US Treasury Adds Digital Currency Representative to Advisory Group

Coin Desk ^ | 18 March 2014 | Pete Rizzo

[no-to-illegals]

nope, regrettably is not capitalism .... I truly wish you luck. Newest invention in something known as the pyramid scheme. Many people were happy in pyramid schemes till they found out the truth. Then depressions came. I do wish you luck though.

[Errant]

Why is Ltc almost at $20, all of a sudden?

[Errant]

What backs bitcoins ... the full faith and credit of what?

Cryptocurrencies aren't backed by credit, only units that exist (it takes a lot of computations to create a unit) are able to be used for exchange. Likewise, there is no need for "faith" either. All transactions are recorded in a distributed ledger which all who wish, may view. All transactions are confirmed many times by numerous nodes. Try doing that with a fiat currency's central bank's ledger real time. ;)

[Errant]

This is probably why Litecoin is on a tear...

BTC China is set to reduce the trading fees across its digital currency exchange to 0% and it has today added the option for users to trade bitcoin for litecoin and vice versa.

At the beginning of the month, BTC China added litecoin support, enabling users to buy the popular altcoin using local currency CNY with 0% trading fees.

CNY-BTC trades on the site currently come with a 0.1% fee, but from 21st March, this will be removed.

BTC China to Drop All Fees After Adding BTC–LTC Trading Option

[TsonicTsunami08]

Huobi picked it up. It’s trading in China.

http://litecoinblog.org/

SEND BITCOIN 1CYfujvffxKKPHKvrQvLP3CDb3Z5Lu7LwM

[Errant]

SEND BITCOIN

LOL!

[Gunslingr3]

What backs bitcoins ... the full faith and credit of what?

Nothing 'backs' a bitcoin because nothing has to 'back' a bitcoin. It is simply a unit of account, but existing in fixed supply, and fully transferable without counterparty risk or third party permission.

U.S. Federal Reserve Notes used to be backed by the 'full faith and credit' of the U.S. government. You could redeem a note for the gold it represented. 'Full faith and credit' meant the government would ensure that there was gold to back that Federal Reserve Note.

Notice what it says on the top and bottom of that Federal Reserve Note?

FDR ended domestic convertibility, and Nixon ended international convertibility. So much for 'full faith and credit'.

Since then Federal Reserve Notes are just pieces of paper, that the Federal Reserve can and does print at will to backstop the most politically connected financial elite.

Paper currency wasn't something the Founders were unfamiliar with. There is a reason that States were forbidden from issuing paper money.

"Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice." - George Washington, in a letter to Jabez Bowen of Rhode Island, Jan 9, 1787.

Anyone betting on bitcoins is doing the unthinkable and giving their money or placing their money into something that is worthless.

It has value as a medium of exchange with low to no transaction costs, and as a store of value immune to government debasement. I suggest you at least learn a little about how it works before jumping to conclusions.

[TsonicTsunami08]

BTC is cutting fees because Huobi is on it.

Pinch me but that looks like capitalism.

[Errant]

Yep, the free market doing what it does best. ;)

[no-to-illegals]

I am really sorry some people believe in bitcoins. Too many variables for my money to be invested in them and although there has been mentioned there has been only one bankruptcy, one would think that would be enough to open some people’s eyes. The bitcoins are counterfeit. To suggest otherwise is to not be informed. I do not deal in counterfeit. I have enough problems with regular greenbacks, as was suggested to experiment with what few greenbacks my family has. To place myself and my family in a completely experimental (and bitcoins are experimental) currency exchange would be lunacy. Some people have more money than brains. I do not, therefore am staying out of experimental currencies. Good Luck to All of you that are in. May you remain happy. If you wind up not happy you shall not be able to say you were not warned.

[mmichaels1970]

Why is Ltc almost at $20, all of a sudden?

The difficulty of mining them is going through the roof too as we discussed in a previous thread. 5162 right now and due to jump almost another 10% in 12 hours. I know there are a few Asics available now, but people must be jumping into LTC hardcore.

The diff started jumping a while ago. Maybe it was a lagging indicator of the increased value we are seeing now.

I started looking into these profitability based mining pools that somehow allow you to dynamically mine the most profitable scrypt coin and then automatically exchange it for LTC. I don't know too much about it yet, but if you do, feel free to PM me.

Matter of fact, any mining advice you care to share or swap, feel free to PM me any time.

[mmichaels1970]

Pinch me but that looks like capitalism.

No thanks (on the pinch), but it looks like capitalism to me too!

[Gunslingr3]

although there has been mentioned there has been only one bankruptcy, one would think that would be enough to open some people’s eyes.

It should open eyes. It should clarify that bitcoin possession entails no third party risk, and if you entrust someone else with your bitcoins they can violate that trust and you no longer have the bitcoins.

The bankruptcy of MF Global was an indictment of the firm's mismanagement, but it is not a declaration on the utility and viability of the U.S. dollar just because that was the unit of measure for account values at the firm.

The bitcoins are counterfeit. To suggest otherwise is to not be informed.

Actually, bitcoins cannot be counterfeit.

That's why it is an actual viable electronic currency.

Because the blockchain is a ledger of all bitcoin transactions, there is no place to insert counterfeit coins into a wallet. The voluntary, distributed verification network that maintains and builds the ledger is the same system that awards new bitcoins. There is no Federal Reserve cabal that can inject how ever many trillion additional coins they want into the system to bail out their cronies.

I do not deal in counterfeit.

If you deal in US dollars you've dealt in counterfeit your entire life. Not only common criminals, but nation states have created and injected counterfeit dollars bills into the market. And that's not even counting the trillions of dollars the Federal Reserve has created to buy mortgages, treasuries, and other financial instruments.

Counterfeit is all you've known.

I have enough problems with regular greenbacks, as was suggested to experiment with what few greenbacks my family has. To place myself and my family in a completely experimental (and bitcoins are experimental) currency exchange would be lunacy.

I would not suggest anyone maintain a 100% position in any medium of exchange, nor store of value. Diversity is a liquidity of its own.

Some people have more money than brains. I do not, therefore am staying out of experimental currencies.

You're currently a lab rat in the Qualitative Easing experiment.

Good Luck to All of you that are in. May you remain happy. If you wind up not happy you shall not be able to say you were not warned.

Indeed.

[no-to-illegals]

Good Luck! Have fun with your counterfeit.