Author: gork

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

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Post time 2013-12-27 23:33:55 |Display all floors
St_George Post time: 2013-12-26 02:39
Fair enough but at least government backed money has safeguards up to a certain amount deposited-d ...

in the history of money, trust is everything
(beast ex machina)

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Post time 2013-12-30 23:42:47 |Display all floors
lebeast Post time: 2013-12-27 23:33
in the history of money, trust is everything

Well that trust has been stretched/abused a lot since money had to have intrinsic value-like being made of or backed by Gold.

Nowadays its only worth what governments of the day decide upon at the time.  

Does anybody really understand money ?  I dont.
Your own mind is a sacred enclosure into which nothing harmful can enter except by your permission. Arnold Bennett

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Post time 2013-12-31 00:33:09 |Display all floors
St_George Post time: 2013-12-30 23:42
Well that trust has been stretched/abused a lot since money had to have intrinsic value-like being ...

Imagine, if money is all in the form of gold instead of pieces of paper.....


No one will have money left over to buy food.........



I've made my living, Mr. Thompson, in large part as a gambler. Some days I make twenty bets, some days I make none. There are weeks, sometimes months, in fact, when I don't make any bet at all because ...

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Post time 2013-12-31 00:49:11 |Display all floors
St_George Post time: 2013-12-30 23:42
Well that trust has been stretched/abused a lot since money had to have intrinsic value-like being ...

Not to worry


Those at the London School of Economics ought to know what they are doing.



I've made my living, Mr. Thompson, in large part as a gambler. Some days I make twenty bets, some days I make none. There are weeks, sometimes months, in fact, when I don't make any bet at all because ...

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Post time 2014-1-4 19:52:58 |Display all floors
Kiester Has Money Explained to Him

Max Kiester has disgraced himself yet again. He hosted David Blanchflower on his show. Blanchflower is an inflationist every bit as much as Paul Krugman who Kiester derides. Yet Krugman's comment that the USD is backed by guns is correct. Because paper fiat money has no intrinsic value, legal tender laws have to be used to force the sheeple to accept it in cancellation of a debt.

Much better is James Turk, who also appeared on the Schwing-Schwing Show and pointed out that self-regulated money such as gold and BitCoin were better. Kiester appeared to need Turk to explain how BitCoin could have value and Kiester was clearly grasping at straws to find such intrinsic value. Perhaps his cousin, Rump, could spin the straw into gold.

However, to help Kiester, BitCoin's value is not because the numbers are "precious" as Kiester proposed, but because the BitCoin system, which is basically a ledger of transactions has utility. In other words, it is better to think of BitCoin as a service currency rather than a commodity currency. Like software for a web browser, BitCoin's value is in the service it provides and people are willing to pay money for a web browser. The problem is not that BitCoin doesn't have any value like paper money, but that its exchange rate is difficult to gauge. This is why Gary North is wrong to call it a Ponzi scheme. At $800 per BitCoin, its price, to me, seems too high and it's probably in a bubble. As Turk correctly noted, there are too many alternatives to BitCoin. Why transfer your money using BitCoin with a risk of a collapse in its exchange rate when you can transfer money using LiteCoin which can be exchanged for BitCoins or fiat paper currencies and which has far less potential for a fall in its exchange rate? Kiester is definitely wrong to claim BitCoin is a good store of value.
Compounding is the magic ingredient.

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Post time 2014-1-6 20:07:23 |Display all floors
BitCoin Has Most To Lose

BitCoin values could plummet at any time. Their only intrinsic value is their utility as a medium of exchange and cheap, international money transfer.

Because of this even those who accept them have said they will not hold BitCoin for long periods; exchanging them on a daily basis for fiat currency. Although fiat currency has even less intrinsic value, they are supported by the thuggery of legal tender laws FORCING everyone to accept them.

However, although BitCoin is limited to 21m, the number of alternative crypto currencies are infinite. Given that BitCoin has now breached $1,000 again on the Zynga move, BitCoin has the risk that it has further to fall than other crypto currencies. For transferring large sums of money, you wouldn't exchange the money for BitCoin. A better alternative would be, say, LiteCoin because it doesn't have as far to fall.
Compounding is the magic ingredient.

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Post time 2014-1-8 17:31:26 |Display all floors
All the markets are rigged. Gold went down when Germany asked for her gold back 12 months ago and also when the late, great Hugo Chavez demanded Venezuela's gold back.

Now with some krappy game, Zynga, BitCoin has recovered from the slump after China blocked banks from trading with the crypto currency. BitCoin could crash at any time.

You have to wonder whether some banksters are planning to use BitCoin to confiscate and impoverish the sheeple and have bid up the price of BitCoin. After all, the massive debts are not unpayable because they can't print enough fiat money, they're unpayable because either the price inflation would be too high and/or there isn't enough resources to satisfy demand.
Compounding is the magic ingredient.

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