/biz/ - Business & Finance

[Anonymous No.147480]

http://www.businessinsider.com/senator-calls-for-bitcoin-ban-2014-2

>I don't understand it
>ban it

so apparently a bitcoin ban is imminent

[Anonymous No.147502]

>(D-W.Va.)

Why do we allow liberals to exist?

They're psychopathic corporate fascists that need to be liquidated.

[Anonymous No.147524]

>>147480
do you libtards really think this is not going to eventually be regulated in some form? Do you really think governments will allow a new form of ponzi scheme to rip off its tax paying voters? How child like you all are. I would like to know the average age of the shitcoin posters on this thread and on other forums. You all seem about 18 - 25 years old. You need to understand how markets and governments co-evolved.

[Anonymous No.147537]

>>147502
>>>/pol/

I wouldn't say that this means a ban is 'imminent' seeing how slow the gov't works, but it's something to keep an eye on.

[Anonymous No.147545]

>>147524
>ponzi scheme
Yeeessss, good slave.

Obey the federal reserve and corporate fascism, or anything you do is an "EEEVVIIIL Ponzi scheme".

Kill yourself.

>You all seem about 18 - 25 years old.
You seem about 12 years old.

>You need to understand how markets and governments co-evolved.
Markets came first, governments came later to leach off them you shit eating tyrant.

[Anonymous No.147548]

>>147524
Also, why are you calling libertarians "libtards"?

How fucking new are you?
Do you not even know what "libtards" means on this website?

[Anonymous No.147553]

>>147480
"ban"... The most they could do is shut down corporate exchanges. The rest is pretty far fetched. You could still trade the currency, use it to buy from those who still accept it and you could even exchange it for cash at a more private level.

I'm not saying the "ban" wont have huge consequences on the price because I believe it will, but a "ban" is not what they think it means. Just like they have a "ban" on murder, yet people are still killed everyday. They can write their arbitrary laws to "stop criminals", but if it is criminals that are using the currency why is a piece of paper with some ink on it going to stop them? The most it will do is hurt them in the long run, or slow them down in the mean time.

More reasons to leave the USSA as they try to shut down another route for free trade.

[Anonymous No.147562]

>>147480

of course, the truth is bitcoins doesn't do anything that private banks couldn't do if they didn't have a shit load of regulations.

[Anonymous No.147578]

>>147553
>More reasons to leave the USSA as they try to shut down another route for free trade.
The USA is basically a communist country already.

[Anonymous No.147574]

>>147553
No, they could make it illegal to deposit money to/withdraw money from exchanges and other crypto:USD intermediaries, and make it illegal for banks to allow those transactions. The market would go poof.

[Anonymous No.147628]

>>147574
Again, just like murder is illegal. You can still exchange cash for bitcoins privately or through another country outside of the USSA. Plus you could still accept it as payment, who would know you did? Its not like the IRS is looking through your bitcoin books, even if they could.

[Anonymous No.147875]

>>147545
I would rather have a portion of my savings taxed by an elected government.

Than lose all my savings to some nappy wearing jap who runs some unregulated exchange.

I guess you made your choice friend.

[Anonymous No.147879]

>>147548
liberals and libertarians are just as foolish as each other. I use the term interchangeably.

[Anonymous No.147898]

>>147545
just out of curiosity my ron paul adoring /pol/ friend - how much did you have in mt gox.

feel free to lie and inflate fictional "profits"

[Anonymous No.147966]

>>147480
Bitcoins have never been a good idea, but now they're a plain shit idea. Like, you can't even assure that you'll get cash for your coins after you buy and they appreciate, it might become "illegal" for you to do so from now until you get a return.

Buy real investments, idiots. Gold is doing well... for once.

[Anonymous No.147984]

>>147966
>for once

Are you scared by amnesia or just a preteen. Gold has outperformed stocks by triple digits for an entire decade.

[Anonymous No.147990]

>>147984
Notice how it's pretty much just went up from about December last year? Yeah, that's called "doing well," I could play with chart time-frames too, but I can't be fucked.

[Anonymous No.148014]

>>147990
Any point between 1988 and 2007 gold has outperformed stocks massively, its only since the crash that stocks have outperformed

[Anonymous No.148258]

>>147966

wall street journal pls go

[Anonymous No.148279]

>bitcoin has been used in money laundering and illegal transactions
>so has literally every currency, this is an inherent part of currency's value on the black market
>there is nothing unique about bitcoin that makes money laundering easier with it

In all seriousness though if you weren't expecting regulation of some sort to come down eventually you too are a dumbass.

[Anonymous No.148294]

>>147966
>Buy real investments, idiots. Gold is doing well... for once.

Real Estate = Low Risk, Low Reward
Gold = Medium Risk, Medium Reward
Bitcoin = High Risk, High Reward

I don't see how one is in any way more "real" than the other, or why that makes one a better investment. Let's see how well you can trade that house or gold when the internet goes down.

