• 🇬🇧󠁿 🇸🇪 🇿🇦 🇮🇪 🇬🇭 🇩🇪 🇪🇺
    European & African
    Drug Discussion

    Welcome Guest!
    Posting Rules Bluelight Rules
  • EADD Moderators: Pissed_and_messed | Shinji Ikari

EADD Bitcoins 2

th3 s1aught3r said:
Regular currency has no intrinsic value either other than what the market gives it. If Bitcoin became widely used as a form of electronic currency, then it might work
Click to expand...

It's not really as simple as that, regular currency is mandated by a state, and people are required to pay taxes in the currency demanded by the state, and if they don't there are men with sticks who will come and get them. And of course if you want to eat or live in a home you will need to pay someone who also has to pay taxes in that currency, so it's not just the men with sticks but the men with the keys to your house and the men with all the food.

Women too of course.

But maybe you include all that in the word "market" ;)
 
knock said:
It's not really as simple as that, regular currency is mandated by a state, and people are required to pay taxes in the currency demanded by the state, and if they don't there are men with sticks who will come and get them. And of course if you want to eat or live in a home you will need to pay someone who also has to pay taxes in that currency, so it's not just the men with sticks but the men with the keys to your house and the men with all the food.

Women too of course.

But maybe you include all that in the word "market" ;)
Click to expand...

Yes I was trying to say that a unit of currency needs the confidence behind it to hold a value. Men with sticks, if you will. If Bitcoins became widely used by government I guess those same men would stand behind it
 
th3 s1aught3r said:
Yes I was trying to say that a unit of currency needs the confidence behind it to hold a value. Men with sticks, if you will. If Bitcoins became widely used by government I guess those same men would stand behind it
Click to expand...

OK if that's what you were trying to say, but you used this innocent word "market" that hides the violent force that in truth makes currencies stable and popular. Popular anyway.
 
knock said:
OK if that's what you were trying to say, but you used this innocent word "market" that hides the violent force that in truth makes currencies stable and popular. Popular anyway.
Click to expand...

I used the word "market" in broad terms to mean a place where the sellers meet with the buyers and agree a value.
If you have your own definition or meaning of a market thats up to you
How can there be a value on anything without an agreement of that value between a buyer and a seller
 
knock said:
Bitcoins have no use-value.
Click to expand...



I would argue that the "use value" of bitcoins is the manner in which they support one of the fastest and most secure payment networks in modern history. On their own you're right though, their value is arbitrary.
 
Transform said:
I would argue that the "use value" of bitcoins is the manner in which they support one of the fastest and most secure payment networks in modern history. On their own you're right though, their value is arbitrary.
Click to expand...

Well, use-value is a technical term explicitly distinct to exchange-value, which is the value any commodity (including money) has by virtue of it's role as a means of exchange, or in other words it's role in "supporting payment networks".

Unless you see payment networks as somehow meeting a human need, which I suppose is arguable, but only in the most weird of ways. I mean it's clear we need clothes and food and entertainment etc all as things in themselves, we always have done, you might say these needs are biological, but the "need" to have a payment network is really a function of the mode of production (and distribution).
 
The demand for digital currency will certainly grow. As more and more business is transacted online, it makes sense that the faster the transaction speed, the better.
The question is, will digital currencies become a sufficiently stable asset for these purposes? What I mean by stable is not necessarily constant value, but where the general confidence exists and a stable exchange. And, if they do, will they be competitive enough to offer a product superior over those already existing? while there is clearly a lot of exciting scope for growth, there are also serious obstacles that digital currencies have to topple if they plan on becoming widely used transaction assets.
 
knock said:
It's not really as simple as that, regular currency is mandated by a state, and people are required to pay taxes in the currency demanded by the state, and if they don't there are men with sticks who will come and get them. And of course if you want to eat or live in a home you will need to pay someone who also has to pay taxes in that currency, so it's not just the men with sticks but the men with the keys to your house and the men with all the food.

Women too of course.
Click to expand...
That is really just the state using the apparatus of the state to ensure that everyone agrees on the value the state has assigned to money .....
 
MT. GOX IS NO MORE (I think)

http://blog.blockchain.info/2014/02/25/joint-statement/

The purpose of this document is to summarize a joint statement to the Bitcoin community regarding Mt.Gox.

This tragic violation of the trust of users of Mt.Gox was the result of one company’s abhorrent actions and does not reflect the resilience or value of bitcoin and the digital currency industry..........................................
Click to expand...

http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft


Situation

For several weeks MtGox customers have been affected by bitcoin withdrawal issues that compounded on themselves. Publicly, MtGox declared that “transaction malleability” caused the system to be subject to theft, and that something needed to be done by the core devs to fix it. Gox’s own workaround solution was criticized, and eventually a fix was provided by Blockchain.info. The truth, it turns out, is that the damage had already been done.

At this point 744,408 BTC are missing due to malleability-related theft which went unnoticed for several years.

The cold storage has been wiped out due to a leak in the hot wallet. The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company.
Click to expand...


Fucksake, this may mean the market plummets and everyone panic sells. Which is bad news for an investor like me and probably deserved for laughing at RoganJosh who lost a hundred pounds on Utopia recently.
 
Last edited:
Holy shit, and some Bitcoin bigwig chairman expert called out the admins of that other site calling them thieves because it was an impossibility for coins to be stolen trying to exploit that fault...

They'll go back up Raas, you're just gonna be in it for the long investment now...!










Or maybe BTC has had its day.. ;)
 
I dont think anyone could expect a new currency to have a flawless beginning. There were always going to be massive problems. If Bitcoin can survive all this it might come out stronger
 
I don't think that's "war" on bitcoin at all. they just want to tax it like any other asset.
 
Hangover said:
Not sure if it has been mention here

The IRS Just Declared War on Bitcoin, RETROACTIVELY. The announcement this week that the IRS will now be treating Bitcoin as property not currency has serious legal implications for anyone who has used it over the past few years.

http://scgnews.com/the-irs-just-declared-war-on-bitcoin-retroactively
Click to expand...

kingme said:
Bitcoins are in effect property...
Is that why the recent drop in price?
Click to expand...

I think it's more to do with china's government clamping down on it.

£300 per bitcoin now... this is not good for investors
 
You must log in or register to reply here.
Top