Screenshot of Bitcoin Botnet
- Thread starter conjamuk
- Start date
Coinbase suspended buy/sell ,for a while there was some insane volatility on mtgox and BTC-E.
Just wish I had more $$$ on BTC-E
This is gonna end worse than the Beanie Babies crash. And unlike then, you won't be able to hug your bitcoins when you cry.
Interesting... Looks like someone may have attempted a brute attack without having 51%... Too early to say though.
The miners have already started rolling back the blockchain version on their mining software to make double-sure that the blockchain doesn't split. I'll be watching.
Are you always such a pessimist?
Haha. I agree with most of what you've posted on WF except for global warming and bitcoins. I don't believe any of the top-notch Austrians support bitcoins. By top notch, I mean those that studied with Rothbard: Hans Hoppe, Walter Block, Guido Hulsmann, Joe Salerno, David Gordon, and me. LOL.
I think a lot of libertarians have been swayed by bitcoins because they're anonymous and whatnot. However, I temper my excitement with my economic knowledge. Back when it was functional, I liked e-gold which was similar to bitcoins but backed by gold instead of computations.
If you can find anything written by the above mentioned economists stating their support, let me know.
Sometimes old people aren't up on the latest tech. Surprise.
Tom Woods & Schiff sound down with the coin though, so it's only a matter of time before it gets into the upper faculty.
But why do you have to wait for them to make your own opinion? All you really need in the situation is TECHNICAL knowledge, because I don't believe any of the Mises staff are arguing that the concept of bitcoin wouldn't be something worth supporting... They just don't think it will catch on because it doesn't fit their definition of currency.
...But it DID catch on, $500M worth and rapidly growing, and it has a few supporting industries/sectors that now depend on it so unless they'd like to go out of business on their own, BTC will always have business. (Including DEFCAD business soon.)
Did you read my response to Mises? I even made cute little charts on this topic and everything...
I bet... It sounded awesome, didn't it? Too bad the gubbament is so damn uncool.
Luckily for our future, their uncoolness won't help them defeat a totally distributed internet.
We're on the edge of something really important here, and I'm not just talking about bitcoin.
Will do. Not holding my breathe though, my grandfather still doesn't know how to turn his computer on. :uhoh2:
I already have my opinion. 
Bitcoin doesn't satisfy the regression theorem. To be honest, it all sounds so silly. A bitcoin doesn't even exist in space. It's not a commodity nor is it backed by anything other than computational masturbation. The only reason they exist is because it's a clever way of anonymizing transactions, most of which are illegal. If I ran the Mexican drug cartel, I'd love bitcoins... but only as a way to launder my funds.
Bitcoins and global warming are two things based entirely on hot air.:smokin:
Bitcoin doesn't satisfy the regression theorem. To be honest, it all sounds so silly. A bitcoin doesn't even exist in space. It's not a commodity nor is it backed by anything other than computational masturbation. The only reason they exist is because it's a clever way of anonymizing transactions, most of which are illegal. If I ran the Mexican drug cartel, I'd love bitcoins... but only as a way to launder my funds.Bitcoins and global warming are two things based entirely on hot air.:smokin:
And at what Market Cap or %age of usage displacing the USD will you accept that your opinion may be flawed?I already have my opinion.
At some point you guys are going to have to admit that it's a currency... Hopefully before your USDs are worthless.
I bet a year ago if I'd asked, most would say bitcoin could never get to $100 Million. Now we're at 5x that.
Yawn. The regression theorem explains the way our previous money came into being... It can't prove that money cannot come into being in some other way, can it?
In fact, regression theorem does a shitty job of explaining the money we got stuck with in 1971, doesn't it?
Look at it this way. Let's say theoretically that someone designed a superior form of money and it catches on to the masses, with everyone trading with it instead of the USD... How could you at that point tell me that it still can't be money?
Society would laugh heartily at anyone who claimed it wasn't.
So? Neither does 98% of the existing money supply!
Neither does the internet itself. I guess that's just silly too?
