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Thread: The New Crowd Sourced Currency...

      
   
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    The New Crowd Sourced Currency...

    "Give me control of a nations money supply, and I care not who makes its laws" is a quote from the famed German banker Rothschild back in the late 1700's...

    TODAY (well, actually created in 2009), following the FAILURE of floozie and digicash -- comes a NEW worldwide currency -- Bitcoin...

    The "new and improved" digital currency -- operating on a P2P network -- FREE from oversight of both government or a centralized bank...

    An intriguing discussion of this NEW currency can be viewed here...



    Bitcoin is formulated through algorithms to limit its supply to 21,000,000 coins -- much like a limited resource (gold, silver, diamonds)...

    The algorithms PREVENT "favorities" -- meaning that the "rich" don't have the odds stacked in their favor to "become richer" -- it's simply a mining exploration for NEW coins -- and it gets HARDER the closer they come to the 21,000,000 ...

    From my perspective -- there is UNLIMITED potential -- yet potentially severe risks...

    The risks are that people will use the coins as INVESTMENTS and NOT spend them -- therefore, an uncirculated "currency"...

    And then there is the risk of government intervention -- you know, NO government wants to LOSE CONTROL over its citizenry -- The U.S. has ALREADY implemented changes in its banking regulations SPECIFICALLY targeting currency exchanges that INCLUDE Bitcoin -- they did this under concerns of "money laundering" and "drug transactions"...

    Also -- according to "traditional" (which bitcoin is anything but) thinking -- there are concerns that without it being able to be used as a debt instrument (since there is NO WAY to attach interest combined with its limited supply) it will become a dying instrument with (in THEORY) only a limited 6 - 10 year volatile life span...

    I don't know -- I'm FASCINATED with the concept of a currency that lives OUTSIDE of regulation -- yet, I'm CONVINCED that improvements can be made to the LATEST version of an AWESOME idea...

    What are your thoughts???

    Last edited by opinterph; March 21st, 2013 at 06:06 PM. Reason: late edit requested by OP
    "Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it..." Goethe

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    Re: The New Crowd Sourced Currency...

    Hmmm ...

    http://realestate.aol.com/blog/on/bi...-moore-canada/

    Hey, Ted!

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    Re: The New Crowd Sourced Currency...

    ^You ALMOST get the idea that she would RATHER receive Bitcoin over CASH!!!

    I've been thinking about you

    Hope everything is going GREAT!!!

    "Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it..." Goethe

  4. #4

    Re: The New Crowd Sourced Currency...

    It's limitation and weakness is that it is entirely based on the faith of people accepting it that it will be accepted by others in the future. It has the potential to be another tulip bubble, it it ever gets off the ground.
    I did not see a discussion of exchange rates. Who determines how many dollars per bitcoins I must pay to buy in, and how much I will get if I choose to get out?
    I do not see people holding for investment, since they do not pay interest. Some might hold as a speculation on currency exchange rates, but it is more likely that people will dump them ASAP out of fear.
    If we can control the deficit, the Dollar will remain the best currency for international transaction, simply because it is known and trusted world wide. We, as Americans receive big advantages from that trust, so there is no good reason for us to be promoting an alternative currency. It is for instance, the reason we are able to get away with our deficits.
    PayPal does a good job of facilitating Internet transactions, and I do not see an advantage in bitcoins.
    Last edited by Benvolio; March 22nd, 2013 at 06:50 AM.

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    Re: The New Crowd Sourced Currency...

    Deficits are the only way that modern governments exist. Having a healthy chunk of debt is worthwhile.

    What I find more intriguing is the concept of diversifying your exposure to a bad debtor. Something like Prosper which uses hundreds of small investments to pay one large loan. I read an article the other day that showed if you help over a hundred prosper accounts you will make 10% interest over a year. by percentage the number of loans that go bad are small enough that you can be exposed to lending 25 dollars in a bad loan when the other 975 dollars of loan is paying out as agreed.

    I dont think any monetary system outside of the ones establishes by the legal ruling bodies will pass muster. Why do you think when they created the UN, the world monetary fund was created as well. Folks understand you control the armies and the monies and you control it all. They would see a bitcoin that is becoming actually popular as a national threat and act accordingly across the globe to make it so difficult to use that it would die.

    The only time we will see a different method of monetization is after the collapse of western society.
    Everyone can be great, because everyone can serve.
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  6. #6

    Re: The New Crowd Sourced Currency...

    We need to control the deficit and national debt. Failing that people will eventually refuse to accept our currency and indebtedness. The only thing saving us now is that there is no adequate alternative. The Euro is in even more trouble. Russia has been buying up massive amounts of gold. No one knows why,but I suspect Putin has some scheme in mind to replace the Dollar as the most reliable currency.

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    Re: The New Crowd Sourced Currency...

    I'd rather see less freedom when it comes to currency than more.

    I honestly think the 2008 crash was mostly because of private banks "printing money" with added debt which caused the bubble.

