28 votes

Bitcoin is changing the world!

Wow, the possibilities are endless.


http://youtu.be/fBLpx6gQtUU

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Bitcoins, gold & silver

Hold onto your gold & silver, but own a couple bitcoins in addition. You'll be happy in a few years.

Here is an easy way to get started in bitcoin:

https://coinaxis.com/index.php/entry/easy-way-to-get-started...

www.coinaxis.com - ~ Learn more about bitcoin/litecoin, and how they relate to the liberty movement.

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The owners will own and operate Bitcoin just like they own and operate the US Dollar and every other currency for that matter. You are trading in shackles for lethal injection.

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Lew Rockwell accepts bitcoin.

How many?

How many of his customers are paying with Bitcoins? What % of his business is in Bitcoins? A currency is only as good as how much it is used in trade.

still unsure...

Interview with a Bitcoin Trader Making $10,000 a month - #Bankersworstfear

http://www.youtube.com/watch?v=o9_BGqDuHjA

"If this mischievous financial policy [greenbacks], which has its origin in North America, should become endurated down to a fixture, then that government will furnish its own money without cost. It will pay off its debts and be without debts. It will hav

What is Ron Paul's take on

What is Ron Paul's take on bitcoin?

He loves any

competition to the Fed's currency

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RP never said he supports Bitcoin software. What he has said is that we already had a similar system called the Liberty Dollar and the Feds shut it down. He wants legal tender laws removed for an easier transition out of paper money. He completely supports gold and silver as the eventual victor by the market along with a basket commodity currency.

Read END THE FED.

Lawful money is still gold and silver.

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Where is the Security HOLE in BitCoin ?

So - using that guy who had his whole bitcoin loot ripped off as a reference point -- is there a surefire, ironclad, truly unhackable way to keep & bear bitcoins without worrying about someone sweeping in and helping themselves?

If the NSA can tap anything ... how are bitcoins safe?

There are already stories of arrests and thievery ... I'd like to hear an EXPERT on bitcoins offer sound advice / opinion - per favore

Here is your answer...

Bitcoin can be stored offline on a storage device, or you can physically print out the wallet file code and keep the papers with your precious FRN's. (Just read reply below looks like I am duplicative)

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So it is as good as paper. Thanks.

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Yes, the most secure method involves paper, oddly enough.

Normally, you have a 'wallet' that is a digital address with your balance information on it. This info can be kept on a website where you sign up, or you could delete it off of the website keep it on your local hard drive. The unique thing about his is you can back up your wallet, so you can have a digital copy of the same wallet on several different storage devices at the same time. So, if you accidentally delete the file on your hard drive, but have a copy on Dropbox.com, you still have your Bitcoins. The downside is that if someone gets access to an one of those copies, they have access to all bitcoins in that wallet.

So, if you want the most secure long-term storage and scorn all the digital wizardry, you can print out a bar/qr code on paper that represents your wallet address and information. You can put that in a safe, and delete all digital copies.

http://blockchain.info/wallet/paper-tutorial

I'm guessing you could do something similar with a usb drive in the safe too, if you wanted. Also, you could have multiple paper printouts as backup if you went with paper storage. One in the safe, one in a saftey deposit box, etc.

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Somebody already had the idea of managing a non-scarce resource with scarce resources. It is called currency.

Bitcoin is little more than a dollar in a velveteen glove.

Stop trying to sell me your SOFTware. Hard money is superior.

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Hard money

is superior for protecting wealth. Bitcoin is superior for making transactions (worldwide). Both have uses and many Bitcoin supporters like me recommend both.

Where Money is a Medium

In contemplating Bitcoin, I've come to see the distinction between what is a medium of exchange, and what is wealth. A medium of exchange is just a medium. It facilitates and exchange of wealth. So if I have a piece of paper that represents an ounce of silver, and I offer it (the piece of paper) as payment for your chicken, the piece of paper is the medium that facilitates the exchange of wealth (the silver for the chicken). If no medium of exchange was used, but there was an actual exchange of silver for the chicken, no money was used. The silver is just a commodity. I'm sure the "gold is money" crowd will disagree, but I no longer hold that gold is money. It is a store of wealth... no different from oil, grain, or sand. Money is only a medium that can facilitate the exchange of those commodities...
All that to say that Bitcoin appears to me to be a FAR superior form of money than current government / central bank / inflationary currency. It is, however, just money... As such, not necessarily a good store of wealth. Those who are trying to protect their wealth, Bitcoin isn't it. Those who would like to transact to the exclusion of central bankers / government, etc, Bitcoin looks great.
It seems to me that those who speak against Bitcoin appear to me not to have made the distinction between the medium of exchange and the store of wealth.

I am not teh savvy and am

I am not tech savvy and am having difficulty wrapping my head around this. To ask what may seem an ignorant question...forgive me but how can a "medium of exchange" represent value if the currency involved is fiat. Isn't bitcoin as fiat as the local currency it is supposed to represent?

