My faith in Bitcoin just went out the window - Page 8 - TigerDroppings.com

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TigerDeBaiter
LSU Fan
Member since Dec 2010
2508 posts

re: My faith in Bitcoin just went out the window


So, it's more of a hobby? Legally speaking anyway.







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Lsut81
USA Fan
Member since Jun 2005
63217 posts
 Online 

re: My faith in Bitcoin just went out the window


YGM





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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: My faith in Bitcoin just went out the window


quote:

So, it's more of a hobby? Legally speaking anyway.


I don't know that that's an accurate way of putting it.

Legally speaking, I don't know what governments will think. However, if past precedent is any consideration, then the use of bitcoins should be treated no differently than barter.

I can go to bitcoinstore.com right now and buy a laptop with bitcoins. How is it really any different than if I paid them in eggs from my chickens? You may not accept eggs as a medium of exchange, but bitcoinstore.com might. See what I mean?


Now, will governments tolerate bitcoins just as they tolerate barter exchange? That remains to be seen, but bitcoin sure does present unique challenges.






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MetalTiger
Memphis Fan
Member since Jan 2009
1106 posts

re: My faith in Bitcoin just went out the window


quote:

That's why I can't take all these security arguments in these threads too seriously.


No kidding. The article explains that the hosting company was the victim of some social engineering which resulted in an account being compromised. The target of the attack could have been any type of sensitive data.

The average person is not going to understand how encryption works. Heck, even your typical 'IT guy' probably doesn't truly understand encryption. But they don't need to. They just need to know how to use it, and software like truecrypt makes it simple.





I have a crazy theory that BTC mining is actually a way to generate a rainbow table but TD.com is not the place for that discussion.






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el duderino III
Texas Fan
austin
Member since Jul 2011
1513 posts

re: My faith in Bitcoin just went out the window


quote:

Oh, I don't deny that there will be attempts at stopping bitcoin, but it will be too little too late and they won't be successful.
we've already been through this, and you were forced to concede that if it really wanted to, the US government could relatively easily asphyxiate the bitcoin "economy" by shutting down the exchanges, both in the US and, if it wanted to, abroad. The goverment cant control whatever point US dollars are exchange for any type of digital currency. It will always be bitcoin's weak link. quit living in delusion.






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el duderino III
Texas Fan
austin
Member since Jul 2011
1513 posts

re: My faith in Bitcoin just went out the window


quote:

The average person is not going to understand how encryption works.
THE ENCRYPTION DOESNT MATTER IDIOTS. in the long run, the technology used and whether or not it can be "hacked" is totally irrelevant.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80200 posts
 Online 

re: My faith in Bitcoin just went out the window


quote:

the use of bitcoins should be treated no differently than barter.
Barter transactions are taxable from both a federal income tax and sales tax (in most states) standpoint.

Failure to report barter transactions is considered tax fraud.






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el duderino III
Texas Fan
austin
Member since Jul 2011
1513 posts

re: My faith in Bitcoin just went out the window


and before you try, no, the much higher price of BTC relative to the last time we discussed it is not evidence of it's legitimacy as an alternative currency. It is actually evidence of the exact opposite. It's doing exactly what i said it would do. more and more people are buying them and not using them, they are buying them and hoarding them with the expectation that the price will go up - and everyone hoarding them results in exactly that. until it stops going up, everyone jumps off the bandwagon/panics/etc, and bitcoin turns into the currency version of beanie babies and every other bubble overnight.





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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: My faith in Bitcoin just went out the window


quote:

the US government could relatively easily asphyxiate the bitcoin "economy" by shutting down the exchanges, both in the US


While possible, it will not shut bitcoin down. It would just make it more difficult to obtain bitcoins in the US.

quote:

if it wanted to, abroad


How so?






Why do you people talk about the government banning bitcoin like it's some guaranteed thing? Not only that, but how confident are you of their success? shite man, they can't stop drugs or piracy. What makes you think they can stop bitcoins?






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: My faith in Bitcoin just went out the window


quote:

and before you try, no, the much higher price of BTC relative to the last time we discussed it is not evidence of it's legitimacy as an alternative currency. It is actually evidence of the exact opposite. It's doing exactly what i said it would do. more and more people are buying them and not using them, they are buying them and hoarding them with the expectation that the price will go up - and everyone hoarding them results in exactly that. until it stops going up, everyone jumps off the bandwagon/panics/etc, and bitcoin turns into the currency version of beanie babies and every other bubble overnight.


