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How To Use Bitcoin – The Most Important Creation In The History Of Man

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posted on Jun, 7 2011 @ 05:02 PM
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I wrote another long article on the economics of bitcoins in comparison to gold here:

www.libertariannews.org...




posted on Jun, 7 2011 @ 06:16 PM
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reply to post by mnemeth1
 


Very nice article. Well written.

I've been watching some youtube people go back and forth about Bitcion. I see alot of fear especially in gold and silver people (i own a good bit of those BTW). It took alot for them to realize that the dollar was a sham, and right when they get comfortable with their stacks of gold and silver, here comes this new idea.

That black guy who preaches silver (davinci?) has taken alot of flack cause he started talking good about bitcoins. He actually offered to insure poor people yesterday if they bought bitcoins. Pretty bold statement.

Peace.



posted on Jun, 7 2011 @ 07:07 PM
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Hey Mnemeth1,

Taking everything into account, how many bitcoins should I pay my grandson to mow a large size lawn?

Or rather, how many bitcoins would you demand if you were 17 and negotiating a lawn mowing?

I want to get them invested in something new so they can learn and prfit, but I still want to get a deal myself.



posted on Jun, 7 2011 @ 07:13 PM
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reply to post by mnemeth1
 


I won't use bitcoin...I don't like it...I feel it is just another tool being used to promote the NWO.



posted on Jun, 7 2011 @ 07:21 PM
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Originally posted by caladonea
reply to post by mnemeth1
 


I won't use bitcoin...I don't like it...I feel it is just another tool being used to promote the NWO.


Are you saying this cause you researched it or are you saying this just because it has "global currency" tagged to it?



posted on Jun, 7 2011 @ 07:50 PM
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Originally posted by mayabong

Originally posted by caladonea
reply to post by mnemeth1
 


I won't use bitcoin...I don't like it...I feel it is just another tool being used to promote the NWO.


Are you saying this cause you researched it or are you saying this just because it has "global currency" tagged to it?


I have done some research yes...and the "global currency" part of it...does not help. Also...I feel that this is and will be a tool used heavily by criminals.



posted on Jun, 8 2011 @ 03:01 AM
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reply to post by caladonea
 





I have done some research yes...and the "global currency" part of it...does not help. Also...I feel that this is and will be a tool used heavily by criminals.


You mean like US Dollars, Euro's, British Pounds, and most current 1st world national currencies are heavily used by criminals? I always get a smile from statements like this as if criminals use sea shells or something...


Criminals will use whatever currencies they can buy goods and services with like everyone else and governments will continue to propagate the lies that they must be in control of the currency and you must give up privacy and freedom to prevent criminals from using it when in fact criminal activity is flourishing with current currencies and in fact government and banks are the biggest criminals of all. Even if you don't believe that when was the last time you heard we were winning the so called drug war? Or prevented any illegal items from being sold or traded on the black market? When are people going to figure out that crime prevention and punishment is a lucrative business and if you stimulate demand by passing laws creating more criminals then business will boom...



posted on Jun, 8 2011 @ 03:19 AM
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Originally posted by mnemeth1
I wrote another long article on the economics of bitcoins in comparison to gold here:

www.libertariannews.org...


Good article and clear perspective of it. I need to get me a few just haven't had the time to dig into it.



posted on Jun, 8 2011 @ 08:01 AM
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Originally posted by hawkiye
reply to post by caladonea
 





I have done some research yes...and the "global currency" part of it...does not help. Also...I feel that this is and will be a tool used heavily by criminals.


You mean like US Dollars, Euro's, British Pounds, and most current 1st world national currencies are heavily used by criminals? I always get a smile from statements like this as if criminals use sea shells or something...


Criminals will use whatever currencies they can buy goods and services with like everyone else and governments will continue to propagate the lies that they must be in control of the currency and you must give up privacy and freedom to prevent criminals from using it when in fact criminal activity is flourishing with current currencies and in fact government and banks are the biggest criminals of all. Even if you don't believe that when was the last time you heard we were winning the so called drug war? Or prevented any illegal items from being sold or traded on the black market? When are people going to figure out that crime prevention and punishment is a lucrative business and if you stimulate demand by passing laws creating more criminals then business will boom...




You expound and pontificate wonderfully ....thank you for your input,



posted on Jun, 8 2011 @ 08:28 AM
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What happens when the great solar flare or EMP comes along?? "I swear I have a thousand bitcoins, just wait till they get the stuff turned back on.."

This will never get off the ground, its got all the hallmarks of a scheme, but you guys dont want to see it because it looks like its against the "MAN".

Im all for fightin the FED, but this aint it



posted on Jun, 8 2011 @ 08:55 AM
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Originally posted by Wiz4769
What happens when the great solar flare or EMP comes along?? "I swear I have a thousand bitcoins, just wait till they get the stuff turned back on.."

