Thoughts on Bitcoin, a few ?'s

[Moretorque]

I listened to an interview with a person who thinks BitCoin is going to go up alot more and I wonder is this just so nutty or something this world where a new computer block chain system that represents #'s only is so sought after because it's outside the mainstream money system and our system is really this unstable to where this mirage is taken seriously as a answer for bad monetary policy ? Is this the wave of the future or just a speculative bubble.

I listened to a Peter Schiff podcast where he was saying his system of Gold Backed Coin you can use as money anywhere is the future.

Any input on this and I would be thankful....

[MrMan]

I don't know if Bitcoin will go up or down. One approach to Financial theory is that market prices reflect everything the market knows about the price of the product. If you know if it is going up or down, you know better than the market.

But I can see the appeal of Bitcoin. I haven't thoroughly researched what it is backed by, but researching what 'real money' is backed by is depressing enough. It can't be much weaker than fiat currency. I hear, since Bitcoin is not official currency, you can earn money in bitcoin and buy stuff without it being reflected on your taxes.

Lets consider bartering. I am not tax expert, but if I am not mistaken, if you cut someone's grass in exchange for a haircut, neither one of you has to pay tax on that bartering transaction. The problem is if you want to trade cutting grass for a cut of sirloin in a system of bartering, you'll have to find someone with a cut of sirloin who wants his grass cut, or cut grass for someone who does something for someone who does something for someone, etc. who gets paid in sirloin.

That's where money comes in. Everyone in the economy can exchange goods or services for money. The problem is that the government wants a cut in the form of sales tax, taxes on profits, and taxes on self employment. But what if you are just exchanging goods and services for bitcoin? Then you can remove the government from the equation for most transactions. You could sell and make money and reinvest without the drain taxes cause on the growth of your money. You can end up with tax free income, tax free, at least, until you cash out of bitcoin into a government-recognized currency. (Correct me if I am wrong.)

I am not sure exactly how it works, but I would imagine if you buy bitcoin for dollars now for a certain amount and sell it 10 years down the road, you'd pay capital gains on the bitcoin you gained. But you could have grown that bitcoin money without taxes cutting into your yields over all those years. It's kind of like keeping investment capital in a corporation without taking it out as dividends to avoid that hit that taxes causes on the growth of your money. And if you spent some of that big coin on living expenses, you wouldn't pay taxes on the portion gain you spent on online purchases either. If you bought computers with bitcoin, you would have spent 'real money' on that if you hadn't used bitcoin.

If enough people buy bitcoin, governments will eventually tax it.

[Moretorque]

Thanks, so basically you are saying what I was saying that it's outside the system thus far but you are saying it will not remain so if these things grow and take a cut of big brothers gig.

Is the block chain revolutionary or can governments block it with little problem ? I see it as just another system of unbacked currencies but lack of confidence in the mainstream system for multiple reasons has driven it up to ridiculous levels.

A monetary system needs price stability does it not ? and Bitcoin just seems to be a speculative bubble for investment and some will take it in conversion for payment.

I knew all about it when it came out in 09.....

[Shemp]

I am not tax expert, but if I am not mistaken, if you cut someone's grass in exchange for a haircut, neither one of you has to pay tax on that bartering transaction.

You're mistaken. In practice, the IRS will never find out about such trivial transactions and probably wouldn't bothering prosecuting for tax evasion even if they did find out. They can, they have and they will go after larger scale bartering arrangements.

@moretoque: the obvious thing for you to do is give all your money away and finally enjoy the peace of mind that only utter poverty can bring. Become a homeless person. No more worries about monetary theory and other abstruse concepts that are over your head, no more worries about the government taking everything away. "He is richest who has least to lose."

[Moretorque]

I am not tax expert, but if I am not mistaken, if you cut someone's grass in exchange for a haircut, neither one of you has to pay tax on that bartering transaction.

You're mistaken. In practice, the IRS will never find out about such trivial transactions and probably wouldn't bothering prosecuting for tax evasion even if they did find out. They can, they have and they will go after larger scale bartering arrangements.

@moretoque: the obvious thing for you to do is give all your money away and finally enjoy the peace of mind that only utter poverty can bring. Become a homeless person. No more worries about monetary theory and other abstruse concepts that are over your head, no more worries about the government taking everything away. "He is richest who has least to lose."

Understanding monetary policy is key to erecting a civilization to not end up homeless. What did Thomas Jefferson say about this issue ?, if you understand it so well then explain please....

[starchild5]

Bit coin ...FAKE AS The Jews..Its new form of Jewry...

To make bit coin..You never have to do real job like working in a real farm ..You can just sit at home...mine bit coins and you have money....now sell that to real farmers your fake butt coin and buy rice...

What a Jewish Con...Its true...A Jew never worked a day in his life...

Now, being a Jew..It does not end there...They have to create this HUGE drama around it...like limited bit coins...You cannot mine it anymore...you need bigger machines, the price of bitcoin is 700 USD...and on and on and on...

How the hell bitcoin got any real value just by mining BS is beyond me...but the nerds don't care...They are agreeing to a con.

---------------

I propose Winston Coin...

Moretorque ...has 4200 Winston Coin...equal to number of Posts

Startchild....1900 Coins

Winston....20,000 coins

and so on...

