Who here is using Bitcoin?
12-19-2013, 05:35 PM
#66
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If it does, what does it have to do with crypto currencies?
I tend to subscribe to the concept of "moneyness." Gold is money, but has poor "moneyness" in much the way a physical 10-year US Treasury bond does. Try paying your grocery or tax bill with either.
Bitcoin is also low on the scale, because it is accepted at so few places.
The USD has extremely high "moneyness" because it is accepted virtually everywhere in the USA and very widely around the globe.
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12-19-2013, 06:40 PM
#67
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Real estate yes in that you will always have a place to live and can possibly grow your food. I guess it depends on why you believe things are becoming more expensive in the US.. Some believe decoupling from the gold standard caused overspending and creation of too much money. I would argue that increased costs have much more to do with the middle class losing its wealth and the .001 percent of the US pollution, the super wealthy, are running away with all of wealth that was created here in the US since Reagan dropped the tax rate on the rich from around 75% to 35%. From what I understand, the problem is not inflation, the problem is that people are not getting money which they should be getting. This leads to low demand because everyone is broke, then businesses have to raise prices and or cut workers, then it goes on and on. That is why, a flexible money system, which can create large amounts of credit and money FAST, is needed to 'kick start' an economy. EDIT: and the loss of tax revenue is related to the loss in reinvestment and deteriation of the social safety nets. Al put together, you end up with a poor, struggling, and uneducated public who can barely get by let alone buy things outside of necessity. That said, buying things of necessity will also boost the economy. Right now, nobody has money because the super rich took all the money so there is no more demand, which means more jobs are cut. Supply&demand leave out need.
To question this assumption, you can look at history. Money arose in the market, independently of central authorities. It was later that central authority wanted to control money. When gov't started controlling currency, it was primarily a means of profit and power, not as a "good thing for the people". You may want to read the free PDF book "What has gov't done to our money" by Rothbard.
The non-American non-European users of the USD and Euro will also see that holding large reserves of it, if it devalues, is a losing proposition, and will switch if so. Besides, the idea of hoarding a reserve currency as a sign of economic strength, is rooted in *Mercantilism*. See Adam Smith vs. Mercantilism.
Last edited by Hinano; 12-19-2013 at 07:06 PM.
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01-14-2014, 12:52 PM
#72
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I'm much more hopeful for Dogecoin.
Despite being a relatively new entrant into the "not Bitcoin" marketspace, its present trading volume exceeds that of all other digital currencies. It's also much more easily accessible, with a current exchange rate of 1 doge = US$0.00034.
http://dogecoin.com/
Despite being a relatively new entrant into the "not Bitcoin" marketspace, its present trading volume exceeds that of all other digital currencies. It's also much more easily accessible, with a current exchange rate of 1 doge = US$0.00034.
http://dogecoin.com/
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03-05-2014, 09:24 PM
#80
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Another Bitcoin Bank Shuts Down after Hacking Theft
Reuters
Mar 5, 2014
Flexcoin, a Canada-based Bitcoin bank, said it was closing down after losing bitcoins worth about $600,000 to a hacker attack enabled by flaws in its software code.
Flexcoin said in a message on its website that all 896 bitcoins stored online were stolen Sunday. Its collapse came after Mt. Gox, once the world’s dominant bitcoin exchange, filed for bankruptcy protection in Japan and said it may have lost some 850,000 bitcoins due to hacking.
“As Flexcoin does not have the resources, assets or otherwise to come back from this loss, we are closing our doors immediately,” Flexcoin said.
It later posted an update on its site saying that the attack exploited a flaw in its code on transfers between users and involved inundating the system with simultaneous requests to move coins between accounts.
“Flexcoin has made every attempt to keep our servers as secure as possible, including regular testing,” it said, adding that it had repelled thousands of attacks over the past few years. “But in the end, this was simply not enough.”
https://www.yahoo.com/tech/another-b...644434064.html
Reuters
Mar 5, 2014
Flexcoin, a Canada-based Bitcoin bank, said it was closing down after losing bitcoins worth about $600,000 to a hacker attack enabled by flaws in its software code.
Flexcoin said in a message on its website that all 896 bitcoins stored online were stolen Sunday. Its collapse came after Mt. Gox, once the world’s dominant bitcoin exchange, filed for bankruptcy protection in Japan and said it may have lost some 850,000 bitcoins due to hacking.
“As Flexcoin does not have the resources, assets or otherwise to come back from this loss, we are closing our doors immediately,” Flexcoin said.
It later posted an update on its site saying that the attack exploited a flaw in its code on transfers between users and involved inundating the system with simultaneous requests to move coins between accounts.
“Flexcoin has made every attempt to keep our servers as secure as possible, including regular testing,” it said, adding that it had repelled thousands of attacks over the past few years. “But in the end, this was simply not enough.”
https://www.yahoo.com/tech/another-b...644434064.html
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