Virtual cash exchange becomes bank (BITCOIN This is BIG news)

Originally posted by unityemissions
So what. Bit-coin was just an experiment, and the code was never meant to be utilized as a long-term virtual currency. Anyone who knows about it knows it has limitations which will be reached in the years to come.

Let the bastards have the beta version of the future. What has yet to be of this technology nobody fully grasps.

i just thought this point could stand to be reiterated.
bitcoin is not the future and these arguments about banking cartel legitimacy seem a little petty when compared with what we should be excited about;
bitcoin is the prototype of the shape of things to come.
if we're very very lucky, we're starting to probe the very edges of something vast and wonderful.

heh..

you really think they are a bank? fail, they're just like paypal, not a bank and can make up their own rules and hold your money for as long as they want if you do something as simple as log in with an IP address you haven't used before.

reply to post by christoph


When did I say they were a bank? Just absolutely crazy stuff... Even the quote I provided stated that they are now like paypal! The title is from the BBC article... It is not mine...

ANY exchange operating right now could just start holding onto your money! They can do what they like too... But I am not going to beat a dead horse here... Think what you like but it is coming on leaps and bounds whether you like it or not...

Btw did you even read the article? I think not... Fail...

reply to post by decepticonLaura

i just thought this point could stand to be reiterated. bitcoin is not the future and these arguments about banking cartel legitimacy seem a little petty when compared with what we should be excited about;

I really don't understand all the bitcoin hate, it is pretty petty too if you ask me... For god sake no-one is saying it is the be all and end all for all eternity! Of course things will progress and change and new systems will come and compete with bitcoin... It's all good...

I really love people that come in and say things about limitations but don't even mention what they are! They say things like "let them have it"... Let who have it? It is just pure ridiculous! Thats why he got ignored... This step NEEDED to happen for various reasons and it is a fantastic stride forward... You know what, sod all you negative naysayers! lol...

So is 2013 the year of negativity? If this thread is anything to go by...
To OP, don't let them grind you down mate... some people just fear change...

Now we'll hopefully see "newzbin2" back online and accepting Bit coin. Also what about say "wikileaks" as well.
No more Paypal freezing the assets of these sites due to political or industry pressure.

It was hard for me to buy bit coins before, hopefully it'll get easier now. It was expensive to use some of the exchanges as well, paying over the odds for the "ease" of it all.

I'd rather use Bitcoin. The "powers that be" will really struggle to investigate payments etc when they don't just have approach the bank and say "spill your guts" about Mr Smith.

Also maybe Bitcoin isn't the "answer" for the future but it's laying the ground works for a similar more anonymous and more secure "online" currency.

Having any kind of dealings outside the "to big to fail" banks sounds good to me. So it's took on the "bank" label, doesn't mean it's evil, we all need some kind of exchange system.

Is Bitcoin a step towards a cashless society, is it nelly!!!

Originally posted by tothetenthpower
reply to post by mee30

 

That's not true, you could trade the bitcoin for ANY other currency on the open bitcoin market. If you thought you could not, then you weren't looking in the right places.

I've been mining bitcoin for about a year now. Done pretty well for myself, even if the market crashed. It was up to 30$ at one point.

What I'm stating is that now BitCoin is in the system and they can come after Bitcoin because it's agreed to play by their rules and not their own.

It defeats the purpose of crowd sourced currency when you ask the powers that be to tell you it's ok.

~Tenth

It sounds like you are fairly familiar with Bitcoins, so why the Conspiracy leaning opinion? Can you elaborate more?

Economically, nobody can control this currency. It's crypto locked, limited to a finite amount and anonymous, but still contains usage statistics and where it's been. I've studied the Bitcoin technology fairly extensively and although its been a couple years since I took a deeper look at it I don't understand why you are throwing in the towel so to speak.

Just because BitCoin became more "widespread" doesn't necessarily mean that it is now "controlled" by the PTB. Neither does it mean if we start using it we are lining the pockets of bankers. Unless of course you can present evidence to the contrary?