Now, Would you sell your homes, vehicle to me Moretorque..I would sell you my 1900 Winston Coin

Forgot,,,It won't work because there ain't any JEW behind it...No Drama,No retards behind it to fuel it to crazy levels

[Kradmelder]

The whole thing sounds like some jewish con game. Like diamonds. Diamonds have little use but as a cutting tool, and these can be manufactured cheaper. They are not rare. Jews just control supply and sales. It is actually illegal to sell diamonds outside the cartel. Not only do they restrict supply to push up the price but jews also manipulated demand to create more scarcity.

Diamonds were never a traditional engagement gem before ww2. De beers made a huge marketing campaign that diamonds = love to sell more diamonds. You can google the de beers diamond engagement scam. Jew controlled diamonds and jew marketers manipulatijg white people with guilt. It is not traditional at all. All some jewish scam to create value out of nothing.

Bitcoin sounds the same. Jews make it sound like it is outside the system so it has value. Jews limit supply and manipulate demand. But you can invest then they collapse it at any time since jewish wealth is not invested in it. Just another form of kikery.

[Moretorque]

I WAS WONDERING THE SAME THING ABOUT THE WHOLE ENTIRE NET THAT IT'S JUST ONE Big syop because it was invented by Jew US GOV. Putin claims it's a CIA creation and I have a hard time believing they lost control some how. Putin actually claims he wants to build an alternate.

I am wondering how easy it would be to jam it so you could not use it by some means by the controllers of the net or somebody else ? It is picking up popularity quickly as a means of payment that is not traceable or is it ? Yes it seems like a con to me as well, I believe in money backed by real tangible items or am I missing something ? The system we use now mainstream is backed by our agreements to pay the credits back plus interest and yes it's a Jew con job.

[Moretorque]

Bit coin ...FAKE AS The Jews..

---------------

I propose Winston Coin...

Moretorque ...has 4200 Winston Coin...equal to number of Posts

Startchild....1900 Coins

Winston....20,000 coins

StarChild, you are such a genius, One side of the coins will have a Picture of Mr. Wu's incredibly handsome mug and the other side one of his conspiracy theories. One will be stamped flat earth, one stamped Apollo moon hoax, hollow earth and so on.

I would like to do a limited run of a collectable DracWula Winston coin....

[Kradmelder]

I WAS WONDERING THE SAME THING ABOUT THE WHOLE ENTIRE NET THAT IT'S JUST ONE Big syop because it was invented by Jew US GOV. Putin claims it's a CIA creation and I have a hard time believing they lost control some how. Putin actually claims he wants to build an alternate.

I am wondering how easy it would be to jam it so you could not use it by some means by the controllers of the net or somebody else ? It is picking up popularity quickly as a means of payment that is not traceable or is it ? Yes it seems like a con to me as well, I believe in money backed by real tangible items or am I missing something ? The system we use now mainstream is backed by our agreements to pay the credits back plus interest and yes it's a Jew con job.

There is a difference between intangible things. The Jews can collapse currencies. They have done it. Look at the Greek money swap. So can the Chinese and the russians because they have huge dollar reserves. If they ditched them they could collapse the value of the dollar. Why don't they? Because it would collapse their wealth as well. The Jews can collapse the greek economy and bit coin because they don't have a stake in it and little to lose. Just drive up the value, suck in money then pull the rug. Savings and loans, derivatives, junk bonds etc. Jew manipulations. Jews won't collapse the dollar, gold, diamonds, stock markets because a very large chunk of it is jewish wealth. Unfortunately the safest investment is where jews have their money. Jews are like rats. when rats leave the ship it is about to sink. When rats don't tread there, beware. I dont see jews pulling out of the dollar economy or investments so it is safe.

[Moretorque]

I WAS WONDERING THE SAME THING ABOUT THE WHOLE ENTIRE NET THAT IT'S JUST ONE Big syop because it was invented by Jew US GOV. Putin claims it's a CIA creation and I have a hard time believing they lost control some how. Putin actually claims he wants to build an alternate.

I am wondering how easy it would be to jam it so you could not use it by some means by the controllers of the net or somebody else ? It is picking up popularity quickly as a means of payment that is not traceable or is it ? Yes it seems like a con to me as well, I believe in money backed by real tangible items or am I missing something ? The system we use now mainstream is backed by our agreements to pay the credits back plus interest and yes it's a Jew con job.

There is a difference between intangible things. The Jews can collapse currencies. They have done it. Look at the Greek money swap. So can the Chinese and the russians because they have huge dollar reserves. If they ditched them they could collapse the value of the dollar. Why don't they? Because it would collapse their wealth as well. The Jews can collapse the greek economy and bit coin because they don't have a stake in it and little to lose. Just drive up the value, suck in money then pull the rug. Savings and loans, derivatives, junk bonds etc. Jew manipulations. Jews won't collapse the dollar, gold, diamonds, stock markets because a very large chunk of it is jewish wealth. Unfortunately the safest investment is where jews have their money. Jews are like rats. when rats leave the ship it is about to sink. When rats don't tread there, beware. I dont see jews pulling out of the dollar economy or investments so it is safe.

For the most part I believe you are correct but I believe the original format laid out by the very top of the people running this system was to collapse America's $ and do the Yuan but I believe the net has backfired on them and to much knowledge has been leaked and there is a war going on just below the tip of the pyramid on who will control the world and that group wants to remain in power by propping the $ up.

The whole system is designed to have all everything routed through their monetary base and alternate payments outside their control can really put a monkey wrench in their plans for total domination. They are in a race to try and control all capital world wide so even if somebody comes up with such a system there is no capital left for them to control and we the people world wide just have access to the crumbs.

Essentially the communist dictatorship through the back door done by Ponzi economics....