10 votes

"BITCOIN" posts get no traction here... WHY?

I just noticed something... I posted a bunch of really informative and useful links and stories here, and they are all being VOTED DOWN!

It just seems unnecessary, I mean, it is only information, and in my view it is EXACTLY fitting to the liberty message, and in line with Ron Paul's competing currency ideas.

So who is doing all the down voting of bitcoin related articles??

Any ideas?

-- maybe I don't quite see how this site works --

Dear Michael (Nystrom), it sure would be nice if we could see all the voting activity, not only the final vote count. It would make it more interesting to sort posts according to "activity"

here are my recent posts:

Expatriating from the United States? Consider this!

Wikipedia Accepts 'Enemies Of The Internet' Currencies

Why Bitcoin Acceptance Should Be A Litmus Test Of Liberty Proponents

The future of Bitcoin: new applications and rebuilding the banking system

Why do I bother trying to EDUCATE here about BITCOIN?

Gold vs Bitcoin

Here are other people's (GREAT) posts about Bitcoin:

Allten's Bitcoin Thread

Bitcoin Report Vol 26 with BrotherJohnF VIDEO

Adam Kokesh: What is Bitcoin and Why is it Important

Gold, Silver and Bitcoin: The ultimate interview by VisionVictory

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Try and Hack

my physical silver, boom.

Actually , Im very interested in obtaining

a bit-coin debit card has anyone ever used one for say activities that the government disaproves of like online casinos or binary options?

Bitcoin will stay below Gold's nominal price

So... without drawing too much ire from the bitcoin fans I would like to point out that bitcoin has not, and will not exceed the price of gold.

By "price of gold" I'm referring to the way it's seen today in dollars, it's what's called a "psychological barrier". The only way that this could happen in the future is if governments once again outlaw gold and mandate bitcoin (possible).

Unless and until that happens Gold is still going to be the #1 indicator for prices.

This leads me to think that other digital currencies are going to rise as well so the "basket" or currency approach might be a decent way to go.

"Good intentions will always be pleaded for every assumption of authority. It is hardly too strong to say that the Constitution was made to guard the people against the dangers of good intentions. There are men in all ages who mean to govern well, but the

Maybe because they are not Tangible

Smart investors collect Tangible, Stable, Physical currency that can be exchanged without dependency on any other 3rd party medium. Dependent on only personal face to face, palm to palm exchanges.

Pretty Rocks are best.

If I disappear from a discussion please forgive me. My 24-7 business requires me to split mid-sentence to serve them. I am not ducking out, I will be back later to catch up.

Modern fanboy mentality

Either or when the answer is both or to each their own.

Love of gold

People here see bitcoin as a threat to gold. They are in love with the idea of a gold based economy. Although this will very likely never happen in our lifetimes unless some landscape altering event occurs.

I also think if people do realize that bitcoin is like a digital version of gold, they don't want to risk promoting it and participate in potentially devaluing there own gold investment.

Also, a person has to really understand bitcoin to appreciate it. It's not that simple of a concept to grasp, you really have to be dedicated to understanding it and do a lot of research.

Its popularity is growing quickly in libertarian community. It's only a matter of time till it catches on here too.

It's quite simple.

Bitcoin is money that is free from government interference and control. This is a website and forum frequented by people in love with the idea of government. Why would people in love with the idea of government ever want to use a medium of exchange that the government isn't responsible for that the market alone dictates the value of? Sure, most people talk a good game when it comes to free markets, but the truth is that most people here love the idea of a big, bad ass enforcer in the form of government overseeing the market and pocketing what they want for their trouble.

Bitcoin doesn't pass the test

If you threw some "bitcoins" off the side of a boat in the ocean would anyone dive in 50 years later to get them?

Gold yes. Bitcoin I doubt it.

Ron likes competing currency but bit coin is not money. Neither is the dollar.

I like real money and other tangible things people need like land.

"To ski powder is to waste it" - Jake Burton

Just checked the current USD-Bitcoin exchange rate

$13.45

I'm kicking myself for not buying at $5.00!

Check out the Laissez-Faire Journal at LFJournal.com


"The State is a gang of thieves writ large." - Murray Rothbard

How are your buns doing?

