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Apple pulls Bitcoin wallet app Blockchain from iOS App Store - Page 2

post #41 of 67
Quote:
Originally Posted by BeltsBear View Post

Here are videos made in the past 24 hours of people destroying their iPhones in response

Some of them were almost in tears when they smashed their phone and realised they'd be stuck with a crappy Android phone. Quite violent people too.

It would be funny if Apple decided to allow the apps back in tomorrow and they'd just trashed their $600 phones. Just for a few days though and then ban them again.
Quote:
Originally Posted by Smallwheels 
Whatever happened to "Think Different"?

They revised it with one of the changes to the terms and conditions. You didn't agree to it I hope.

While I would fall more on the side of complete freedom to do anything, Apple is free to limit their products as they see fit and it creates a more secure platform. You can't put a bitcoin wallet on an XBox either, nobody is smashing them up. What you are free to do is put an encrypted wallet on a server or home computer and you can access it from your phone.

If someone decides to publish an app that maps houses suitable for burgling, should Apple just look the other way because these people are rebels and misfits? No, they are up to no good. People under 18 can pay for porn, drugs and alcohol with bitcoins. One reason credit cards exist is to verify you are over 18.

They haven't even said officially what the reason is. Their response was that there were 'unresolved issues' with the apps. That excuse is carte blanche to do whatever they feel like but it's their store.

I don't know why there can't be a webapp to do this. You can have offline database storage so surely they can store hashes or whatever else they need in an encrypted form in a webapp and have any transaction code run in Javascript.
Quote:
Originally Posted by BeltsBear 
They quoted Apple:
“Here’s to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They’re not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can’t do is ignore them. Because they change things. They push the human race forward.” – Apple, Inc.

They inappropriately quoted Apple. They aren't changing things nor are they pushing the human race forward. What they created is less than a company stock. Crypto-currency is like stock in a company without the assurance of confident earnings reports, like Amazon stock basically.

They are trading stocks in the 'company' Bitcoin but the company doesn't do anything, it doesn't make anything of tangible value to back the shares. As the confidence of investors grows, the value of each share goes up and they can split the stocks to 8 decimal places, which allows it to distribute 2.3 quadrillion shares but is only meaningful if the investors keep bumping the price up and up.

We've all seen what happens to stocks. The people in it to sell pump the stock, everything's great, buy, buy, buy. When the value is up and they can all retire, they start the sell-off for tangible assets - the paid off house(s), the big insured bank accounts, the treasury bonds, gold, silver etc.

People point to stock valuations and say that's how much the company is worth but it means that's what people trading the stock think it's worth. Their assurance of that worth is based on the company selling products or services that other people think have worth and part with their fiat currency. It's really just a big circle jerk. With Apple stock, their core value is in their products (tangible value). Bitcoin is just strings of code that have no intrinsic worth.

That doesn't make it equivalent to paper money because paper money is backed by a country's workforce and gross domestic product. If everyone chooses to be paid in bitcoins and everyone pays for everything in bitcoins in every country that can change but that's never going to happen because it's stupid to base the volatility of the trading currency of everyone alive on an algorithm completely out of the control of the people reliant on it. It's ultimately in the control of the people who make the bitcoin protocol so people just move their reliance on an elected government who are held to laws to some random unelected people held to no standards.
Quote:
Originally Posted by Smallwheels 
Stop giving power to the financial industry. Stop giving power to the banking industry. Stop giving power to the Federal Reserve private banking system. They destroyed our country and continue to only work for the wealthy. Switch to Bitcoins. The more of us that do it the weaker our oppressors will be.

That system won't go away with this. Legal tender is all a government will accept for taxes. This is all a government will use to pay staff (which is a huge workforce) and it's all they will use to pay for mortgages and all the services they will use. Every home buyer in the world who has to take out a mortgage will take it from a lender that deals in fiat currency.

I don't agree with the system in place now, it has been abused but crypto-currency isn't the solution to it. Part of what makes fiat currency safe is that it is protected by the justice department and the military/police. Guess who pays them. If someone steals my money from the bank, I have support. If someone hacks my bitcoin wallet, how would I even prove it belonged to me?
Quote:
Originally Posted by jlandd 
It's currently legal in the U.S. but across the board illegal in Russia and China and all over the map everywhere else.

