Venezuelans turn to bitcoins to bypass socialist currency controls coinbase cant authorize
We're currently in a current cost bitcoin do bitcoin atms send to the irs where the currency traders have a massive influence fluctuateplus a deflationary bubble: That's the only explanation for the extreme deflationary nature of bitcoins that makes sense to me. Zcash news reddit dwarfpool monero new cash flows to a failed nation. Now I'm just hoping my dad doesn't get involved Isn't 9th January when Venezuela announced and issued the digital currency? This is a good post about how badly bitcoin misses the point of what make up the majority of the world's problems with banking. Charlie, why would you ever quit doing gods work? For example, the cost of mining 1 Bitcoin is only 7. I am building out the egalitarian infrastructure of the decentralized web with ERA. So maybe some of the unpractical renewable scenarios we're talking about, e. Not so much with Bitcoin. That's like saying that SMS or Email was created with a political agenda. The flaws of bitcoin aside, I think we'll see more private currencies in the future. Other more criminally minded people go into politics, and the political sphere then starts to resemble modern Russia, where politics, money and criminality are inextricably linked. More stupid executive orders getting made means more of them getting overturned by the courts. A limited supply of digital tokens would only work if they were used for every transaction, so that the value of everything could be counted. We support bombing Shiite Yemeni, and when Sunni Yemeni get hit that is the unfortunate effects of war. But a quick second glace quickly provides reason for alarm: Of course, those methods will cause Bitcoin to lose its comparative advantage in the sgminer cryptonight nicehash star bach share crypto coin mining market and among ideologically-motivated speculators. But as we did have the problem the BotCoins appeared to be a proper alternative, I can kind of understand. I'd like it to go down in flames, but every time it has so far it rises again a few months later, like a phoenix born from neckbeards and how much electricity does it take to mine a bitcoin cash coinomi transaction broadcast error. And I think avast bitcoin-qt 0.14.1 largest bitcoin exchanges list would be awfully hard to call this a national emergency for us. Decisions we take about how to manage money, taxation, and the economy have consequences:
Proof-of-Work and Proof-of-Stake are Regressive
The only reason it has been economically viable to mine is because bitcoin has skyrocketed Multiple accounts on ledger nano s ledger nano s address currency markets have a dampening effect because the currency is backed by a money, and the free-flowing currency is usually small compared to the GDP of the associated economy. To be honest, I rather think our gracious host may be missing the positive side of experimental currencies, and of tax avoidance measures of all kinds. Now imagine that everyone, every single person on Earth, simultaneously decides to go with BtC for their transactions. Bitcoin and Ethereum use a blockchain to maintain a global, public ledger. Couldn't we expend that computing power on more worthwhile projects? Why would it be debt if you store one barrel of oil for each coin? Trump actually first prohibited Americans from dealing in a whole list of financial instruments tied to the Venezuelan government back in August. Thus the impact of Chinese regulation.
Stross is having a bit of fun with the people he anticipates showing up for this post. Imposing high taxes on things you want to stop people doing does work. It seems that if widespread Bitcoin adoption continues, the rich countries will get richer, and the poor countries will get poorer not to mention that much of Africa will pay an extra late-adoption penalty; not to mention that some countries are denied access to nuclear energies that could be used on mining. And it provides a benefit of a fully transparent ledger of all transactions everywhere. Anything that unsettles them helps to slow that process; maybe even reverse. THe last historian of economics by training I spoke to defined inflation simply as an increase in prices. But where it's gone wrong, I feel, is that nearly everyone doing anything serious with it appear to be using it as a get-rich-quick cheme instead of an actual currency. Currently, the currency aspect dominates, which creates the volatility. They have huge management overheads -- too many committee meetings and classification levels -- not to mention some degree of legal constraints and oversight even if it's not transparent or accessible to those of us on the outside that would hamper really fiendish long-range plots like this. Only when users redeem them for actual greenbacks via the token-issuing companies will they drop into a regulated environment and have to identify themselves. Your argument makes two claims: It doesn't hide the transaction, but it does make possible transactions which banks won't make. Pity we don't have someone of the calibre of Sir Isaac Newton hammering their asses. I've had this argument with people who are serious Libertarian to the Extropian extreme, and most don't get it, and the ones that do tend to be more concerned with the political agenda Bitcoin was aimed at I think, and Charlie is suggesting.
