Nope, thanks.
Click to be Added / Removed.
Posted on 02/26/2014 6:19:20 PM PST by mmichaels1970
You know, the concept of a currency created out of thin air by mysterious, unidentified and unknown forces and who’s value is backed by absolutely nothing but the blind faith of people who buy onto the scam, scares me.
But enough about the US dollar. Tell me about this ‘bitcoin’.
Right on!
In a way yes; however this use is functional only when one can quickly and reliably exchange Bitcoins for USD or other established currency. Nobody will sell drugs for Bitcoin alone if we imagine that exchanges are no longer available. The drug lord needs real money to pay his soldiers, and to buy raw materials, and to produce drugs. He cannot do that with Bitcoins.
The USD, on the other hand, or Euro, will buy the drugs directly, and the seller will not feel any urgency to get rid of the tokens of exchange - because (a) they are reasonably stable, and (b) he can always directly exchange them for something else that he needs.
Hypothetically, if we granted his assumption that they are worthless (or soon will be), wouldn't that leave the drug dealers, prostitutes, and bookies "holding the proverbial bag"?
That's why drug dealers, prostitutes, and bookies won't take anything that they cannot immediately sell for real money. They will take BTC only if there is a safe, reliable and anonymous path of exchange for other currencies.
Following his logic, Bitcoin may be the secret weapon in the war on drugs.
No, it won't be. Actors in the underground economy are smart enough to not take bad money. If a client manages to fool them, they may get upset, and the client may be sorry.
“make me weary of its use”
Shouldn’t that be:
make me WARY of its use...?
Good old Slow Joe Manchin (His Arrogance’s butt boy) trying to prove his worth after supporting CommieCare and killing coal. Should play well in WV.
......all I need to know is if Chuckie and Manchin are against it I am almost certainly for it!
Prior to them coming out against it, I was pretty neutral on it and waiting for more information.
It's called the "royal prerogative". King Obama can do whatever he wants without regard to any written laws, prior practices, etc.
Don't bother asking Speaker Boehner about it. He's too busy calculating his pension benefits to worry about your concerns.
The chins missed out on the electronic over levering of currency thing?
every bit of ....”progress”.....seems to inexplicably boost the market.
oh well
Nope, thanks.
Click to be Added / Removed.
The difference between digital Bitcoin and unbacked American currency is exactly what, Senator?
LET’S BAN FREEDOM WHILE WE’RE AT IT; WITH THESE FASCISTS that’s where we’re headed!
“We don’t and can’t control it, therefore it must be abolished!”
Well, we’re even then, because I’m demanding a complete ban of Manchin in the Senate.
“highly unstable and disruptive to our economy”
more likely not stated- highly disruptive to the taxing bodies
Freedom is a threat. Imagine a world where the government didn’t monitor everything and measure everything? That was the world less than 100 years ago. America had more backbone even 50 years ago. Now we can’t look around for the infantile liberals and their overlord feeders.
Perhaps they should pay all the illegals in Bitcoin’s to make it more difficult to send the money to Mexico.
How exactly does he propose to do it?
They’ll have to rip my coins out of my cold dead computer.
more likely not stated- highly disruptive to the taxing bodies
Joe Manchin, the hated and ObamaCare-Exempt Democratic senator?
Yes, no wonder he's against it.
He's got his piece of the pie...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.