Its status is the same as if I generated an image or game on my computer and sold it to you. It's just a bunch of computer data that I convince you to exchange for money. It's not legal tender but it's as valid an asset as computer software.
post #42 of 67
To many peons here dancing to the sway of their masters, last i checked americans had a right to privacy. Yet we have to explain every detail of where our money goes, the NSA spying on every breath we take and still all i hear people talking about; "well they are laundering money". Why are drugs even illegal? Why does the a bank laundering billions of dollars of Mexican cartel's money not being convicted?Operation fast and furious? Why are bankers committing suicide on mass and no one questioned? Why is no one paying for NSA invading our privacy? People are too scared, to many middle class people (indentured slaves) that are fine with living life as a sheep. The reason Bitcoin will fail, will not be because of banks, or governments, but because people are too scared to stand up to tyrants. Americans should be ashamed of themselves for standing against innovation, this technology can also do a lot of good. Just look at what Dogecoin has done this past few weeks.
post #43 of 67

Temper tantrums thrown by crybabies are unimportant. What matters is what is Apple planning to release in their wallet app?

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post #44 of 67
Quote:
Originally Posted by BeltsBear View Post

There are a hell of a lot more then 79 comments on Reddit.  One thread now deleted had over 1000 (that in itself is a story). 

The response from Blockchain.info was MUCH BETTER then what was quoted here:

http://blog.blockchain.info/2014/02/06/blockchain-response-to-apple/

They quoted Apple:
“Here’s to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They’re not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can’t do is ignore them. Because they change things. They push the human race forward.”Apple, Inc.

They've only had 120,000 downloads? Wow. Truly a small, chaotic, yet growing technology...in other words, perfect for Apple's innovation and UI improvements. All of the Bitcoin blockchain software I've seen so far is really terrible. I want Apple to own this space.

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post #45 of 67
Quote:
Originally Posted by Smallwheels View Post
 

This is exactly what I'm talking about. Apple has become a hypocritical company. They promote this ideal but don't actually follow this ideal.

 

"Think Different" does not mean "Back a horse we don't believe in".

 

Just because Bitcoin is new or different, doesn't mean that Apple has to back it blindly since their ideal celebrates "square pegs in round holes".

post #46 of 67
Quote:
Originally Posted by Gatorguy View Post

An observation: If Apple is really heavily curating it's appstore, closely examining every app before before it's made available then how did bitcoin apps ever get approved in the first place.

They don't. Researchers found that the apps are automatically scanned, and are open for about 2-3 seconds. Especially free apps. More expensive apps might get an actual person to look at them. 

 

The app store is not curated, at least preemptively. If an app gets enough complaints then they might look into it. The idea that Apple "curates" and is a good shopkeep is laughable to anyone who spends any time in the app store. But this is appleinsider, and anything that even remotely impinges on Apple's capabilities is immediately looked down upon by the legions. 

post #47 of 67
Quote:
Originally Posted by ascii View Post
 

I have mined a few Bitcoins, just for the technical challenge of it, but never spent any. I honestly don't think there's much of a future in it. Digital currencies and payment systems are clearly the future, but the winning crypto coin will be one backed by gold or by a government, none of the current ones. I think Apple is right to keep out of it until it settles down a bit, and the picture is a bit clearer.

 

 

heh.. backed by gold or by government. I'm sorry, but you don't understand the whole point of crypto currencies. It's to move away from governments. It's to move away from physical resources.

 

 

The most important thing about cash - say your $100 bill, is that you can't duplicate it. (At least easily). You can't spend it twice. You know that it's real. That it will be accepted as real by others. The next important thing about cash is scarcity. If the stuff grew on trees, then no one would take yours, they'd just take one off the tree. Governments provided the first condition by minting and printing bills. Back in the day, the gold standard provided the second condition.  Metal backed currencies weren't impervious to governments reneging on the value of the money (read an unabridged Wealth of Nations by Smith) but they could put a hamper on it. Once metal was taken out of the equation, the forced scarcity of the metal backing was removed. This means governments, and the banks, could effectively print money out of thin air. Historically, this has happened to pretty much every paper currency, ever. (If you don't think this is happening in the US, read about "quantitative easing"). 

