Bitcoins

hmm almost like if you had some sort of central regulating body that could control the flow of cash in response to market pressures

also in the $1000 range it suffers from "holy shit that's a lot of money" syndrome, like apple stock. What they should really do is rename the redenominated 1000th bitcoins and call them "New Bitcoins" or something, then drop the "new" after a little while.

lol lagoon

Bitcoin has managed to solve lots of difficult coordination problems without requiring a central regulating body. Maybe there's a way to do that with the exchange rate volatility problem. xxp

well not as long as you have a fixed amount of the currency

ya its not a coordination problem, its a problem w the fundamental concept of the thing

its like the gold standard except worse cause theres not any actual stuff

That's true of bitcoin, but not necessarily true of any possible decentralized, P2P currency.

it would be pretty interesting if there were a way to "code" a currency that self-regulated its supply, but I don't know how the fuck that would work practically

where does money even come from, makes u think

someone just fiats it into existence or something, a wizard?

three wizards

maybe peter thiel can raise an army on his little private island nation and use it to force people to take bitcoin

i want that island to be real more than almost anything

it would be pretty interesting if there were a way to "code" a currency that self-regulated its supply, but I don't know how the fuck that would work practically

Feel like if this happened it would take approx .1 sec for somebody to hack it and flood the market for the lulz

three wizards

― Clay, Wednesday, January 8, 2014 10:08 PM (8 minutes ago) Bookmark Flag Post Permalink

ty m8 good info *edits wikipedia*

https://www.youtube.com/watch?v=Hk9uevsHvAE

im hoping it will fail cause itd be funny and i hate nerds

^

I don't see any way it can succeed without the government either regulating it or creating their own cryptocurrency. I find this stuff fascinating but it feels something like a bunch of people saying "let's make our own country where you don't have to wear seatbelts or obey a speedlimit", then constantly getting seriously injured in car wrecks

I thought the only reason bitcoin was kind of a thing was because you could buy drugs and shit on the silk road website that got taken down by the feds

Cowen isn't saying it will fail, rather that it's success will inspire competition, and once that happens the value of each unit will fall.

He is, subtly. While increased competition decreases its price, it also decreases its value of exchange, unit, and store—rendering it non-functional.

I think a lot of people are hoping Bitcoin will fail since they missed the chance to buy in when it was cheap. Cowen isn't saying it will fail, rather that it's success will inspire competition, and once that happens the value of each unit will fall.

This is absurd. I have 500 BTC, mostly from mining, and I think the idea, the implementation, and community is idiotic.

Holy shit

I didn't know that I was posting in the presence of a Bitcoinionaire

I don't see any way it can succeed without the government either regulating it or creating their own cryptocurrency.

The government is already regulating it. In the US, if you exchange Bitcoins for real currency, you have to register and perform money-laundering background checks.

http://arstechnica.com/tech-policy/2013/03/us-regulator-bitcoin-exchanges-must-comply-with-money-laundering-laws/

Yeah but that's an example of government regulation designed to make it harder to use

anytime you start to get the idea that bitcoin might succeed, it's a good idea to read this:
https://twitter.com/shit_rbtc_says

The government is already regulating it. In the US, if you exchange Bitcoins for real currency, you have to register and perform money-laundering background checks.

Unless you’re Coinbase …

etaeoe have you attempted to cash in any of yr coins was it a pain

Re: Coinbase and regulation, an e-mail I was forwarded written by 44r0n Gr33n5p4n:

Coinbase is many things, but "compliant" is not one of them. It has =
registered with FinCEN=97as a corporation with a Delaware address that =
appears to have no real connection with them. But it has not even =
applied for a money transmission license in any state thus far, even =
though it told FinCEN that it=92s doing business everywhere. This is a =
direct violation of those states=92 laws as well as 18 U.S.C. =A7 1960. =
Earlier this month, Fred Ehrsam admitted at a panel at Stanford Law =
School that Coinbase is being investigated by FinCEN. I have the =
recording if you=92d like to hear it; I=92m considering just posting it =
on-line regardless. As you may or may not know, my company is suing =
Coinbase and many other unlicensed money transmitters =
(http://www.plainsite.org/flashlight/case.html?id=3D2434524), but my =
involvement doesn=92t make the facts any less true.

Secondly, there is not a "lack of regulation" in the U.S. surrounding =
Bitcoin as you state. There is certainly a lack of understanding about =
the many laws and regulations that exist, and the supposed lack of =
regulation is a theme that has been wrongly promulgated in the popular =
media. But Bitcoin is actually quite regulated in the United States, and =
always has been. The FinCEN guidance issued in March merely clarified =
that fact for anyone who claimed it wasn=92t the case. It=92s not even a =
gray area. These companies currently require licenses and do not have =
them. They are breaking the law, whether one agrees with it or not.

etaeoe have you attempted to cash in any of yr coins was it a pain

Not yet. I need to speak to a tax accountant. I’m 100% confident I’ll be audited for having anomalous capital gains (my personal investments are all equity from employment and typical risk-adverse Vanguard retirement stuff). If you’re curious, the liquidity issue isn’t too bad. I’m permitted to sell 50 BTC per day.

ya the liquidity issues prob more pertain to the people w millions of these things

like i think we already had this chart but almost all the bitcoins are just sitting there

http://static3.businessinsider.com/image/52a74254eab8eacb2266bfa7-828-454/bitcoin%20pie%20ownershp.png

Cash out via swiss bank

Start a shell holding company in the Caymans or BVI

Profit

fwiw like half the corporations in the US have a "Delaware address" with "no real connection" to them

fwiw like half the corporations in the US have a "Delaware address" with "no real connection" to them

Yeah, I didn’t understand that either. He’s been through the incorporation and investment processes so I’m sure he knows that too. I think he was saying, “If they’ve registered, it isn’t under the incorporated entity they conduct business under.” But I have no idea.

yeah could be

Shit /r/Bitcoin says ‏@shit_rbtc_says 14h

The owner of Silk Road should be given Obama's Nobel peace prize.

i have to admit that i would love to see bitcoin be a tremendous success in 2014 and all these seemingly deluded nerds walk away with massive payouts and all the internet intelligentsia forced to admit how wrong and cynical they were
"it was a gold rush and we missed it... why couldn't i just BELIEVE"

it would be so fun

visionary stuff right there

and i'll c+p that quote for you to chew on like the bitter tea leaves of your heart when that bright bitcoin day comes

visionary metaphor mixing

that's why i'm on ripplin

Interesting article suggesting that so far we've only scratched the surface of innovations that could be built on top of Bitcoin:

http://theumlaut.com/2014/01/08/bitcoin-internet-of-money/

here are some other interesting articles from that author

http://theumlaut.com/2013/01/30/why-americas-fiscal-reality-will-make-euthanasia-inevitable/

http://theumlaut.com/2013/03/13/paul-krugman-is-brilliant-but-is-he-meta-rational

https://pbs.twimg.com/profile_images/3020148783/8fe0568213d240a2ca1b447493a70bde.jpeg

interesting guy thinking baout things

i didn't know sarge wrote abt bitcoin

Shit /r/Bitcoin says ‏@shit_rbtc_says 8 Jan
If only there would be mass non-compliance against laws in the US. Then we might have some semblance of freedom in the "land of the free."

just read this on a jobs board:

Presenter for New Show (Must Have Understanding of Bitcoin)

just found out that apparently if any one group can control 51% of all mining power at any time they can do what is known as a "doublespend attack" which essentially could bring down the whole ship, and it looks like one group is getting close, what a shock

i think charmander has a doublespend attack mirit