The net has become where most people spend most of their time. The USD sucks on the net, requiring shitty 3rd-party solutions like Paypal which eat up something like 20% of the USD traded.
Bitcoin is net native. Whatever our next currency is, it needs to be net native! Physicality is UNDESIRABLE in the 21st century bro!
At any rate, when it comes right down to it, I'm sure you'll agree, all money is backed by TRUST, first and foremost... Even gold.
It can't be argued that people trust bitcoin just as much as they trust $500+ Million USD's worth of existing currencies. Those have all been traded for bitcoin voluntarily. That's a lot of trust. The rate at which they do so is increasing, too.
Freedom is illegal, bro. You'll need a coin that allows the illegal if you want to be free... Or even give freedom a chance to exist.
^
Just to add to Luke's above post, a list of companies starting to use bitcoins as a form of payment here: https://en.bitcoin.it/wiki/Trade . Some of more notable ones imo is wordpress.
Now here's a crazy thought about the future of bitcoins as it relates to world economics, and last but not least - Personal & corporate TAXES. What IF - and it's a big "IF" I know
- but what if bitcoins continues to be accepted as real money by more and more corporations, even big ones like Facebook, etc? Keeps spreading and spreading and goes viral worldwide in the near & distant future. (I know, crazy. But just for now, think of it as some kind of 'scifi future' - bladerunner, william gibson, etc.).
How Will This Affect:
Corporate Taxes: Wondering what the current situation is with corporations/businesses who accept bitcoins right now, especially for tax purposes. Just trying to get both a mental picture of how these transactions are currently recorded on their financail ledgers/accting books. I imagine they convert bitcoins to their own currencies based on the current exchange rate? So no problems there with their current governments as it relates to payment of corporate taxes for engaging in bitcoin commerce.
Personal Taxes: Here's where it gets really interesting. If more and more ppl are starting to use bitcoins in the future to buy and sell stuff, and even getting paid for their work/services via bitcoins, this obviously becomes a big concern for the taxman. But, in this scifi future, the use of bitcoins as a source of personal income continue to grow and grow exponentially. The taxman is gonna have a really hard time trying to regulate or crack down on who they think are tax evaders. Might be impossible to do. So it seems certain changes need to made to the entire tax system in this future scenario:
Get rid of the progressive tax system for Fair taxes (consumption taxes)? Might be the only way around this since it's gonna be really hard to go after personal taxes in a bitcoin world. Legit businesses, especially businesses with a physical presence like retail stores, can't easily escape the taxman's prying eyes.
Just to add to Luke's above post, a list of companies starting to use bitcoins as a form of payment here: https://en.bitcoin.it/wiki/Trade . Some of more notable ones imo is wordpress.
Now here's a crazy thought about the future of bitcoins as it relates to world economics, and last but not least - Personal & corporate TAXES. What IF - and it's a big "IF" I know
- but what if bitcoins continues to be accepted as real money by more and more corporations, even big ones like Facebook, etc? Keeps spreading and spreading and goes viral worldwide in the near & distant future. (I know, crazy. But just for now, think of it as some kind of 'scifi future' - bladerunner, william gibson, etc.). How Will This Affect:
Corporate Taxes: Wondering what the current situation is with corporations/businesses who accept bitcoins right now, especially for tax purposes. Just trying to get both a mental picture of how these transactions are currently recorded on their financail ledgers/accting books. I imagine they convert bitcoins to their own currencies based on the current exchange rate? So no problems there with their current governments as it relates to payment of corporate taxes for engaging in bitcoin commerce.
Personal Taxes: Here's where it gets really interesting. If more and more ppl are starting to use bitcoins in the future to buy and sell stuff, and even getting paid for their work/services via bitcoins, this obviously becomes a big concern for the taxman. But, in this scifi future, the use of bitcoins as a source of personal income continue to grow and grow exponentially. The taxman is gonna have a really hard time trying to regulate or crack down on who they think are tax evaders. Might be impossible to do. So it seems certain changes need to made to the entire tax system in this future scenario:
Get rid of the progressive tax system for Fair taxes (consumption taxes)? Might be the only way around this since it's gonna be really hard to go after personal taxes in a bitcoin world. Legit businesses, especially businesses with a physical presence like retail stores, can't easily escape the taxman's prying eyes.
