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: coalnewbie On: Mon May 20, 2013 6:27 pm

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.


Think of the number of Chinese workers we are feeding on the Bammy phone line. Business is brisk. Pop concert organizers have never had it so good, the man knows how to run a party. So a few thousand children can't get into see their house, who cares. Tell them to suck it up, times are tough.
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: coalnewbie On: Mon May 20, 2013 6:34 pm

All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.


So coal burners are already at stage two, moving along here.
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: lsayre On: Mon May 20, 2013 8:26 pm

coalnewbie wrote:
All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.


So coal burners are already at stage two, moving along here.


Realistically though, sometimes truth is hard to see without the aid of hindsight.

As jpete astutely commented, no one knows if Bitcoin is going to be real for the long haul, or if it will someday implode, but at least the participants are going along for the ride by choice. Not so for the US Dollar which has been imploding for 100 years (over which is has lost a certified 97% of its buying power). For that ride we have been (and still are) forced participants.

Of course, government force (as in crushing or greatly hindering Bitcoin) can play a big hand in Bitcoins fate. The ironic part wil be that once the government severely restricts its totally free and open nature, and thereby crushes it, history will record only how it imploded because it was a stupid idea to begin with, and that our government saved us from its evil Ponzi scheme nature.
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: lsayre On: Sat Aug 10, 2013 4:35 pm

A federal Court has declared Bitcoin to be money. One extremely interesting and important twist is that the Court's arguments appear to be equally applicable to gold, yet Ben Bernanke has stated on the record before Congress that gold is NOT money.

http://www.thenewamerican.com/economy/m ... n-is-money
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: lsayre On: Sun Dec 08, 2013 8:12 am

I just checked, and this mornings average US Dollar equivalent value of a Bitcoin is $742 on the Mt. Gox exchange.
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: Duengeon master On: Sun Dec 08, 2013 8:54 am

Bitcoin has the same backing as the federal reserve... Nothing!! Yes Roosevelt confiscated gold, but only U.S. gold. Everyone was still able to buy Krugerrands and Sovereigns etc. Today I buy foreign gold and silver in case Obummer decides for round two of that. I'd rather have something of real value that I can hold in my hand. It will always be worth something no matter what happens in the world.
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: samhill On: Sun Dec 08, 2013 9:06 am

Can you actually carry or physically hold bitcoin? If you ask me it's more of a ponsi scheme designed to destroy the U.S., it's a cyber terrorist attack that some wealthy will as always make money on & other want to be's will lose when they take their $ & run. JMHO, not saying that the Fed doesn't deserve it but it's sad that it will cause many to lose everything.
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: Duengeon master On: Sun Dec 08, 2013 9:20 am

samhill wrote:Can you actually carry or physically hold bitcoin? If you ask me it's more of a ponsi scheme designed to destroy the U.S., it's a cyber terrorist attack that some wealthy will as always make money on & other want to be's will lose when they take their $ & run. JMHO, not saying that the Fed doesn't deserve it but it's sad that it will cause many to lose everything.

I agree. It seems too much like the Fed, there is no actual value under it. If I ever needed to use bit coin, I will buy just enough to complete my transaction.
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: lsayre On: Sun Dec 08, 2013 9:21 am

I invest in the poor mans gold, which is silver. I own no Bitcoins. Despite my fascination and my looking into them every now and then, being old school, I just can't seem to get my head around them, and something about them seems very fishy to me. In the end they may go the way of the tulip bulb, but then so have virtually all of the fiat currencies (like ours, also based in and backed by nothing) that the world has attempted to foist (force) upon the populace over the ages through "legal tender" laws and court backed enforcement of acceptance.

Bitcoins do seem to be quite odd in that they (so far at least) are acting like a massively deflationary currency (meaning the currency gains value over time) as opposed to our US Dollar being an inflationary currency (meaning our currency loses buying power with time). Other differences are that they are universal, they are not forced into use by law, and they are not centralized or controlled. Strange is the best word for them. The ultimate in "faith based" currency?

If you put US Dollars under your mattress in 1913, and took them out today, they would each be worth about 2 cents, so over time people have lost effectively everything by sitting on (or sleeping on) US Dollars. The best way to perceive this is to make up a scenario similar to the Titanic, with two safes, one full of US paper dollars and one with the matching 1913 US Dollar equivalent in pure gold. The ship sinks in 1914, and the safes are recovered in 2013. Which safe would you want to wind up with if you could only have one of them? Gold and silver are also deflationary.

Why are we as a nation totally in abject fear of deflation, and in need of never ending inflation, with this phenomenon only existing since 1913? Isn't the current US Dollar also merely a Ponzi scheme?
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: samhill On: Sun Dec 08, 2013 9:36 am

Good points all, as I have often said Gold should be bought LOW if so inclined buying high in hopes of higher is a fools game, the US gold was confiscated for the very reason as we have today, just how long do you think it would take foreign interests to take every bit of gold we have if they so easily could, it's what was happening then. Now they can only demand a promise which is printed by the Fed.
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: lsayre On: Sun Dec 08, 2013 9:46 am

samhill wrote:Now they can only demand a promise which is printed by the Fed.


Are the nations of the world really "demanding a promise printed by the Fed" in our payment for their tangible goods? Are we not in reality forcing them to accept FRN's or nothing, as opposed to their "demanding" them? Must currency ultimately, truly, and honestly gain value only at the point of a gun?
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Re: Land of the free fires first shot in effort to crush Bitcoin

PostBy: samhill On: Sun Dec 08, 2013 9:53 am

Up till now we have at least had the illusion of being probably the most stable Gov., we are fast losing that (maybe one more refusal to find middle ground) & it's totally gone but who has any currency that is worth or is backed by anything more than a promise?
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