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Originally Posted by Pattaya Plies
No transfer payment received Mr Earl.
16k in USD.
Oh dear!Quote:
Originally Posted by Pattaya Plies
Paypal don't support Satoshi
No bitcoin wallet, no satoshi, you lose.
This offer expires in one hour. (ample time to set up your wallet, a two year old could do it)
You have the email address Mr Earl.
You can either make it happen or you're full of shite.
No Rush Mr Earl.
#anotherclown
the winklevi now have over $1 billion in bitcoin holdings.
^ I had to Google that....me being a mere descendant of Aussie convicts.
https://en.wikipedia.org/wiki/Winklevoss_twins
^ They own 1.1 million Bitcoins, making them bit-billionaires
No transfer received Mr Earl.
:439:Quote:
Originally Posted by Mr Earl
Sales is not really your forte is it Mr Earl ? :)
Could I interest you in a placemeth ?
Wow, that's a great storyQuote:
Originally Posted by Mr Earl
Quote:
Originally Posted by redhaze
The story is unfolding right now.
The Feds cant stop it or control it.
Likely they will issue a FedCoin, which will further devalue the USD.
Buy the end of 2020 when Bitcoin reaches 1M the USD will no longer be global currency, It will be garbage money.
Along the way we will see Pizzagate unfold and watch about 30% of US politicians disgraced and run out of office.
The MSM will not be able to ignore it.
This is going to force government back into a tiny gold based currency.
Leaving Bitcoin as the global gold standard.
The 1M prediction might even be conservative.
It's going to crash and burn, it's just rising now as people get swept along by the euphoria of the current rises thinking they to can make a 500-1000% profit in a short space of time. When the new mugs dry up and they will then the panic and massive sell off will start.
Just ordered a case of light ale and asked do you accept Bitcons.
Its an absurd prediction rooted in fantastical thinking and delusionQuote:
Originally Posted by Mr Earl
Sounds like Earl.Quote:
Originally Posted by redhaze
The absurdity lies in the belief in the hyper inflationary USD which cannot meet any of the Aristotle principals of money.Quote:
Originally Posted by redhaze
Bitcoin meets all four quite well.Quote:
There are countless tips on how to make money. This article is not about that. Rather, we examine the definition of money, what makes good money, and how some bad monies stay bad while others have become acceptable through new ideas and technology. In the end we will talk about how money and currency will evolve in the future.Definition of Money
Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main uses of money are as a medium of exchange, a unit of account, and a store of value.
Aristotle on good money
Aristotle (384 BC – 322 BC) was a Greek philosopher, a student of Plato and teacher of Alexander the Great. Aristotle discovered, formulated, and analyzed the problem of commensurability. He wondered how ratios for a fair exchange of heterogeneous things could be set. He searched for a principle that makes it possible to equate what is apparently unequal and non-comparable.
Aristotle says that money, as a common measure of everything, makes things commensurable and makes it possible to equalize them. He states that it is in the form of money, a substance that has a telos (purpose), that individuals have devised a unit that supplies a measure on the basis of which just exchange can take place. Aristotle thus maintains that everything can be expressed in the universal equivalent of money. He explains that money was introduced to satisfy the requirement that all items exchanged must be comparable in some way.
Within such frame work, Aristotle defined the characteristics of a good form of money:
1.) It must be durable. Money must stand the test of time and the elements. It must not fade, corrode, or change through time.
2.) It must be portable. Money hold a high amount of ‘worth’ relative to its weight and size.
3.) It must be divisible. Money should be relatively easy to separate and re-combine without affecting its fundamental characteristics. An extension of this idea is that the item should be ‘fungible’. Dictionary.com describes fungible as:
“(esp. of goods) being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind.”
4.) It must have intrinsic value. This value of money should be independent of any other object and contained in the money itself.
Quote:
Money, 1,000 years ago
Only humans satisfactorily solved commensurability with the idea and practice of money. Throughout history, we have seen the adaptation of various forms of money. Here are some examples with relative merits denoted.
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One couldn’t treat oil as money since it was not exactly durable and portable. Neither could one use a business (such as a restaurant) as money since it is hardly divisible and ever lasting. Gold has been the choice of money for over 5,000 years because it is valuable, durable, divisible and relatively portable.
Trading assets on paper
A thousand years ago, the ownership title of a land parcel or a business is merely a piece paper for decorative purpose and a registry for the tax collector. The oldest existing stock certificate was issued in 1606 for a Dutch company (Vereinigte Oostindische Compaignie) seeking to profit from the spice trade to India and Far East . Though very profitable in its day, when the company was dissolved in 1799, it was some 10 million Dutch guilders in debt.
American Stock exchanges were introduced in the early 18 th century and wasn’t prominent until the 19 th century, where we saw globalization expanded massively with computer technology, air travel, transcontinental pipelines, and giant cargo ships. Today over 50% of US households own stocks collectively worth over $10 trillion. It’s only in the last 15 years that an average person can access instant world news and buy stocks with few computer clicks thanks to the internet. Hundreds of millions of people around the world own publicly traded stocks collectively worth over $40 trillion. Over 5 trillion dollars worth of US mortgages have been securitized and owned by world citizens. Title certificates to commodities stored around the world are changing hands valued in the hundreds of $billions on various commodity exchanges.
