Go Back   Professional Soldiers ® > Technical FAQ Forum > Technology News and Reviews

Reply
 
Thread Tools Display Modes
Old 03-07-2014, 21:24   #1
MtnGoat
Quiet Professional
 
MtnGoat's Avatar
 
Join Date: Feb 2006
Location: Asscrackistan
Posts: 4,289
For Bitcoin, Secure Future Might Need Oversight

For Bitcoin, Secure Future Might Need Oversight

http://www.nytimes.com/2014/03/06/te...ings.html?_r=0

A lot of foresight over these new current and the problem sets with Bitcoin style currency.

So does this mean internet money is gone?
__________________
"Berg Heil"

History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."

COLONEL BULL SIMONS

Intelligence failures are failures of command [just] as operations failures are command failures.”
MtnGoat is offline   Reply With Quote
Old 03-10-2014, 11:50   #2
perdurabo
Guerrilla
 
perdurabo's Avatar
 
Join Date: Nov 2008
Location: Pacific Northwest
Posts: 356
Quote:
Originally Posted by MtnGoat View Post
For Bitcoin, Secure Future Might Need Oversight

http://www.nytimes.com/2014/03/06/te...ings.html?_r=0

A lot of foresight over these new current and the problem sets with Bitcoin style currency.

So does this mean internet money is gone?
This isn't really a problem with BitCoin, this is a problem with people trusting ad hoc exchanges and keeping their Bitcoins stored in exchange wallets, which is nuts.

Every early market seems to go through this same process. Eventually I see big players like Citi moving in and bringing some quote sanity unquote to current situations like the exchange security issues.

We currently have what amount to amateurs running these. They are not well-versed in finance and they're not well-versed in secure programming.

I'm not sure jumping onto more regulation of Bitcoin itself is the answer.
perdurabo is offline   Reply With Quote
Old 03-10-2014, 14:19   #3
MtnGoat
Quiet Professional
 
MtnGoat's Avatar
 
Join Date: Feb 2006
Location: Asscrackistan
Posts: 4,289
perdurabo you are right about Citi moving in and bringing some quote sanity unquote to current situations like the exchange security issues.* It was a adhoc set up and not many know about, trusted the system or/nor open to many markets.

I know we care entering the wild west on thus still of market. Some what surprise that the market hasn't gone faster. I don't see it going away only expanding.
__________________
"Berg Heil"

History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."

COLONEL BULL SIMONS

Intelligence failures are failures of command [just] as operations failures are command failures.”
MtnGoat is offline   Reply With Quote
Old 03-10-2014, 19:12   #4
MtnGoat
Quiet Professional
 
MtnGoat's Avatar
 
Join Date: Feb 2006
Location: Asscrackistan
Posts: 4,289
Quote:
Originally Posted by Brush Okie View Post
The bitcoin concept scares the shit out of me. I really do not like the idea and see way to many ways it could turn bad.
What makes it different from Pay Pal? Even a pre-paid credit card?
__________________
"Berg Heil"

History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."

COLONEL BULL SIMONS

Intelligence failures are failures of command [just] as operations failures are command failures.”
MtnGoat is offline   Reply With Quote
Old 03-10-2014, 19:49   #5
Joker
Quiet Professional
 
Joker's Avatar
 
Join Date: Jan 2008
Location: Tampa
Posts: 2,576
PayPal and prepaid credit (debit) cards are backed by real money not air like BC. BC is not backed by any government. Banks cannot back virtual currency unless they are a nation's central bank, which none have. Some countries have outlawed virtual currencies, BC by name.
Joker is offline   Reply With Quote
Old 03-10-2014, 20:52   #6
Team Sergeant
Quiet Professional
 
Team Sergeant's Avatar
 
Join Date: Jan 2004
Location: Phoenix, AZ
Posts: 20,929
Quote:
Originally Posted by Brush Okie View Post
Exactly. It is imaginary money that is floating around the virtual world. No government backing, no gold or other precious metal to back it up. How is it "printed"? After all if too much currency is printed it devalues it. Who makes the bitcoin? How much is in existence? Don't get me started on the ability of bad guys to track everything you do and manipulate your currency. Yea I know we are no longer on the gold standard, but at least there is a country backing the dollar and there is gold in Ft. Knox. Bitcoin is just imaginary and like a fairy tail if enough people believe in it it appears to come true until they grow up and reality comes around and bites everyone in the ass. Bad bad idea!
Exactly what I was thinking when bitcoin appeared on the internet "imaginary money" is just that "imaginary"....... if you cannot hold it in your hands it does not exist. And if it only lives on the internet then it's definitely not real.