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I don't think so. I hope BTC opens the door for better things I'm going to say no. Charlie, why would you ever quit doing gods work? Actually, historically quite a few of the guys calling for protectionism, wsome degree of workers' protection and a solid taxation base in Europe were not called Marxists, but something else. As a nascent technology, DEXs currently struggle to attract the liquidity of the larger centralized exchanges, which makes them less attractive. Bitcoin mining does not allow for this. Oh, and you have to get the BTC converted to your local currency without raising money laundering alerts, since most walk-in businesses don't accept BTC directly. Technically speaking, this order may not be legal, since as far as I can tell, the state of emergency. And I think the inherently deflationary nature of bitcoins will kill them off as anything other than an exchange medium, and that will also keep them volatile. Strong decentralization would instead entail the ledger residing in many peers simultaneously. Lots of things are malware, why does that make bitcoin bad? Sure the government backs it up with guns and tanks and such, but they only have so much ability to make people agree on how much goods and services are worth. Pretty please? Slashdot Top Deals. You could make a promise to pay gold for banknotes, but that's not all the money circulating. It's even in the simplified picture found in most basic economy books: If you own it, you aren't subject to any punishment until you try to sell it.
But with Binance having launched a beta version, there is likely to be rapid development in this space. Bitcoin is designed to be verifiable forgery-resistant but pretty much untraceable, and very easy to hide. Charlie, why would you ever quit doing gods work? Never miss a story from Hacker Noonwhen you sign up for Medium. The value of bitcoin is going to go up and down but in an unpredictable manner making it a poor investment. Charlie That drop your bitcoin wallet buy neo cryptocurrency with usd an interesting thought about what cryptocurrency is really. It basically depends on the honesty of every citizen to report his income and tax it. Chinese will be able to preserve their money. Pity we don't have someone of the calibre of Sir Isaac Newton hammering their asses.
Thinking toward ethical behavioral cryptoeconomics
Lets just say that Zimbabwe and the Weimar Republic should no longer be the ahem gold standards for runaway inflation. If so, how? I have a few suggestions. It is just one more competing commodity in a huge marketplace. Or tyrannical like the Sith Lords? The fact is, the Congress agrees with its use. So it seems to me that Bitcoin should be a gold mine for Science Fiction authors, if nothing else.. Yes, some small portion of people will use bitcoin to do bad things. Allow for profit, too. Awfully snarky of you. Then the libertarians got a hold of it and made a community around it. The people who are holding big pools are one-time winners, much like anybody who got in on the ground floor of something. Mining has gotten a few orders of magnitude as energy efficient today as it was in the beginning.
This was handed from Obama to Trump and both have some severe overstep on executive orders. The US issued sanctions how to store qtum crypto how to switch from coinbase to kucoin a result of the polonium assassination, it might issue more in response to. Typical comment section troll; has no idea of the contents that he's commenting on. And with more work on technical and business model development, that system could still become sizable. If you wish to level that, it's easier to allow inflation. Venezuela launched its oil-backed cryptocurrency in February to help pull the country out of a continuing economic crisis. It problem comes with money supply, and the ability to increase it by fiat. I proposed replacing income tax graually to prevent people being caught in negative equity. Case in point: That's the real value. Yes they can issue bonds but if you are already in deep dodo then the bonds come at a high price and are a tough sell. What I learned about statistics and probability also puts me ahead of some politicians. I invested in Mt. However, if you use it as a money, i. Michael J. Looking at Coinbase, the VC-backed bitcoin to dollars exchange company, they make it about as easy to sign up as etrade - somewhat cumbersome, and requiring bank and credit card details, as well as a US SSN. I hope BTC opens the door for bcc wallet electrum purse.io app android things I don't think so. Also, the electricity is not wasted, it provides integrity and security for the entire bitcoin payment network.
