Bit Coins Can End Banksters Currency Monopoly!

I had an epiphany here...

"Under European laws, the deal means Bitcoin-Central becomes a Payment Services Provider (PSP) that has an International Bank ID number. This puts it on an equal footing with other payment networks such as PayPal and WorldPay. As a PSP it will be able to issue debit cards, carry out real-time transfers to other banks and accept transfers into its own coffers."

www.bbc.co.uk...

Some of the proponents of Bit Coin have convinced me to start accumulating Bit Coins. I researched them when they first came out and liked the concept however being in the computer/network business was skeptical that they could not be hacked.

I am still skeptical especially with government super computers but lets face it we are heading for electronic currency anyway and these are decentralized untraceable and nontaxable that is better then the dollar.

There biggest vulnerability seems to be if we had a sustained power black out. So why not continue to invest in gold and silver to hedge against that but in the mean time lets move the economy to Bit Coins and make the dollar crash irrelevant? We now have the power to do it with bit coins so lets do it?

My idea is to promote bit-coins in your local area as a local alternative currency like Ithaca hours or Berk Shares etc. Why not promote bit coins the same way? Get local stores and merchants to except them and screw the dollar it is nothing but a wealth killer for the middle class to steal the wealth and funnel it to the banksters?

A few people in most major cities and towns could change the country doing this? I think the guys who started Ithaca hours wrote a book on how they did it may be worth reading? They had to print a currency though, with bit coins the currency is ready made just start an exchange or what ever it takes?

We sit here and listen to people bitch and moan about the goddamn republican and democrat parties party and try to work with all that corruption. Here is something people can do right now and take matters into our own hands and cut the banksters out of the deal! You don't need a bank to store bitcoins for you! If paypal and world pay gets in on the act it's over we will have a new free world currency untraceable nontaxable etc. of course with bitcoin who needs paypal? We won't need all their banking networks to transfer money just a computer and a thumb drive to plug it into. Wow this is bigger then I thought??? Jeeze we can cut the banks out of this whole thing if Bit coin catches on.

Of course people will still use the banking networks because that is what they are used to doing and programmed to do. That is why theses banks are jumping on the band wagon now before we cut them out completely. All you need is a computer for bit-coins. Strike while the iron is hot as they...

What are we waiting for? Screw these assholes and their currency monopoly why not take it from them we have the tools now? Damn people this is big really big. there is an opportunity here time to study up on Bit coins and how to accumulate them and use them and promote them as your local currency. Death to the dollar and all fiat currencies! Death to the bankster monopolies!

Perhaps...well, that would just be great. Thanks for sharing. Though, can see why there's such a push for net regulation not to mention for other reasons as well!

I like the idea and what Ive heard about Bitcoin but isnt there a finite number of them?

How do they make more? Once they start making more wont the same issues pop up? speculation, inflation, hoarding etc etc

I think the only way we are ever going to have a truly stable currency is to base it on something physical, either a return to the gold standard or back to a barter system.

I guess the issue with the barter system is nowadays not many people actually work in jobs where they have something physical to give as trade.
Secretaries, lawyers, accountants, analysts, actors, hell basically anyone who doesnt own a farm or a mine would be screwed by the reinvention or the barter system.

My vote is the gold standard and maybe throw in silver as well

Originally posted by IkNOwSTuff
I like the idea and what Ive heard about Bitcoin but isnt there a finite number of them?

How do they make more? Once they start making more wont the same issues pop up? speculation, inflation, hoarding etc etc

I think the only way we are ever going to have a truly stable currency is to base it on something physical, either a return to the gold standard or back to a barter system.

I guess the issue with the barter system is nowadays not many people actually work in jobs where they have something physical to give as trade.
Secretaries, lawyers, accountants, analysts, actors, hell basically anyone who doesnt own a farm or a mine would be screwed by the reinvention or the barter system.