This will never get off the ground, its got all the hallmarks of a scheme, but you guys dont want to see it because it looks like its against the "MAN".

Im all for fightin the FED, but this aint it


Its already off the ground. Its not like owning silver and gold have ever bypassed banks and tyrannical governments. I like the bitcoin idea, but I do hold gold and silver just in case of some solar flares in the future. Please tell me why you think its a "scheme".

As I type this Bitcoin is trading at over $29 a bitcoin. Soon people will be willing to pay more for a bitcoin than an ounce of silver. That should at least say something. Is this a bubble will the price correct harshly. Who knows.



posted on Jun, 8 2011 @ 09:13 AM
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I am intrigued by the concept but would like to know the following ...

How exactly do the bitcoins come into existence? Who creates them and how are they created?

How is the total volume of bitcoins regulated?

If it is fixed, fixed by whom?

What was the reasoning for the fixed number of bitcoins?

How was this number, the fixed number of bitcoins, arrived at?

Please forgive me if answers to my questions have already been posted, obviously I have yet to find them ...

SH
edit on 8-6-2011 by SherlockH because: (no reason given)



posted on Jun, 8 2011 @ 09:16 AM
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Originally posted by mayabong

As I type this Bitcoin is trading at over $29 a bitcoin.


So if people bought bit coins when Mnemeth1 made this thread they would have made a huge profit...

...A huge one.



posted on Jun, 8 2011 @ 09:31 AM
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According to this wiki Bitcoin the bitcoin total volume is hard coded in the program that generates them for the peer to peer network. The total volume is to approach 21 million bitcoins.

I did not see any reason specified for why 21 million is the built in goal.



posted on Jun, 8 2011 @ 09:36 AM
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Originally posted by SherlockH

I did not see any reason specified for why 21 million is the built in goal.


It is to limit the supply and preserve the value of the coin.

The supply of gold and other metals can be increased, but bitcoins will only ever number 21 million. eventually bitcoin will be sold in small units like .25 bitcoin for $100 USD.



posted on Jun, 8 2011 @ 09:50 AM
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Originally posted by Exuberant1

Originally posted by SherlockH

I did not see any reason specified for why 21 million is the built in goal.


It is to limit the supply and preserve the value of the coin.

The supply of gold and other metals can be increased, but bitcoins will only ever number 21 million. eventually bitcoin will be sold in small units like .25 bitcoin for $100 USD.


Yes I understand, but my question is why 21 million? Why not 13 million or 15 billion? I am curious as to why the number 21 million was chosen for the total.
edit on 8-6-2011 by SherlockH because: (no reason given)



posted on Jun, 8 2011 @ 09:53 AM
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reply to post by Exuberant1
 


only if you can sell them in large quantities and, with people mining them, I don't see why anyone would buy more than a few of these. Actually, I don't see why anyone would buy any "currency" that can be used, primarily, on tee shirts, coffee and contraband but I might be underestimating the amount of internet contraband shoppers out there.

It should be noted that the Senator Chuck Schumer was, apparently, tipped off to the gizmodo.com article about the "silk road" website where someone can purchase all kinds of illegal substances with bit coins and he's now making a concerted effort to keep that site from being used here in the states. Once the gov't gets wind of these kinds of sites, the number of sites an american resident can use their bit coins on will diminish, making them even less valuable as an actual currency.

I see them more as beanie babies. They cost next to nothing to make and, if marketed correctly, you can sell them for ridiculous prices.



posted on Jun, 8 2011 @ 10:05 AM
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Originally posted by Crakeur
reply to post by Exuberant1
 


Actually, I don't see why anyone would buy any "currency" that can be used, primarily, on tee shirts, coffee and contraband but I might be underestimating the amount of internet contraband shoppers out there.



And investors.

The value of these things keeps going up so people will buy them for that reason.



posted on Jun, 8 2011 @ 10:19 AM
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reply to post by Exuberant1
 


The value is not real. I've asked if anyone has tried to sell (not use, sell) coins on the open market and someone said they sold some to a friend but nobody has said they have sold any substantial quantity on the open market. I asked this because and investment is only worth something if it can be sold. If I'm holding 1000 bitcoins, valued at $29,000 but I cannot sell them, they are not worth $29,000 unless I trade them in for $29,000 worth of tee shirts, coffee or contraband and then sell that product for useable cash and, if that's the case, investors won't stick around for very long.



posted on Jun, 8 2011 @ 10:42 AM
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reply to post by Crakeur
 


Here are lists of places where bitcoins are accepted. I imagine the number will grow with time.

en.bitcoin.it...


And ounce of silver can allegedly be had for 3 bitcoin at this site:

www.midasbitcoin.blogspot.com...

So you might not place value on the bitcoin, however the people selling silver and other product for bitcoins do.

I hope the bitcoin takes off, but it is only a matter of time before the Man tries to put the kibosh on it.
What do you think the IRS will do?



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