Money, today
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Oil, which has always carried intrinsic value but difficult to store and exchange for other goods, all of a sudden becomes a viable medium of exchange and store of value through the advent of Oil ETF. Oil is stored in a warehouse and your digital ownership certificate is tucked safely in your brokerage account, which you can practically instantly exchange for anything else you want, whether it be Microsoft, gold, wheat, air ticket, hotel room, for less than 1% of commission. Granted, we rely on dollars to calculate the exchange ratios but the role of dollars has diminished greatly in the process as we used it only as an exchange reference (and a lousy one at best) and never kept dollars.
Like oil, various assets once thought to be non-divisible, non-portable, and non-durable are gaining popularity and being saved in lieu of traditional money such as gold and dollars. REIT ETF allows you to “store” real estate around the world and sell in any increment you like, S&P spider ETF allows you to own a piece of America’s 500 largest companies with auto rebalancing. You can own Japan , Banks, Wheat, Motion Picture, anything you desire with transparency, liquidity, and low transaction cost.
Those assets are becoming more attractive as store of value with enhanced trading volume, portability, durability and divisibility.
Fiat Currency
Money must be a good store of value by definition.
Fiat paper currencies are popular at times since they are convenient and can be created at will to please the public. However fiat money fails the all important “intrinsic value” test, as its value is solely derived from legal tender laws. The compliance of such law rests on the credibility and strength of the issuing authority. As we know government and political factions can rise and fall faster than pop stars in some cases. It’s no surprise that no fiat money has ever survived through time, and they can never be viable money regardless of technological breakthroughs or other human advances.
The value of a dollar
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To Recap
What Aristotle described as good money 2,000 years ago has not changed, sound money must be a good medium of exchange as well as a store of value. Assets such as oil or land once weren’t considered to be good forms of money due to poor physical or liquidity constraints, have received renewed interest thanks to novel ideas and innovative technology. The internet and various pooled products (ETF) on world markets enabled those once immobile and/or illiquid goods to be transacted with ease, speed, transparency and low cost amongst world buyers and sellers.
The role of fiat money is vanishing. This morning, I sold Newmont Mining to book a hotel in Hong Kong without owning dollars for long. I don’t own many dollars, or euros or yuans. Fiat money carries a hefty premium for being a good currency but bad store of value. There is no reason to keep any money without intrinsic value.
My view on gold from this evolution is mixed. On the plus side, gold will crowd out inferior fiat currencies at a faster pace. On the minus side, the choices of store of value have expanded vastly, reducing gold’s role to being a fair medium of exchange. Consequently I don’t see the combination of a $2,000/oz gold price, a crashing stock market and $30/barrel oil. If that happens, I’d be selling gold, storing oil, and paying with oil.
How can I pay with oil? One can already make payments with digital gold via www.goldmoney.com , I wouldn’t be surprised if one invents a way to pay merchants with a share of Disney, or a slice of someone else’s mortgaged backyard through a digital land token!
Source: Aristotle and the Definition of Money :: The Market Oracle ::
There are 3 ways it could go, up, down or stabilise and wait for direction. But if it does cave in, that does not mean the end of cryptos.Quote:
Originally Posted by buriramboy
Not an expert by any standard, but what little I do know about it says that there is definitely a future for this concept because new applications will be found/created/invented for them, with or without gov interference.
Might even invest in btc and in particular some of the up and comings, once I learn how to secure the blighters.
Can't remember the name of the guy who sold his 10% share of Apple for $800, thinking it was delusional to believe it might rise much further, but I would certainly like to know what he thinks of bitcoin.Quote:
Originally Posted by redhaze
I think the real story is that Steve Jobs forced him to and shafted him of his 10%, what a nice guy :)Quote:
Originally Posted by jabir
Stuart Sutcliffe
This is very funny...:aus:
https://www.youtube.com/watch?v=NIfH0vY2ANA
The first BTC Billionaires.Quote:
Originally Posted by raycarey
The First Confirmed Bitcoin Billionaires | Daily Wire
"The Winklevoss twins are the first confirmed Bitcoin billionaires, according to a report from The Telegraph. Cameron and Tyler Winklevoss, who notably sued Mark Zuckerberg for allegedly stealing their idea for Facebook, invested $11 million into the international cryptocurrency in 2013, and after a massive surge last week, their Bitcoin empire surpassed $1 billion.
As noted by The Verge, Bitcoin "has surged over 10,000 percent since the Winklevoss’ investment, when one coin traded at around $120." The brothers have held on to every Bitcoin, not selling a single one of the $11 million investment.
Cameron dismissed the notion that the currency was a mere Ponzi scheme back in 2013. "People say it’s a Ponzi scheme, it’s a bubble," he told The New York Times. "People really don’t want to take it seriously. At some point that narrative will shift to 'virtual currencies are here to stay.' We're in the early days.""