 

Cryptocurrencies solves both of these problems. Tying it to a government is unnecessary. Tying it to a scarce resource, when they are already scarce (only 21 million bitcoins can be minted, sorry, mined) is pointless.

 

The more you know!

post #48 of 67

"...Apple's multinational App Store requires developers adhere to the laws of the territory in which their apps are offered."

 

Then what's the problem? Apple already has a policy of NOT offering certain apps in certain regions (something I disapprove of vehemently).

So it does have a mechanism to ONLY block the app from the countries where BitCoin is considered illegal.

 

Agreed, there is a risk involved in the use of BitCoin, but if that would be enough reason for blocking apps accross the board, why do we still have apps that allow stock market trading?

 

There also is an issue of censorship and net neutrality that comes to mind here.


Edited by VanFruniken - 2/7/14 at 1:08am
post #49 of 67
Quote:
Originally Posted by VanFruniken View Post

 

There is an issue of censorship and net neutrality that comes to mind here.

 

 

I don't think so. I think Apple should have the right to operate their store how they see fit. They aren't censoring, they're just being a company that is acting in what they perceive to be their best interests. (To me, they are acting like .....holes and .....heads.) As for net neutrality, I'm not sure this falls under the auspices of net neutrality either. 

 

I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices. Imagine living in a neighbourhood where there was only one store. And other stores were not allowed to pop up to compete. That's what Apple has on iOS devices. There are people on here who think that that would be a great thing. They think it's a great thing on iOS. I disagree 100%. 

 

Apple should be able to run their store the way they want. But in the best interests of a free market, they should also be required to allow competition. Competition that could run their store, and perhaps allow (or embrace) cryptocurrencies, or whatever other niche product/service.

post #50 of 67
Quote:
Originally Posted by coolfish View Post

Quote:
Originally Posted by VanFruniken View Post

 

There is an issue of censorship and net neutrality that comes to mind here.

 

 

I don't think so. I think Apple should have the right to operate their store how they see fit. They aren't censoring, they're just being a company that is acting in what they perceive to be their best interests. (To me, they are acting like .....holes and .....heads.) As for net neutrality, I'm not sure this falls under the auspices of net neutrality either. 

 

I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices. Imagine living in a neighbourhood where there was only one store. And other stores were not allowed to pop up to compete. That's what Apple has on iOS devices. There are people on here who think that that would be a great thing. They think it's a great thing on iOS. I disagree 100%. 

 

Apple should be able to run their store the way they want. But in the best interests of a free market, they should also be required to allow competition. Competition that could run their store, and perhaps allow (or embrace) cryptocurrencies, or whatever other niche product/service.

that will only ever happen after a lengthy court case. Apple will never voluntarily open up to competing app stores on iphone/ipad
post #51 of 67
Quote:
Originally Posted by coolfish View Post


I don't think so. I think Apple should have the right to operate their store how they see fit. They aren't censoring, they're just being a company that is acting in what they perceive to be their best interests. (To me, they are acting like .....holes and .....heads.) As for net neutrality, I'm not sure this falls under the auspices of net neutrality either. 

I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices. Imagine living in a neighbourhood where there was only one store. And other stores were not allowed to pop up to compete. That's what Apple has on iOS devices. There are people on here who think that that would be a great thing. They think it's a great thing on iOS. I disagree 100%. 

Apple should be able to run their store the way they want. But in the best interests of a free market, they should also be required to allow competition. Competition that could run their store, and perhaps allow (or embrace) cryptocurrencies, or whatever other niche product/service.

Nearly every statement in this post is wrong.

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post #52 of 67
Quote:
Originally Posted by SpamSandwich View Post


Nearly every statement in this post is wrong.

 

One hundred percent of your post was completely useless and didn't add anything to the conversation.

post #53 of 67
Quote:
Originally Posted by singularity View Post


that will only ever happen after a lengthy court case. Apple will never voluntarily open up to competing app stores on iphone/ipad

 

Yep that's my belief as well. That or the Justice Department will force 'em into it. But you got people who think that Apple can do no wrong, that there's nothing wrong with the current set up, and think that because there's Android that not of this is an issue. Those people are most certainly not developers let alone informed consumers. 

post #54 of 67
Quote:
Originally Posted by SpamSandwich View Post


Nearly every statement in this post is wrong.

