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Started By
Message
re: Is bitcoin gaining legitimacy?
Posted on 11/19/13 at 11:37 am to LSURussian
Posted on 11/19/13 at 11:37 am to LSURussian
quote:
Gold Standard (no pun intended)
1
Posted on 11/19/13 at 11:55 am to BennyAndTheInkJets
I know this is not the Poli Board, but we are entering an age of authoritarianism, both political and monetary.
Anyone who thinks that the powerful are going to let Bitcoin develop into a currency is delusional.
In the future all money will be digital. No Cash.
Timeline, who the heck knows, but the BTC mania and Summers' "hailed" IMF speech MAY mean that it is closer than any of us think.
During the depression, towns made their own script. Is BTC just a 21st techno century script? What does the mania say about world wide global deflation?
Anyone who thinks that the powerful are going to let Bitcoin develop into a currency is delusional.
In the future all money will be digital. No Cash.
Timeline, who the heck knows, but the BTC mania and Summers' "hailed" IMF speech MAY mean that it is closer than any of us think.
During the depression, towns made their own script. Is BTC just a 21st techno century script? What does the mania say about world wide global deflation?
Posted on 11/19/13 at 11:56 am to WikiTiger
quote:
She assumes that fractional lending will continue. The interesting thing about bitcoin is that while fractional lending is possible, it will also be possible to keep very close tabs on lenders to make sure that they have an acceptable amount of reserves, which should prevent misbehavior by lenders.
Posted on 11/19/13 at 12:04 pm to WikiTiger
quote:
There are certain posters here who start whining and crying and threatening to report me to the admins if I speculate on the value.
For goodness sakes
Posted on 11/19/13 at 1:02 pm to WikiTiger
quote:Care to explain what you mean by "fractional lending"?
She assumes that fractional lending will continue. The interesting thing about bitcoin is that while fractional lending is possible, it will also be possible to keep very close tabs on lenders to make sure that they have an acceptable amount of reserves, which should prevent misbehavior by lenders.
Perchance, do you mean "fractional banking" or "fractional reserve banking" which has NOTHING to do with loan reserves but refers to the amount of deposits the bank must keep in reserve to satisfy customer withdrawals?
Every time you step outside your computer expertise, you crack me up.
Posted on 11/19/13 at 1:08 pm to Blakely Bimbo
quote:It's almost that way already in the U.S.
In the future all money will be digital. No Cash.
The actual amount of currency and coins in circulation in the U.S. is a tiny fraction of the total money supply. The vast majority of money in the U.S. is represented by data stored on computers and not carried in wallets or, (*ahem*) purses, Ms. Bimbo.
Posted on 11/19/13 at 1:08 pm to LSURussian
just using the terminology that the author of the article that Benny posted used. it's an acceptable term that was easily understood by readers of her article, Benny and myself. Why are you so dumb that you can't understand it?
stop acting like a child.
stop acting like a child.
Posted on 11/19/13 at 1:20 pm to WikiTiger
who wants to use a monetary system that takes DAYS to process a transaction AND takes hours of research just to ensure your money is safe
until transactions are IMMEDIATE and I can buy a bit coin like I can send money via PayPal, I don't foresee this taking off in the immediate future.
I think you mentioned 7 to 10 years before this could become mainstream. How much longer until I can go to a website hypothetically bitcoins.com and use my bank account or CC to purchase "x" amount of coins and it will be stored safely for me to see and to buy whatever I want?
until transactions are IMMEDIATE and I can buy a bit coin like I can send money via PayPal, I don't foresee this taking off in the immediate future.
I think you mentioned 7 to 10 years before this could become mainstream. How much longer until I can go to a website hypothetically bitcoins.com and use my bank account or CC to purchase "x" amount of coins and it will be stored safely for me to see and to buy whatever I want?
Posted on 11/19/13 at 1:20 pm to WikiTiger
quote:But you distorted the term when you tried to tie the 'reserve' part to loan reserves and not deposit reserves for a bank which is where the 'leverage' part of her statement applies. It has NOTHING to do with how much loan reserves a bank must maintain, as your statement said, or how easy it would be to report bitcoin LOAN reserves. Maybe on a thumb drive?
just using the terminology that the author of the article that Benny posted used
stop acting like a child.
I get it; you're embarrassed. No need to be. We all are aware of your banking knowledge limitations.
Posted on 11/19/13 at 1:33 pm to LSUzealot
quote:
who wants to use a monetary system that takes DAYS to process a transaction AND takes hours of research just to ensure your money is safe
until transactions are IMMEDIATE and I can buy a bit coin like I can send money via PayPal, I don't foresee this taking off in the immediate future.
Bitch don't you know this is going to revolutionize the world and topple governments? You fricking dumb arse hack.
Posted on 11/19/13 at 1:35 pm to Broke
Posted on 11/19/13 at 1:38 pm to LSURussian
I was laughing as I typed it. I thought it was a solid post.
Posted on 11/19/13 at 1:44 pm to Broke
Posted on 11/19/13 at 1:44 pm to Broke
quote:I upvoted it.
I thought it was a solid post.
Posted on 11/19/13 at 1:49 pm to LSURussian
LINK
Has swings of from $900 down to $500 in a single day. To the OP, I'd say this is a very long ways from legitimacy. I'd put it in the category of penny stocks and the Zimbabwe dollar.
Maybe buy as a curiosity, but for now, it shouldn't be considered as any more than that.
Has swings of from $900 down to $500 in a single day. To the OP, I'd say this is a very long ways from legitimacy. I'd put it in the category of penny stocks and the Zimbabwe dollar.
Maybe buy as a curiosity, but for now, it shouldn't be considered as any more than that.
Posted on 11/19/13 at 1:54 pm to LSU0358
Going to be pretty tough to become any kind of mainstream currency if people are too scared to use it because of its volatility.
Bitcoin certainly has a place in the world. But it's a niche one in its current form.
Bitcoin certainly has a place in the world. But it's a niche one in its current form.
Posted on 11/19/13 at 1:56 pm to Walking the Earth
quote:
Going to be pretty tough to become any kind of mainstream currency if people are too scared to use it because of its volatility.
Bitcoin certainly has a place in the world. But it's a niche one in its current form.
Agreed. Never is a very strong word, but in it's current state it is laughable to consider it a USD replacement.
Posted on 11/19/13 at 2:03 pm to LSU0358
To be honest, I'm kicking myself for not investing in it
and I would consider investing in it today at $700 bucks…but I just don't have confidence my money won't disappear in thin air without repercussions. yes I get it's public and everyone can see it, but I wouldn't know how to stop it, get it back or protect my investment today.
Apparently, per Wiki, if you spend 2 hours researching, you can figure out on your own how to protect your money. In today's society of NOW NOW NOW, this has to get exponentially better and easier. I live in the moment. And right now, bit coin isn't for me. I may kick myself in the arse in 2 years, but it certainly wouldn't be the first and undoubtedly won't be the last.
and I would consider investing in it today at $700 bucks…but I just don't have confidence my money won't disappear in thin air without repercussions. yes I get it's public and everyone can see it, but I wouldn't know how to stop it, get it back or protect my investment today.
Apparently, per Wiki, if you spend 2 hours researching, you can figure out on your own how to protect your money. In today's society of NOW NOW NOW, this has to get exponentially better and easier. I live in the moment. And right now, bit coin isn't for me. I may kick myself in the arse in 2 years, but it certainly wouldn't be the first and undoubtedly won't be the last.
Posted on 11/19/13 at 2:03 pm to LSU0358
quote:Someone posted an article yesterday from a publication in Taiwan which postulated that one-half of all the bitcoin purchases in the world are now originating in mainland China.
Maybe buy as a curiosity, but for now, it shouldn't be considered as any more than that.
What could possibly go wrong with that?
Posted on 11/19/13 at 2:08 pm to LSUzealot
quote:
Apparently, per Wiki, if you spend 2 hours researching, you can figure out on your own how to protect your money. In today's society of NOW NOW NOW, this has to get exponentially better and easier. I live in the moment. And right now, bit coin isn't for me. I may kick myself in the arse in 2 years, but it certainly wouldn't be the first and undoubtedly won't be the last.
I readily admit that bitcoin is not ready for prime time yet. The infrastructure is being built up but it's not there yet. Just remember, the internet was difficult to use back in 1993, but now functional illiterates can post pictures of their food in real time for all to see. Give it time. No one expects it to be ready overnight. The growth of bitcoin is going to be very volatile and will not be something that everyone can stomach.
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