. A penny in your pocket went well enough apparently
Again most of us dont have access to any gold mines yet we used it for years. So long as people as do something in exchange, thats the main thingthe cost of mining is in the reach of the afluent only,
Anyhow Im sure fiat will carry on as not all countries are useless. It'll switch focus from USA to elsewhere like it left us generations back0 -
Are you sure? I thought that was the appeal the anonymity?
The idea that Bitcoin is anonymous is wrong, but one that a lot of people get caught up in. An individual transaction is not linked to an identity like a credit card is and you can take steps to make yourself anonymous (like you could with cash) but you by itself Bitcoin is not anonymous.
The entire blockchain is public, if I send you 1 BTC and then you spend that 1 BTC on cocaine, I can see that transaction and I will know your identity. True anonymity is about there being no connection between someone and something, although yes your name isn't included in the Blockchain, you're still exposing your identity to someone who could share it. If you were to use a mixing service you could "anonymise" your Bitcoins. Here's a project to make Bitcoin truly anonymous: http://zerocoin.org/Yet again, the bitconistas turn fantasy into farce, and fail to notice.
Bitcons can never become a world currency, there aren't enough of them. So either you have to keep moving that decimal point, or computer game over. If the protocols stay at 8 decimal places the problem gets much worse. The only way around that problem is to use bitcons alongside fiat.
How the 500 pound Jaberwockey in the room got overlooked I'll never know.
..._
Again, this is one of the problems that has long since been solved and you should give some credit the engineers involved in the creation and on going support of the Bitcoin protocol.
Bitcoin is divisible down to 8 places and part of the original specification is "mBTC". An mBTC is 1/1000 of a Bitcoin, you can read more about the units here: https://en.bitcoin.it/wiki/UnitsThe other problem of this 'world currency' that gets overlooked, is how do the less than afluent get bitcons......the cost of mining is in the reach of the afluent only, the inflation of bitcons to buy precludes many from affording them.....and the poor can go to hell.
You're right that mining is not cheap at a large scale, but anyone can mine with their computer and join a pool to get a piece of the action. The mining process becoming unprofitable was inevitable and known from the start, that's what transaction fees are for.0 -
Just bought 10 lite coins. Worth a punt I thought. Once kieser starts turning his focus to how undervalued bit coin's little brother is and the lite coin gets accepted on more platforms, we should see a big upswing.
I wonder how much I'm going to regret not buying a thousand one day ...Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
Has anyone noticed that google refuses to accept that the lite coin
( made by an ex google guy) exists.
Try googling lite coins on google then bing.
I wouldn't be surprised if google have backed bit coin themselvesProudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
The Department of Justice and Securities and Exchange Commission are telling a U.S. Senate committee that Bitcoins are legitimate financial instruments, boosting prospects for wider acceptance of the virtual currency.
Representatives from the agencies told the U.S. Senate Committee on Homeland Security and Governmental Affairs ahead of a hearing today that the digital money offers benefits and carries risks, like any other online-payment system, according to letters they released before the meeting.
http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html0 -
This thing is going mad... Bitcoin price now over £400
Up over 300% in a month and showing no signs of slowing down.0
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