Hey, just stumbled on your old post here... how are your buns doing after all the kicking they must have received!

:)

Hope you came to your senses, and bought some sub $100... and realize there is a good chance for bitcoin to go to $40,000

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

A couple of things off the top of my head..

There is always a risk the internet gets shut down, what happens then? Bitcoins are inherently hard to understand, gold isn't.
Lets just say I'm still skeptical.

Mises.org
Know your stuff, learn real history and economics @LibertyClassroom.com

Some quick responses...

"There is always a risk the internet gets shut down, what happens then?"

Nothing, really. If the Internet never comes back up, then (potentially) Bitcoin is useless. But if that happens, I would think that we would all have bigger issues to worry about. A temporary Internet interuption, even lasting years, wouldn't effect Bitcoin in any significant way.

" Bitcoins are inherently hard to understand, gold isn't."

Verifing a gold coin is a technical skill, that very few people possess in our modern world; and is a task further complicated by the advancements in technology that can create credible counterfits. I know that I couldn't tell that some of these fakes were not just tungtsun rounds plated in gold. Bitcoin, however, is verified only using very complex mathmatics. Not the kind that I could do myself, mind you, but the kind that is trivial for my computer (or even my cellphone) to manage. Thus, no assayer is necessary.

Chinese inscription, "All counterfeiters will be decapitated."

[With trepidation let me wade in... MT]

Oriental Cutlery, 1,100 B.C.: Chinese moved from using actual tools and weapons as a medium of exchange to using miniature replicas of the same tools cast in bronze. Nobody wanted to ... impale their hand on a sharp arrow so, over time, these tiny daggers, spades and hoes were abandoned for the less prickly shape of a circle, which became some of the first coins. Although China was the first country to use recognizable coins, the first minted coins were created not too far away in Lydia (now western Turkey).

Coins and Currency, 600 B.C.: Lydia's King Alyattes minted the first official currency. The coins were made from electrum, a mixture of silver and gold that occurs naturally, and stamped with pictures that acted as denominations. In Sardis, circa 600 B.C. a clay jar might cost you two owls and a snake. Lydia's currency helped the country increase both its internal and external trade, making it one of the richest empires in Asia Minor. It is interesting that when someone says, "as rich as Croesus", they are referring to the last Lydian king who minted the first gold coin. Unfortunately, minting the first coins and developing a strong trading economy couldn't protect Lydia from the swords of the Persian army...

Not Just a Piece of Paper: Just when it looked like Lydia was taking the lead in currency developments, in 600 B.C., the Chinese moved from coins to paper money. By the time Marco Polo visited in 1,200 A.D., the emperor had a good handle on both money supply and various denominations. In the place of where the American bills say, "In God We Trust," the Chinese inscription warned, "All counterfeiters will be decapitated."

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

I like

that inscription!

It's a good thing it's mathematically impossible to counterfeit a Bitcoin, and the 21 million coin limit can't be raised or further inflated by anybody!

I think Bitcoin will reach $1700.

Of course, I could be completely wrong, but it is based on "fact"

It was a really interesting article that did an analysis of Bitcoin's potential. Since it is a bit "unconventional" and not talked about it much, you will probably not find that article too easily.

I will share it if I get 10 plus votes on this comment. Okay! Can I please have one comment with +10 votes? :)

Oh, the reason I am asking for this is because I know it will take time for me to find it... I've did a quickie search for it before and couldn't find it. So please give me some "love" before I go research/work to find it for you all!

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

YES! Thanks for finding the article... YOU FOUND IT!

Thanks MoonShadow!

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

premise

The basic premise of why Bitcoin will reach high amounts is the potential if they ever gain market share as a currency.

If there are $14 trillion dollars in existence and 10 million Bitcoins in existence, if Bitcoins were to replace the dollar they would need to cost $1.4 million each.

If Bitcoin gained just 1% of the dollar currency it would be worth $14,000 each.

Just .1% of the dollar currency and they would be worth $1400 (your $1700 may have been when there were less Bitcoins).

If one day they became the world currency replacing all currencies...

