Man Selling House For Bitcoins

I can see it now. He sells the house, moves into his car, and then gets hacked and loses all his precious bitcoins. This will not end well.
 
jojo69 said:
Yes, I know where to get precious metals.

You stated "most other currency is attached to some kind of limited resource or asset such as gold"

Please provide a list of these "most...currency".
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It is not my duty to provide you with lists of anything. If you want a list, then you should look on the internet for it.

I would suggest that you list some currencies that don’t belong on the list that you are looking for.

(I know your game. Almost trolling.)
 
DW-UK said:
It is not my duty to provide you with lists of anything. If you want a list, then you should look on the internet for it.

I would suggest that you list some currencies that don’t belong on the list that you are looking for.

(I know your game. Almost trolling.)
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I find it funny that others ask you to provide sources, of which you never do, then you go on to say that they are trolling, when they really aren't.

He wasn't trolling, he asked you a legitimate question, fyi.
When you make a statement which is questionable, then others ask you for some sources to backup what you are saying, you should provide them with the sources; that isn't an unreasonable thing to do.

Why is it everyone who questions your opinions, you think of as a troll?
Questioning /= troll

I'm really not trying to pick on you, I really am trying to be serious about this, because what you are doing to him, is the exact same thing you did to me in the PS4 thread.
 
It is amazing how ignorant some of the youngsters of today are about the history of money.:(
 
DW-UK said:
It is amazing how ignorant some of the youngsters of today are about the history of money.:(
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Don't insult us!
Provide us with some links or sources that will help us understand the point you are trying to get across. ;)
 
Have to say, kind of strange...... Who the hell would do something like that....
 
DW-UK said:
I wonder what Bitcoins true value is actually attached to. For example, most other currency is attached to some kind of limited resource or asset such as gold. I also wonder how you can put a true value on any item which has been acquired by using Bitcoins. I mean, if Bitcoins are generated by running an algorithm, isn’t that some kind of fraud or theft, since they will in effect be displacing or devaluating the dollar.
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Well, since our money comes from the Federal Reserve, it really isn't based on anything.
It certainly should be, but Nixon took us off of the gold-standard back in the 1970's, so our money hasn't really been based on anything since.

Fiat money, ftl.
 
Quite the contrary, my game is education. The sad fact that few folks find themselves able to believe is that NO MAJOR WORLD CURRENCY is tied to any hard asset, and has not been for some decades.

The United States dollar, the de-facto world reserve currency, is backed by "the full faith and credit" of the United States government.

I am frankly getting sick and tired of the comments crying that bitcoin is valueless because it is not "backed" by anything when NO modern currency is backed by anything.

If people decide that beads, bells, bottle caps or bitcoins have value then they have value. It really is as simple as that. I have mined bitcoins, exchanged those for USD, purchased beer, and drank the beer. Personally I need no further proof.

Bitcoin is "backed" by a networked encryption effort that is by far the most powerful computational human achievement to date.
 
Red Falcon said:
I find it funny that others ask you to provide sources, of which you never do, then you go on to say that they are trolling, when they really aren't.

He wasn't trolling, he asked you a legitimate question, fyi.
When you make a statement which is questionable, then others ask you for some sources to backup what you are saying, you should provide them with the sources; that isn't an unreasonable thing to do.

Why is it everyone who questions your opinions, you think of as a troll?
Questioning /= troll

I'm really not trying to pick on you, I really am trying to be serious about this, because what you are doing to him, is the exact same thing you did to me in the PS4 thread.
Click to expand...

You are distorting things again. I never accused you of trolling until you started making a case about me personally.

This other person is “Almost trolling” because instead of looking for the list, they challenged me personally to do it. His accomplice made a snide remark.

You were also to lazy to look on the internet for proof. You are also now trolling.

The list is about half way down the page of this:
http://en.wikipedia.org/wiki/Gold_reserves
 
jojo69 said:
Quite the contrary, my game is education. The sad fact that few folks find themselves able to believe is that NO MAJOR WORLD CURRENCY is tied to any hard asset, and has not been for some decades.