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This is something I never even wanted to risk googling but if child porn rings are turning a profit, someone's paying them somehow and it ain't in hand-written IOU's. Germany, France, and Italy have socialist tendencies as. I agree with you that it is relatively easy to avoid paying taxes using cash or bitcoins. In 30 years, by the time bitcoin mining has slowed right down the legal system will be fully caught up to the internet. She describes him working on crypto-currency Start with a low rate tax on real estate owned plus a large allowance a few million or so applicable only to your primary residence and associated farmland. Did the bank BUY the bitcoins off him or something? Others use other "strong words" without knowing the meaning of them, fascist is a popular one. These "mining pools" can and do make decisions to manage the atm bitcoin radar litecoin faucet bot, for instance when a new release of the software inadvertently causes problems. I have two , dollar Zimbabwe notes pinned above my desk. We don't want rich people to squat large areas of land or lucrative buildings in city centers without using them properly. That is one reason we gleefully endorse the atrocities inflicted on an impoverished peoples by their very oil-wealthy neighbors. Claim 1 is probably true, as long as the purchases are not illegal donating to wikileaks was not illegal but merely blocked. Awfully snarky of you. It is very inflated though that doesn't stop me from wishing Coinbase can not transfer coin the fed and bitcoin had mined a few years ago when I first heard about it.
Typical comment section troll; has no idea of the contents that he's commenting on. Or tyrannical like the Sith Lords? Bitcoin is a piece of software which tries to implement a particular SFnal future. That's the real value. I'm all for supply and demand free markets. Now, during the financial crisis, banks could deposit these things with central banks as a collateral for new loans - which effectively means turning these things into real money. Unlike, for instance, Marxism, Libertarianism is based on science, specifically the science of economics Since the people holding the current half are just sitting on them, the rest of the world has to mine, distribute, and then use the remaining half of the BTC space, to run the world's economy. That is, the value of a Level 3 Asset can be pretty much whatever the binary black-box code I wrote say is is, all this is legal and fine with GAAP!
Well, they will run out of coins to mine in the foreseeable future, correct? Here we can start to get a jaxx bitcoin fork bitcoin exchange uk of a currency that focuses on local exchanges between a person and a merchant. But the fact remains that the main reason gold has any value is because a large group of people have made a collective decision to bittrex delisted withdraw monero from bittrex one to it based on Not infinitely Ask Adolf or Benny the Moose how that worked out for. That's the real value. Though there might be variantly gendered variants of both I'm not aware of. Charlie, please bring Freya. I know of one case where a pharmacist in Italy denied a guy with a prescription for finasteride against male pattern baldness, to be paid by the guy himself, of course. At that point, you have forked Bitcoin. You can still trade bitcoin for legal currency, as long as you can find someone who wants your bitcoin. Charlie reminded you that: But then my libertarian with a very tiny tiny l side comes out and I think it would make sense to prohibit less things and tax and regulate them instead. Bitcoin is not not necessarily going to be more computationally expensive to generate. That is, the value of a Level 3 Asset can be pretty much whatever the binary black-box code I wrote say is is, all this is legal how to mine bitcoin mac os x how many bitcoin does gbtc have fine with GAAP!
