Bitcoin - online fad or the future?

Jason Rogers said:
I certainly hope so, but I'll watch Bitcoin from the sidelines for now. While I'm too conservative to be an early adopter, I definitely admire the idea behind it. First, because I'm a computer geek, and second, because I'm concerned about the long term impact of all this central bank stimulus. As Yogi Berra used to say "A nickel ain't worth a dime anymore."
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If you got yourself involved in it few year back, you would have benefited from it already. (talking about price) The time is never right, so maybe we as pioneers can give it a necessary push?

Atilla said:
Out of curiousity - if I wanted to let's say swap £100 for bitcoins - what do I do?

Thinking out loud - I'm guessing;

1. Sell something and accept bitcoins in exchange!

2. How would I be paid?

3. If I subsequently devide my £100 and spend £50 - what would I need to do to pay and still keep my £50?

Just wondering what the actual mechanics of the transaction would be?

Is there like a dummy's user guide or something?
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As far as I know, you can sell something, you can receive a donation or you can exchange it for other currencies (there are specialized sites, which take your USD/EUR and exchange it to Bitcoin according to the current exchange rate).

All you need is Bitcoin wallet and its number, which is unique, and which you receive when you "register" your wallet.

If someone here is more knowledgeable, correct me if I am wrong.
 
Jason Rogers said:
Thanks for pointing out that comment. However, I'm not sure I share the author's enthusiasm. As he points out, the central authorities in charge of the money supply hold tremendous power, and they'll do everything they can to keep it that way.
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Oh yes! Control over the money supply, the ultimate power!
 
Jason Rogers said:
Probably so, but have you ever read Ishmael by Daniel Quinn? That book blew my mind! :eek:

Quinn believes that control of the food supply is ultimate power.
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I havent heard that one before, sounds very plausible though, will have a look.
Lets hope the money changers dont read it! ;)

Cheers
D
 
Jason Rogers said:
Quinn believes that control of the food supply is ultimate power.
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the currency in which the energy (oil) is denominated in was key to world domination/power, but once the US saw the writing on the wall for the Oil $ they have been focusing on the exporting of $ inflation via food/food tech.

thats why the US have been shoving GM corn as the 'new' food revolution down the EUs throats - its already been rolled out to many 3rd world countries who rely on US $ aid, but so far the French have been digging their heels in. the dialogue between the FDA & the Euro equivs of late is farcical.......bullying tactics by the US cos obv they are keeping EU banks afloat with QE to infinity.

i didnt know 'til recently that food sold in the US is not required to state whether its GM (grown) sourced or not. circa 70% of food sold in supermarkets have GM food/additives. they have no labels indicating such.

ok, the french eat some weird **** but as a prerequisite its been naturally grown, or you wld know. you eat in a village & most of the grub has been sourced within a few mile radius....its great. though there are some cons - try & find some coriander seeds in le supermarche then good luck.

some interesting docs on Monsanto about the food/grain war.

pls correct if my stats are wrong, they were pulled from v fuzzy grey matter.
 
re bitcoins - the prob is that 'faith' (fiat) is still key to BCs working. all it needs is massive state efforts to cut the supply off to trade in bitcoins and the ccy cld easily die. another will no doubt rise up, but that doesnt reimburse your lost value in BCs.

there are many shops/ retailers etc trading with BCs, but for most it still means you are changing to BCs from fiat Ccy & vice versa to utilise - unless you only trade (survive) with BCs. the main advantage is transferring money across ccy jurisdictions cos it costs 0 to transfer. the other main advantage is that there is no Central Bank to dilute the value - though whether its a good method of storing value we will only know at a later date.

ie companies such as Domino's pizza accept payment in BCs just means you have to transfer your ccy to buy a pizza which will end up costing more as Dominos will add a tfr commission. if the **** hits the fan though & fiat ccy's ($s) etc depreciate heavily then if you do have some wealth stored in bitcoins then you will be able to load up on many more thin crust hawaiians than you originally thought was possible. thats why there is a lot of speculators involved in BCs.......i cannot buy a pizza with my gold nuggets, despite investing in it as a hedge against depreciating fiat currencies, & despite it being the only real store of value since humans have been exchanging goods.

theres loadsa bars & restaurants in Berlin which are BC friendly but not sure how they hedge their BC exposure.
 
Keerrrrching !

eBay president John Donahoe: PayPal may accept bitcoin in the future

The president of eBay has revealed that his company is preparing to expand the range of digital currencies it accepts.

In an interview with the Financial Times, John Donahoe even went as far to say that PayPal could, one day, incorporate bitcoin.

He said digital currency is going to be a “very powerful thing”, but said the ecommerce group is first going to focus on incorporating reward points from retailer loyalty schemes into its PayPal wallet.http://www.coindesk.com/ebay-president-john-donahoe-paypal-bitcoin/
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(y)
 
Jason Rogers said:
Probably so, but have you ever read Ishmael by Daniel Quinn? That book blew my mind! :eek:

Quinn believes that control of the food supply is ultimate power.
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I believe control of the bed supply is the ultimate power.
 
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Straight from Dr Evils Lair .........

Here's a theory.

They will frack the hell out the earth, which will lead to rapid acceleration of pollution of all the earths freshwater reserves, world over, as they will not be able to seal the leaks fragmenting uncontrollably under ground , leading to water table reserves being permanently contaminated .

We call that , THE PROBLEM

Next we have outrage and the publics deamnd for safe , clean drinking water .

We call that, THE REACTION

Next we have the ' specialist ' (think Halliburton, Carlisle groups, and all the rest of the merry men) corporations already positioned to filter all water by law and thus are therefore in control to sell it back to the people at a premium. They just happened to have the erm, ' expertise ' already in place to sort this little inconvenient mess out. Hoooraah !


We call that , THE F**K OVER !


And that's the way the cookie crumbles !
 
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Atilla said:
Yes I read two of his books and thought it was very enlightening. I haven't managed to put my finger on it but there is a slight flaw in his argument somewhere :rolleyes:

Obesity killing three times as many as malnutrition :whistling
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But obesity and malnutrition are related. Too much junk food is being consumed without any nutrients:
- http://www.huffingtonpost.com/dr-mark-hyman/malnutrition-obesity_b_1324760.html
- http://foodtank.org/news/2013/01/fat-starving-obesity-malnutrition-in-western-africa

Quality food costs more, which is why the poor in developed countries have higher rates of obesity from eating lower quality food.
 
Jason Rogers said:
But obesity and malnutrition are related. Too much junk food is being consumed without any nutrients:
- http://www.huffingtonpost.com/dr-mark-hyman/malnutrition-obesity_b_1324760.html
- http://foodtank.org/news/2013/01/fat-starving-obesity-malnutrition-in-western-africa

Quality food costs more, which is why the poor in developed countries have higher rates of obesity from eating lower quality food.
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We've seemed to have moved on from controlling people and slavery to giving them freedom and taking their money by deceitful means. I think it's called capitalism and the free market. :cheesy:

Let the buyer beware. :idea:
 
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