Bitcoin cracks US$100
- Thread starter PhenoMenal
- Start date
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noyd666
I like the way this thread has turned. Mt Gox collapsing and now Satoshi (maybe) being hounded has certainly added drama and brought a few more folks aware of Bitcoin. Harry and Bentom are now neck deep into the deep pool of "What is money?", which is the ultimate question that needs to be asked going forward. Is money the utility of settling accounts, or is it a store of wealth? Right now money is debt that must be repaid, with interest, but can never be paid, because of interest. Wealth is different than money, obviously. Gold is wealth, as is farmable land, silver, if you own it free and clear. If you owe on it than it is someone else's wealth.
Everyone's debt is someone else's asset. Debt is bundled and traded on Wall Street. Debt is used as collateral to buy more debt. Car loans are bundled as an asset, as are home loans, corporate bonds, until in the end insurance and reinsurance against the certainty of default, or a rise in interest rates, awaits at the bottom of the dark pool in a 700 trillion dollar derivatives bomb that will consume all collateral and cause a reset.
That is what everyone saw in September 2007 when the system blew up. Bitcoin represents an alternative to the debt based dollar. But speculation is distorting it's utility. I think it is fatally flawed to act as money. Store of wealth? Maybe, but I don't think so.
Everyone's debt is someone else's asset. Debt is bundled and traded on Wall Street. Debt is used as collateral to buy more debt. Car loans are bundled as an asset, as are home loans, corporate bonds, until in the end insurance and reinsurance against the certainty of default, or a rise in interest rates, awaits at the bottom of the dark pool in a 700 trillion dollar derivatives bomb that will consume all collateral and cause a reset.
That is what everyone saw in September 2007 when the system blew up. Bitcoin represents an alternative to the debt based dollar. But speculation is distorting it's utility. I think it is fatally flawed to act as money. Store of wealth? Maybe, but I don't think so.
When i started in bitcoins they were around 25 cents or so if i recall, and then they shot up{the first time} made a bunch and i dumped most of what i had accumulated in bitcoin for fiat and bought silver with the fiat. In my mind if things go doollaalla then i know i can use the silver in my community to buy the things i might need. My bitcoins on the other hand if shit gets real do not help me so much when the power is out and folks are struggling just to live. See part of me wonders if bitcoin is a money experiment by the Bigs Wigs.
JPMorgan's Biggest Concern Is That Bitcoin Will Succeed
Libertarianism has its limits..... for authoritarians.
Well like stated earlier ,taxation is based on the use of private credit, freely and voluntarily do business with your fellow human beings, use your own forms of money.
I love it, freedom = shadow economy, GOOD
JPMorgan's Biggest Concern Is That Bitcoin Will Succeed
Via JPMorgan CIO Michael Cembalest,
After digesting all the hyperbole and the pessimism, my biggest concern is not that Bitcoin will fail, but that it or one of its many virtual currency competitors will one day succeed.
In the extreme, Bitcoin may lead to economic activity moving from the regulated economy to the underground “shadow” economy (after all, one of its primary selling points lay in its inability to be traced), even if some Bitcoin recipients faithfully declare it as income.
If this were to happen, the tax burden would fall disproportionately on the regulated economy that remains, creating a lot of unwelcome distortions.
Perhaps this is why there is a clear inverse relationship between the size of a country’s shadow economy and its wealth per capita. In other words, no one likes paying taxes, but when no one actually does pay them, everyone suffers.
Libertarianism has its limits.
Libertarianism has its limits..... for authoritarians.
Well like stated earlier ,taxation is based on the use of private credit, freely and voluntarily do business with your fellow human beings, use your own forms of money.
I love it, freedom = shadow economy, GOOD
Yellen: Fed can't regulate Bitcoin
[YOUTUBEIF]d-vTleht5Hw[/YOUTUBEIF]
http://www.youtube.com/watch?v=d-vTleht5Hw
Translation: use force to control your citizen slaves so they have no alternatives.
[YOUTUBEIF]d-vTleht5Hw[/YOUTUBEIF]
http://www.youtube.com/watch?v=d-vTleht5Hw
Translation: use force to control your citizen slaves so they have no alternatives.
the pentagon is what backs the us dollar
its not capitalism if someone has to hold a gun to your head
as far as taxes go i am a really big fan of lotteries
its not capitalism if someone has to hold a gun to your head
as far as taxes go i am a really big fan of lotteries
canadacannabis
Member
Man I am depressed as fuck. I had 200 bitcoins that I had to sell last year when they were around 400 bucks each. I made a good profit and was very happy to pay off the debt I had at the time.
I could have millions now, and I know that price is probably gonna keep rising. VERY hard to not keep thinking "if only I didn't sell those things" every day. I was such a big believer in them and I didn't hoard any and now it just seems crazy to buy in at this price. I guess it wasn't meant to be...
Anyone here bitcoin rich right now? Some serious cash has been made off other alt coins as well. 2017 really has been the year of bitcoin.
I could have millions now, and I know that price is probably gonna keep rising. VERY hard to not keep thinking "if only I didn't sell those things" every day. I was such a big believer in them and I didn't hoard any and now it just seems crazy to buy in at this price. I guess it wasn't meant to be...
Anyone here bitcoin rich right now? Some serious cash has been made off other alt coins as well. 2017 really has been the year of bitcoin.