A fool and his money......
__________________
"The Spartans do not ask how many are the enemy, but where they are."
Team Sergeant is offline   Reply With Quote
Old 03-10-2014, 20:54   #7
MR2
Quiet Professional
 
MR2's Avatar
 
Join Date: Nov 2011
Location: Location, Location
Posts: 3,997
Quote:
Originally Posted by Team Sergeant View Post
Exactly what I was thinking when bitcoin appeared on the internet "imaginary money" is just that "imaginary"....... if you cannot hold it in your hands it does not exist. And if it only lives on the internet then it's definitely not real.

A fool and his money......
And how real is a Federal Reserve note... these days...
__________________
The two most powerful warriors are patience and time - Leo Tolstoy

It's Never Crowded Along the Extra Mile - Wayne Dyer


WOKE = Willfully Overlooking Known Evil
MR2 is online now   Reply With Quote
Old 03-12-2014, 20:23   #8
MtnGoat
Quiet Professional
 
MtnGoat's Avatar
 
Join Date: Feb 2006
Location: Asscrackistan
Posts: 4,289
Quote:
Originally Posted by MR2 View Post
And how real is a Federal Reserve note... these days...
I was going to go down that road too.

Seems so many "Companies" and Governments seem to operating with imagery money. I understand the stand on it and what or how Citi played with it. But you are seems Bitcoin are being taken at stores, coffee shops and such.
__________________
"Berg Heil"

History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."

COLONEL BULL SIMONS

Intelligence failures are failures of command [just] as operations failures are command failures.”
MtnGoat is offline   Reply With Quote
Old 03-13-2014, 04:23   #9
MtnGoat
Quiet Professional
 
MtnGoat's Avatar
 
Join Date: Feb 2006
Location: Asscrackistan
Posts: 4,289
Quote:
Originally Posted by Brush Okie View Post
I seen Nixon's speech about the gold standard last night on TV and he said it was a temporary measure. 40 years later...........

IMHO we are on the wrong track and need gold or some other commodity to back our dollar, however the bitcoin is not the answer and in fact throws gas on a fire. The program also pointed out that in history every time a country did what we did it came to bite them in the ass as it will us if we do not change back.

Call me ignorant but what are the perceived advantage of this bitcoin. I know the basics but am far from and expert. Why do you think it is a good thing?
I'm with on and don't think I'm for BitCoin and the rest of this fake money. I do see this coming around to being a real curreny tho. I'm no expert, just started following it.

Quote:
The program also pointed out that in history every time a country did what we did it came to bite them in the ass as it will us if we do not change back.
What program?? Also what did we do to bite us in the ass?
__________________
"Berg Heil"

History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."

COLONEL BULL SIMONS

Intelligence failures are failures of command [just] as operations failures are command failures.”
MtnGoat is offline   Reply With Quote
Old 03-18-2014, 15:40   #10
letinsh
Quiet Professional
 
Join Date: Oct 2006
Location: Austin, TX
Posts: 162
As one who is dabbling with 'crypto-currencies' as an experiment, it may help to see bitcoin, for the time being, as a commodity rather than a currency.

Link (italics mine)
Until now the only way to diversify away from ‘fiat currencies,’ which Salil Deshpande, Managing Director at Bain Venture Capital defines as “currencies conjured up and controlled by sovereigns whose central banks one had to trust” was representative currencies such as gold and silver.

