Land of the free fires first shot in effort to crush Bitcoin

Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: samhill On: Sun May 19, 2013 5:28 pm

Were those fools considered patriotic citizens that cared about the country or just unselfish? Then just as what would happen now the foreigners that hold U.S. currency (if backed by gold) would simply cash their currency for gold & then their would be nothing to back it with. Even now it makes you wonder who is behind all this cash for gold, silver & other valuables, does it stay here or is it gone?
samhill
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: lsayre On: Sun May 19, 2013 7:42 pm

Here is a great primer and introduction to Bitcoin from the rather (ahem) eccentric Libertarian guy who as far as I can tell owns and runs the Laissez Faire Book Club.




PS: In April Bitcoins exceeded $1 Billion in USD equivalent currency.
lsayre
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: coalnewbie On: Sun May 19, 2013 8:07 pm

Maybe it was the threat of 10 years in prison that turned them into fools?


but back in those days you were innocent until proven guilty, wasn't that quaint.
coalnewbie
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: lsayre On: Sun May 19, 2013 8:09 pm

coalnewbie wrote:
Maybe it was the threat of 10 years in prison that turned them into fools?


but back in those days you were innocent until proven guilty, wasn't that quaint.


The more things change, the more they stay the same.
lsayre
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: franco b On: Sun May 19, 2013 8:38 pm

If you object to government creating money out of thin air why would you want to favor private parties doing the same thing?

I think I would get more value by investing in Tulips or just burning money in my stove.

This has to be the cleverest scam of my lifetime though. I wonder how many multi millionaires it has created so far. I doubt they are holding that wealth in bitcoins. Like any other scam government should intervene to protect the gullible.

If it mimics a gold standard, why not just buy gold instead?
franco b
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: lsayre On: Sun May 19, 2013 8:54 pm

franco b wrote:If you object to government creating money out of thin air why would you want to favor private parties doing the same thing?


Limited vs. unlimited. Free vs. coerced.

I think I would get more value by investing in Tulips or just burning money in my stove.


Choice is a wonderful thing!

This has to be the cleverest scam of my lifetime though. I wonder how many multi millionaires it has created so far. I doubt they are holding that wealth in bitcoins. Like any other scam government should intervene to protect the gullible.


But one must determine wrongdoing first, no (and is the entire Internet to blame)? I.E., who do you punish for being bad, and who determines what wrong (bad) has been done here? How do you punish the tens to hundreds of thousands worldwide who choose to transact in Bitcoins? Do you give power to the UN to create a one world government by which to crush it and imprison its partakers (thus freeing them from sin in a fashion akin to Waco)?

If it mimics a gold standard, why not just buy gold instead?


We are each free (so far) to make our own choices. I merely hope it remains that way.
lsayre
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: lsayre On: Sun May 19, 2013 9:27 pm

At first the world was repelled at the concept of email replacing the tried and true (and proven over the ages) postage stamp and envelope.

At first the world was repelled at the thought that light had a finite speed, or that gravity is merely a consequence of space itself being warped around matter.

And so on, and so on...

All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.
lsayre
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: franco b On: Sun May 19, 2013 9:46 pm

Bernie Madoff did not coerce anybody either. So far over a billion dollars in currency that is backed by faith in government has been converted to this imaginary currency backed by faith in the greater fool theory. No currency issued by a major government has seen the roller coaster ride both up and down that bitcoins has, at least in recent years.

When it all blows up the perpetrators should be punished, if they can be found. Not the victims of the scam.
franco b
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: lsayre On: Sun May 19, 2013 9:52 pm

franco b wrote:No currency issued by a major government has seen the roller coaster ride both up and down that bitcoins has.


Is that why Bernanke and his cronies had to fabricate more than $16 trillion out of thin air to keep the US Dollar from imploding into valuelessness, and President George Bush had to (by open and direct self admission) destroy capitalism and free markets in order to (so he apparently believes) save them? Some roller coaster ride eh?

