22 votes

Warning! Dump your bitcoins!

Remember what happened to the Facebook pump and dump scheme?
Remember when bit coin dropped to 0?
There is nothing backing bitcoin execpt computer code. Don't be a chump. Dump your bitcoins before they drop in value significantly.

Example:
What bubble will burst first. The dollar or bitcoin?


http://youtu.be/UX75tiViEjA



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Don't forget to get ahead of

Don't forget to get ahead of the crowd buying (and selling??) bit coins, right?

School's fine. Just don't let it get in the way of thinking. -Me

Study nature, not books. -Walton Forest Dutton, MD, in his 1916 book whose subject is origin (therefore what all healing methods involve and count on), simple and powerful.

LOL!!!!!!!!

LOL!!!!!!!!

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Mining

A high powered computer and lots of electricity. A new mining machine has just hit the market.

how do i mine them? is it

how do i mine them? is it hard? I remember them at $9/B.

"you're a funny dude, but who gives a fuck about that? I don't care about someone's wit, I care about the courage of their heart and the honesty of their mind."

Link Below:

http://www.dailypaul.com/277094/daily-paul-bitcoin-mining-ve...

“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”

Alten

Nice man. Ancap peaceful and everyone that is for bit coins lets see about starting a forum within the daily Paul that is about mutually learning about bit coins cryptology and everything about them.

I posted this idea a few days ago. Man I really think we should do this.

http://www.dailypaul.com/276948/help-this-mutual-learning-ex...

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Thanks Ancap

You care to bump the thread? I really wish Mike N would consider the idea, but I don't know how to get a hold of him.

“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”

I recommend going to another

I recommend going to another place with that question.

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

https://bitcointalk.org/index.php?topic=79150.0

My personal favorite place for questions is reddit:
http://www.reddit.com/r/explainlikeimfive/comments/13q8r9/bi...

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

To All my fellow Austrians

Whether you like it or not. Believe it or not bit coins are going nowhere. This is the best text on bitcoins from an Austrian perspective.
http://dev.economicsofbitcoin.com/mastersthesis/mastersthesi...

I recommend you all read it.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

The world has changed.

98% of all MONEY right now is electronic, is it not?

Bitcoin is an improved version of what we ALREADY USE.

Times have changed. Austrian are usually always right about all things in the economy, but on this one subject they seem not to be able to see the obvious; that ELECTRONIC money is becoming necessary for humanity.

HONEST RON 2012!
LEGALIZE LIBERTY!

That may be true

But in the US cash is still used in the majorty of transactions. In this statement checks = cash.

peAce

Liberty = Responsibility

Necessary is probably not the

Necessary is probably not the right word. Useful is more like it. And, if something is useful, it will always have value.

How is it necessary for

How is it necessary for humanity? Thanks for trying to tell me what I need. The only thing electronic money brings is convenience. It's not a physical asset. At the end of the day you can ship the physical asset or pay someone to transfer the worth using another method.

Please come join my forum if you're not a trendy and agree with my points of view.

What are you an idiot or something

You think we'd be more efficient shipping bricks of Gold accross the world instead of making a transfer in a accounts by computer Bit's at the speed of light. Are you that dumb? Look you don't like Bitcoins, Fine, I can accept your arguements against it. Whats hard to accept is the absolute lack of logic and reason when asserting your claims and utter hypocrisy by continuing to use The federal Reserves FIAT Dollar system instead of a viable alternative. Whether that alternative be Gold, Peanuts, or Bitcoins it doesn't matter.. Stop feeding the beast and for Liberty sake stop trying to knock people down who are actually walking the walk when it comes to Ending the Fed by using Bitcoins.

I've see that same parroted

I've see that same parroted phrase of "shipping a brick of gold across the world" over and over and over in the past few weeks, and I'm getting sick of it. You also try to put words in my mouth, like another colorful character here, that I seem to think that a mandatory form of paper currency is good.

I will entertain your delusions for a second and ask, what huge purchases are you making that you need to ship bricks of gold across the world? Ever hear of a wire transfer? There are companies to wire that sort of thing. They have their own holdings of assets, so you give them a brick of gold, and the person across the world would get a piece of paper promising them a brick of gold from their foreign branch. It doesn't need to be shipped...simple.

Your electronic currency is going to go nowhere. It's not going to even make a tiny ding in the central banks, like how bitcoiners claim it will have a huge hand it taking them down. It takes power to mine them. At a store it takes having electricity, an internet connection, and a computer. For you to procure them yourself it takes electricity, an internet connection, and a computer.

