There is a nice, new NSA data facility being built in Utah right now if memory serves...
Posted on 01/15/2014 8:01:05 AM PST by SeekAndFind
How do you barter for groceries and electricity?
Bitcoin is not new, there are several corporations structured around bartering, here is one.
http://www.globalbartercorp.com/
But risky as this new currency may be, I still trust it more than I trust politicians
Except you have to use real money to buy them (unless you are a "miner.")
No one has ever been able to tell me where the real money goes when you buy them. Maybe someone on this thread will know.
How do you recommend buying BTCs?
I bought a mechanical watch with Bitcoin from Overstock.com. Now I can at least tell what time it is if an EMP takes the grid down. Next on the list: a well made knife. :)
A risk-free way to do it would be a paypal-like service, only using bitcoin. That way you never actually own bitcoin, you are instantaneously buying and selling it at the same price.
Look for the gov’t to take action to shut this down if it starts to compete too much with the thieves printing money.
There is a nice, new NSA data facility being built in Utah right now if memory serves...
what is it?
Here is a link to get you started: How can I buy bitcoins?
There is a learning curve, but time well spent. I'd start by setting up an online wallet, or you can download and install a wallet on your PC or device if you don't mind hours of downloading the entire blockchain.
Remember, you can buy fractions of bitcoin too.
If I were the feds, and I wanted to destroy bitcoin, I’d buy a billion dollars worth, and at an opportune time, sell them really fast for low prices. The billion would be free, printed fiat money, so it would be cost effective.
Notice the bastards don’t give a thought to building a data center in a place that requires more power for air conditioning than, say, Montana?
From Article I re Congress’s power;
To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;
To provide for the punishment of counterfeiting the securities and current coin of the United States;
They will outlaw it.
“THAT my friend is the potential problem with Bitcoin.”
It would seem to me that yet another big problem is sustained convertibility to other currencies. I seriously doubt if very many (if any at all) retailers actually WANT Bitcoins in the sense that they actually want to KEEP any and that they instantly convert them to some “real” currency.
Bitcoins are extraordinarily volatile and retailers are not in the business of speculation: they’re in the business of buying wholesale and selling retail. This means there must be a reservoir of people or groups who in fact are primarily in the business of holding Bitcoins for the purpose of speculation.
So at least two conditions must continue to exist for Bitcoins to work as a retail currency: 1.) Processors willing (and legally able) to convert Bitcoins to “real” currencies, and 2.) Entities willing to own Bitcoins.
RE: what is it?
Here is a Primer:
Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures.
READ MORE HERE:
http://money.cnn.com/infographic/technology/what-is-bitcoin/
Question:
If “retailers” are now accepting bitcoin (non-government controlled currency) as payment, what happens to all those sales tax remissions to the states?
Is Uncle Sugar going to put up with being stiffed out of his pound of flesh?
One thing I don’t understand about Bitcoins: how are goods priced if one accepts (or uses) Bitcoins? When the value of the Bitcoin varies so much from time to time, how are prices determined? If one buys Bitcoins when they are at, say, 100 and the price of good “A” is 50, then I should be able to buy 2 “A”s. But then the price of Bitcoin goes up to 800. Does the price of “A” go down to 50/8? Is every price negotiated at the time of sale, based on the current value of the Bitcoin?
They’re building one in San Antonio, too, keeping those ones and zeros chilled will be even more expensive.
Even without the issue that these places SHOULD NOT EXIST -
They, being taxpayer subsidized, show no regard to the cost of operating these places.
Microsoft is putting its Azure data centers as far north as possible and running them as hot as possible and using water cooling to reduce costs.
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