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How Bitcoin is Changing Everything
CoinDesk ^ | March 15, 2014 | Ariel Deschapell

Posted on 03/15/2014 10:33:42 PM PDT by TsonicTsunami08

Perhaps the single most prominent, and telling, feature of bitcoin today is its massive controversy in the media. Not a single day goes by without an article or televised mention about its dangers, risks, and dubious mainstream appeal.

(Excerpt) Read more at coindesk.com ...


TOPICS: Business/Economy; Computers/Internet; Science
KEYWORDS: bitcoin; nothing; ponzie; unicornmoney; vaporware
A fabulous piece explaining the global phenomenon BITCOIN! The internet of money! Tiger Direct surpasses $1,000,000,00 in sales. Overstock $20,000,00 to $30,000,00 in sales a day using BITCOIN! Did I mention that BITCOIN is awesome!
1 posted on 03/15/2014 10:33:42 PM PDT by TsonicTsunami08
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To: Errant

ping


2 posted on 03/15/2014 10:34:20 PM PDT by Jet Jaguar
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To: Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; DTA; ...
Thanks Jet Jaguar, TsonicTsunami08


Click to be Added / Removed.

3 posted on 03/15/2014 10:38:09 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: TsonicTsunami08
Did I mention that BITCOIN is awesome!

Bernie Maddoff's clients all loved him until one day someone decided to cash in their account and everyone suddenly found out that there was no there there.

4 posted on 03/15/2014 10:51:18 PM PDT by P-Marlowe (There can be no Victory without a fight and no battle without wounds)
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To: TsonicTsunami08; P-Marlowe
"Did I mention that BITCOIN is awesome!"

Personally endorsed by Autumn Ratke?

5 posted on 03/15/2014 11:00:00 PM PDT by shibumi (Cover it with gas and set it on fire.)
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To: P-Marlowe

Hey, It’s all bark no bite.
Heres a list of retailers that take Bitcoin.
More take it this week than last week and many more will accept it next week.
It will take you about 5 days to read it.

https://spendbitcoins.com/places/


6 posted on 03/15/2014 11:00:59 PM PDT by TsonicTsunami08
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To: shibumi

She was obviously a troubled young woman, Thats a fairly disgusting comment, congratulations.


7 posted on 03/15/2014 11:04:39 PM PDT by TsonicTsunami08
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To: P-Marlowe

Here ya go, instead of counting sheep, you can watch the worlds fiat currency flow into Bitcoin realtime. China is still driving the market even with their leaders best efforts to stop it. Bitcoin is the honey badger of money!

http://fiatleak.com/


8 posted on 03/15/2014 11:21:24 PM PDT by TsonicTsunami08
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Yeah, tax free commerce... /s


9 posted on 03/16/2014 2:12:14 AM PDT by Gene Eric (Don't be a statist!)
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To: Gene Eric

Lemons... lemonade. Taxes should always be based on the honors system. Anything else leads to tyranny when the socialists take over. The key to understanding the bitcoin economy is to understand that you won’t get paid enough in bitcoin to incur much taxation. Your previous comment for example will earn you the equivalent of a few thousandths of a penny, mostly from like minded folks who will wind up in the backwaters of the new economy. However there will still be pockets of decent pay in the old economy before the socialists completely destroy that.


10 posted on 03/16/2014 2:21:58 AM PDT by palmer (There's someone in my lead but it's not me)
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To: TsonicTsunami08

http://www.zdnet.com/third-cryptocurrency-exchange-becomes-hacking-victim-loses-bitcoin-7000027052/

Seems safe...what could go wrong?
/s


11 posted on 03/16/2014 3:41:27 AM PDT by Adder (No, Mr. Franklin, we could NOT keep it.)
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To: TsonicTsunami08
Did I mention that BITCOIN is awesome!

http://www.latimes.com/business/hiltzik/la-fi-mh-bitcoins-problems-20140209,0,983176.story#axzz2w7f0V7gI

Not that I have any faith in fiat currencies either, but Bitcoin is not exactly the new gold. I believe it is paving the way for a new world currency, but since that one will be Satanic and used in the End Times to control all of mankind, it isn't exactly something to be celebrated.

12 posted on 03/16/2014 4:03:57 AM PDT by SkyPilot
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To: TsonicTsunami08

Bitcoin, at its root, is Occupy Wall Street’s wet dream. Amazing how many people on this forum have had the wool pulled over their eyes.


13 posted on 03/16/2014 4:50:04 AM PDT by bolobaby
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To: bolobaby
You might be right. Or it might be competition. Given the way our government and the Fed Reserve are hellbent on devaluing the Federal Reserve Note (for it is not a U.S. Dollar) it practically begs for a competitor.

Me, I'm old school. I'll keep hedging with gold - the vast bulk of it purchased before it went north of 400FRN/oz. If only it hadn't fallen overboard in that boating accident.

14 posted on 03/16/2014 4:57:55 AM PDT by Sirius Lee (All that is required for evil to advance is for government to do "something")
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To: TsonicTsunami08
Where gold was valued for its color, easy malleability, purity and its anti-corrosive properties, [AND ITS SCARCITY AND TANGIBILITY -- hence, it is its own substantial backing], bitcoin is valued for it’s speed, decentralization, anonymity and ultra low transaction costs [BUT IT IS NOT ONLY INTANGIBLE, IT IS IMAGINARY; AND IT IS ABOUT AS SCARCE AS THIN AIR, hence, it is backed by confidence alone and the first three letters of CONfidence will eventually tell the tale].

Italics, bolding, underlining and words within brackets, are mine.

The writer of this self-serving piece used "its" twice -- once correctly, once incorrectly. Malapropisms are often dead giveaways.

15 posted on 03/16/2014 5:10:12 AM PDT by Migraine (Diversity is great -- until it happens to YOU..)
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To: TsonicTsunami08
What happens when there is no more Internet? EMP'S , major disasters, death of the owner of these bit coins, satellite take downs. And since they are virtual, it seems the only way to “own” them is through cyberspace?
I just read that at Mt.Gox a massive amount of them just disappeared in a puff of smoke and then you want me to believe these are a viable currency solution?
I know we're headed into the future but I feel bad things will happen trying to get this to fly. I'm not ready to bet my fortunes on the mention of the unproven next new fad.
16 posted on 03/16/2014 5:54:12 AM PDT by lucky american (Progressives are attacking our rights and y'all will sit there and take it.)
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To: TsonicTsunami08
Make believe virtual coins.

Real coins.


17 posted on 03/16/2014 6:01:17 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: lucky american; SkyPilot

See 17.


18 posted on 03/16/2014 6:02:23 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: P-Marlowe
Bernie Maddoff's clients all loved him until one day someone decided to cash in their account and everyone suddenly found out that there was no there there
For the bitcoin-ers, I don't think that is considered a problem, but a desired feature of the currency. It has value -- all by itself -- that is controlled solely by the marketplace and not by a govt entity.

I guess the disconnect is that you CAN hold physical gold in your hand, whereas you CAN'T hold bitcoin's electro-magnetic representation of 1's and 0's in your hand. Then again, you can buy gold from a dealer that the dealer "stores" for you - supposedly. Does the dealer really go cut up a fractional bar of gold, put your name on it and set it aside -- or, does he just make an entry into some digital ledger?

As long as we have electricity, I suppose we will become more and more computerized as time goes by. Given that realistic likelihood, digital currency will likely increase in use, convenience and eventually widespread acceptance.

So while I can see buying 20 bucks worth of bitcoin now and then with "play" money just to speculate -- until that widespread acceptance happens, I'd rather buy whole gold & silver rounds as part of my serious "investing" budget & have them mailed to me so I can hold them in my hand and put them in my own secure storage.

19 posted on 03/16/2014 6:37:26 AM PDT by jaydee770
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To: jaydee770
So while I can see buying 20 bucks worth of bitcoin now and then with "play" money just to speculate

That is the inherent flaw with bitcoin. It has no inherent value and most people who buy into it are doing so on the hope that their 20 bucks will turn into 40 bucks.

But what is it you are buying other than hope? You buy it with real dollars and in order to use it, it must be exchanged for real dollars. It is backed by the hopes and dreams of speculators and fools.

It is a fad. It is the pet rock of currency speculation.

It's cute but eventually it is nothing but an oversized piece of gravel.

20 posted on 03/16/2014 7:22:24 AM PDT by P-Marlowe (There can be no Victory without a fight and no battle without wounds)
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To: P-Marlowe; Travis McGee
You buy it with real dollars and in order to use it, it must be exchanged for real dollars.

Bingo. You nailed the crux of the problem.

When someone brags about the "value" of Bitcoin, do they tell you that one Bitcoin is now worth 600 Bitcoins? No, they tell you how many dollars it is worth. Now, I have no illusion about the US dollar. It is fiat currency, that has been in free fall since Nixon took us off the gold standard, and it is now in danger of losing its status as the World's Reserve currency. It is inflated and kept on life support by the Federal Reserve (double oxymoron there) moving decimal points on flat screens. But then again, the Stock Market is a crack pipe mirage as well.

21 posted on 03/16/2014 7:44:11 AM PDT by SkyPilot
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To: jaydee770
"As long as we have electricity, I suppose we will become more and more computerized as time goes by. Given that realistic likelihood, digital currency will likely increase in use, convenience and eventually widespread acceptance."

Maybe so. Maybe not.

But gold will still be gold, even if the power plug gets pulled.


22 posted on 03/16/2014 8:21:41 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: Travis McGee

I expect negative comments from the less educated but to see you blow this new technology off as clouds in the wind is in a word to me, shocking.
You have spent your life adapting to the unexpected and preparing contingencies for multiple scenarios.

I hope you take another look at this technology as it is a completely new invention. Please read Satoshi Nakamoto’s white paper.

One example of the power of this new technology is for the first time in the computer age you cannot duplicate a digital representation of a Bitcoin in the blockchain, No cut and paste. It cannot be reproduced or counterfeited. This has never been possible before and the implications are staggering.

I hope you will drill down a little deeper and find out what this is all about. Since its inception till this minute Bitcoins growth has been exponential on a global scale. This technology is here to stay.

Good luck to you and thanks for your time.


23 posted on 03/16/2014 8:26:52 AM PDT by TsonicTsunami08
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To: TsonicTsunami08
Sonic,

I'm of two minds on this.

While the Internet is available and somewhat free (as in freedom), the ability to use Bitcoin as a medium of free exchange for goods and services is amazing, and frees us to a degree from the tyranny of government-sponsored currencies. Unlike credit cards, the "merchant fees" (such as they are) of Bitcoin are incredibly low. The barrier to entry is almost nonexistent. And with so many vendors accepting Bitcoin, it is not true that Bitcoin has to be changed back into dollars or another government-controlled currency to be spent is simply not true. Nor is it true that you have to purchase Bitcoin with dollars; you can buy them with silver or gold.

The bad assumption about Bitcoin is the assumption that the world we live in will remain as it is today. That is normalcy bias. The people of Europe in 1927 assumed the world would be as it was ten years on. We know they were wrong.

Likewise, we could be dead wrong assuming the digital world will remain as stable as it is. (I believe that is part and parcel of Matt Bracken's short fiction, "Alas, Brave New Babylon".) It is possible, even probable, that the Internet as we know it will be sundered into multiple unconnected zones, through the actions of tyrannical governments, chief among them our own federal government. Will the block chain survive this sundering? It's possible (via backups stateside), though nobody knows.

I think people should try Bitcoin, to try and understand what crypto-currencies are all about.

In the final analysis, crypto-currencies are here to stay. Heck, I'd trust a cryptocurrency platform like the block chain (BitCoin's "backbone") to act as a ledger for recording votes. The computing power required to spoof or falsify such a ledger in the short time between voting and certification of the vote simply does not exist at this time.

24 posted on 03/17/2014 7:06:09 AM PDT by backwoods-engineer (Blog: www.BackwoodsEngineer.com)
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To: backwoods-engineer

Wonderful to have a contribution to the discussion that is thoughtful.
I suppose there is always the wild card of the unknown.
I think the thought that governments could zone the internet is a legitimate concern. I’m of the mind that private enterprise may launch independent satellites to counter such a move. There is going to be massive amounts of money involved and a guy like Richard Branson would have the wherewithal and vision to do it.

Security is a big concern and I know developers are working hard to come up with a viable solution. As you say, the integrity of the blockchain is assured but it is at the user end and central points of failure such as exchanges where windows of opportunity present themselves for hackers ( gov’t & black hat).

Cryptocurrencies are here to stay and nation states are getting involved. Iceland for instance has issued Auroracoin. It will be a pre mine of 50% which will go to the citizens of Iceland. I think the sky is the limit as this is the most rapid adoption of a technology in human history.


25 posted on 03/17/2014 6:32:33 PM PDT by TsonicTsunami08
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