Utility - Supply and Demand

I would suggest that value is derived from utility and availability. If something is of utility, and is available in limited supply, it has value. If Bitcoin does not have utility, it would have no value. If there is unlimited supply of Bitcoin, it would have no value.
Bitcoin is, if you will, a measure. Just like a yard / meter / gallon are a measure, so is Bitcoin a reference. It has no intrinsic value, like gold. But it is a great reference point... a measuring stick for wealth. Gold has served that function. Because of the finite number of coins in circulation, it may in fact be "more stable" of a measure than Gold has been. Personally, I see the potential of Bitcoin as becoming the gauge / reference point, rather than the US dollar.
If gold were finite supply (no more mining for gold), Bitcoin and gold would theoretically come into an equilibrium.
It does the raise the question: why should gold be the reference point? Why not titanium, oil, wheat, or sand? When contemplating that question, you can see that gold has been both a reference point, as well as have its intrinsic wealth. If we separate "reference point" from gold, and make something else the reference point, gold anyway retains it wealth. But that is no different for any other commodity already on the market...
If you can see that exchanging one commodity (or good) for another (gold or otherwise) is "barter", then it becomes easy to see that using a medium of exchange precludes gold from being money. Using a piece of paper (called money, and it being an instrument that is facilitating the exchange of commodities/goods) is the same thing as "Bitcoin". Personally (dare I say it here on the DP...) I am with Ben Bernake on this one... Gold is not money.

Bitcoin is valuable because

Bitcoin is valuable because of scarcity and there are actual costs to digitally "mine" it.

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Scarcity without utility is valueless.

Spending value to make something does NOT give the things you have made value.

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It may have no utility for

It may have no utility for you personally, but it currently has utility for a relatively small group of insiders and experts able to surmount the many technical hurdles associated with it. I imagine there are far fewer Bitcoin users and miners relative to precious metal enthusiasts, however, the technical hurdles will be overcome. It's currently in its own "gold rush" phase prior to widespread general use.

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Reminds me of the dot com bubble. Bitcoin software will eventually return to its original value; zero.

ex nihilo nihil fit

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Why would it? The once was a

Why would it? There once was a real "gold rush" in this country that eventually collapsed. Did gold disappear afterward?

Also, the "Dot Bomb" bubble collapsed and there is probably another one building...Do you think Internet and app businesses will be worthless after? Not likely. Those that provide value and make a profit will survive.

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Gold didn't start at zero value.

The thing about software is it is always changing.

Why would something with no history of success be successful? You tell me. I have looked into the code and method. I am not impressed. Not to mention others had done the same exact thing with changeability to gold and it was shut down.

What ever the special interests want will be theirs. At this point the currency is rumored to be collapsing and we will be forced to accept something new. Nothing happens by chance. The CIA involvement, FBI raids and rumored legislation should tell you that it is an inside job.

If the government fails, which it looks like they are, than wouldn't it make perfect sense to create a new currency ahead of time and convince the people that it is superior.

Bitcoin is a software product. It is a new software product but not unique. For it to succeed than it is part of the plan. New software is an inevitability.

Bitcoin software claims to be one world currency with a one world ledger.

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A few will profit from Bitcoins

But it will eventually become as practical as our current dead presidents. They will start regulating this in the elites favor and will obviously be easier to seize than cash....just look what they did with the owner of Silk Road ....they took it all. Don't be fools!

I trust physical silver and gold stored in mother natures vault(soil)

Bitcoins

are not easier to seize than cash. If they were like cash or physical gold the feds would have had them immediately. Dread Pirate Roberts wasn't smart enough to not get caught (why was he still in the US?) so it's no surprise the feds had some delayed success accessing his bitcoins. He probably had a weak password.

You make no sense

Always the same argument ...you know the definition of madness? Probably not. Keep doing the same thing and you might figure it out one day.

Bump

This is awesome. In practice sound money is what the grocer and the milkman will accept and now they've started accepting bitcoin :)

Bitcoin will revolutionize the world currency system. This is a counter-force both against the World Bank, IMF and the USD hegemony and the local government regulations.

That may be...but I just

That may be...but I just downloaded the software to trade, exchange or deal in bitcoin and rejected the terms of use. There is absolutely no protection whatsoever that I could see...and the liability of unknown taxes and fees being applied or yet to be applied is so risky the venture seems totally foolhardy. If I am wrong I need some convincing.It sounds good from Keiser et al but the realities signing up for it seems as creepy as Obamacare.

Agree with shuleba

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What are you

talking about?

Bitcoin is simply electronic information, like email. It's a protocol. People can use it or not. Nobody controls it. There is no "venture" like some company started it and can offer protection or other items. Bitcoin is total freedom and independence. Yes you are responsible for whatever you do with it. I would think liberty minded people would appreciate that.