Bitcoin cracks US$100

[c-ray]

Should Bitcoin Be Regulated? (FoxBusiness)

http://video.foxbusiness.com/v/2297014298001/should-bitcoin-be-regulated/

 

[FlowerFarmer]

Because some people seem not to really understand the fucking basics.

"Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given socio-economic context or country. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can be considered money."

Store of value
To act as a store of value, a money must be able to be reliably saved, stored, and retrieved – and be predictably usable as a medium of exchange when it is retrieved. The value of the money must also remain stable over time. Some have argued that inflation, by reducing the value of money, diminishes the ability of the money to function as a store of value.

That is because it is NOT money. It is merely currency.

Money ≠ Currency

..for reasons you have mentioned above. Due to unsound monetary policy our currencies can no longer be defined as money because they are a horrible store of value. Bitcoin is not money, and neither is USD/fiat... they are merely currencies. Huge difference. Your last statement makes it seems as though you don't know the difference all while stating "some people don't seem to know the fucking basics". Do you know the basics? Inflation of currency cannot reduce the value of money. In fact is has quite the opposite effect. I think you do know the difference.. but your choice of words is a hair off. Replace the words "money" in your final statement with "currency" and you are spot on.


You can try to define a lot of objects/records, what have you, as money, but you'll soon find that there is not much that fits the criteria of money. They all fall short in one way or another.

This is why "Gold is money, and nothing else". It has been that way for thousands of years. There is a reason for that.


Of course in the fiat currency world they want us all to believe the enormous lie that gold was only a commodity and not money. Meanwhile they (every central bank in existence) continue to store and accumulate real money (gold) as they destroy their paper currencies in an orchestrated effort to transfer the wealth from the working class and into the pockets of the top elites - the money for nothing club.

 

[opiumo]

That is because it is NOT money. It is merely currency.

Money ≠ Currency

..for reasons you have mentioned above. Due to unsound monetary policy our currencies can no longer be defined as money because they are a horrible store of value. Bitcoin is not money, and neither is USD/fiat... they are merely currencies. Huge difference. Your last statement makes it seems as though you don't know the difference all while stating "some people don't seem to know the fucking basics". Do you know the basics? Inflation of currency cannot reduce the value of money. In fact is has quite the opposite effect. I think you do know the difference.. but your choice of words is a hair off. Replace the words "money" in your final statement with "currency" and you are spot on.


You can try to define a lot of objects/records, what have you, as money, but you'll soon find that there is not much that fits the criteria of money. They all fall short in one way or another.

This is why "Gold is money, and nothing else". It has been that way for thousands of years. There is a reason for that.


Of course in the fiat currency world they want us all to believe the enormous lie that gold was only a commodity and not money. Meanwhile they continue to store and accumulate real money (gold) as they destroy their paper currencies in an orchestrated effort to transfer the wealth from the working class and into the pockets of the top elites - the money for nothing club.

Thx for panning that out for me FlowerFarm, and yes i do understand the difference and my grammar and english is not optimal. I try to swing along in these discussions best i can but its easier in my first language. Thanks again for making that clear for me

 

[Gert Lush]

This is why "Gold is money, and nothing else". It has been that way for thousands of years. There is a reason for that.

Erm... because the savages have always been impressed by, and willing to trade valuable stuff for flashy bling?

an orchestrated effort to transfer the wealth from the working class and into the pockets of the top elites

Hm, I think that has already happened, quite a long while ago, in fact.
Why carry on doing it? It's hard work, something the money-for-nothing club is not into.


===

J/K, not having a pop at you, I actually agree with your take that BitCoin is "currency" but not "value store" yet. That's how it should be, too, to discourage the speculators. However the key word is "YET". As electronic currencies become more popular and take off, as the novelty wears off, so to speak, they will also become more stable.

Money is a man made concept, and should be able to evolve as our society does. I class as evolution anything that is more equitable, fairer, more productive, more JOYOUS, and less controlled by vampires.

Gold is an awful idea for money. It brings out the worst in people re hoarding, bling-worship, and quasi-religious twaddle. It is not a coincidence that the Muslim Sharia countries consider it the only valid form of money.

But even if you do look at it religiously, the motto on money says "In God We Trust", don't flipping say "In Bling We Trust", do it? If this is true, then I dare say that human intelligence is a bit closer to god than a yellow metal.

 

[FlowerFarmer]

No prob opi.. I knew what you were saying. A lot of people unfortunately cannot decipher between the two differences.

If they did we likely wouldn't be in the currency crisis we are as people would simply refuse to participate (and save/invest) in central banking paper schemes. It is unfortunate. The people of a country SHOULD be able to save in their countries currency without losing their wealth.


This is why bitcoin is great. If fully embraced and has the potential to free ourselves in that regard. It would severely limit their money creation and ludicrous spending habits. I'm excited to see bitcoin continue to grow, and it is apparent that a lot of big money/professionals are taking notice of the potential as well.. people beyond those just looking for quick speculation riches.

In fairness to bitcoin. ALL new/infant currencies are going to go through very volatile periods before becoming stable. They also will enrich those early adopters of said new currency. This doesn't necessarily make it a scam or ponzi scheme... although depending on those holding a majority take, it very well could sway in that direction. Greed is a very powerful thing.


There will likely be many extreme UPs and Downs as bitcoin evolves...and many will be burnt along the way who buy into speculative bubbles.


Exciting stuff..

 

[SmokeyTheBear]

Someone somewhere is a whining stoned paranoid, but that don't stop you from smoking... right?


PS. (Do try and find out what a scam IS, before deciding if something is one, you might even manage to avoid one that way)

I take it you've wasted thousands of dollars on this scam and will defend it at all costs?

 

[FlowerFarmer]

Gert,

Erm... because the savages have always been impressed by, and willing to trade valuable stuff for flashy bling?

Not sure..but there is a reason is has withstood the test of time. Because its shiny? who knows..

.. or perhaps because it fits pretty much all of the criteria of money. Is a finite resource and takes effort to procure. It is not subject to counter party risk.

 

[FlowerFarmer]

I take it you've wasted thousands of dollars on this scam and will defend it at all costs?

scam?

Bitcoin value is nothing more than the representation of the increase in consumers. We saw a bubble due to a massive increase in those joining.. many for the reasons of speculation.

You do realize that it has still increased some 900%+.


Bitcoin lost 50% of the value (in USD) off of its high.
Your USD/fiat dollars have lost 98% of their value.




Who is being scammed again?

Now that the recent speculative bubble has popped, bitcoin will resume growth and gaining value while those holding USD/fiat will continue to lose value. < - - and the later is certainly a given. It is a mathematical certainty.


These are the reasons why diversification is absolutely critical in today's economic state. I'm really liking the idea of preserving wealth in a variety hard assets and using bitcoin (or whatever competing decentralized digital currencies) as an eventual currency free of the central banking cartels. I'm sure they are very against that will do at nothing to stop such means. Curious to see how that side of this all plays out. Bet things will get a lot more prohibitive ... ya know.. in the name of "national security..and the children"

 

[Gert Lush]

I take it you've wasted thousands of dollars on this scam and will defend it at all costs?

You can take it whichever way you like. I think I know which way you'd like to take it, and I for one am not one to interfere with the way people like to take it.
Do continue enjoying taking it the way you like best.








When you've learned to read, or to answer simple questions, we may continue this conversation.
And no, I haven't "wasted" a single penny on Bitcoin (though I certainly wish I had, like a few years ago, when it was sub-dollar).

 

[Gert Lush]

.. or perhaps because it fits pretty much all of the criteria of money. Is a finite resource and takes effort to procure. It is not subject to counter party risk.

It's a fascinating subject friend, and I could discuss it for hours, preferably with some good philosophical weed to hand!

It is interesting though, that until it's recent electronic applications, apart from some use in dentistry, it had absolutely no practical value, aside from bling, that is.

Why should a useless finite resource turn out more valuable than a useful one?
Come to think of it why should scarcity be a criterion for money? Just the messed up way we humans think...
Why not, say, wheat, or water, or iron or bricks or seeds or stuff we really need to live?

 

[opiumo]

Because we bullshit ourselves, constantly.
Going to the ATM, the bank and saying i wanna withdraw all my savings.
I dont trust you anymore, i wanna be able to see my savings and touch it.

hint *sound of crashing car into concrete fucking wall.*

 

[dagnabit]

soon as they choose to link this "currency" to funding terror(as soon as the pot is big enough)this will be over and all moneys in bitcoin will be lost.
it wont be pretty..

 

[Gert Lush]

soon as they choose to link this "currency" to funding terror(as soon as the pot is big enough)this will be over and all moneys in bitcoin will be lost.
it wont be pretty..

1) Who is "they"?
2) And how do you suppose they'll "close" it?
3) You're not supposed to stash bitcoin anyway, so serves them right.
4) Do you know something I don't? I'm looking for half a dozen Stingers and a medium range SAM launcher. Is there somewhere I can get them in bitcoin?
5) Someone somewhere is a whining stoned paranoid, but that don't stop you from smoking... right? (Looks like I'll be using this one a lot, ho-hum)

 

[SmokeyTheBear]

Scam.

 

[Gert Lush]

Scam.

I thought we'd already established that.
Were you worried in case no-one heard you?

Hey guys, listen up!
SmokeyTheBear says it's a SCAM.

Or was it Chicken Licken?

 

[SmokeyTheBear]

Too funny. Why do you guys get so worked up when someone says it's a scam? Your defending it like it's your first born child.

 

[Gert Lush]

What are you on about, Smokey? We're agreeing with you. How insecure are you?

 

[SmokeyTheBear]

Just trying to ruffle some feathers to entertain myself on a boring Saturday night.

 

[dagnabit]

1) Who is "they"?

they would be the us government and their allies in the "war on terror"

2) And how do you suppose they'll "close" it?

the easiest way would be to threaten prosecution for any business accepting or trading in bitcoin. this would be easily done under the pat act

3) You're not supposed to stash bitcoin anyway, so serves them right.

i thought you could do as you pleased with currency?

4) Do you know something I don't? I'm looking for half a dozen Stingers and a medium range SAM launcher. Is there somewhere I can get them in bitcoin?

probably..
or you could be transferring monies via the "anonymity" of the "currency" to people and organizations involved in "terrorist" activity

5) Someone somewhere is a whining stoned paranoid, but that don't stop you from smoking... right? (Looks like I'll be using this one a lot, ho-hum)

somewhere someone is raping a goat does that stop you from eating meat?
i would not use that line to much as it makes no sense in this context.
it's more like
someone somewhere is scared they will lose money by fronting someone they have never met 10lbs of reefer. doesn't stop you from fronting your weed to strangers does it?

 

[skullznroses]

If someone was dumb enough to use this currency for anything worth the government getting involved they will certainly be brought down. I just doubt that the gov't would shut down the pipeline that leads them to the international whackjobs they are looking for in the first place. They would just sit back and illegally monitor who uses this currency (like they already do) and then arrest them and never bring them to trial, and then do it again.

ONce you get a scam going you don't want to blow the roof off of it, you want to milk it more as much as you can.