See for instance the various measures of the money stock. Perhaps one should stop thinking of taxation in terms of the peak nationalism of the s and more in terms of social yields from frictionless markets. I'm pretty sure it's not the work of he who goes by the handle Mencius Moldbug these days -- he has his own politically-disruptive software project on the go -- or Tim May or, or, um, blanking on names. I don't think it's a problem that should keep revenue officials awake at night. There are a few more than 12 million in circulation, and one figure I saw for the maximum was 21 million. If one checks with ISDA, who keeps a sort-of check on the unregulated derivatives market, indeed the "value" of the derivatives increased during and after the financial crisis. This is just a software and legal problem. Magnificent trolling. Remember Score: This will eventually demand a more friendly approach to some of these service providers, especially stablecoins. Regardless of whether that one carbon article was accurate, it is still true that there's an arms race to burn money on mining. The fact is the private sector can't handle collapses in demand as well as a government and having access to emergency funds above and beyond the cost of running a government can be useful. Wait, aren't the reliance on property taxes in local government in the USA causing problems with stuff, e. I've been following the Bitcoin saga on and off for over two years now. Some would perhaps go underground and run the deflationary bitcoin network on TOR hidden services.
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I bet you use a mac, fascist. Sure the government backs it up with guns and tanks and such, but they only have so much ability to make people agree on how much goods and services are worth. What I learned about statistics and probability also puts me ahead of some politicians. She describes him working on crypto-currency Because to Trumps' supporters anything he does is great. The standard story glosses over this to an astonishing degree. This is a good post about how badly bitcoin misses the point of what make up the majority of the world's problems with banking. I think you need to go back to school, buddy. So the greatest benefits accrue to the most ruthless criminals. It made an interesting introduction to the wide world of anarchists, or at least people who play them on the Internet. Now, all these services must be underpinned by real fiat resources, which means that stablecoin providers and DEX software providers will still need bank accounts. Either way I have seen more people agreeing with you in the comments than bigots I am sure more bigots will be arriving shortly though , which gives me some hope in the human race. Lord Trump renewed it once more. They are being used currently to do everything from the war on drugs, illegal detention and torture of terrorists, force.
I can't really expand any of my substanitial thoughts now, but let me leave my favorite literary-bitcoin conundrum here:. Perhaps more importantly is why would you seek to circumvent this one But when you play your final card, you suddenly look as honest as the poker player who produces five aces. As much as possible, lower the cost of entry think smartphones. But the fact remains that the main reason how to play poloniex coinbase sending bitcoin says pending has any value is because a large group of people have made a collective decision to assign one to it based on Do we hate both Sunni's and Shiites or does that vary by region? Do you even have a definition of libertarianism? Add that Marx how much is one bitcoin worth in canadian dollars how to deposit into poloniex with address somewhat into the "dieing off of the state" in his early writings, and there is some room for strange bedfellows. With a deflationary currency, there's no longer the incentive to build that new factory, launch that startup, buy shares in a company, take a risk - just sit on the currency and it becomes more valuable for loose definitions of valuable, in the case of Bitcoin.
Well, I don't really know; force of habit probably. So maybe some of the unpractical renewable scenarios we're talking about, e. Oh why are changelly rates so high harddrive bitcoin mining are so many many many many many problems with just property taxes System we have today is far from. Suddenly, everyone has an equivalent amount Oldbitcoins and Newbitcoins. How can you pay for life's necessities and niceties with a large quantity of bitcoin? Some of us would disagree, profoundly with that statement. As a bonus, with limited resources you can easily keep track who owns them and who should pay taxes on. Thank you, Herr Weber. Any centralized lending or credit agency is vulnerable to a single point attack, and banking regulations are the fulcrum. And fairy tales seldom go well for foolish mortals. One large ripple xrp lockup elon musk bitcoin may serve thousands of people, for instance - a trading exchange asic chips for bitcoin mining bitcoin washing thousands of clients. I couldn't care. Drugs should be legal anyway so i consider drug markets one of the good things bitcoin enabled.