My vote is the gold standard and maybe throw in silver as well

That's the good point they can't make more so they cannot be inflated this keeps prices stable and keeps governments and banksters from devaluing the currency and manipulating the markets. it doesn't matter how many there are prices will always adjust to the amount of currency in circulation and bit coin can be infinitely divided unlike paper and even gold and silver. I have to go to bed so I can go to work in the morn. However tomorrow or sometime this weekend I will explain it in more detail if someone one else does not do it before then. We really have a window of opportunity here to take back our economy and currency for freedom!

I've tried to get my mind around this but I still can't... I can't grasp where the bit coins come from precisely or how they can be moved and used the way it appears. I mean I see this currency in......off places...of the world wide nets and places where anonymity can be a life thing for some people ...so it suggests use without direct connection back to who used it? Yet... it's digital and has to have accountability? Yeah.. See? The logic is something I keep chasing here like a dog after it's tail. It doesn't make sense where a big gap sits there somewhere.

Originally posted by Wrabbit2000
I've tried to get my mind around this but I still can't... I can't grasp where the bit coins come from precisely or how they can be moved and used the way it appears. I mean I see this currency in......off places...of the world wide nets and places where anonymity can be a life thing for some people ...so it suggests use without direct connection back to who used it? Yet... it's digital and has to have accountability? Yeah.. See? The logic is something I keep chasing here like a dog after it's tail. It doesn't make sense where a big gap sits there somewhere.

I'll get you up to speed tomorrow or this weekend. if you know anything about PGP encryption its sort of like that. So don't dismiss it till you hear me out...

reply to post by hawkiye

and bit coin can be infinitely divided

And there you have it, so how long till the 1,000,000 in circulation (no idea how many there are I just needed a number) become 100,000,000 or 100,000,000,000,000.

Its exactly the same problem as we currently have, the slight difference is this isnt controlled by banks............ yet!!!

They are purchased with paper money or its digital equivalent, who has all the paper money? Banks

There is nothing to stop them buying up as much as they can then dividing it and dividing it and dividing it.

This isnt something that can be fixed, any currency that isnt backed by something physical is just as open to manipulation as paper currency.

Like communism the idea is good but just like communism in practice Im pretty sure it will fail

Originally posted by IkNOwSTuff

reply to post by hawkiye

 

and bit coin can be infinitely divided

And there you have it, so how long till the 1,000,000 in circulation (no idea how many there are I just needed a number) become 100,000,000 or 100,000,000,000,000.

Its exactly the same problem as we currently have, the slight difference is this isnt controlled by banks............ yet!!!

They are purchased with paper money or its digital equivalent, who has all the paper money? Banks

There is nothing to stop them buying up as much as they can then dividing it and dividing it and dividing it.

This isnt something that can be fixed, any currency that isnt backed by something physical is just as open to manipulation as paper currency.

Like communism the idea is good but just like communism in practice Im pretty sure it will fail

No you don't understand divided does not mean multiplied or increased it means in smaller fractions like cutting a penny up. There is a finite amount of bit coins so there is not inflation it solves the problem. Got to the bit coin site and do some reading...

Here are some links

thisweekin.com...

launch3.squarespace.com...

reply to post by hawkiye


You still have to "purchase" these........What is the difference? You are still using CURRENCY to buy bit coins......All this is to me is someone selling something worthless.....

I can sell you something I say is "worth" money, and you will believe it......All the while I collect all the "real" money that is used as currency.....

If is not backed by currency, it could be 2 kids sitting in their moms basement starting this.....

Elite rules, banks own the money, government owns the banks.......If this catches on, and takes over for the paper money we have, then everyone would have nothing! The elites would have control because they own the money.....

Hopefully I made sense, but probably not......Seems like you are hellbent on this idea

reply to post by hawkiye

No you don't understand divided does not mean multiplied or increased it means in smaller fractions like cutting a penny up. There is a finite amount of bit coins so there is not inflation it solves the problem.

OK

you start with 1 bitcoin being worth $1,
Demand increases so does value, now .5 of a bitcoin is worth $1.
Demand increases again and now its .25 worth $1.

you say this can happen an infinite number of times, how long till the "limited" number of coins becomes Billions of fractions of coins?
Its exactly the same as printing more money!!!

