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1
Posted on 3/25/13 at 3:04 pm to joshnorris14
quote:
There will only ever be 21 million bitcoins mined. A little over half of them have already been mined.
The inflation rate is cut in half every 4 years until it reaches zero
You made me search. There it is. Zero. fricking zero. It's finitely deflationary apparently.
Posted on 3/25/13 at 3:09 pm to Broke
quote:
You made me search. There it is. Zero. fricking zero. It's finitely deflationary apparently.
Yes, and he is correct. By the year 2140, there will be no more bitcoins mined.
Posted on 3/25/13 at 3:16 pm to Broke
quote:
Wiki claims there can't be bitcoin inflation.
Inflation might have been the wrong word to use and yes there will never be anymore bitcoins produced once they are all mined.
quote:
Why would they acquire when they can just force regulation and squash it that way?
What would they regulate? No one controls it and there is no way to regulate it. Government isn't even competent enough to control and regulate physical items like drugs, how do you see them chasing something like bitcoins?
quote:
I'll go with aint happening.
It's already happened to some degree.
quote:
Whoa. No fricking way this ever happens. Absolutely, unequivocably no way.
This is sort of happening too.
All of it in this article
Posted on 3/25/13 at 3:41 pm to stout
quote:
Do you know anyone that actually uses silk road? I am no druggie but am more curious if anyone has actually ordered from there and not been busted by the DEA or something.
I do know several people who have ordered from there with no issues -- nothing hardcore, though. Just prescription pills mostly. Some of the sellers are located in the U.S., so there's no risk of customs opening the mail before it gets to you. These guys overseas selling weed and shipping to U.S., it's surprising that something like that wouldn't get sniffed out... but the sellers who offer it, as well as hardcore narcotics, claim to have a very good packing method.
I know a guy who orders pills from overseas pharmacies and receives them without incident as well. He says never order more than three months' supply. Customs will open bulkier packages because they're most interested in catching domestic distributors. (i.e. ordering 2,000 ritalin pills for $1.25 a piece from the Phillipines, and turning around to sell them for $4 a pill in the U.S.)
Disclaimer for Legal Purposes: None of the above is necessarily true.
Posted on 3/25/13 at 4:18 pm to stout
quote:
FinCEN, the Financial Crimes Network of the US Treasury, has turned its attention to virtual currencies after releasing a new guidance note on the management and usage of virtual currencies like Bitcoin, Facebook Credits and others. However, precise details of its scope of regulation remain undefined.
FinCEN has provided some details (and, in doing so, uncertainty) around the status of the new currencies, and their users and operators. The missive explains that users of virtual currencies are not classified as MSB (money services businesses, which fall under FinCEN regulation), but those that manage exchanges or currencies are.
At this stage, this clarification does not have any initial impact on the Bitcoin ecosystem. FinCEN clarifies that the response is “not in the form of an administrative ruling” but it does remind ‘administrators’ and ‘exchangers’ — such as YC-backed Coinbase — that they fall under US law, if they are based in the US.
Like many things on the Internet, the location issue is tricky given that Bitcoin is not bound by geography like ‘real’ currencies. It remains to be seen how the Treasury would address overseas virtual currency operators that have significant traction in the US, that could be an issue for the future.
Bitcoin is seen as being the most disruptive virtual currency — Mega founder Kim Dotcom is a big fan, and wants a Bitcoin credit card — but the guidance also applies to virtual credits, such as those operated by Facebook and a range of entertainment and online games firms.
The FinCEN letter certainly doesn’t provide all the answers, but it does show that the government has an eye on the space.
They are watching. Don't think they can't regulate it. They will find a way. Remember overseas gambling?
Posted on 3/25/13 at 4:23 pm to Broke
They can keep an eye on it all they want but I truly believe it is something they will never be able to regulate.
At best they might run it underground to the deep web more than it is now but no way they will be able to ever kill it completely.
This also shows how scared they are of decentralized currency.
At best they might run it underground to the deep web more than it is now but no way they will be able to ever kill it completely.
This also shows how scared they are of decentralized currency.
Posted on 3/25/13 at 4:23 pm to Broke
quote:
Remember overseas gambling?
Funny you bring up gambling...
Guess how people have got around gambling regulations?
You guessed right!
Posted on 3/25/13 at 4:46 pm to joshnorris14
quote:
Guess how people have got around gambling regulations?
Right. But I still think it's just going to be the currency of criminals and nothing much more. Let me ask you this. If I were giving away $20,000 worth of USD or $20,000 "worth" of bitcoin, which do you take?
Posted on 3/25/13 at 8:42 pm to Broke
I want 20k but I want it to be backed in gold like it used to be. Not fiat currency like we have now.
Posted on 3/25/13 at 9:13 pm to bluebarracuda
solid thread
Posted on 3/25/13 at 9:30 pm to hawgfaninc
I don't think this is what blue had in mind
Posted on 3/25/13 at 9:35 pm to Mr Gardoki
I've mined like .005 bitcoins in about a day
Posted on 3/25/13 at 9:40 pm to Broke
quote:
Right. But I still think it's just going to be the currency of criminals and nothing much more. Let me ask you this. If I were giving away $20,000 worth of USD or $20,000 "worth" of bitcoin, which do you take?
Doesn't matter. Obviously the 20k USD would be more convenient, but if I had to take the BTC I'd just sell the Bitcoins on mtgox the same day for my $20k USD. In fact, if you were offering the $20k in either Bitcoins or a foreign currency, I'd choose bitcoins because I wouldn't even have to get out of my chair to cash out in USD.
Posted on 3/26/13 at 8:52 am to ILikeLSUToo
quote:
Doesn't matter. Obviously the 20k USD would be more convenient, but if I had to take the BTC I'd just sell the Bitcoins on mtgox the same day for my $20k USD.
Then what's the fricking point of bitcoin? We all value the USD more.
Like I said, it's for criminals and speculators. Nothing more.
Posted on 3/26/13 at 11:04 am to Broke
quote:
Then what's the fricking point of bitcoin? We all value the USD more.
That's not true. Would you trade me a BTC for a USD?
Posted on 3/26/13 at 11:11 am to joshnorris14
quote:
That's not true.
Yes it is.
quote:
Would you trade me a BTC for a USD?
I wouldn't own a bitcoin in the first place.
Posted on 4/10/13 at 7:20 pm to bluebarracuda
Posted on 4/10/13 at 8:49 pm to DoUrden
Eh that thread turned into a big fight as usual.
Posted on 4/10/13 at 9:31 pm to Mr Gardoki
Apparently bitcoin prices are tumbling dropping pretty quickly...?
This post was edited on 4/10/13 at 9:32 pm
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