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Does anyone here use Bitcoins?
40hz:
@40hz - How could it be shut down? Shut down all encrypted traffic? I don't get how it's possible to shut down like that.
-Renegade (March 26, 2013, 10:22 PM)
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Require a license and registration for access and use. Designate allowed forms of encryption. Go super "net nanny" and just firewall out everything other than registered commerce sites and government addresses. Put DNS under direct government control along with a change in methodology for how it works.
The possibilities are endless.
And if push comes to shove you could always just wall off the country ala China/N.Korea/etc. Or shut down the backbone routers and/or DNS servers.
It's doable. Not something you'd want to do right this minute. But long-term, requiring some sort of certificate or credential in order to access the Internet (or its successor) is probably coming. Add locked down computing appliances or NIC cards to the mix and you could make it happen in about 10 years without undue hardship for the average user.
Sad but true. The "good old days" will eventually come to an end for the Internet, just like they have for every new technology once it became mainstream and serious money started riding on it. To get something off the ground, allowing rapid innovation is the main thing. Once it's working "good enough" and widely deployed, the importance of chaotic innovation lessens as "standards" becomes the paramount concern. Finally, once the technology is established and entrenched, standards give way to concerns about regulation after the no longer 'new' technology gets fully assimilated into daily life.
Renegade:
So, in summary... Full on "make Nineteen Eighty-Four looks like paradise".
I'm not disagreeing with you, but I think we both know what will happen before that. We've discussed that in PMs, so I'll leave it out here for the sake of not pushing the elevator button.
40hz:
So, in summary... Full on "make Nineteen Eighty-Four looks like paradise".
-Renegade (March 26, 2013, 10:59 PM)
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Not so much a paradise as it's how benign it can all be be made to look now that the technology and labor-saving innovations for doing up a '1984' have improved so dramatically in the last ten years!
Even the uniforms have gotten really cool looking... :huh:
Renegade:
Well, digressing from the obvious implications of a free market currency that has no central bank controlling it...
Here's a great chart to follow BTC.
WARNING: Be prepared to crap your pants and kick yourself...
http://bitcoin.clarkmoody.com/
On the chart, make sure to click these:
Period: W1 D3 D1 H4 H1 M15 M5 M3 M1
Those let you zoom in. Weeks, days, hours and minutes. Here's a minutes chart (m5):
There's lots of volatility in the for the forex people.
I've been following corrections, and if you are a forex expert, you can capitalize on them and profit to insane degrees, but if not, they're simply bumps on the way up.
After I initially bought, I saw it drop, crapped myself for a moment, then calmed down and watched it rise well over my buying price.
I am extremely bullish on this. All the news and indicators point up. I fully expect it to breach the USD 100 mark very soon. That will be a major event in financial history.
The thing that I find absolutely fascinating about it is the power of the people in a P2P network to create such an incredible market.
Right now we are seeing the Wild, Wild West repeating itself online. It's a gold rush for anyone willing to jump in, get dirty, and start panning, and the barriers to entry are very low.
40hz:
I am extremely bullish on this.
-Renegade (March 27, 2013, 08:26 AM)
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Really? You think? ;D
The thing that I find absolutely fascinating about it is the power of the people in a P2P network to create such an incredible market.
--- End quote ---
It's all been done before. It will all be done again.
Right now we are seeing the Wild, Wild West repeating itself online. It's a gold rush for anyone willing to jump in, get dirty, and start panning, and the barriers to entry are very low.
--- End quote ---
Yup. It's whats called a totally out-of-control speculative bubble in progress. You can get the same (or better) odd at the blackjack table.
There's an old story (probably apocryphal) about how Old Man Rockefeller was on his way over to the Wall Street Exchange one morning, and overheard a stand of shoeshine boys and their customers swapping stock tips with each other. Stopping for a shine, Rockefeller listened attentively as his boy regaled him with one 'hot tip' after another.
After thanking the boy, and tipping him handsomely, Rockefeller (so the story goes) went to the exchange and calmly and slowly began (so as not to attract undue attention) selling off all the shares in his portfolio over the next three or four days. He then moved most of his money into secure government bonds. When the stock market crashed about a month later, Rockefeller's personal fortune was left largely intact.
When asked what tipped him off the market was going to tank, he said: a shoeshine boy.
Seems Rockefeller reasoned that when professional investors are the main force driving the markets, all is well. But when the speculators and amateurs show up in large numbers, the stock market is in serious trouble. Rockefeller supposedly said: When your doctor and lawyer are getting into the market, it's troubling. But when the butcher, the baker, and even the shoeshine boys begin discussing stock prices, it's time for the professionals to get out.
Or, as short version goes: To avoid injury, NEVER play hardball with amateurs.
:)
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