quote:
More likely is a digital currency issued by a consortium of nations with many of the features of Bitcoins. The governments of the participating nations will regulate the validation processes and provide the enforcement mechanisms to provide the general users with a greater degree of confidence about the stability of the system.

Have you seen the abyssal failure that is Canada's MintChip digital currency so far? That's a highly functioning western government and they can't even get their shite together enough to produce a secure system that people want to use. Yet, the free market has produced a system that has run reliably for almost 5 years now, is secure, and gives people what they want.

So yea, I won't be holding my breath for governments to begin offering something of benefit.

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Posted by ThaBigFella

baton rouge

Member since Apr 2006

2043 posts

Posted on 5/1/13 at 8:50 am to WikiTiger

ok well you bitcoins believers enjoy your currency that inflates and deflates up to 50% on certain days while I enjoy my pathetic fiat currency that loses its value at a steady pace.

I don't know whats a worse long term investment gold or bitcoins.

Gold gained 70% over 33 years, bitcoins can do that in a week but they can also fall to nothing while gold will still be "an inflation hedge"......I bet 1980 gold buyers wouldnt agree with that statement, but the commercials on tv and media keep reassuring us that it is a great buy

I know a bitcoin system will end robberies thats for sure, "its a stick up, digital transfer me yo bitcoins before i shootchu"

This post was edited on 5/1/13 at 8:54 am

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Posted by Broke

AKA Buttercup

Member since Sep 2006

65050 posts

Posted on 5/1/13 at 9:05 am to WikiTiger

quote:
Yet, the free market has produced a system that has run reliably for almost 5 years now, is secure, and gives people what they want.

Everything except a highly functioning exchange and stable prices.

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Posted by LSURussian

Member since Feb 2005

126966 posts

Posted on 5/1/13 at 9:07 am to WikiTiger

quote:
they can't even get their shite together enough to produce a secure system that people want to use.

Yet.

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Posted by Poodlebrain

Way Right of Rex

Member since Jan 2004

19860 posts

Posted on 5/1/13 at 9:22 am to WikiTiger

quote:
Yet, the free market has produced a system that has run reliably for almost 5 years now, is secure, and gives people what they want.

Secure? Really? I'm not going to rehash all of the security lapses and issues I've already pointed out. I'm just going to call bullshite.

quote:
Have you seen the abyssal failure that is Canada's MintChip digital currency so far? That's a highly functioning western government and they can't even get their shite together enough to produce a secure system that people want to use.

Is Bitcoin the first attempt at a digital currency by the free market? What happened to those earlier attempts? Adopting a new currency is not a trivial exercise. I am not familiar with Canada's attempt, so I can't comment as to why they had problems. Maybe they just tried before the technology was advanced enough.

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