Alternative Currency will lead the future

Discussion in 'Politics' started by ProvidencePlant, Sep 14, 2012.

  1. That's inaccurate, a false analogy. They may not have a physical limit necessarily (we are talking about a cryptocurrency and not a physical currency here), but they do have an algorithmic limit. One of the distinguishing attributes of bitcoin is that it is a deflationary currency. Not only is there an established limit to how many will be circulated, but the total number in circulation can actually decrease. For example, if a hard drive with a bitcoin wallet crashes, those coins can no longer be verified against the block chain and are thus rendered permanently defunct, resulting in deflation. This is the opposite of how the other currencies operate, which are continually destroyed and reprinted as needed causing inflation when more are reprinted than were originally in circulation. Bitcoins are produced algorithmically, not out of thin air and you can't replace defunct bitcoins out of thin air like you can replace USD.
     
  2.  
    They do have a limit and they can not be produced out of thin air. You continuously demonstrate a lack of knowledge of Bitcoin...
     
  3.  
    dude..
     
    what's up man?
     
    been forever..
     
  4.  
    Hey AW! I've been doing pretty well. It has been awhile. I needed a break from online "political" discussion, but I'm slowly getting drawn back in apparently.  Hope you're doing well.
     
  5.  
    yeah dude.. doing ok. same shit.. i haven't ben in here for a while either.
     
    not as fun anymore :(
     
    good seeing you around.. you still local or did u move?
     
  6. if it was written by man it can be changed. Just like so many things in life promised to stay the same it never does. If it does not have a physical limitation like metal it can and will be manipulated. You show your lack of knowledge when it comes to money and the history of it. There is a reason why metal have developed into money through hundreds of years of evolution. Bitcoins are better than greenbacks but not a good form of currency. It will not stand up against currency law's, hackers whether it's them producing more or crashing computers with large sums of bitcoins causing mass deflation. Around a year ago big bankers bought and sold large amounts of bitcoins to see if it could be manipulated and they were able to cut the trading price of bitcoins in half within a day. Money this volatile is not very good. I may be 100% wrong and I am ok with that. Speculation is not my expertise really but I do know quite a bit about money. But I do recognize a speculative bubble when I see one.

    bat mobile
     
  7. no, I agree with everything you're saying.

    I've also heard that a limitation in the algorithm is the reason for the limitation to amount of bitcoins.

    But this, just like any other 'fad', has

    •no government backing
    •no authorized law enforcement
    •no convenient place to spend them
    •no convenient way to liquidate them
    •no tangible evidence of ownership

    It's price is driven purely by bullish investors who believe some day those criteria will be met and they cam say they were in on "that big thing" when it was a startup.
     
  8.  
    I've been up in Boston most of the time I've been on this site, but my parents are local still.
     
  9.  
    Arguments from history are nice, but they are not always forward-thinking and don't always take new discoveries into account. Technology is evolving at a rate faster than ever before in history. I would wager that my knowledge of the history of money is comparable to yours, so you can stop with the whole "I know more than you" routine. Treat me like an equal and I will give you the same respect.
     
    Bitcoin is not going to replace greenbacks or gold. Gold has its long tradition as money, while Bitcoin is clearly the new kid on the block and a much riskier venture in the long-run. Bitcoin has a very specific use and there are certain things that Bitcoin is actually better at than gold is. It's much easier for me, personally, to anonymously/securely trade Bitcoin for cannabis than it is to trade gold or greenbacks for it. This takes more than the average layman's understanding of the internet and computers to pull off, but, as a software developer by trade, I'm relatively confident in my own abilities & knowledge when it comes to the required technologies (I won't bore you with all the technical details).

    Bitcoin doesn't need to stand up to currency laws. The IRS has already ruled that Bitcoin is property (as far as the US government is concerned) and not strictly a currency.

    I completely agree that Bitcoin is a risky venture at this point. It could be a complete flop in the long-run. I haven't invested a whole lot into it, so I'm not too worried. I definitely wouldn't dump my entire life savings into it. I actually have spent more buying precious metals than I have spent on Bitcoin (though my Bitcoins are currently worth a lot more ;)).
     
  10. #430 ProvidencePlant, May 6, 2014
    Last edited by a moderator: May 6, 2014
    So for the past 3.5 months I've been working almost entirely on opening a fully "legal" US based exchange. The amount of fucking hoops that I've had to jump through so far has driven me to the brink of insanity. Between that and the capital required to be fully licensed (You're looking at close to $1M by the time its said and done) I've decided to pursue my venture in the Caribbean, mainly looking at The Caymans or Antigua. I'll keep you guys updated :)

    Sent from my SCH-I535 using Grasscity Forum mobile app
     
  11. yeah bro, the SEC doesn't fuck around.

    And if you're thinking about any American owned province you'll likely face the same problems.
     
  12. Please do

    bat mobile
     
  13.  
    That's great! Would your exchange be similar to Coinbase? If so, I'd be glad to lend any technical expertise I have. Feel free to shoot me a PM.
     
  14. Bitcoin seems like a great first step towards undermining the central-banking stanglehold, I think anyone who is trading in bitcoin and saving in gold/silver will be pretty well off financially.
     
  15. http://www.zerohedge.com/news/2015-06-13/writings-wall-texas-pulls-1-billion-gold-ny-fed-makes-it-non-confiscatable
     
    *  *  *
    Is this the first step down a road to secession? Notably, they'll need that gold to establish their own country once they win the potentially imminent war with the US military which starts on Monday (Jade Helm).
    *  *  *
    This implicit subordination of The Fed's gold sends a more ominous signal of rising fears of confiscation and leaves us wondering just how long before every state (and or country) decides to follow Texas' lead?
    </blockquote> 
     
    I love gold repudiation stories! 
     
  16. Pretty fun to read some of these old threads, TSLA was the other fun one.

    I guess Grass City's financial advisors are about as good as CNBC.
     
    • Funny Funny x 1
  17. I was honestly hoping currency was going to switch over to acorns.

    Cuz we’d be Millionaires.

    j
     

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