 

I don't see anything but opinion. I too think Apple should open up iOS devices to installing whatever you want so people can install Bit/Lite/Doge/etc. It should be significantly protected, but it would be a big bonus for me. I don't like having my devices controlled that in depth.

post #55 of 67
Quote:
Originally Posted by coolfish View Post

One hundred percent of your post was completely useless and didn't add anything to the conversation.

You're not fooling anyone, TekStud.

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post #56 of 67
Originally Posted by coolfish View Post

I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices.

 

No, that’s not a problem for anyone, anywhere.

 
Imagine living in a neighbourhood where there was only one store. And other stores were not allowed to pop up to compete. That's what Apple has on iOS devices.

 

So move to a different town. Problem solved, shut up.

 

But in the best interests of a free market, they should also be required to allow competition. 

 

Nah, sorry. Their platform.

 

Originally Posted by coolfish View Post

One hundred percent of your post was completely useless and didn't add anything to the conversation.

 

Yes, yours was.

Originally Posted by Slurpy

There's just a TINY chance that Apple will also be able to figure out payments. Oh wait, they did already… …and you’re already fucked.

 

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Originally Posted by Slurpy

There's just a TINY chance that Apple will also be able to figure out payments. Oh wait, they did already… …and you’re already fucked.

 

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post #57 of 67
Quote:
Originally Posted by coolfish View Post
 

 

I think the real problem here is that they have a stranglehold, a monopoly, on selling apps on Apple devices. Imagine living in a neighbourhood where there was only one store. And other stores were not allowed to pop up to compete. 

 

The other side of the same coin is a store being told what they can and cannot sell.  A new breed of chicken has begun to be processed.  You must carry it.  If you sell automobiles you must offer electric cars.  What it really is is the exact thing that people are railing against, which is being told what they, as private citizens/businesses must do.

 

As far as a monopoly on apps on their devices, it's not much different than any corporation where you can't buy the product anywhere except via authorized dealers and can't get authorized replacement parts except by ordering from them.  I WISH I could have used the stranglehold monopoly retort when my vacuum clear hose broke.

 

Apple doesn't control so much of the world that anyone is prevented from accomplishing anything they want.  I don't get why people focus on what Apple isn't letting them do rather than just doing what they want in the ways actually available to them, as if it has anything to do with their rights.   I was real upset and I'm buying a different vacuum brand this weekend, but I got over it.  I don't have to go buy another one and keep complaining.

post #58 of 67

I really know nothing about the intricacies of this so called currency. But just judging by the short term volatility that it's experienced recently, it seems that it's akin to buying penny stocks (because someone has a friend who has a friend who has a friend who has a cousin who made a million $ trading pink sheet shares), converting dollars to the Argentine peso because you've heard the interest rates there are really sweet (29% on a 1 yr CD - wowee!) or going all-in on Dutch tulips. How could you go wrong with tulips - especially near Valentine's Day?

 

But jokes aside, any "currency" that falls roughly 8% in a few hours because a major exchange cannot process transactions and halts withdrawals, is not where I would put my money. Until there is some regulation, so that people actually know what the rules are with these exchanges, to me, Apple was very wise in not getting drug into something which has a dark side and could lead to (more) massive legal problems. Several of these outfits have had their bank accounts seized by various law enforcement agencies around the world. Until it becomes something more than a (dangerous) fad, why take the chance? The risk/reward just isn't there. Smart move by Apple, IMO.

 

As for the butt-hurt Bitcoiners who smashed their iPhones, I hope they used their new Android phones to cash out before their Bitcoins fell off a cliff this morning

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post #59 of 67
Quote:
Originally Posted by SpamSandwich View Post


The volatility of crypto currencies is not really an issue. Businesses are using Bitcoin payment processors like BitPay (there are others).

In my opinion, crypto currencies are great for removing central bankers and politicians from the manipulation of money and also they reduce the costs of transmitting money (a la Western Union) to almost nothing.

