Originally posted by Wrabbit2000
This would be why I never touched bitcoin in any way that matters...for anything that matters. New generations can make a great case for
money/currency or whatever someone wants to call this, that doesn't exist and has no physical form.
In the end? It's still a construct with no form...hence no meaning ...hence no value. Everything else is perceptions and faith of value. Not unlike
our real money. At least real money still gives me paper to show I'm supposed to have some.
I feel sorry for people who got burned on this....but what did they expect? The whole point was some rebellious notion of a currency beyond reach of
the authorities? Well.. That was a foolish belief that was going to be crushed eventually. I just hope the reality didn't come TOO painfully for
edit on 15-5-2013 by Wrabbit2000 because: (no reason given)
Wrabbit, you do understand that your "money' is in fact an IOU? The Fed Dollar is not a "credit" but a debt, an IOU, and as such it is inherently
worthless. If no one accepts dollars, they are just pieces of paper. Silver is an item, a thing, that is not a debt, or an IOU, like the dollar, and
it too is worthless if no one accepts it, but it is a thing unlike the dollar which is a perception, not a thing. Original dollar certificates were
"things" which were to be exchanged for gold or silver, the Fed now won't exchange the dollar for anything other then another dollar. When you pass
on a dollar, you agree to pay that person in the future with something real. What this means in the real world is shocking.
When you have your money in the bank, it becomes an ASSET of the bank, it is not yours at all. The bank may take it anytime it wishes and you have no
recourse at all, none, not a bit - the FED owns it's debt notes, not you. As for "insured" the reason washington mutual was bought up was because
there was not enough money in the FDIC fund to cover deposits, so it was forced upon JPM to keep the scheme alive. the FDIC is well underfunded.
A bitcoin is a thing, NOT a debt. IF you have a bitcoin stored, you have a bitcoin, if you have a dollar you have a liability, not an asset, and there
is a huge difference. While the process of the bitcoin is odd, and cannot exist outside the realm of computers, it is far more tangible then the
dollar itself when seen for what it it is - one is debt, the other is a credit, and the difference is HUGE.
Lastly. The reason we pay "taxes" is because the Federal Reserve owns the copyright to the use of their Bank Debt Note, as such, they require a
"taste" of each transaction that uses THEIR means of exchange. If you use a copyrighted dollar, you have to tip them, but if you use a bitcoin, you
do not have to tip anyone, as no one owns the copyright of the bitcoin and this is the problem. What has happened is the FED has said, "we get a tip
from all exchanges" but the fact is they should only get a tip from their means of exchange.
Final: Bitcoins, as an item, cannot be fractionally lent at compound interest.