    The British government realized in 1844 that it needed to put in law that only the government / central bank would be allowed to make money. Unfortunately they never updated this to digital money which is now 97% of all money. This development of digital money is the main reason for the bubble economy and the crash.

    We really should have seen it coming...

    Last edited by Laufey; March 22nd, 2013 at 11:38 AM.

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    Re: The New Crowd Sourced Currency...

    If you are curious, the current rate is 1bitcoin = $76.90US.

    There are two things amusing about the currency. Only individuals may have bitcoins [collective bodies are forbidden to hold them]. Part of the algorithm is tied to the velocity of said money aka how often the coins are spent. The higher the ratio, the higher the value. So if people are hording the coins and not spending them, its value drops.

  9. #9

    Re: The New Crowd Sourced Currency...

    Quote Originally Posted by maxpowr9 View Post
    If you are curious, the current rate is 1bitcoin = $76.90US.

    There are two things amusing about the currency. Only individuals may have bitcoins [collective bodies are forbidden to hold them]. Part of the algorithm is tied to the velocity of said money aka how often the coins are spent. The higher the ratio, the higher the value. So if people are hording the coins and not spending them, its value drops.
    So, I cannot buy from a corporation such as Amazon, eBay, etc? And if I don't spend it soon, it loses value.? Two very good reasons to avoid it. What are they thinking ?

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    Re: The New Crowd Sourced Currency...

    Quote Originally Posted by maxpowr9 View Post
    If you are curious, the current rate is 1bitcoin = $76.90US.

    There are two things amusing about the currency. Only individuals may have bitcoins [collective bodies are forbidden to hold them]. Part of the algorithm is tied to the velocity of said money aka how often the coins are spent. The higher the ratio, the higher the value. So if people are hording the coins and not spending them, its value drops.
    I noticed that the price for the bitcoins has been spiking lately -- from what I can read, it has to do with a lot of investment money coming in from Spain and (I think) Cypress...

    It seems WAY TOO expensive right now to "buy in"...

    "Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it..." Goethe

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    Re: The New Crowd Sourced Currency...

    Quote Originally Posted by Benvolio View Post
    So, I cannot buy from a corporation such as Amazon, eBay, etc? And if I don't spend it soon, it loses value.? Two very good reasons to avoid it. What are they thinking ?
    You can buy via third-party like paypal but not directly from the company. The point of a limited currency is to keep velocity high. For example, if someone horded all the gold the world, it would decrease the value of it [the concept of a monopoly is nullified in terms of currency holders]. This is intermediate macro stuff.

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    Re: The New Crowd Sourced Currency...

    ^Actually, just earlier this month -- you CAN now buy from Amazon with your bitcoins...

    Story here: http://www.marketwatch.com/story/bit...com-2013-03-06

    That might be ANOTHER reason for the spike...

    "Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it..." Goethe

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    Re: The New Crowd Sourced Currency...

    ^Amazon does have a third-party marketplace. Again, you cannot use said tokens to buy directly from the company but from other vendors.

  14. #14

    Re: The New Crowd Sourced Currency...

    Quote Originally Posted by maxpowr9 View Post
    You can buy via third-party like paypal but not directly from the company. The point of a limited currency is to keep velocity high. For example, if someone horded all the gold the world, it would decrease the value of it [the concept of a monopoly is nullified in terms of currency holders]. This is intermediate macro stuff.
    The need for velocity to keep the value high sounds suspiciously like a Ponzi scheme.

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    Re: The New Crowd Sourced Currency...

    ^A ponzi scheme would NEVER have a ceiling...

    Otherwise, it wouldn't work...
    "Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it..." Goethe

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    Re: The New Crowd Sourced Currency...

    Bitcoin is pretty old, and has been the online currency for a while now.

  17. #17

    Re: The New Crowd Sourced Currency...

    Quote Originally Posted by swerve View Post
    ^A ponzi scheme would NEVER have a ceiling...

    Otherwise, it wouldn't work...
    All Ponzi schemes have a ceiling in the sense that they reach a point when they cannot bring in new money fast enough and they collapse. The bitcoin scheme has an artificial ceiling, but will they move it up if they can? And if the velocity is insufficient, it may collapse without reaching the ceiling.
    Last edited by Benvolio; March 23rd, 2013 at 06:24 AM.

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    Re: The New Crowd Sourced Currency...

    I just spent an hour reading articles, and I still can't see how it works. Where do these 'coins' come from? I read about "mining", but it made no sense to me, except to give me the suspicion that people really good with computers can sort of pull bitcoins out of thin air.

    "Thirty-one* states allow all qualified citizens to carry concealed weapons. In those states, homosexuals should embark on organized efforts to become comfortable with guns, learn to use them safely and carry them. They should set up Pink Pistols task forces, sponsor shooting courses and help homosexuals get licensed to carry. And they should do it in a way that gets as much publicity as possible. "

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  19. #19

    Re: The New Crowd Sourced Currency...

    I have assumed that people buy into the bitcoins with other currencies and that at some point they can redeem them for other currencies. But I have not wanted to invest an hour learning the intricacies.

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