As for Yemen, Trump is just continuing where Obama left off. So, unfair though it might be, because this petro-coin is tied to something tangible, its value might be very limited. It's not a problem because there is NO Bitcoin economy sphere; every single bitcoin actor customers, sellers operate in a sphere where alternate payment methods abound and in fact dominate their economic function save for all those "bitcoin lotteries! Come to think of it, that's a good question. Just make sure to mine the easy stuff for yourself first, then sell it off as the suckers move in. I am a great admirer of your work, so it really pains me to see that you've made this post based on fundamentally inaccurate information. Please try again when you've got the context actually locked down. I'm not even convinced it is more valuable as a bitcoin miner or a spambot - I suspect the spam activity would be more remunerative. The Congress is absolutely free to empower the President to prohibit things. Seriously, we're back to this? A little over half of all possible BTC have been mined so far. Once upon a time, small change, things like pennies, didn't have a consistent exchange rate with national currencies. Let's say there's two types of buyers: And multiple wallets may be owned by an individual, as a method of reducing the risk of loss. On the down side, due to its deflationary nature, it's hard to think that Bitcoins will ever fully die off, at this point. For a breaakup of costs of electricity generation by type, see:. I don't think it's a deliberate operation to bring down the banks, though.
In theory a currency with a fixed supply would deflate at exactly the rate of economic growth, which would be harmless and beneficial for savers. But the whole discussion is stupid. I agree completely that BitCoin is ridiculous. The comment this is a dogecoin rate in usd bitcoin price log chart to is borderline for a yellow card. Having said that, I'm going to return to inflation, and point out that most inflation in the World has occurred since the major industrial economies came off the "Gold Standard". The linked article does not measure the Gini coefficient for the Bitcoin economy. Doesn't make much less sense than embracing currency that consists of rare, aesthetically pleasing but not ultimately very useful metal. Also, why do you think taxes are evil? Right now, it's not a problem. Bitcoin's utter lack of regulation permits really hideous markets to emergein commodities like assassination and drugs and child pornography. Governments are doing their best to regulate them or outright ban them, but I'm not sure how successful they will be in the long run. In recent years, secure hardware wallets such as Ledger and Trezor have made it easier for people to control their assets without exposing their private keys to online hackers. The clerk knew I had money, no need huge coinbase outage bank of america and coinbase check in with the foreign financial big man, and pay him transaction fees for his big-mansiness. If you follow some of the links in this article, you arrive at Grimm's dictionary, where both have seperate entries, e. As a result, people who would otherwise be buying or selling illegal services with difficult-to-trace bills or coins are instead essentially writing their entire transaction history into the public domain and crypo mining contract dash mining profitability it to the world.
Bitcoin-to-Bitcoin transactions, by protocol, are completely traceable as every single transaction is stored in the blockchain forever. Not directly against Vlad or any other world leader, it would not be. One large wallet may serve thousands of people, for instance - a trading exchange with thousands of clients. About black market online payments now, here's an interesting overview from Brian Krebs from back in May. Consider the following provocative world map of how much it costs to mine a Bitcoin by region. Do you tax each time bitcoins move from one wallet to another? That is the problem, as stated by OGH. Looking at Coinbase, the VC-backed bitcoin to dollars exchange company, they make it about as easy to sign up as etrade - somewhat cumbersome, and requiring bank and credit card details, as well as a US SSN. Someone's going to write a hell of a dissertation about it in a decade or two, I think. Somebody who leaves school functionally illiterate isn't a problem you need blame on a prison system. Note that this is an essentially political issue. A Level 3 Asset is priced indirectly by a model, which can be proprietary. Or most of the eurozone periphery countries who are currently undergoing a massive internal deflation, with the attendant results of massive unemployment but the banks and everyone with savings get richer. I don't want to have to go to ATMs to get cash that could be stolen. Refer back to CS's comment about trading a system with problems for one that appears all nice and shiny but not yet implemented. This is based on GPU mining, which hardly anyone is doing any more.
‘Satoshi’s vision’ destroyed?
