Bitcoins... the future of money !

onlinegtrash

Well-Known Member
#1
people,

I have been following bitcoin developments,
I find them totally awesome & futuristic!

bitcoin: anonymous + decentralized + peer2peer electronic currency !

Its implications are tremendous !

Think about a stock market running on bitcoins !

we need not pay any stupid taxes and transactions go totally anonymous !

This alone is just mind blowing to me !

A business which need not jump through all government tax hoops,
and people can for the first time evade forced taxes on them!

For the first time, politicians and power brokers can't take the upside of bets and force the down side to public (eg: think about the losses of govt. biz they all fall in the heads of poor people but never on the guys in power who mismanaged it!)

and much more.... this is libertarianism on steroids !


anybody here is excited like me !?:clapping:

more philosophically:
This is first step towards managing risks properly, allocating financial responsibility of both down side and up side to the actual risk taker ! public need not pay for other guys mistakes once the forced taxes are removed which I think is fantastic !
 
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rh6996

Well-Known Member
#2
Any specific link to read further! Google gives too many options.. :D
people,

I have been following bitcoin developments,
I find them totally awesome & futuristic!

bitcoin: anonymous + decentralized + peer2peer electronic currency !

Its implications are tremendous !

Think about a stock market running on bitcoins !

we need not pay any stupid taxes and transactions go totally anonymous !

This alone is just mind blowing to me !

A business which need not jump through all government tax hoops,
and people can for the first time evade forced taxes on them!

For the first time, politicians and power brokers can't take the upside of bets and force the down side to public (eg: think about the losses of govt. biz they all fall in the heads of poor people but never on the guys in power who mismanaged it!)

and much more.... this is libertarianism on steroids !


anybody here is excited like me !?:clapping:

more philosophically:
This is first step towards managing risks properly, allocating financial responsibility of both down side and up side to the actual risk taker ! public need not pay for other guys mistakes once the forced taxes are removed which I think is fantastic !
 
#4
How about security ? Who controls the whole thing ? What's to prevent the hackers from transferring all your coins to their account ? After all, for any kind of electronic money, there must be some provision for converting it to hard cash.
 
#8
tp,
don't think it terms of hard cash, but it has been conceptualizsed on the oldest trading system - barter system, where many freelancing developers are agreeing to accept bitcoin and able to use it in on other sites. checkout -
canadianbitcoins and bitcoindir.

safetywise - It has right now a decent safety system - but not impossible to break it now. This is something like anytime you own the currency and not stored away in some bank. if you can keep your computer safe and secure no one should be able to steal your coins. very similar to your PC = your home locker.

Biggest threat to this kind of monetary system is from governments and not hackers. This is a too disruptive of idea which can be supported by any bureaucracy.

I would
There has to be some central authority/ repository/ controlling body. It can't be an ungoverned thing. There have been similar things earlier. Some years ago there was something called beans or something... it failed.
 

onlinegtrash

Well-Known Member
#9
Any specific link to read further! Google gives too many options.. :D
oh man ! you are too lazy :)

Think about the dude who came up with this idea in 2009 (Satoshi) and its implementation, when google listed nothing about bitcoin ! :lol:

anyways: switch to youtube and search for bitcoin, you should be click away from fabulous analysis and presentations from hackers to journalists !
If you are bandwidth challenged guy with usb stick, use m.youtube.com ...
it will play lowbandwidth videos in realplayer (if u ve installed).

@Anarchist @rh6996,

p2p network is nothing like ATM or banking networks... literally there is no downtime to p2p network because of its p2p nature !

Its centralized systems that gets paralyzed when the head of the system faces a glitch.

=====
It seems bitcoin protocol is not fully mature to be adopted by large financial institutions, there seems to be some clever ways that would lead to industrial espionage of transactions... so bitcoin is NOT 100% anonymous... and large corporations may not adopt them instantly.

so, we have to wait and see...

======
Another implication of bitcoin and freedom from forced taxes:

There can't be wars between nations, pointless space programs and crappy govt. research depts...

because who is going to pay for these things from their own pocket unless they actually add value to their life!
 

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