If power goes out I can still go to the store and use physical money. The only thing in today's society that may be a hindrance is that barely anyone can make change without a machine telling them how much to give back. I'm surprised people can even add up those coins properly, which is why we're seeing Sheetz and Wawa have automatic change dispensers.

I suppose next you will come back at me with some more insults relating to losing power, and how I'm a kook, and extrapolating that I am talking about some global disaster.

Please come join my forum if you're not a trendy and agree with my points of view.

It doesn't matter if its electronic or not

If you have perpetual debt attached to a currency, it will fail every single time.

Electricity and an internet

Electricity and an internet connection is not free. Oh, and the computer you need too.

Electricity and Webz

You hit it, just not for the correct reasons, IMO.
I wouldn't put all of my eggs in the BTC basket, but I do think the upside holds promise.

You did hit upon two of the three detriments to Bitcoin.
Electricity and Web connection.
You need both to access your BTC wallet.
The third detriment would be hackers.

If a bitcoin miner feels skittish about those 3 issues, well, there are ways to alleviate the circumstances. Exchange them for "fizz" ... either a service, product or commodity...
Shucks, you can even get physical Bitcoins.
https://www.casascius.com/
They sell at a premium on ebay.

Nice...

I see the level of intellect im dealing with here...

Look there's a shiny object. Go Have a blast.

Abstract

This paper presents an economic analysis of Bitcoin from a libertarian point of view. The theoretical part analyses the applicability of the Austrian School of Economics at Bitcoin. Of particular interest are the evolution of money, competition among media of exchange, and the concept of money supply. The empirical part analyses the following variables: price, price volatility, liquidity, visibility and velocity. I come to the conclusion that theoretically, Bitcoin can be closer to the Austrian ideal of money than either

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

That .pdf...

is unreadable in my firefox. Keeps visually garbling. :\

.
~wobbles but doesn't fall down~

Works on mine.

Sorry man I don't know what to tell you.

Written by Peter Surda

Titled:

Economics of bit coin : is bitcoin an alternative to fiat currencies and gold?

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

$1250 per bitcoin is a more accurate price right now.

Bitcoin is a leap forward in money technology. Precious metals are not rising as they would because a new form of money has been discovered.

There are approximately 10 million bitcoins currently in existence. Half of them are estimated to be lost forever. A quarter are saved and not traded. Therefore, 2.5 million are in use.

If 1,000,000 persons currently own bitcoins and each one maintains $500 in bitcoin for internet purchases, that's $500,000,000 or $1250 per bitcoin.

If 100,000,000 adopt bitcoin as expected within the next five years, that's $125,000 per bitcoin by 2018, not counting inflation.

Wow - that is scary naive.

"Precious metals are not rising as they would because a new form of money has been discovered"
What is going on in PMs has nothing at all to do with bitcoin. And bitcoin is an electronic medium of exchange, it has no inherent value. It is a form of fiat. It is interesting as it is decentralized, and if it irritates the banksters I have to admire that. BUT, if you decide to use bitcoin, a fiat currency, as a safe store of wealth, you might as well invest in FRNs. Inherent value can not be faked, and if you have to go into contortions about what an objects "inherent value" is, you are justifying and rationalizing. I can make UV shielding out of gold and medicine out of silver. What will you do with your bitcoin if you need to trade someone for food? (As a person growing food, I can assure you I will NOT give you my real food for any fiat anything.)

Love or fear? Choose again with every breath.

90% of silver ever mined is

Around 90% of silver ever mined is estimated to be in land fills...what's your point? The silver is not lost forever. It could be mined in the future.

Please come join my forum if you're not a trendy and agree with my points of view.

"Precious metals are not

"Precious metals are not rising"

They are not rising, Because of MARKET MANIPULATION.

One example: http://www.nypost.com/p/news/business/feds_probing_jpmorgan_...

Take a peak at the Mises circle

http://themisescircle.org/blog/2013/02/19/end-the-fed-hoard-...

This is only one of our articles it's a quick read tell me whatcha think

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Steve Gibson must be aureating his way to the bank

I apologize to those of you who had faith in a currency backed by zombie bots and spyware, because I was too busy to put enough energy into explaining it here. I know the idea of a decentralized currency pulls at your emotions and gives you hope. Particularly now that the price has gone "up."

All in all, it should have been obvious to you from even the most basic lesson in Rothbard's teachings of sound money. Those of you who invested in the Bitcoin, I hope you get out now.

Troy please check this out and tell us whatcha think

http://themisescircle.org/blog/2013/01/25/a-bitcoin-reader/

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees