The Currency of Bitcoin.....will it be valid?
Are we heading to a point where we do not need physical currency.........
Bitcoin under pressure
Virtual currency: It is mathematically elegant, increasingly popular and highly controversial. Bitcoins success is putting it under growing strain
ALL currencies involve some measure of consensual hallucination, but Bitcoin, a virtual monetary system, involves more than most. It is a peer-to-peer currency with no central bank, based on digital tokens with no intrinsic value. Rather than relying on confidence in a central authority, it depends instead on a distributed system of trust, based on a transaction ledger which is cryptographically verified and jointly maintained by the currencys users.
The Economist continues......
Cause......Effect......cryptocurrenciesLitecoin, Peercoin, Namecoin, YACoin, Novacoin, Primecoin, Feathercoin, Terracoin, WorldCoin, CopperLark, TagCoin, Devcoin, Megacoin, DigitalCoin, Freicoin, Goldcoin, Extremecoin, Anoncoin, Fastcoin,Phoenixcoin,BBQcoin,Ixcoin, FrankoCHNcoin, MinCoin, Timekoin, Bitbar, Bytecoin, Infinitecoin, Royalcoin, Betacoin, Rucoin, Solidcoin I0coin etc etc etclinear :)http://blockchain.info/
Around three years ago I was going to buy some for $5 each, also Australians were having trouble buying them given currency exchange issues and I actually was given the rights to be the Australian banking rep for the second biggest exchange but I had to lodge a 30k deposit which I wasn't keen on given the guys running it were ex blackwater employees, also they were all having bad problems with Russian hackers stealing bitcoins and passwords to the exchange site/s, they still are from what I can tell, damn there would be some rich thieves right now!, I kind of regret the whole thing now as id be quite bloody rich right now at $1100 a coin and my commission rates etc. :idea:
The only reason why this 'currency' has value is because its by and large 'untraceable' and the hype is usually pedalled by those that gain from illicit activities. Hence its astronomical value.
Great if your a country that wants to null sanctions imposed by the UN & need to buy nuclear material to build your own bomb.
Fantastic when you want to buy ship loads of drugs and not have the money trail for DEA to trace the people responsible for all the overdoses.
Wonderful to avoid paying tax when your technically "mining" bitcoins and your making a killing ooppss I mean profit.
Just brilliant, should keep the IRS and ATO busy chasing their tails, and for the Judicial systems-by the time these old geezers wake up and catch up...these something-coin pimps have stolen all their investors real money and headed for the exit to the canary islands years ago.
Surely someone buy now can buy a 3D printer and make just about anything, like guns, triggers, weapons, spareparts for aircraft, ...who knows, sky is the limit.
No good maxe, 30k looks cheap "now" - quite easily could have gone horribly wrong, I am still of the opinion that the coin promotes laundering (Silk Road) as I wrote way back in 2009 when John Christen spoke to CK about it online.
In saying this I was goaded into buying some in 2010 by a good friend, what can I say :) :) :) :)
The FBI approve bitcoin so does Bernanke? FBI's Bitcoin address is: 1FfmbHfnpaZjKFvyi1okTjJJusN455paPH........copy and paste into google.
The only traction that it has is the fact ' they ' have linked another real currency , being US$. That's it's success .
But as to validity , I question MT to LT.
It equates to an aero plane ........ Remember !!
If anyone has played Tiny Tower, and the the world of Bitiziens, maybe our earning capacity may be an avatar/ handle / Bitiziens in the ether, and that's HOW we may work .......on a computer, iPhone or holograph screen.
Just reminds me of a matrix !!
I remember a movie ..... Had the synopsis of individuals who can't move, but their halo graph exists in the physical to behave and do their daily things, but in a younger and wishful guise. These ideas, are traveling into our time.
But, getting back to Bitcoin, has hallmarks of tax issues throughout , and will cause grief in that sphere, as government bodies seek to derive their fair share of taxes.
This taxation issue is not new... I recall Bartercard, ebank had these issues and have no credible existence today .
Can anyone see the real worth and validity , I waiver , and it's negative LT.
So, IMO , if in , ride the cowboy but get off before the bronco bucks .... Et al Goldenaeroplane .
Just an opinion.
Cheers Doc :cool:
Lets look at bitcoin from another perspective: Mexican Drug cartel, Russian Mafia, Korean, Chinese millionaire wishes to change out to USD, buys bitcoin changes out to USD at Vegas, plays a few hands of blackjack - cashes in - (USD) deposited into bank "now" has shifted millions out of the relevant country's banking system avoiding all capital controls!!
(Hypothetical(Or is it?) - but you get the picture)
This can only be done via bitcoin or maybe litecoin as their market-cap will help to hide transactions (Liquid), using something like primecoin (small market-cap) valuations could well fluctuate to the point of unacceptable exchange losses, no buyers - attraction to bitcoin!
Bitcoin has value: Because it is liquid, also has the benefit of anonymity!! which in turn creates enormous value - for the right people!!
As far as I understand it, it is traceable since all transactions are public. Your public key is broadcast to everyone on the system including all the transactions you have made.
Since at some point you have probably had to buy bitcoin from a bitcoin exchange with real world money through a bank deposit, there is traceability of your public key back to you.
If the govt wants to know they can probably find out who you are.
Whilst the government may be able to trace bitcoin transactions if they really want, it is not easy and there are many measures that one could take to make this an extremely difficult process. I can imagine that interest from drug traffickers and money launderers alone will keep bitcoin going for some time yet...and in the mean time I am going to carry on enjoying trading its wild swings.
Yeah this may help explain to others
Understanding Bitcoin traceability
Bitcoin works with an unprecedented level of transparency that most people are not used to dealing with. All Bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network. Bitcoin addresses are the only information used to define where bitcoins are allocated and where they are sent. These addresses are created privately by each user's wallets. However, once addresses are used, they become tainted by the history of all transactions they are involved with. Anyone can see the balance and all transactions of any address. Since users usually have to reveal their identity in order to receive services or goods, Bitcoin addresses cannot remain fully anonymous. For these reasons, Bitcoin addresses should only be used once and users must be careful not to disclose their addresses.
As we all know a good laundry can wash anything clean
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The most popular place to purchase cryptocurrency is cryptocurrency exchanges. There are several different exchanges to choose from, with the most popular being Coinbase, GDAx, and Bitfinex. These exchanges allow you purchase currencies like Bitcoin and Ethereum with a debit card. This is a way you could invest in them. For example, you buy a cryptocurrency with a dollar and after two years that crypto cost ten thousand dollars, this is like 9999 profit from nothing. This is why I try to search for crypto signals and invest as much as I can afford.
yes ..big time...imo
You are right and we can see it from now on in the pages of /https://www.dailyforexjournal.com/as a clear example where most of the transactions are made in bitcoins and that is what my friends and I are talking about the most, especially that this is going to change before the end of the decade.