Bitcoin

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MonstaMunch wrote:

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ManicCompression wrote:

Anybody following BTC closely? I've been busy and now I'm surprised and sad (missed opportunity) of the recent spike on the rates.

I had a staff member who insisted on being paid his entire salary in bitcoin when it was 20 cents per BTC. He had over a year's salary of it saved up when he went to prison for 4 years. He had the shock of his life when he got released last month...... And yes, I do feel like a total tit for not getting in myself when he told me to.

Whoa whoa. That's nice incredible story. Is he like Shawshank redemption rich now?

I too have know of bitcoin back in like 2011 but I was young and clueless about the world. But damn, I knew about bitcoin, maybe I was just not geek enough..

Just thought of this. I think we should not forget about Bitcoin being decentralized. That's one big difference against gov't/central bank controlled currency. I think there was a thread here in off topic about a gov't trying to fix their economy by messing up their own currency making it even worse.

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ManicCompression wrote:

Just thought of this. I think we should not forget about Bitcoin being decentralized. That's one big difference against gov't/central bank controlled currency. I think there was a thread here in off topic about a gov't trying to fix their economy by messing up their own currency making it even worse.

You've just described pretty much ALL governments. Debasing the currency is nothing new. Right now, it's a race to the bottom, with currencies competing to see which can weaken itself the most in order to facilitate exports, and, more importantly, pay off accumulated debt with devalued funds.

As for BTC, what entity is in a better position to mine them (which requires powerful computers) than, say, a government or large corporation? That is, of course, assuming they don't simply do something to bollix the unwanted monetary competition. There is a push toward strictly digital currency (Sweden is reportedly the closest to this "utopian" goal), in order to provide maximum control over the monetary system. It ain't to promote free, independent commerce, that's for sure, and BTC and its ilk won't be well-favored ion that environment. ='[.]'=

Meh, it's not a race to the bottom. They can only get down the currency so much before it starts to bit them in the ass later (see Zimbabwe, or currency wars). Also, there is such a thing like overvaluing a currency (I've seen the effects on my country, precisely capital flight).

Currency needs backing, so it's not like governments can do whatever they want with it (well, they can, but there are market consequences always). Devaluation can be useful in some situations (see what happens when you can't pursue your own monetary policy, like Greece; although is arguable how useful it could be to make that devaluation).

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Raycheetah wrote:

There is a push toward strictly digital currency (Sweden is reportedly the closest to this "utopian" goal), in order to provide maximum control over the monetary system.

Take note GGG, this is your chance to conquer the world with GGG points!

The sooner you realise you are broadcasted in a real life movie together with some big shot actors whose familynames always return, the sooner you start to approach life more from a day to day basis. If this movie will end happily, comical or dramatic remains to be seen though. It puts things into a better perspective. Things that originally made no sense during my history classes when I was a kid.

bitcoin is an elaborate scam such as money itself