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Bitcoin versus other monies.

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  • #46


    /smug

    I've seen bitcoin summed up thusly: It's a great tool for libertarians to realise why financial regulation exists.

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    • #47
      Originally posted by Chrs View Post


      /smug

      I've seen bitcoin summed up thusly: It's a great tool for libertarians to realise why financial regulation exists.
      Yup, it did great for the 2008 financial crisis and the rampant securities fraud that was behind it.

      Comment


      • #48
        Bernanke's letter to the Senate in light of the bitcoin craze:

        "Vice Chairman Alan Blinder’s testimony at that time made the key point that while these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.

        Although the Federal Reserve generally monitors developments in virtual currencies and other payments system innovations, it does not necessarily have authority to directly supervise or regulate these innovations or the entities that provide them to the market. In general, the Federal Reserve would only have authority to regulate a virtual currency product if it is issued by, or cleared or settled through, a banking organization that we supervise. Given the Federal Reserve”s authority and the manner in which virtual currencies have developed, the Federal Reserve has focused primarily on a supervised banking organization’s role in the products’ sale and distribution, as well as the applicable regulations, such as Bank Secrecy Act (BSA) /anti-money laundering (AML) requirements."

        http://www.businessinsider.com/ben-b...itcoin-2013-11
        So much for the rumors (essentially coming from the bitcoin anti-government community) that digital currency was the "bane of the central bankers."
        Last edited by seanD; 02-26-2014, 01:52 AM.

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        • #49
          Article by someone who had warned against using Bitcoin http://teapartyeconomist.com/2014/02...digital-money/ He seems to expect that digital currency will go away. I don't know about that. After all, one must spend more than $500 to get 1 bitcoin as of now.
          The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

          [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

          Comment


          • #50
            Of course, it was unwise to let companies like Mt Gox store your bitcoin wallets. Best to store them in secure places. It's too bad so many people were foolish. Use Bitcoin companies only to buy and sell if necessary.

            Investment-speculator advisor Michael Robinson have said that setbacks like the Mt Gox debacle were to be expected. He said, however, that he still believes in Bitcoin, reminding his readers that the world is now making hundreds of billions of electronic transactions and so must have "some type of encrypted money that is difficult to hack and cheap to transmit via computer or mobile device."

            You recall Mt Gox fussed big about a software problem in the Bitcoin program. In retrospect, we might think that it was to divert attention away from difficulties the Mt Gox management was having. Michael is not sure what had happened and is happening, and promised to monitor the situation.
            The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

            [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

            Comment


            • #51
              For some reason,Dogecoin(the currency based off a joke) has more respect from me, than Bitcoin.
              "It's evolution; every time you invent something fool-proof, the world invents a better fool."
              -Unknown

              "Preach the gospel, and if necessary use words." - Most likely St.Francis


              I find that evolution is the best proof of God.
              ---------------------------------------------------------------------------------------------------------------
              I support the :
              sigpic

              Comment


              • #52
                I found a news item while looking up "Dogecoin" http://www.cnn.com/2014/02/26/tech/i...ncy-tech-irpt/
                The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

                [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

                Comment


                • #53
                  I think another reason I like Dogecoin so much is the emphasis the community has on giving,rather than the Bitcoin community which tends to horde.
                  "It's evolution; every time you invent something fool-proof, the world invents a better fool."
                  -Unknown

                  "Preach the gospel, and if necessary use words." - Most likely St.Francis


                  I find that evolution is the best proof of God.
                  ---------------------------------------------------------------------------------------------------------------
                  I support the :
                  sigpic

                  Comment


                  • #54
                    Saw a cute cartoon on the topic.

                    bitcoin.jpg

                    Comment


                    • #55
                      Originally posted by Irate Canadian View Post
                      I think another reason I like Dogecoin so much is the emphasis the community has on giving,rather than the Bitcoin community which tends to horde.
                      As you wrote that did you have the Doge Foundation in mind? http://foundation.dogecoin.com/
                      The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

                      [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

                      Comment


                      • #56
                        Originally posted by Truthseeker View Post
                        As you wrote that did you have the Doge Foundation in mind? http://foundation.dogecoin.com/
                        As well as the fact that they have helped a Indian skier and the Jamaican Bobsled team get to the Sochi Olympics.
                        "It's evolution; every time you invent something fool-proof, the world invents a better fool."
                        -Unknown

                        "Preach the gospel, and if necessary use words." - Most likely St.Francis


                        I find that evolution is the best proof of God.
                        ---------------------------------------------------------------------------------------------------------------
                        I support the :
                        sigpic

                        Comment


                        • #57
                          For the sarcastically impaired the following is said in jest

                          Maybe we should start TWEBCOIN!!!1

                          "It's evolution; every time you invent something fool-proof, the world invents a better fool."
                          -Unknown

                          "Preach the gospel, and if necessary use words." - Most likely St.Francis


                          I find that evolution is the best proof of God.
                          ---------------------------------------------------------------------------------------------------------------
                          I support the :
                          sigpic

                          Comment


                          • #58
                            Flexcoin was hacked so it had to file for liquidation. Poloniex was also hacked. At least it's still around. The wallet software from MIT, Bitcoin-QT, is still synchronizing with the network, "3 weeks behind," for days now.
                            The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

                            [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

                            Comment


                            • #59
                              Originally posted by Truthseeker View Post
                              Of course, it was unwise to let companies like Mt Gox store your bitcoin wallets. Best to store them in secure places. It's too bad so many people were foolish. Use Bitcoin companies only to buy and sell if necessary.
                              Someone said in effect that all computers should be expected to be attacked by hackers. If you are going to keep bitcoins on your computer or some other computer, you should do your best to ensure that it is as bulletproof as you can manage.
                              The greater number of laws . . . , the more thieves . . . there will be. ---- Lao-Tzu

                              [T]he truth I’m after and the truth never harmed anyone. What harms us is to persist in self-deceit and ignorance -— Marcus Aurelius, Meditations

                              Comment


                              • #60
                                Originally posted by Truthseeker View Post
                                Someone said in effect that all computers should be expected to be attacked by hackers. If you are going to keep bitcoins on your computer or some other computer, you should do your best to ensure that it is as bulletproof as you can manage.
                                The problem with digital transfer is not the storage (well, that's a problem, too), but the transfer itself. Some of the cases involve transfers that are spoofed: the receiving computer actually received the bitcoins, but send an invalid code to the exchange that the transfer failed. The exchange then sends a second bitcoin in place of the "failed" transfer. That's likely part of what happened at MtGox.

                                If ANY point in the chain is unsecure, the entire chain is compromised.

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