“Bitcoin will continue to gain more traction, momentum, and credibility; enough for the non-fiat non-representative currency to become a real option for diversification away from fiat currencies. As such it will gradually, but with non trivial volatility, increase in value and eventually trade in a pattern similar to gold,” says Deshpande.“The proper way to think about Bitcoin for now is not as a currency, due to its lack of price-stability, but rather as a commodity,” says Deshpande.“Subtracting the industrial value of gold from the current trading value of gold yields the diversification value of gold, and this is the value addressable by Bitcoin over the long term,” says Deshpande.“There will be many ways to play this, including wallets, remittances and payments, exchanges, and mining, but one simple way to play, which everyone can participate in, is to accumulate Bitcoin,” he added.
Another interesting read can be found here. As a comparison to cash, "Bizarre Shadowy Paper-Based Payment System Being Rolled Out Worldwide"

My experiment in crypto-currencies has been to see how anonymous one can really be with it - is it possible to exchange greenbacks for bitcoin, do business with it, and end up with either greenbacks or goods, without compromising one's identity. Time will tell how successful I am.
__________________
"You may all go to Hell and I will go to Texas" -Davy Crockett
letinsh is offline   Reply With Quote
Old 03-20-2014, 17:43   #11
MtnGoat
Quiet Professional
 
MtnGoat's Avatar
 
Join Date: Feb 2006
Location: Asscrackistan
Posts: 4,289
This is some interesting news on the Bitcoin currency. A worm that was originally set up to target home appliances that were networked through the home router, is now being configured to target to Bitcoin currency location.

http://thehackernews.com/2014/03/lin...t-enabled.html
__________________
"Berg Heil"

History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."

COLONEL BULL SIMONS

Intelligence failures are failures of command [just] as operations failures are command failures.”
MtnGoat is offline   Reply With Quote
Old 03-25-2014, 17:57   #12
(1VB)compforce
Guerrilla Chief
 
(1VB)compforce's Avatar
 
Join Date: Mar 2004
Location: Atlanta
Posts: 502
Maybe not fully regulated, but here is the tax side of it:

Quote:
The decision by the Internal Revenue Service subjects the currency and its users to capital gains and income tax and requires that digital currency operators make significant, perhaps costly, updates to abide by strict record-keeping rules.
http://www.foxbusiness.com/markets/2...ubject-to-tax/

Also note that the same rules that apply to bank transactions are also required for bitcoin now
(1VB)compforce is offline   Reply With Quote
Old 04-01-2014, 05:02   #13
MtnGoat
Quiet Professional
 
MtnGoat's Avatar
 
Join Date: Feb 2006
Location: Asscrackistan
Posts: 4,289
How Uncle Sam Decided to Change The World of Bitcoin

http://www.fool.com/investing/genera...-of-bitco.aspx

So I take that the IRS is treating Bitcoins as a currency now,something like gold and silver?
__________________
"Berg Heil"

History teaches that when you become indifferent and lose the will to fight someone who has the will to fight will take over."

COLONEL BULL SIMONS

Intelligence failures are failures of command [just] as operations failures are command failures.”
MtnGoat is offline   Reply With Quote
Old 04-01-2014, 08:07   #14
dcrews46
Asset
 
Join Date: May 2012
Location: Denver, CO
Posts: 6
Bitcoin Cryptocurrency Crash Course

I am no computer or financial expert, but the speaker in following youtube video gives a decent overview of the theory behind bitcoin and its viability as a financial tool. https://www.youtube.com/watch?v=JP9-...fnmqqgMXHMbbaA The video is a bit lengthy, but well worth watching in its entirety.

What I took away from the video was that this idea of cryptocurrency will be attractive to people as long as financial chaos exists in places like Greece and Cyprus. As the speaker states, bitcoin has its strengths and weaknesses but cryptocurrencies are the financial ways of the future, at least in theory.

An interesting and ominous note was the interest the Russians and the Chinese are showing in bitcoin as a way of countering the US dollar as the global reserve currency.
dcrews46 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump



All times are GMT -6. The time now is 10:11.



Copyright 2004-2022 by Professional Soldiers ®
Site Designed, Maintained, & Hosted by Hilliker Technologies