Gotcha! Thanks Keynes.







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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80200 posts
 Online 

re: My faith in Bitcoin just went out the window


quote:

Gotcha!
Great factual rebuttal....







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cwill
New Orleans Saints Fan
Member since Jan 2005
23979 posts
 Online 

re: My faith in Bitcoin just went out the window


Bitcoins are the new Dinars?


This post was edited on 3/8 at 2:36 pm


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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80200 posts
 Online 

re: My faith in Bitcoin just went out the window


quote:

Bitcoins are the new Dinars?


I have more faith in dinars.






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TheOcean
Florida State Fan
Member since Aug 2004
30543 posts

re: My faith in Bitcoin just went out the window


quote:

The difference is insurance. Although it will cost some time and effort, there is little risk from a monetary standpoint to the consumer if his bank account is hacked. Bitcoins offer no inherent insurance. if it's stolen there is little you can do. That risk is huge. So I'll probably never use bitcoins for anything other than a medium of exchange whenever that comes about. People today using it primarily for an investment are taking a huge risk.


/thread

Insurance + Gov't Regulation = Potential for a massive blow up






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: My faith in Bitcoin just went out the window


quote:

quote:

The difference is insurance. Although it will cost some time and effort, there is little risk from a monetary standpoint to the consumer if his bank account is hacked. Bitcoins offer no inherent insurance. if it's stolen there is little you can do. That risk is huge. So I'll probably never use bitcoins for anything other than a medium of exchange whenever that comes about. People today using it primarily for an investment are taking a huge risk.




/thread

Insurance + Gov't Regulation = Potential for a massive blow up



So it seemed like C was acknowledging that bitcoin has value as a medium of exchange. Do you agree or disagree with that? If it does have value as a medium of exchange, and conversion to government fiat was cheap and automatic, would you say bitcoin has potential for success?

Because as I've mentioned in many threads in the past, bitcoin is actually two things: 1) a currency, and 2) a transaction network. Both can be valuable in their own right, and some people may see value in one aspect of it while dismissing any value in the other aspect of it.




This post was edited on 3/8 at 2:43 pm


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TheOcean
Florida State Fan
Member since Aug 2004
30543 posts

re: My faith in Bitcoin just went out the window


I think having a de-centralized currency is a pretty cool concept. I also think that something similar to BitCoin could be successful in the future, just not Bitcoin itself.





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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21110 posts

re: My faith in Bitcoin just went out the window


quote:

So it seemed like C was acknowledging that bitcoin has value as a medium of exchange


I said "whenever that comes about." You don't even use it for that today.






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el duderino III
Texas Fan
austin
Member since Jul 2011
1513 posts

re: My faith in Bitcoin just went out the window


quote:

While possible, it will not shut bitcoin down.
like i said before, they wouldn't need to "shut it down". if bitcoin ever became a threat to the USD, i.e. fulfilled its goal (that you believe it will) of becoming a viable alternative currency, that would be more than enough to elicit action from the US gov't. and all the gov't would need to do would be to make it inconvenient enough for the vast majority of americans to never bother with it. It would not be hard at all for them to do that. And do you honestly believe the gov't wouldn't act quickly and effectively to stop a mechanism that allows people to evade taxation? there are few things the US gov't does effectively, but keeping people from fricking with their revenue stream is definitely one of them.
quote:

How so?
Are you serious? do you understand politics? do you think there is a huge bitcoin exchange business lobby in...anywhere? Someone at the Dep of commerce could literally just pick up the phone, call their counterpart at the dept. of one of our trading partners, and say, "hey, these frickers are violating our trade negotiations. shut them down." problem solved. once again, it's not about shutting down btc, it's about shutting down the companies that exchange them for money.
quote:

Not only that, but how confident are you of their success?
very
quote:

shite man, they can't stop drugs or piracy.
stopping drugs and piracy are massive net revenue losers for the government. stopping alternative currencies and easy methods of tax evasion are massive revenue gainers.






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TigerDeBaiter
LSU Fan
Member since Dec 2010
2508 posts

re: My faith in Bitcoin just went out the window


What I meant was, it's not a profitable endeavor, as far as taxes are concerned.

I was being a jackass, I'll admit that.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80200 posts
 Online 

re: My faith in Bitcoin just went out the window


quote:

there are few things the US gov't does effectively, but keeping people from fricking with their revenue stream is definitely one of them.






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