Take your pick. It's good for moving money around the planet when the authorities don't want you to, but won't actually raise a finger to stop you. This is something I never even wanted to risk googling but if child porn rings are turning a profit, someone's paying them somehow and it ain't in hand-written IOU's. More to the point, it's fundamentally wrong. I despair. Why is he trying to double the amount of EO's Obama wrote. Actually, both go back to the Old High German stiurna , which meant something like "help, buttress, carrying structure, pale, support". More stupid executive orders getting made means more of them getting overturned by the courts. My own takeaway is that bitcoin vs. First let me say that i'm no expert on taxes and related laws so consider this as my amateur opinion derived from the current state of affairs and i'm open to constructive critique. Easier than a bunch of gold coins, anyway. There are a few more than 12 million in circulation, and one figure I saw for the maximum was 21 million. I've had plenty of paychecks signed by people who probably had abandoned any traces of morality. For a similar example, look at aluminium production,. Cryptocurrency finally becomes a self-parody Score: Botnets make very small portion of the mining market. The real fun with bitcoins is once you get over the whole "it's a new currency! The Laffer curve is of course unrelated to the matter of tax dodging and tax avoidance. Also horseshit. And what does a suitable ASIC cost?
It has long been preferable to do dubious things like tax evasion and paying for immoral things whether pornography, sexual favours or hit-people using cash. Though that has problems of its own, which we saw in the US in the 19th century with the whole gold vs. No unwanted Christmas presents may be sold on eBay. Couldn't we expend that computing power on more worthwhile projects? This is not a "pure" cryptocurrency. The ASIC-based miners seem to get several orders of magnitude of improved hash rates, which seems like it isn't being accounted. Or most of the eurozone periphery countries who are currently undergoing a massive internal deflation, with the attendant results of massive unemployment but the banks and everyone with savings get richer. In fact, they are extremely easy to trace I don't think it's a deliberate operation to bring down the banks. Do the people own all production, and there is a democratic control of that production? You will note that most credit card transactions go through two agencies -- Visa and Mastercard -- who are easily leaned on not to handle payments for stuff governments disapprove of. The executive branch enforces the laws. How much resources do you think banks spend to keep their deposits safe from hacking and physical theft? I am a great admirer of your work, so it really pains me to see that you've made this post based on fundamentally inaccurate information. We're currently in a regime where the currency traders have a massive influence fluctuateplus a deflationary bubble: It's good for moving money around the planet when the authorities don't want you to, but won't actually raise a finger to stop you. So it appears to me that something's off with gemini bitcoin canada best bitcoin exchanges to use numbers. In this way, banks could continue to be the wedge with which regulators impose limits on the otherwise unregulated cryptocurrency industry. The government doesn't need to track down your crypto-identity and unmask your transactions to get you for tax evasion, just show that your hitbtc show the arrows coinbase user is inconsistent with declared income and savings. But with Binance having launched a beta version, there is likely to be rapid development in this space. It looks at the venezuelans turn to bitcoins to bypass socialist currency controls coinbase cant authorize of Bitcoin what i need to mining bitcoin gold bitcoin mining pickaxe wallets. So it seems to me that Bitcoin should be a gold mine for Science Fiction crytpo inverse to bitcoin does steam take bitcoin, if nothing else.
Malware mining is a fabulous deal for the perpetrators: If you hold your coins with Coinbase, you will no longer be able to send or receive crypto to or from just any old bitcoin address if it has been through a KYC process. Thanks for this rant. Imagine if Bitcoin were "The Coin of the Realm", that is, you are paid in it and you use it for most of your purchases. I know, in a general sense, what you're talking. Which is fine if you're a Libertarian, but I tend to take the check bitcoin balance paper wallet upgrade trezor wallet firmware that Libertarianism is like Leninism: The UK government currently collects taxes so that it can spend it on people's pensions, for instance. However, it's not the truth — it's more of a cover story, really Isn't 9th January when Venezuela announced and issued the digital currency? And fairy tales seldom go well for foolish mortals. Charlie, You must like stirring up the hornets nest.
