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Gold, Silver and Bitcoin: The ultimate interview by VisionVictory

This is a most excellent interview where Trace Mayer interviewed by VisionVictory uses excellent analogies and explanations in order to help people grasp what is Bitcoin and bitcoins and how it works and why you should care. I highly recommend spending these 30min and learning this information:

http://youtu.be/OtN9YUvh_XM

http://www.futuremoneytre...

In this interview we sat down with Trace Mayer of Run To Gold & How To Vanish and discussing the very interesting topic of the acceleratingly popular alternative currency known as Bitcoin.

QUOTES:

5:27: Regarding the Bitcoin code, "It's open source; so far there hasn't been anyone that's able to compromise the code"
6:13: "It allows for capital to be accumulated and be saved and stored in a much better way I think than necessarily gold or silver"
6:51: "Currently the bitcoin network is secured by processing power. Approximately 250 petaFLOPS. The department of Energy just built a supercomputer for $1.2 Billion that has 15 petaFLOPs"

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Bitcoin is Going Strong

Great interview!

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

Silver here almost given away!

SILVER,One day left and only $16.50 http://www.ebay.com/itm/150903087038?ssPageName=STRK:MESELX:...

2011 American Eagle, MS-69, 25th Anniversary, early releases NGC
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2009 American Eagle, Sealed, Graded MS-69, early releases
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2008 American Silver Eagle/ Early Release, GEM uncirculated, very nice
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2007 American Eagle/ Early Releases, GEM Uncirculated sealed by NGC, very nice
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2007 American Eagle/ GEM Uncirculated sealed by NGC, very nice
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2004 American Silver Eagle, MS-69, graded, sealed NGC
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2003 MS-69 American Silver Eagle, sealed graded by PCGS
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2001 Silver Eagle, Graded MS-69 NGC, very nice
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1999 Silver Eagle, Graded MS-68 1973 OF 2005 20th Anniversary Collection NGC
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Bitcoin has utility it can solve the double coincidence of want.

$FRNs also solves the double coincidence of want problem but loses value over time.

Bitcoin cannot be counterfeited according to specifications. By specification $FRN are elastic. Counterfeiting is the policy, at about 9& per year on average.

In the end money is market determined. Among some men trades are verbal contracts. As long as transactions are voluntary.

What is the price of gold, silver, copper, potash, gypsum in bitcoins?

Free includes debt-free!

Food for Bitcoin

We just announced that we will accept Bitcoin for the survival food supplies that we sell.

If you are a Ron Paul fan, then you must believe in free markets. Bitcoin is a free market currency. If you happen to have Bitcoin and don't think it has any value, then please give them to us. We'll give you our food in exchange. In fact, we'll give you a better rate if you give us Bitcoin than if you give us US Dollars. It's that simple.

http://www.survivalfood.com/bitcoin/

Currencies come and go all the time. Bitcoin will eventually go away. But I bet it will last longer than the dollar. It is very similar to the Ron Paul movement. People have tasted freedom, and they want more.

Sean
SurvivalFood.com

Thanks for the Bitcoin Deal!

Sean, that is really a great!

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

That's Awesome

Sean! The Bitcoin economy grows by the day, by the minute.

You may want to add a "bitcoin accepted here" logo to your site!

https://en.bitcoin.it/wiki/Promotional_graphics

Wow

Sean, that's one hell of a deal and promotion. I wish you get a lot more profit doing it!

I dont know much about bit coin

But what happens in a collapse, and the power goes out?

ie, You have no computers running, and if you did, you wouldnt have an internet connection.

Bitcoin runs

as long as a single computer anywhere in the world can broadcast a copy of the blockchain (log of all transactions). This is also why nobody can completely kill Bitcoin without shutting down the entire Internet.

If the power goes out in someplace it wouldn't matter. When you fire up your computer and connect to the bitcoin network it looks for who has the longest valid blockchain. If all power in the U.S. went out it only means those bitcoin users are not adding transactions to the blockchain. Any of the other hundreds of countries of the world would still able to operate continuing to build the blockchain.

Also, in a collapse/power outage there are probably some people prepared with off-grid power and connection(s). And even if the entire Internet went down/power outage, bitcoin could start back up if anyone had backed up the latest copy of the blockchain to a USB stick, for example.

Bitcoin....

LMFAO

Thank you for adding to the Discussion

"LMFAO"

The last time a huge number did an "LMFAO" was when the internet was on the horizon in the late 80's and early 90's.. they were hit by a pretty big slap on the face by the wave of internet surfers and technologies.

So, open your eyes, mind, and read not necessarily between the lines, but the ACTUAL LINES talking about why Bitcoins are REVOLUTIONARY and then perhaps you will not be like many who were saying things like:

"What, 'internet'... revolutionary!? Hahaha 'LMFAO'!!!"

You know where all those guys ended up, right? :)

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

The one thing you need to know about Bitcoin...

Is that NOBODY knows who started it, the guy is a myth.

You would think that would be important to some of you.

Actually the

important thing to me about Bitcoin is that it's supported by the free market. The fact that your decision seems to be against using it is totally cool with me. In a free market people are free to decide.

The only thing I'm hopeful of is that a good number of people DO decide they want to use bitcoins, because it will then have value to those that use it. So far this is proving to be the case, and I expect it to continue to be as time goes on and more people learn/understand the truth about this complex, amazing new phenomenon.

In reality

The second line of suckers are gathering to get slaughtered AGAIN.

Yeah, because you can spend those bitcoins

everywhere now right? It's really taking off.

/sarcasm

Actually, you can spend them ANYWHERE!

The market is still small, and niche-y... but I just spent some in China of all places... btw. virtual currencies are rather "objected" in china!

But for some reason, the Great Firewall of China can't stop bitcoin...hmmm.. how could that be?

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

Why?

I don't get why it matters who started the open source project.

Seriously?

How on earth does it not matter who started bitcoin?

Does it matter who "wrote" the rules to Chess?

There are millions of chessplayers all over the world, and nomatter how evil the mastermind behind the inventor of chess may have been, I don't see how his being the "inventor" makes him a Grand Master just because he is the inventor.

I bet I would beat him in an instant (with a bit of help from my Android chess helper ;) hehehee

So, like in Chess, it doesn't much matter who invented the rules to Bitcoin, as we can all see them, and choose to play or not.

I LOVE CHESS! Wanna play for Bitcoins? They're worthless anyway so it won't be a bother for you to getsome... and lose some ;)

btw. have you seen the provably fair casino?

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

I speculate..

you're up against a knowledge barrier where you don't understand what open source code is: http://en.wikipedia.org/wiki/Open-source_software

What would it matter who wrote a code everyone on this planet who knows how can review in it's entirety? I wouldn't care even if it was written by the counterfeiter Bernanke himself because I wouldn't have to trust him, I could just read the code and see what it does and trust it.

I speculate you don't know the history of Bitcoin

and how bad the slaughter was the last time this BS was pumped and then dumped.

You're in the midst of a dead cat bounce and don't even know it. Enjoy losing all your hard earned bitcoins.

Bitcoin is still rather young

In terms of the history of new (revolutionary) technologies, bitcoin is just a "baby"

So it has a lot of things that effect it, and can make it have "fits" or whatever. So your comment seems to be a comment that needs to be viewed in terms of histories of other paradigm changing technologies.

There is a really good writeup on this here

http://bitcoinmedia.com/roadmap-for-the-revolution-the-future/

We are at a stage where early adopters have quite a large pool of bitcoin resources and they may purposely or inadvertantly shift the market. I understand, and value your own self-reflection, and critique, though I believe you are mistaken about the harm in huge fluctuations at this early stage and to possible problems with this benefiting early adopters, risk takers as. As a matter of fact... it is those early adopters who are right at this moment developing thousands of applications, and tools to PROPELL BITCOIN to it's next stage: fully functioning "Overlay Network" as described in wonderful detail in the previous article by Amir Taaki's Roadmap for the revolution: the future

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

That's hardly fair

You think it's *currently* in a dead cat bounce?
http://bitcoincharts.com/charts/mtgoxUSD#rg360zigDailyzczsg2...

Zooming in here:
http://bitcoincharts.com/charts/mtgoxUSD#czsg2011-06-02zeg20...
where it drops from 25 to 3, but has a bounce in early August before returning to the downward trend, is what I'd call a dead cat bounce.

Not really worth looking at the daily up/downs...

Bitcoin is absolutely a LONG TERM project.

Bitcoin value ($USD), by year

● July 2010: $0.04 (first mtgox quote)
● January 2011: $0.30 (pre-bubble)
● January 2012: $5.26 (post-bubble)
● September 2012: $11.70

source:
http://gtf.org/garzik/bitcoin/2012/state-of-the-coin-2012.pdf

Thanks for giving me a chance to inform you and anyone else who may stumble here!

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

I understand it perfectly

Just because it's open source doesn't make the creator irrelevant.

Yes, the creator

is irrelevant.

There are mathematical theorems that I bet you don't know who created, yet these theorems have been used as the basis for even more complex theorems.

The creator of a theorem is irrelevant. All that matters is whether or not the theorem can be proven to work.

Does the Pythagorean theorem matter that it came from Pythagoras and not Bob? Would a^2 + b^2 not equal c^2?

This is for those reading this thread:

FlipObamney is implying that we must know who wrote the code in order to able to trust it. His argument is flawed because we don't have to trust any person, we can just read the code to understand what it does in order to trust it.

It's the same as with linux for which I bet you also don't know who wrote the first bit of code and yet millions of websites and servers trust it to be the most secure free platform they can find to host their websites on.

lol

Explain the pump and dump and why that doesn't matter either.

I did above...

Please see my previous comment... and realize this is a new project, and it is volatile for a "good" reason...

but if you really care, please read this really well researched article by Amir Taaki:

http://bitcoinmedia.com/roadmap-for-the-revolution-the-future/

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

Great article: Bitcoin - The

Great article:

Bitcoin - The Libertarian Introduction

What it is, how it's used, and why you should care.

http://evoorhees.blogspot.nl/2012/04/bitcoin-libertarian-int...