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Bitcoin will Revolutionise FX/International Xfer Market   [Copy link] 中文

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Post time 2013-10-29 19:26:13 |Display all floors
This post was edited by gork at 2013-10-29 19:34

Anyone who has tried to send a cheque abroad will have found their banksters have hit them with a big fee for having done nothing and this will be on top of the poor exchange rate, with its appalling bid-offer spreads.

Now if you want to send cash abroad, you need do no more than use Bitcoin, saving yourself the fee and the fraudulent bid-offer spread. This is an angle that Max Kiester seems to have missed. The market for funds transfers by migrant workers, for example is considerable. Paypal and Alipay also enable this.

So not only is the renminbi now traded directly in the UK, Singapore, Japan, Australia and soon N.Z., but Bitcoin is already an international currency.

On a scale of faddishness, gold might be at 10, Bitcoin at 4 and tulip bulbs at 1, because tulip bulbs were just a short term fad. On a scale of worth, tulip bulbs might be at 5, gold at 4 and bitcoin at 0, because Bitcoins have no worth other than as currency, whereas tulip bulbs can be enjoyed. On a scale of preservation of worth, Bitcoin would be at 9.9, gold at 9 and tulip bulbs at 1. On a scale of tax avoidance, bitcoin would be at 10, gold and tulip bulbs at 4.
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Post time 2013-10-29 19:30:15 |Display all floors
Bitcoin is a failed model. Had seen people selling in panic when someone manipulated the system to make fake bitcoins.

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Post time 2013-10-29 23:42:59 |Display all floors
Had seen people selling in panic when someone manipulated the system to make fake bitcoins.


1) that's not my understanding of  how bitcoin operates. Even if you did counterfeit a bitcoin, wouldn't it still indicate that you didn't own it? Isn't this why there's a BitCoin miner selling on eBay for £5,765.3,

2) paper currencies are counterfeited by their issuers, the central and commercial banks, and

3) even if you were right, which I don't believe you are, any transfer of funds would be short-lived. So you'd exchange paper currency for BitCoins and shortly thereafter, the recipient would exchange out of BitCoins back into worthless paper. Considering BitCoins have increased in value against paper by hundreds of times, the risk is all on the holding of paper.

"These people – states and established financial institutions – will move against Bitcoin because Bitcoin strikes at the root of current power structures," reckons Frank Braun, a German tech consultant and privacy advocate who appears in public wearing a surgical mask and dark glasses.
- Bitcoin: Is the virtual currency the new gold standard?

Yes, not only do the commercial banksters print money out of thin air, but when you deposit your savings with them they own it and can do whatever they want with it since the law in the thieved state of Amerika was changed in the mid 19th century to make depositors creditors. In Argentina, the western banksters simply refused to hand back the deposits.
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Post time 2013-10-30 01:17:40 |Display all floors
My three main suspicions about BitCoins are:

1) they were created by someone who chooses to remain anonymous,

2) they were created at the end of the last decade when gold had seen a continuous run up in prices, and

3) although Silk Road has been attacked for allegedly drug trafficking (and thus impinging on the turf of the banksters), the Great Satan hasn't attacked BitCoin in the same way it has the Liberty Dollar. The UK has just created a BitCoin exchange, Coinfloor, which will block Amerikans from using it (in what will be a failed attempt to prevent a run on the dollar).

In other words, it could be that, like ETFs (which HSBC now refuse to allow you to trade, making them Enon-TFs) which have a ridiculously low annual charge of 0.4%, BitCoin could have been invented to divert demand away from physical gold. Just look at the many actions by India's government. Could the creator(s) be linked to the goons & thugs in Warshington like the Stuxnet virus?
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Post time 2013-10-30 11:41:55 |Display all floors
SOMETHING fishy........

hmmmm

cheerios!

Green DRagon

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Post time 2013-10-30 19:47:59 |Display all floors
BitCoin vs Gold

At the same time across the channel, the British public bid up South Sea Company shares from £300 to £1,000 in a matter of weeks. Even the brilliant Sir Isaac Newton was caught up in the frenzy. He got in early and sold early. But he then jumped back in near the top and went broke in the crash.
- Nobel Prize Winner: Bubbles Don't Exist

The propaganda rags report on someone who bought $27 worth of bitcoin four years ago and forgot about them. They're supposedly now worth almost $900,000. The suckers will respond by panic buying BitCoin.

But you have to ask why are the propaganda rags peddling BitCoin, when they failed to peddle gold. In fact, they were dismissive of gold all along and now peddle the dozen year bull market as having started when QE started in 2008. Thus they also claim that the taper-talk means gold will fall. Never mind that the UK's monetary base has exploded over nine-fold in the last decade.

The past is not necessarily an indication of the future. BitCoin could plateau for a long time whilst gold rises. BitCoin could crash, though with ATMs now being set up in Vancouver, it looks like BitCoin is gaining the respectability which will support it. And yes, BitCoin could rocket higher, especially as it has a supply which is strictly limited in much the same way that paper (or electronic) money isn't.

Similarly, the other money peddled by Max Kiester is silver. Whereas gold is still currency as used by the central banks, silver is too abundant to be a practical store of value for large sums. No retail investor is going to store $millions and tens of tonnes in silver. The Hunt brothers tried to corner the market but gold was still banned back then.

But gold, is almost certainly going to go higher rather than plateau or crash. Even without president Medvedev holding a gold coin and declaring it future money for the masses or China declaring that the new money should hold its value over the long term, it's obvious that the C.B.s are redistributing gold around the World. Why else would Switzerland agree to dump thousands of tonnes and make a massive loss?

So the question is do you take a (relatively) guaranteed win on gold or a potentially larger win on BitCoin but with far less probability?
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Post time 2013-11-1 03:47:58 |Display all floors
Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009,
. . .
"It said I had 5,000 bitcoins in there. Measuring that in today's rates it's about NOK5m ($886,000)," Koch told NRK

- Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k

Were BitCoins really worth only 0.532 cents in 2009?

And why are the propaganda rags peddling BitCoin in exactly the opposite way they attack gold?

Compounding is the magic ingredient.

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