I agree it would be nice to get big business out of the middle of everyday transactions. I have been watching the crypto currencies for a while, and here is the issue as I been seeing it. The pricing of these currencies have been all over the place. Here is an example. If you paid $1 to get one bitcoin today and tomorrow you want to buy something from a merchant for $1/1 bitcoin, however, over night the value of the bitcoin drop to $0.50 so now you have pay 2 bitcoin to that $1 item, which cost you $2 to buy in the first place those bitcoins. So you just paid double for something due fluctuation in the pricing. Think about this from the business side accepting the coins, you never know what value of the coins you will receive to products you are selling. 

post #60 of 67
Quote:
Originally Posted by coolfish View Post
 

 

 

heh.. backed by gold or by government. I'm sorry, but you don't understand the whole point of crypto currencies. It's to move away from governments. It's to move away from physical resources.

 

 

The most important thing about cash - say your $100 bill, is that you can't duplicate it. (At least easily). You can't spend it twice. You know that it's real. That it will be accepted as real by others. The next important thing about cash is scarcity. If the stuff grew on trees, then no one would take yours, they'd just take one off the tree. Governments provided the first condition by minting and printing bills. Back in the day, the gold standard provided the second condition.  Metal backed currencies weren't impervious to governments reneging on the value of the money (read an unabridged Wealth of Nations by Smith) but they could put a hamper on it. Once metal was taken out of the equation, the forced scarcity of the metal backing was removed. This means governments, and the banks, could effectively print money out of thin air. Historically, this has happened to pretty much every paper currency, ever. (If you don't think this is happening in the US, read about "quantitative easing"). 

 

Cryptocurrencies solves both of these problems. Tying it to a government is unnecessary. Tying it to a scarce resource, when they are already scarce (only 21 million bitcoins can be minted, sorry, mined) is pointless.

 

The more you know!

That a currency be limited in supply and non-forgeable are important properties, and yes those can be achieved with crypto, but they're not the most important.

 

The main purpose of a currency is to solve Double Coincidence of Wants, in other words you have to know, before you swap your real goods for this currency, that other people will give you their real goods for it. With a government backed currency you know that, because the government simply passes a law which forces everyone to accept their currency ("in settlement of all debts" to use the actual legal language). With gold you know that, because everyone everywhere has accepted gold since time immemorial. But with a crypto currency you don't know that. 

 

Suppose I have 10 bails of hay and I swap them for 1 Bitcoin. I take the Bitcoin to the butcher and ask for a leg of meat for my family's dinner, he says "Sorry, I don't accept Bitcoin." Now I go hungry, which wouldn't have happened with the National currency or gold. You might say I can go to a currency exchange and swap the Bitcoin for the national currency, but that's no good either, because Bitcoin fluctuates so much.

 

You may have solved the forgery and inflation problems, but until you solve the Guaranteed Acceptance problem you don't have a currency, you just have yet another speculative asset.

post #61 of 67
Quote:
Originally Posted by Maestro64 View Post

I agree it would be nice to get big business out of the middle of everyday transactions. I have been watching the crypto currencies for a while, and here is the issue as I been seeing it. The pricing of these currencies have been all over the place. Here is an example. If you paid $1 to get one bitcoin today and tomorrow you want to buy something from a merchant for $1/1 bitcoin, however, over night the value of the bitcoin drop to $0.50 so now you have pay 2 bitcoin to that $1 item, which cost you $2 to buy in the first place those bitcoins. So you just paid double for something due fluctuation in the pricing. Think about this from the business side accepting the coins, you never know what value of the coins you will receive to products you are selling. 

The unpredictability and volatility of Bitcoin (and dozens of other crypto currencies) are core reasons why first-movers, risk takers and speculators love the stuff. Remember the great American Gold Rush? The things that frighten some people are attractive to others. Greater risks bring out entrepreneurs and gamblers.

The chaos will eventually subside, the risk will fade and Bitcoin will find equilibrium, as long as it continues to be useful and gain acceptance by more people. There is a slim possibility that eventually all central banking systems could collapse and fiat currencies be replaced by people everywhere with borderless, non-manipulated, politician-free crypto (which was kind of the point from the beginning).

It is as much a political statement as it is an economic one.
Edited by SpamSandwich - 2/8/14 at 6:10am

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post #62 of 67

Bitcoin drops another 20% as Mt Gox highlights bug

 

 

Published: Monday, 10 Feb 2014 | 6:10 AM ET

By: Matt Clinch | Assistant Producer, CNBC.com
 

The virtual currency bitcoin suffered further price volatility on Monday as major exchange Mt Gox blamed its ongoing technical issues on a critical flaw in the cryptocurrency which it said affected all exchanges.