All I can say is, it would be worth dropping $13.50 to just have one you can store for a long time.

So much

for no traction!

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  • Accepts Bitcoin
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    YEAH! "No Traction" for Bitcoin on DP! WAS I WRONG!

    I was just curious, I counted my own responses compared to the 254 comments here on this "No traction" post

    Happy to report, that I am not the one making all the posts! I posted about 34 of the comments. The rest is from the WONDERFUL DailyPaul community! Including all your nice Trolls...okay, there may only be a few of them. Actually, I am not even sure if there are any... :)

    THANKS FOR EVERYONE! You have restored my faith in YOU!

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

    So much

    for another elastic currency. Bitcoins isn't a solution just another problem.

    I want a currency that is fixed like gold was decades ago.

    And if you think you and a few people bumping this thread and making comments is gaining traction you are wrong. This isn't even lukewarm.
    7+ and it isn't anywhere but here. Quit fantasizing the market has spoken on this long ago.

    November 6th 2012 I voted for Dr.Ron Paul
    "We must remember, elections are short-term efforts. Revolutions are long-term projects." ~ Ron Paul

    Yup fixed

    and able to be manipulated and inflated by a fractional reserve system. Wake up gold is great but its the system that's screwed. If we pegged the dollar to gold today at say 1 dollar equals 1/50 of an ounce of gold it would fix nothing if we still used fractional reserve banking. The only way a gold standard would work would be to make the reserve requirement 1 to 1. Thats it.

  • New Jersey's Premier Junk Removal Junk Service!
  • Accepts Bitcoin
    www.powercleanouts.com
    Check out my blog:
    www.yoanante.com

    Problem

    It is a problem for the banks.

    If I buy $100,000 of bitcoin

    If I buy $100,000 of bitcoin at $13, and I sell it at $130, do I have to pay capital gains tax on the $900,000 increase?

    ----------------------------------------------------------
    "Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
    People's Awareness Coalition: Deprogramming Sequence

    Exchanges

    You could buy a painting and sell that painting making $900,000. It would be the same thing taxwise.

    But if you buy that painting and it gains $900,000 in value and you never sell it, then you pay nothing.

    Precisely. Its no different

    Precisely. Its no different than gold, stocks or anything else valued in dollars/currency. There are several exchanges giving bit coins a dollar/currency value that the IRS can attach to it.

    Now if bit coin had no dollar/currency value...

    ----------------------------------------------------------
    "Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
    People's Awareness Coalition: Deprogramming Sequence

    Value

    Everything has dollar/currency value.

    You could trade that $900,000 painting for a house. You would face the same tax consequences of paying $900,000 worth of Bitcoins for a house.

    No dollar has to be exchanged. It is just more difficult for the IRS to track the gained value of a painting when it was evenly traded for a house. Same with Bitcoins and never converting them back to dollars and instead using them to purchase things.

    As for me, I claim every single thing for the wonderful IRS man who may potentially be reading this. I file every form and audit every transaction I make at the end of the day keeping detailed records of everything so that I am in compliance.

    ...$900,000 worth...And how

    ...$900,000 worth...

    And how much tax would I have to pay if I painted your house for 50 bit coins, and bit coins did not have a discoverable dollar value?

    I could TRUTHFULLY file a tax return claiming ZERO dollar income from that job. But since there IS a discoverable dollar amount attached to bit coin, the same is not true.

    ----------------------------------------------------------
    "Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
    People's Awareness Coalition: Deprogramming Sequence

    Everything

    Everything has a dollar value to it and legally is supposed to be claimed.

    If you painted my house and I gave you an antique watch which has not been appraised, it would still have a dollar value even though you have not appraised it. Legally you would have to claim the earned value that you were paid.

    Yes, it is bartering. And

    Yes, it is bartering. And per IRS I would have to put a dollar value on painting your house, not the watch, but a dollar value on my services...which all makes me wonder, what is the point to these bit coins anyway?

    ----------------------------------------------------------
    "Ehhh, What's ups Doc?" B.Bunny "Scwewy Wabbit!"E. Fudd
    People's Awareness Coalition: Deprogramming Sequence