It not backed by anything therefore its worthless apart from the value you and other bitcoin users place on it.
Its untraceable so how long till a Gov or bank with its resources and supercomputers are able to replicate it?
Do you know where all the bitcoins are? does anyone?

reply to post by Wrabbit2000


Still trying to figure them out myself.
www.abovetopsecret.com...

bitcoins are real world WoW coins. play money for the internet set.

Sorry to burst everyone's bubble but bit-coins are just a proof of concept; a novelty. The cost of mining more coins is very expensive, and it's the miner's that keep the transactions working. The positive feedback loop will kill it, it's inevitable. People like to say that while the bitcoin isn't backed up by anything, neither is the USD or any other currency; real life currencies are backed by bullets and that gives confidence.

If somehow the world spiralled out of control, the governments lost all power and we returned to anarchy then maybe the concept would be worth it. Except then there would be no ISPs, no internet and no structure for payment.

Dec. 21st comes,
kills the dollar,
starts hyperinflating the currency,
people think they are oh so clever and jump ship from the (deliberately destroyed) dollar and jump onto the bitcoin bandwagon.
People take the mark of the beast. Giving the elites control over the human species.

OP, you imply that this will give us freedom, but there is no freedom here.. Just more enslavement due to the necessity of a computer.

Originally posted by Crakeur
bitcoins are real world WoW coins. play money for the internet set.

Did you read the article? They now have an international banking number hardly play money in that respect and in comparison to FRN's they are real money. They are not issued by government fiat they are untraceable nontaxable and uninflatable they are truly a currency for those who desire freedom! They are a free market currency that can end the monopoly the banking cartels have on the currency and thus our wealth and property.

No government should be able to mandate what you use for currency that should be between you and whomever you transact with. If you want to use sea shells and someone will take them for goods or services that is nobodies business but yours.

We now have a choice to use a currency which cuts government and banksters out of our lives. Its amazing to me anyone would not jump at that opportunity.

I will be posting more info soon as it is obvious people need education on how this works and why it is such a huge opportunity for us. Don't dismiss it out of hand until you fully understand it.

Earth Dollars!

You can only have so many in your posession/bank account.

We start a new currency, buy up all the old currency and stabilize world prices for goods and services

I suppose we will need a Central Bank to control it all

Oops they have already though of it and will phase it in soon

Originally posted by hawkiye

Originally posted by Crakeur
bitcoins are real world WoW coins. play money for the internet set.

Did you read the article? They now have an international banking number hardly play money in that respect and in comparison to FRN's they are real money.

I don't know quite what you mean by 'they have an international banking number' since bitcoins are a concept and cannot have one. If you mean Bitcoin-Central, the company talked about in the article, they don't either, and will never be allowed one.

The best they can do is partner with someone who uses real world currency and piggy back off their services. Loads of confidence

Originally posted by Subterranean13

Originally posted by hawkiye

Originally posted by Crakeur
bitcoins are real world WoW coins. play money for the internet set.

Did you read the article? They now have an international banking number hardly play money in that respect and in comparison to FRN's they are real money.

I don't know quite what you mean by 'they have an international banking number' since bitcoins are a concept and cannot have one. If you mean Bitcoin-Central, the company talked about in the article, they don't either, and will never be allowed one.

The best they can do is partner with someone who uses real world currency and piggy back off their services. Loads of confidence

That article and several others says they have one.

Originally posted by BrianG
Earth Dollars!

You can only have so many in your posession/bank account.

We start a new currency, buy up all the old currency and stabilize world prices for goods and services

I suppose we will need a Central Bank to control it all

Oops they have already though of it and will phase it in soon

With bitcoins there is no need for a central bank in fact there cannot be one they are decentralized. There is no need for banks period with bitcoins.

That article and several others says they have one.

Well, it's a good indication that you really need to do more research then. From the bitcoin-central site itself:

"In short, Paymium (the company behind Bitcoin-Central) is neither a bank, nor a PSP.
bitcoin-central.net...