Bitcoins

Started by KK0G, October 16, 2013, 11:24:50 PM

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KK0G

Anyone here using Bitcoins? I've done enough research to at least understand the concept and the general framework of how it works, sounds like they have some intriguing advantages over traditional currency but of course there are disadvantages also.
"Those who would give up essential liberty to purchase temporary safety, deserve neither liberty nor safety" - Benjamin Franklin

KK0G

gil

I've had a Bitcoin wallet for years. Never got any... Most people have no idea what a Bitcoin is, and most of those who do have never used them or have even a fraction of one.. I have seen very few online businesses accept Bitcoins, only one actually, the hosting company that hosts this site..

There is a lot of noise about Bitcoin, but unless people start using them, it's just hype.

Gil.

KK0G

I'm intrigued by a decentralized, unregulated currency system that greedy governments can't lay their hands on, it could have untold advantages to mankind. Of course there are still a lot of disadvantages especially at this stage of it's development. It's also still a fiat system based on nothing but pure faith in it's value, I'm not a fan of fiat systems but it's other advantages may outweigh that fact. I'll probably set up a wallet and collect a few coins to at least get a feel for it, time will tell if it ever pans out as a viable system.
"Those who would give up essential liberty to purchase temporary safety, deserve neither liberty nor safety" - Benjamin Franklin

KK0G

White Tiger

I have always been skeptical of this - could be that my belief that this is another step towards a cashless society - but I am now dubious as well as skeptical.

Anything that is resident on a server, under a users name, is centralized.

It seems to be a way to push back against "the man" and his devaluation of our savings and income - in reality - it seems like "the man" has it ALL wired...

To me anyway.
If you're looking for me, you're probably looking in the wrong place.

KK0G

Quote from: White Tiger on October 19, 2013, 09:47:58 PM
I have always been skeptical of this - could be that my belief that this is another step towards a cashless society - but I am now dubious as well as skeptical.


Good or bad, we're pretty much already a cashless society.


Quote from: White Tiger on October 19, 2013, 09:47:58 PM
Anything that is resident on a server, under a users name, is centralized.


While it's possible to store your Bitcoins on a server, to do so would be a huge security risk. You store them locally on your own machine for security, for the ultimate in security you store them in an offline device.


Quote from: White Tiger on October 19, 2013, 09:47:58 PM
It seems to be a way to push back against "the man" and his devaluation of our savings and income - in reality - it seems like "the man" has it ALL wired...

To me anyway.


To me it has the potential to open truly free trade without greedy governments lining their pockets at my expense.
"Those who would give up essential liberty to purchase temporary safety, deserve neither liberty nor safety" - Benjamin Franklin

KK0G

White Tiger

Yes, I simply see it as a means if control - if you control the market place - and can manipulate the value - then you control everything that can be bought or sold.

The ONLY means of transacting "off-grid" is by barter. Since I have what I need, I am going to set about acquiring common items of need for that purpose. For instance - I don't have a .38 - but I stock .38 special, I don't drink - but I'm learning distillery techniques and I'm buying Vodka...and, there's always technical skill, and..well...food.

That plan is for the stabilization period - after that  - COG kicks in.
If you're looking for me, you're probably looking in the wrong place.

KK0G

Quote from: White Tiger on October 19, 2013, 10:38:04 PM
Yes, I simply see it as a means if control - if you control the market place - and can manipulate the value - then you control everything that can be bought or sold.
I think you have a misunderstanding of how Bitcoins work. Their inherent beauty and what intrigues me the most about them is the fact that they can't be controlled or artificially manipulated, they stand alone on their own merit and the only thing that influences them is a free market.


Quote from: White Tiger on October 19, 2013, 10:38:04 PM
The ONLY means of transacting "off-grid" is by barter.........
Or gold and silver which was used for thousands of years before there was any grid. Barter is of course the oldest and purest form of transaction but it has inherent disadvantages, mainly lack of portability and obviously the two parties have to have something the other wants to barter for, hence the reason man invented currency.


Yes, Bitcoins require an electronic medium in order to use them so they're probably not a good choice for a post apocalyptic world, but in the here and now I think they may have potential.





"Those who would give up essential liberty to purchase temporary safety, deserve neither liberty nor safety" - Benjamin Franklin

KK0G

White Tiger

I have a rough understanding of how bitcoins work - and you may have a point that they may have more merit now, than later.

What I mean is, it seems as if the whole system is being wired. Like we are very close  to the marketplace, the entire marketplace, being completely controlled. The means of how a transaction is conducted doesn't matter - and while I agree with you that the world is going cashless more "now" than later - I see all of this as a steady movement towards something. More than ever, the system is set up to dictate who can buy, what can be bought, and when you can buy.

I think back to what history tells me of how Roosevelt outlawed the ownership of gold & silver - the government needed to save itself from consequences of their massive spending/stimulus. He passed an executive order, confiscated PRIVATE gold reserves (of course making a big deal of paying "fair market value for it - in paper dollars), they gained from the soaring price of gold, while the previous owners were left holding paper dollars that devalued.

Instead of doing the same today - and causing MORE panic - they sell you certificates of deposit for most of the gold being bought. This is simply paper, issued for what you are supposed to have in a a vault somewhere in Canada, New York, London, Shanghai...etc., In reality, there is over 100 times more certificates being printed than there is gold above ground.

They have effectively controlled the price of gold.

You buy something with a bitcoin - the same inflationary dynamics apply - because you buy what is for sale in the physical market.

The game is being gamed.


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If you're looking for me, you're probably looking in the wrong place.