And how about Europe directly confiscating the wealth of some (and soon perhaps to be all) of its own citizens in an effort to sustain the banking system and central bank (and the status quo of power and corruption)?

Lets get real here, the current financial world is a collapsing dinosaur of massive proportions with respect to power and authority and lies and corruption and fabrication from thin air.
lsayre
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: franco b On: Sun May 19, 2013 10:05 pm

Had nothing been done and with so much wealth destroyed the dollar would have been worth much more. That's what happens in deflation. It was to stave off deflation that all that money was created, at least in theory. The current path is what is leading to the destruction of the dollar.

When bitcoin collapses I don't think government will bail it out.
franco b
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: jpete On: Sun May 19, 2013 10:27 pm

coalnewbie wrote:
Maybe it was the threat of 10 years in prison that turned them into fools?


but back in those days you were innocent until proven guilty, wasn't that quaint.


Since Roosevelt made it a crime to possess gold, I'm going to say possession=guilt. Sort of like crack cocaine today. If you have it on you, you're going to jail.
jpete
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: jpete On: Sun May 19, 2013 10:29 pm

samhill wrote:Were those fools considered patriotic citizens that cared about the country or just unselfish? Then just as what would happen now the foreigners that hold U.S. currency (if backed by gold) would simply cash their currency for gold & then their would be nothing to back it with. Even now it makes you wonder who is behind all this cash for gold, silver & other valuables, does it stay here or is it gone?


Whether they were "patriotic" or not, I can't say. Most of them were "law abiding" though and they (foolishly) believed their government wouldn't screw them.

Imagine their surprise when they were give $25/oz for their life savings and then the government declared it was now worth $35/oz!

I wonder if the cash for gold places are pulling that stunt? Or is it just for the guys with a monopoly on the use of force?
jpete
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: jpete On: Sun May 19, 2013 10:34 pm

franco b wrote:Bernie Madoff did not coerce anybody either. So far over a billion dollars in currency that is backed by faith in government has been converted to this imaginary currency backed by faith in the greater fool theory. No currency issued by a major government has seen the roller coaster ride both up and down that bitcoins has, at least in recent years.

When it all blows up the perpetrators should be punished, if they can be found. Not the victims of the scam.


I like the "in recent years" qualifier. Is the Zimbabwe dollar recent enough for you?

At least the people who buy Bitcoins are "willing victims".

I don't worry about it because I don't own any and no one can make me own them.

That isn't the case with Federal Reserve Notes.
jpete
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: jpete On: Sun May 19, 2013 10:35 pm

franco b wrote:Had nothing been done and with so much wealth destroyed the dollar would have been worth much more. That's what happens in deflation. It was to stave off deflation that all that money was created, at least in theory. The current path is what is leading to the destruction of the dollar.

When bitcoin collapses I don't think government will bail it out.


What is wrong with increasing the purchasing power of your dollar?

I'm curious as to when that became the worst thing anyone could imagine.
jpete
 
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: lsayre On: Mon May 20, 2013 12:30 pm

jpete wrote:
franco b wrote:Had nothing been done and with so much wealth destroyed the dollar would have been worth much more. That's what happens in deflation. It was to stave off deflation that all that money was created, at least in theory. The current path is what is leading to the destruction of the dollar.

When bitcoin collapses I don't think government will bail it out.


What is wrong with increasing the purchasing power of your dollar?

I'm curious as to when that became the worst thing anyone could imagine.



Until the Federal Reserve scam was introduced in 1913 prices were generally declining over time, meaning that deflation was the rule from 1789 through 1912, and not the exception. Now inflation is the rule and we are being told it absolutely must be that way.

We became the undisputed industrial powerhouse of the world during the era of ever deflationary currency, and we are becoming a third rate disaster of a nation under the era of ever inflationary currency. And our decline into third world status is accelerating as more Dollars are being fabricated.
lsayre
 
Stoker Coal Boiler: AHS S130 Coal Gun
Coal Size/Type: Anthracite Pea
Other Heating: Resistance Boiler (if I ever get it fixed)