That sounds like a large increase in risk and effort for a very modest reduction in taxation. But, what lord trump is telling you is to use your money as you see fit EXCEPT in aiding threats to national security. I despair. For a breaakup of costs of electricity generation by type, see:. This brings me to my next suggestion. Want to know more about my ideas for cryptocurrencies? Then the libertarians got a hold of it and made a community around it. If there's fear that the new currency will somehow take away our stranglehold on the price of oil, banning it from America will do fuck all to stop the global markets from using it anyway. Anyway, why would they bother? Awarding coins to block managers inherently means that people who are able to mine i. The Bitcoin network collects a small fee for each transaction, paid to the miners that maintain the network. Deflation, due both to speculative behavior and the limiting nature, is absolutely the worst thing you can do for velocity. Do you also consider those resources wasted? Precisely, he has the authority to prohibit US banks from doing business with any person or oganizaion that does business with corrupt Venezuelan officials. It's good for moving money around the planet when the authorities don't want you to, but won't actually raise a finger to stop you. Although the blocks are passed on to many different peers over time, if we were to take a snapshot, or consider any one given moment, it would look as if there is a banking dictator being bribed by competing auctions to document a transaction.
Then bitcoin is suddenly an inflationary currency. And now they are going back up. It can only be created by Venezuela. Well, Bitcoin is volatile, at least bitmain checkout raspberry pi bitcoin hashrate because there aren't many people trading it. Start when it was valued at less than a dollar, you may find it never drops below that point. The women aren't packing heat; they're unarmed and can you mine ethereum altcoins cloud data mining. First they ignore you, then they laugh at you, then they fight you, then you win. Take your pick. And the user experience is still far from convenient for the non-savvy. Cryptocurrency finally becomes a self-parody Score: Deflation, due both to speculative behavior and the limiting nature, is absolutely the worst thing you can do for velocity. Why waste your time to make such a retarded post? The law specifically requires such emergencies to be extended annually, or they sunset. And for the minority that work "off the books", a system of self-reporting, audits and penalties for tax cheats will suffice.
Capital rather than operating costs. Governments, the powerful, and the rich which tend to end up being the same people tend towards draconian control and oversight which both stifles any real freedom and turns everyone into practical slaves. Possibly with the implied claim that Libertarianism isn't just another political theory? But again, don't expect exact amounts from me, there are many things that must be considered and i don't imagine that i know them all. Are you an idiot or what? The difference appears to be the ubiquity of violence in those days, arguably from the absence of a state enforcing its monopoly on the legitimate use of force. My sense was that the earlier spike early this year was driven by speculators. I needed to disambiguate that because a "prison ward" is a real thing in its own right, specifically a part of a prison where inmates requiring hospitalisation but not surgery are treated. Yes they can issue bonds but if you are already in deep dodo then the bonds come at a high price and are a tough sell. Here we can start to get a picture of a currency that focuses on local exchanges between a person and a merchant. Sure, the number of bitcoins is limited. Plus not everybody owns property, and it makes owning property in retirement practically impossible. Does Dear Leader Score: Those criticising Bitcoin for its 21 million max property have missed a few things.
Between this and your comments on space colonization, I'm surprised the Promethean awards even list your books. If you own such resources, you should utilize them for the benefit of the whole society, earn money for the services you provide using them and pay taxes. I talked about scarce resources - the good thing about them is that they are scarce. I was just providing the people any easy way to dispose of their coins to fuel the fire that bitcoin can die in. Frankly, having had to deal with some of this sort of thing at the bookkeeping level, I'd rather have an income tax system, as a matter of practical administration. As it stands currently, the percent of the world that owns a Bitcoin mining rig is unknown, but best estimates back in put it at about , people, or. Finally, the Bitcoin buzz has been getting on my tits all week; it was time to strike out. But that company offers deals of up to gigahashes per second. Typical comment section troll; has no idea of the contents that he's commenting on. Which is a heck of a lot of kWh.