Bitcoin withdrawals at the Japan-based exchange were halted over the weekend as its technical team investigated a problem with the way bitcoin withdrawals are processed. In a new statement on Monday Mt Gox said it would resume bitcoin withdrawals to outside wallets once the issue had been properly addressed in a manner that would best serve its customers.

The digital currency — which is known for its wild price fluctuations — fell to around $680 on Friday morning, having traded around $850 for most of the week, according to CoinDesk, which tracks the price of bitcoin. On Monday after the statement from Mt Gox the currency fell to around $538, with investors deciding to offload further, but staged a small turnaround shortly afterwards.

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post #63 of 67
Quote:
Originally Posted by Jag_Warrior View Post
 

Bitcoin drops another 20% as Mt Gox highlights bug

 

 

Published: Monday, 10 Feb 2014 | 6:10 AM ET

By: Matt Clinch | Assistant Producer, CNBC.com
 

The virtual currency bitcoin suffered further price volatility on Monday as major exchange Mt Gox blamed its ongoing technical issues on a critical flaw in the cryptocurrency which it said affected all exchanges.

Bitcoin withdrawals at the Japan-based exchange were halted over the weekend as its technical team investigated a problem with the way bitcoin withdrawals are processed. In a new statement on Monday Mt Gox said it would resume bitcoin withdrawals to outside wallets once the issue had been properly addressed in a manner that would best serve its customers.

The digital currency — which is known for its wild price fluctuations — fell to around $680 on Friday morning, having traded around $850 for most of the week, according to CoinDesk, which tracks the price of bitcoin. On Monday after the statement from Mt Gox the currency fell to around $538, with investors deciding to offload further, but staged a small turnaround shortly afterwards.

 

People have been fleeing MtGox since their assets were first seized by the US. They have been incompetently run and it has been noticed. BTC-e has surpassed MtGox.

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post #64 of 67

I think this is an interesting concept, Spam. But as others have noted, in order to be taken seriously as a currency (and not just as a fly-by-night money making/money losing opportunity), it greatly needs liquidity, stability and transparency. If and when it gets to that point, I think it probably will gain greater acceptance. But if we ever get to the point that fiat currencies begin to lose value or acceptance, digital currencies will likely be hit even harder, since they rely on the ability to access money and conduct transactions solely through electronic means. And in that sort of apocalyptic scenario, I doubt that electronic communication will be as available as now. Even gold does not have true intrinsic value (you can't eat it, drink it or live in it). But it does have a perceived intrinsic value, mainly based on its history.

 

If the dooms day crowd ever sees their fantasy come to pass, I figure that a man with an AK47, a milk cow and a garden is going to be a lot richer than a guy living in a city apartment, who has 1000 bitcoins... or even 10 bars of gold.

 

But yeah, it will be interesting to watch digital currencies evolve. But I believe I'll continue to watch from a distance.

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post #65 of 67
Jag_Warrior,

I think one of the more important functions Bitcoin fulfills is that of "currency competition". It's no secret the US dollar is a debased currency that is manipulated for political reasons. Time will tell (maybe a lot sooner than anyone expects) if the combination of our shaky dollar's valuation, massive debts and a shrinking workforce/tax base will ultimately cause a financial collapse.

People will always act in a self-interested way, so I see increased gold and silver sales, the rise of Bitcoin and an out of control corporatist government as signs that point to unavoidable, unsolvable problems.
Edited by SpamSandwich - 2/13/14 at 6:09am

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post #66 of 67
@SpamSandwich,

Does the IRS calling it property that works more like a stock help or hurt Bitcoin's future as a currency?

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post #67 of 67
Quote:
Originally Posted by SolipsismX View Post

@SpamSandwich,

Does the IRS calling it property that works more like a stock help or hurt Bitcoin's future as a currency?


I don't know, but the IRS rules treat profits and losses for "bitcoiners" like stocks, which seems like a reasonable middle-of-the-road approach. It is interesting to note that at least one country (I forget which one) has eliminated the threat of any taxation on BTC activity. I think they will reap many benefits and increased economic activity from their decision.

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