8 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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Obummer to the Bernank: Is

Obummer to the Bernank: Is this gold a threat?
The Bernank to Obummer: Yes!
Obummer to his head of national security: Is this gold a threat?
Head of national security: Yes!

(Obummer signs executive order #666 whereby the use of gold is forbidden and any found using it is declared an 'enemy of the state'.)

Riiiiight

even if this happened..

There's still the rest of the world where it's legal. Not to mention Bitcoin works in a peer2peer manner and making it illegal might just do for it what it has done for the war on drugs.

So now are you saying that my

So now are you saying that my $900,000 is tax free?

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

I didn't say

that. I (essentially) said it's possible to get into tax trouble many ways.

If you're concerned over bitcoins and taxes consult a tax professional. It's that simple. To my best knowledge someone who did this (with H&R Block) came away with bitcoins being classified as a "hobby".

Have my doubt that the IRS

Have my doubt that the IRS would agree with HR Block that $900,000 is a hobby.

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

If you're unsure

then reserve an extra 5-10% (or whatever) to pay the correct tax if it ever comes into question. That's what I'd do.

I also have my doubt that HR

I also have my doubt that HR Block would sign a return they had prepared claiming $900,00 profit as a hobby. I other words, back to the "can get away with it" philosophy.

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

Obviously

the person I'm referring to wasn't dealing with almost one million dollars in capital gains...

And, no, I personally wouldn't advise trying to hide that much from the IRS.

$1 in capital gains is just a

$1 in capital gains is just a taxable as a $1 million. If the government can confiscate you're computer and memory devices s well as intercept your internet activity , how much CAN you hide?

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

I never

said to hide anything. Meticulously report every penny if that's how you operate. Why are you trying to make it seem difficult?

You said you wouldn't advise

You said you wouldn't advise hiding "that much". So I ask, how much CAN you hide? Now you say every penny should be reported. But then you told me that you know of someone that reported their capital gains as a hobby...

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

People

report taxes differently. My advice is consult a tax professional. Simple.

In the beginning of

In the beginning of BrotherJohnF's report he mentions the "Block Reward". What is the Block Reward and who determines it?

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

The first thing

to understand about Bitcoin is nobody determines anything. All the rules have been pre-determined. If somebody changes something now, like how many coins there are, it is no longer Bitcoin. It's something else. The network (made up of all Bitcoin users) continually validates which coins are valid Bitcoins, the ones that adhere to the determined rules. It is mathematically impossible to create a fake or counterfeit bitcoin, one that doesn't follow the network's rules.

The block reward is how bitcoins come into existence. Bitcoins enter the money supply by "miners" which are computers that solve a hard mathematical problem. The difficulty of the problem is automatically adjusted such that the rate of bitcoin creation follows a pre-determined rate.

From the start of Bitcoin in 2009 until recently (a few days ago) the block reward was 50 coins per block. On average miners find a block approximately every 10 minutes; that means about 7K new bitcoins come into existence every 24 hours.

The block reward is now 25 coins per block. It halves approximately every 4 years, making Bitcoin a deflationary currency, as opposed to an inflationary one.

So this Nobody wrote the

So this Nobody wrote the original protocol?

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

I mean

nobody determines anything now. As I said everything is already pre-determined. And everybody expresses agreement to the rules by using the software.

Deflationary? "June 9, 2011

Deflationary?

"June 9, 2011 the total Bitcoin economy was valued at $210,000,000,
September 28, 2011 the total Bitcoin economy was valued at $36,126,021.96
October 17th, 2011 the total Bitcoin economy is now valued at $19,000,000"

Bitcoin is valued in Dollars, and other fiat currencies. It is therefore tied to the value of those currencies. It has increased in value since inception, but a look at a long chart shows that bit coin is anything but stable. It is a gamble just as any other investment is. There is no guarantee that it won't be worth $0.01 tomorrow, and I imagine that if the IRS came out with a big announcement pertaining to bit coin, it would drop pretty quickly.

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

Yes

Bitcoin is deflationary. The amount of Bitcoin units in existence over time follows a deflationary arc, not an inflationary one.

As for the value of bitcoin rising or dropping, yes, it certainly can go either way, and rapidly. Nobody I know has ever said it can't. People speculate (and invest) on this in fact, with differing opinions.

They are priced in fiat

They are priced in fiat currency. They are neither inflationary nor deflationary, just as a limiting the number of shares of a stock does not make them inflationary or deflationary. It is their basis, the Dollar or whatever currency that one uses, determining their price/value.

Today the bit coin is priced at $X.XX. If it was its own currency you would instead just be talking about X.XX bit coins. You would only know their value by negotiating a deal for a product.

As said above, they are a commodity. They are not a currency anymore than gold coins, silver coins or pork bellies are a currency. Their value is subject to speculative forces, as is clearly seen in the long term bit coin chart.

I'm a specualtor. I might would consider trading them except that the IRS could come out with their opinion on bit coin and knock any kind of floor out from under. And if the price of bit coin takes off, you can bet every last one of your 1's and 0's that the IRS WILL get involved.

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

I don't think

you understand what inflationary and deflationary means.

Here is a hint: gold is also priced in fiat. But gold is not an inflationary currency.

lol why don't you get a grip?

Why all the ego stubbornness when arguing with each other? Can't you get a grip and put a little effort into maybe trying to communicate effectively before you get upset the other guy doesn't get it?

What does it even mean inflationary or deflationary? If you mean that gold or bitcoins because they're scarce seem to be gaining in their value when met with increased demand do you call this deflationary? Or how about dollars, when massive amount of debt can't be paid off but was lent under a fractional reserve system and now a bunch of money supply just vanishes, is dollar then deflationary? Or how about gold of which there is more in circulation every second that mining goes on anywhere in the world, would you call gold inflationary then? Or how about bitcoins once all of them are issued and some are lost because of lost keys is this why bitcoins are deflationary? Or are they inflationary since right now there's about 10,6mio while the max will be 21mio?

WHAT THE FUCK ARE YOU SAYING?!

Just get a grip. Calm down. Communicate clearly and precisely and then see if the other guy doesn't agree.

If you ask me, gold is inflationary until all of it is mined, the price of gold however is deflationary because the production of all other goods has a higher pace than the mining of gold.
Bitcoins are inflationary right now until all of them are issued but once that happens they'll become deflationary because some of them will be lost due to carelessness. But the exchange rate of bitcoins is deflationary given that they are scarce and there seems to be a growing demand.

FFS.

I have a

firm grip, thank you. I don't think you read the entire exchange(s) between myself and TxRedneck. I began to feel he was less genuinely interested in answers than potentially arguing.

There is no ego, just a polite jab back at his advances, like the following:

"So this Nobody wrote the original protocol?"

Inflationary means the amount of currency to the ratio of people using it increases overall. Deflationary means the opposite.

I have a question. Can bit

I have a question. Can bit coins be loaned? Can I purchase something without owning any bit coins with the promise to repay them at interest at a future date?

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

I don't have the answer to those questions

because only the market can answer them. Bitcoin aside from the rules embedded in the code has no rules what one can or cannot do with their bitcoins.

Btw, did you read my explanation for block reward in that other thread?

You are correct gold is not a

You are correct gold is not a currency.

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

It has been

in the past.

So has salt. Do you suggest

So has salt. Do you suggest that salt is a currency?

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

Sure

it could be. The definition of currency:

The fact or quality of being generally accepted or in use.

Do you just like trying to argue?

Although I'm well aware there

Although I'm well aware there are pockets of "acceptance", gold does not meet the "generally" accepted standard. It WAS a currency.

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

Whatever

Whatever