^
con't from above.
Orwellian future for retail establishments: Since everything is under the FairTax system, the big focus for the taxman now is toward retail establishments. They wanna make sure they collect their federal sales tax. So stores are all forced to install and use a particular type of accting software that's monitored by the govt in all cash registers, especially if these establishments accept bitcoins :338:
con't from above.
Orwellian future for retail establishments: Since everything is under the FairTax system, the big focus for the taxman now is toward retail establishments. They wanna make sure they collect their federal sales tax. So stores are all forced to install and use a particular type of accting software that's monitored by the govt in all cash registers, especially if these establishments accept bitcoins :338:
I already have my opinion.
Bitcoins and global warming are two things based entirely on hot air.:smokin:
USD is backed by violence.
Bitcoin is backed by math.
Which do you trust more?
If you were a Mexican drug cartel, you'd hate bitcoins, because it would be a helluva hard time laundering mass amounts of money compared to just taking it to one of the top 5 banks in a box designed to fit the exact dimensions of the teller window.
Problem is, if you want to get your hands on the hardware while it's still relevant, then you wanted to be on the waiting list months ago. If you wait til they start shipping then you're going to have to wait for the 8 months of back orders to clear out before you get yours.
I have no idea how many preorders there have been, but I ordered 2 of the singles a month back and my order number was over 10k. I sure hope that doesn't mean there were 10,000+ orders before mine.
There are new shots of the mounted chips on the boards on the BFL forums, so fingers crossed they are close to finally start shipping, and fingers crossed they can shift the load of back orders quickly.
Fingers crossed.
LukeP,
I gotta get back to work but I'll end with this quote by crowd psychology theorist Gustave Le Bon: "While the truth may interest a few philosophers, the masses will always prefer dreams."
I gotta get back to work but I'll end with this quote by crowd psychology theorist Gustave Le Bon: "While the truth may interest a few philosophers, the masses will always prefer dreams."
Keep hanging on to that dream of monopoly money. Only in a dream could you have a sustainable currency that comes from thin air and has unlimited credit.
Bitcoin is truth.
It's a good quote I've used myself. Bread and Circuses' underlying motive, for sure.
However, there are dreams to be had that bitcoin can offer but USD can't, too.
Right now investors are hearing that bitcoin could go up to $1 million dollars each and that's a dream they can very easily chase.
Right now drug users are hearing that the silk road and other online shops will only take bitcoins but can offer anything they want... Another easy to chase dream.
I'm not even going to get into all the sexual fantasy ppl are chasing online where they are using bitcoins to simply hide their 'dreams' from their wives...
It's dreams against dreams now, not so black & white.
Keep hanging on to that dream of monopoly money. Only in a dream could you have a sustainable currency that comes from thin air and has unlimited credit.
Bitcoin is truth.
I dunno if it's true or not, but I was told stories by people paying vietnamese kids with monopoly money. The kids thought the soliders were handing them real us currency.
Ya, I figured as much. I guess we'll just have to wait and see what's gonna happen in the next yr or 2 with all this. (There's even rumors bout other better chips in development. Possibly other rig providers coming into the picture). But I'm guessing bitcoin mining won't stop until 2033? Just not as profitable and/or easy money to obtain like right now?
lukep, want me to buy you a domain mate? wordpress.com, are you for fucking real?
Also your argument for why people aren't using the ASIC rigs themselves doesn't make any sense. If you can make your money back in four days the free market says that you should do that and not sell it.
Most retarded shit I've seen in awhile. You smoking ยาบ้า in Bangkok?
Also your argument for why people aren't using the ASIC rigs themselves doesn't make any sense. If you can make your money back in four days the free market says that you should do that and not sell it.
Most retarded shit I've seen in awhile. You smoking ยาบ้า in Bangkok?