Honestly, I'm not trying to pick a fight - I'd like to know why you feel this way. BitCoin is amazing technology and I'm not seeing what your seeing.

reply to post by ChaoticOrder


It's interesting to note that BitCoins are like virtual Gold. Gold is limited in it's amount, it gets more and more difficult to mine, etc etc. There are some distincting technological differences (in that gold is real and BitCoin is virtual) but still, it is quite striking (pun intended.)

What if we reach the BitCoin ceiling and start a Fiat currency on top of it? Now that is kind of scary (because the United States did that very thing with Gold). Hell, maybe I should jump on that bandwagon

reply to post by zeeon


I misunderstood the implications of the story initially, hence my tin foil hat response. From what I've gathered looking into it, they've simply made themselves more accessible to the market and online retailers.

Which is good.

~Tenth

Originally posted by tothetenthpower
reply to post by zeeon

 

I misunderstood the implications of the story initially, hence my tin foil hat response. From what I've gathered looking into it, they've simply made themselves more accessible to the market and online retailers.

Which is good.

~Tenth

Oh... I didnt get that either... well I was wrong then! Its not the first time it happens anyway

reply to post by mee30


Maybe this is how they track those in the drug war? That's what I thought bitcoins were for... things are getting interesting. Thank you for the post

I wiki'd bitcoin and I still don't get it.. What does this mean? It's a online currency that you can now go and trade for legal tender of your own country? How is that any different then a debit payment or credit card purchase?

Originally posted by ChaoticOrder

Originally posted by mee30
reply to post by frazzle

 

Unfortunately, I don't see how any currency, be it metal or paper, that won acceptance on a wide scale wouldn't become as manipulated and debauched as the US dollar over time. As you say, government has already gotten its mitts on bitcoin simply by granting a right.

See I don't quite see it like that... I have no doubt that in time it could get corrupted, and probably will... But at least we will have a time where it will be wonderful rather than the bottomless pit we are in now... Then when bitcoin gets too corrupted we switch again!

What both of you don't seem to realize is that bitcoin is designed as a decentralized network exactly because of the corruption and monopolizing you speak of. There isn't a Government on Earth with enough resources to gain control of the bitcoin network. The decentralized P2P network follows built-in rules which ensures that it's virtually impossible to create fake bitcoins and to dictate exactly how often new bitcoins are created (aka "mined") by adjusting the difficulty of the mining process (the harder it is the more computing power required).

Eventually we will reach a point where all the bitcoins have been created and the money supply will stop growing. So it doesn't matter if a Government or a bank has the desire to manipulate the bitcoin currency, the fact is they can't. They can only work within the framework and rules set by the existing P2P network, because no one can break those rules. This new "bitcoin bank" has absolutely no new magical powers to alter the bitcoin currency in any way.

Sure, it is possible for a bank to hold bitcoins and practice a simple form of fractional reserve banking in the same way they could practice fractional reserve banking with reserves of gold. However, that would require the use of bank notes and/or credit accounts etc. What they cannot do with bitcoin is create new coins out of thin air when ever they like and they cannot be created and destroyed in exchange for debt.

edit on 1/1/2013 by ChaoticOrder because: (no reason given)

You get a cookie.

Originally posted by dc4lifeskater
if you understand how bitcoins work then you would know that its an even bigger scam then a regular bank and regular banks work.. It makes no sense.. bitcoins can be made from nothing, stolen easily, used mostly for illegal purchases with stolen credit cards or accounts to aquire the bitcoins in the first place. as well as the exchange rate changes so quickly you can lose your ass in an hour or gain a good % it makes no sense.. It will never be a real currency if it does then I would never use it.

congrats on not knowing what you're talking about in the slightest.

and if someone told you to jump off a bridge, would you without questioning their statement(s) first?

Originally posted by tothetenthpower
reply to post by zeeon

 

I misunderstood the implications of the story initially, hence my tin foil hat response. From what I've gathered looking into it, they've simply made themselves more accessible to the market and online retailers.

Which is good.

~Tenth

Thanks for responding and clearing that up!
I'm going to have to look into this - it might make purchases a bit easier now on the ehm, black market so to speak.