Skip to comments.Overstock CEO: 'I don't own bitcoin, but I'm a fan'
Posted on 12/28/2013 8:47:36 PM PST by Errant
FORTUNE -- Overstock.com, which sells everything from bedding to dinnerware online, recently announced it would accept bitcoin as early as June, making it the first U.S. retailer to use the virtual currency. Still in its experimental phase, bitcoin has fluctuated from as low as $13 in January to more than $1,200 in December.
And while it has had a wild ride, Overstock's (OSTK) plans to accept bitcoin as payment shouldn't be read as another bet that the currency will soar higher, says CEO Patrick Byrne.
(Excerpt) Read more at finance.fortune.cnn.com ...
The DEA’s snitch had gotten out of Cartel favor by losing a load —it appeared he might lose info access. But if their snitch were able to steal a rival incoming load, then he’d be straight again with the Cartelistas.
So the DEA and Fibbers spilled the beans on the impending load, and at the rip Terry was killed.
If instead of a US cop dying, say, 20 poor Mexicans or mere US citizens were killed do you REALLY think we’ ever had heard anyof this...?
Wrong thread, omg how did I do THAT..??
One of the better comments at the link:
Here’s how I usually explain Bitcoin to skeptics:
The reason it’s so hard for most people to understand Bitcoin is that most people don’t really understand money. Money isn’t wealth. It’s an accounting system used to facilitate the exchange of wealth. (The paradox of money is that while everyone wants it, no one actually wants it - they want the stuff they can buy with it!) Many people are put off by the fact that bitcoins are “just data.” But that’s what ALL money is, information! More precisely, money is a means for credibly conveying information about value given but not yet received (or at least not yet received in a form in which it can directly satisfy a person’s wants or needs).
To put it yet another way, money is a ledger. With fiat currencies like the dollar, that ledger is centralized. And that gives the central authority responsible for maintaining that ledger tremendous power, power that history has proven will inevitably be abused. With Bitcoin, the ledger is decentralized. And that means that no one individual or entity has the power to arbitrarily create new units (thereby causing inflation), freeze (or seize) your account, or block a particular payment from being processed. We’ve had decentralized money before. After all, no one can simply print new gold into existence. And the “ledger” of gold is distributed because the physical gold itself (the “accounting entries” in the metaphor) is distributed. But with gold, that decentralization comes at a heavy price (literally). The physical nature of gold makes it hugely inefficient from a transactional perspective.
It is the first currency in the world that is both decentralized AND digital. It is more reliably scarce than gold, more transactionally efficient than “modern” digital banking, and enables greater financial privacy than cash. It could certainly still fail for one reason or another, but if it doesn’t, it has the potential to be very, VERY disruptive.
I blew it, sorry.
Great post by u, however.
If you have a ping list, can I join please?
No problemo, I’ve done that from time to time myself.
Nevermind..I see I am on it from a previous post, not sure why I don’t “see” it however..might be my browser filters..
by the by..What are your thoughts on Name Coin?
It will be really interesting to see all that do proliferated and everyone will have their favorites, IMO. That is until O shuts down the internet with his new kill switch. I'd say he has an itchy finger and the odds not in our favor.
I think this is one of those things where I have to actually participate in it to get a handle on what it's all about. Is a smartphone or iphone necessary to buy, sell, or store bitcoin?
Not at all. Any device that can access the web through a browser can be used to do all three. There are videos on Youtube that show how to use them. Just search for what you are looking for and your device (i.e., PC, Mac, smart phone, ipad, etc.).
A man on an island with no inhabitants, holding a million dollarsis he rich? No, as he cannot buy anything with that money he holds. The Fed is just a scheme for transferring wealth, politically and monetarily, to a selected few as the rest hold nothing but dollars which continually loose value. Inflation (defined as an increase in the money supply) has wrecked havoc on fiatprintedmoney and will soon take its toll on the economy and the US in Toto. To think we can ever repay the federal debt, 17 trillion and counting, is a joke. We were never meant to be able to. The transfer of wealth continues, and gold will continue to increase in value.
Even more important, have the necessities of life accumulated before any of the above (e.g., food, water, clothing, shelter, protection, and etc).
No internet, no gasoline, no groceries, no doctor, no utilities (eventually), no money, no traveling, no news, no communication (phones, TV, email, twitter, texting), no pharmacy, and etc.
It will be almost the equivalent of an EMP attack and result in the death of some and hardship for millions. O could then have his private army or UN start from each coast and work their way toward the center of the country putting everything and everyone under his complete control.
Without news or internet, you'd never know when your city was next on the list. You wouldn't even know whose forces were being used until too late (e.g., Chinese, Russians, UN, HLD). The little unorganized resistance would be met with complete overwhelming and brutal annihilation. Any information received via ham stations would be filled with disinformation.
We're already in the trap, we just haven't realized it yet.