The United States dollar, the de-facto world reserve currency, is backed by "the full faith and credit" of the United States government.

I am frankly getting sick and tired of the comments crying that bitcoin is valueless because it is not "backed" by anything when NO modern currency is backed by anything.

If people decide that beads, bells, bottle caps or bitcoins have value then they have value. It really is as simple as that. I have mined bitcoins, exchanged those for USD, purchased beer, and drank the beer. Personally I need no further proof.

Bitcoin is "backed" by a networked encryption effort that is by far the most powerful computational human achievement to date.
Click to expand...

EXACLY, I could not have said it better myself.
 
DW-UK said:
You are distorting things again. I never accused you of trolling until you started making a case about me personally.

This other person is “Almost trolling” because instead of looking for the list, they challenged me personally to do it. His accomplice made a snide remark.

You were also to lazy to look on the internet for proof. You are also now trolling.

The list is about half way down the page of this:
http://en.wikipedia.org/wiki/Gold_reserves
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I never "distorted" anything, nor am I "trolling" now, I asked you legitemate questions.
Are we really going this route again? Man you've got issues...
 
The point that I was really trying to make, was not specifically to do with the need for the banking system to have gold in the Federal Reserve to back it up, but more in general, as with other banks, including high-street banks or merchant banks.

With a high-street bank, the actual numbers in the bank account don’t necessarily have to represent actual liquid money. They can be attached to assets such as property or even shares, located in another country even. It doesn’t have to be gold.
 
OMG, what a fucking idiot, I can see his family will leave him for this if he does go through with this idiotic plan.
 
How much tracability and protection is there with bitcoins? I mean obviously there's heavy encryption, but what about in the case of user error? Is there insurance against that?

Also, how liquid is it?
 
Jaerb4 said:
How much tracability and protection is there with bitcoins? I mean obviously there's heavy encryption, but what about in the case of user error? Is there insurance against that?
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none, it is like cash or gold, if you lose it it is gone

Jaerb4 said:
Also, how liquid is it?
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Quite liquid on the exchanges, MtGOX being the largest. It can be a bit slow getting USD into and out of the exchanges at this time.
 
Even a casino, which makes use of chips to represent money, will have to have the equivalent money to back the value of the chips. That money will then in turn be back-linked to some other item such as gold. That gold can linked to exchange for something else. The integrity of the link of exchange is infinite.

With Bitcoin, there is a broken link, or non existent attachment, to any item of representation. I mean, you cannot have someone start up a casino and just make billions of dollars worth of plastic chips when they don’t actually have any money (or something). Can you?

I know that you can have shares, but their value must also be accountable. There are laws.
 
DW-UK said:
Even a casino, which makes use of chips to represent money, will have to have the equivalent money to back the value of the chips. That money will then in turn be back-linked to some other item such as gold. That gold can linked to exchange for something else. The integrity of the link of exchange is infinite.

With Bitcoin, there is a broken link, or non existent attachment, to any item of representation. I mean, you cannot have someone start up a casino and just make billions of dollars worth of plastic chips when they don’t actually have any money (or something). Can you?

I know that you can have shares, but their value must also be accountable. There are laws.
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fractional reserve
 
All the haters who missed the bitcoin boat are sitting on the docks crying about how stupid it is.
 
I grew up in a time before computers existed, when banks recorded all of their transactions on paper. Electronic transaction and Credit Cards did not exist. Bank of England bank notes had written on them “I promise to pay the bearer the sum of one pound” which meant that an equivalent amount of gold existed in the Bank of England vault. Some coins were still made of silver.

Over the 1980’s I used to develop business accounting software. Banks gradually started to use computers. The double-entry accounting system never changed. It was always possible to trace back (audit), to some extent, where an item of value came from. This defined its true worth. The audit trail tended to stop at the cash till, particularly when exchange for services. There, it was not possible to trace where the cash came from (other than from the Bank of England). This is the point where money laundering took advantage. It seems to me that Bitcoins cannot be effectively integrated into such an audit trail, so I cannot see how those that depend on the integrity of the transaction accounting system, can ever accept it. This includes larger organisations such as IRS, IMF etc.
 
DW-UK, now you are talking sense

correct, it gets those who would enslave us the fuck out of the money business, yes
 
DW-UK said:
I wonder what Bitcoins true value is actually attached to. For example, most other currency is attached to some kind of limited resource or asset such as gold. I also wonder how you can put a true value on any item which has been acquired by using Bitcoins. I mean, if Bitcoins are generated by running an algorithm, isn’t that some kind of fraud or theft, since they will in effect be displacing or devaluating the dollar.
Click to expand...

It is not my duty to provide you with lists of anything. If you want a list, then you should look on the internet for it.

I would suggest that you list some currencies that don’t belong on the list that you are looking for.

(I know your game. Almost trolling.)
Click to expand...

The US dollar for one? Unless you consider the Federal Reserve a "limited resource or asset". Personally I consider it more of a liability. :eek:
 
PointandClick said:
The US dollar for one? Unless you consider the Federal Reserve a "limited resource or asset". Personally I consider it more of a liability. :eek:
Click to expand...

Bitcoins is not attached according to the rules of monetary exchange. For it to function as true money, its value has to be set at the point of exchange. It has to effectively replace that other currency.

You see, when you create a new currency, say the Euro, it is completely worthless until it is issued (by the banking authority). It is issued when it is exchanged for say the French Franc (at the legally agreed exchange rate mechanism). The corresponding French Franc has to be destroyed or disabled. Anything else is illegal.

Like with physics, with financial accounts money cannot (legally) be created or destroyed. Every action force has an opposite reaction force. Therefore Bitcoins, at best, can only be considered as a commodity, operation at a similar logic to the Pyramid scheme. http://en.wikipedia.org/wiki/Pyramid_scheme

While the Federal Reserve system has its weaknesses, and there isn’t enough gold there now to cover the currency (because not Gold standard anymore.), at least the accounting system will allow you to know what the deficit is.
 
The same rule is applied to money.

3r0fyv.jpg
 
DW-UK said:
Bitcoins is not attached according to the rules of monetary exchange. For it to function as true money, its value has to be set at the point of exchange. It has to effectively replace that other currency.

You see, when you create a new currency, say the Euro, it is completely worthless until it is issued (by the banking authority). It is issued when it is exchanged for say the French Franc (at the legally agreed exchange rate mechanism). The corresponding French Franc has to be destroyed or disabled. Anything else is illegal.

Like with physics, with financial accounts money cannot (legally) be created or destroyed. Every action force has an opposite reaction force. Therefore Bitcoins, at best, can only be considered as a commodity, operation at a similar logic to the Pyramid scheme. http://en.wikipedia.org/wiki/Pyramid_scheme

While the Federal Reserve system has its weaknesses, and there isn’t enough gold there now to cover the currency (because not Gold standard anymore.), at least the accounting system will allow you to know what the deficit is.
Click to expand...

You are questioning acceptance, not validity.
The fact that all the currencies you mention have more history, its what creates all this 'laws' and 'banks' and the aura of authority around them. Acceptance is made into law, and even forced. The validity or true value, is none for US any currency really, which is why I don't understand the stupid comments around bit coins.
Paper money is tightly controlled by people with access to opportunities you will never get. You cannot fractionate your own money, an essentially make more out of thin air, yet banks can... and no I don't give a crap about convoluted argument about notes an yields, and leverage, its all garbage to say we print money you don't.

I wish I could leverage some 10k into mortgages and take a 100year 10million dollar loan against the book value of my leveraged money at .6 %
 
Don't worry.

I'm pretty sure we've got the bit in our teeth now.

They are going to have a time of it putting this genie back in the bottle.
 
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