>Numbers are fake
>But the paper saying I own that gold is real paper

[Anonymous No.148310]

>>147984
Logically, that is no indication that gold will continue to outperform stocks.

[Anonymous No.148668]

>>147875
>I would rather have a portion of my savings taxed by an elected government.

You would rather be a slave who has to exhaust labour and work for the state.

What an utter waste of flesh you are.

>Than lose all my savings to some nappy wearing jap who runs some unregulated exchange.
Bitcoin is forced to exist in a system of regulation, that is the problem.

>>147879
>liberals and libertarians are just as foolish as each other. I use the term interchangeably.
Then nobody cares. Shut the fuck up cunt.

>>147898
>how much did you have in mt gox.
Nothing?
Also IDs are enabled you sycophantic waste of flesh.

[Anonymous No.148885]

>>147480
>bitcoin is being used for shady, illegal transactions

So is, y'know, actual fucking money

>This swimming pool is full of piss, therefore swimming pools should be banned

[Anonymous No.148933]

>>148668
How daft can you be to take that as a complement

[Anonymous No.149244]

>>147480
>what is paper money

[Anonymous No.149272]

>>147480
>bitcoin ban is imminent
I don't think you know what imminent means.

>>147502
>>147524
Joe Manchin is the most conservative Democrat on the planet since Zell Miller. Don't confuse "Democrat" with "Liberal". Most Democrats are "blue dog".

[Anonymous No.149280]

>may have been used in illegal activity

So what? ACTUAL MONEY is used waaay more in criminal activities. Every note over a couple of years old is coated in a thin layer of narcotics for christs sake.

[Anonymous No.149325]

>>147545
>Markets came first, governments came later to leach off them you shit eating tyrant.
My good sir, that is incorrect. I state the following without partisan interest or judgement, instead for the sake of truth.

Before the state transaction costs between individuals were sky-high, due to the lack of an effective mechanism to enforce contracts and deals. This was historically partially solved by tight merchant- and kinships organisations, to name some example, but trade between individuals remained weak. Likewise, property rights and safety of one's own person was under constant threat as well. In those circumstances markets were slow to function. In essence, markets need a judicial and institutional framework in order to function. These can in reality only be guaranteed by a state. On the other hand, it is true that states can breach those same frameworks by rent-seeking. One must therefore balance between the state between weakness and strength. Strong enough to enforce the market, weak enough to not breach it. In short, the development seen in the last two centuries in the West.

[Anonymous No.149349]

>>147984
Check out the real price development of gold during the last century or two.
>muh decade
All the more reason to believe it'll revert to the mean and collapse.

[Anonymous No.149526]

>>149280
Great idea, let's ban paper money so only digital bank money still exists. Now we can track everything. Long Live Totalitarians!

[Anonymous No.149811]

>>149325
>In essence, markets need a judicial and institutional framework in order to function. These can in reality only be guaranteed by a state.

Therein lies the byzantine general's problem, thought to be inconceivable to solve before bitcoin. Will bitcoin replace the state judicial system as the only point of trust? Of course not. It will erase mountains of wasted paperwork, replace inefficient computer networks that cost billions to upgrade every decade, and ensure accountability on all sides without a clerk or notary to act as a party of trust. In short, it is the technology that can allow every process that the state currently executes to be done faster, more securely, and more cheaply.


Killer App Use: Voting. Every gets citizen assigned a wallet with an list of addresses containing a single satoshi for each office. The citizen can vote using their cell phone or go to a local voting booth where they sit in front of a tablet with access to a bitcoin app. You send the satoshi for each office to the address of the person you wish to vote for and it instantly begins getting verified and checked by a 29 Petahash network in a public ledger than anybody can quickly and freely audit at any time. The end-user never needs to see the wallet or the long address numbers inside, or even have a clue what about cryptocurrency. That is the magic part, to them it looks exactly like any electronic voting machine they ever used, however it costs maybe 1/1000 of the price from top to bottom. A soldier could easily vote in the middle of a combat zone using a satellite connection.

Or we could just stick to paper ballots and the billion-dollar Diebold machines that can be hacked into with just one regular computer. Seems legit.

[Anonymous No.152140]

>>149325
>Before the state transaction costs between individuals were sky-high, due to the lack of an effective mechanism to enforce contracts and deals.
Uh, courts, judges and contracts came LONG before the first states.

You know that right?

http://royhalliday.home.mindspring.com/history.htm

[Anonymous No.152180]

>I don't understand it!

>thinking they don't completely understand it
>thinking there hasn't been similar ideas to bitcoin in years past that end up with some mysterious "suicides"

There will only be one race that can play money-changer around here, goy

[Anonymous No.152206]

It won't happen, those numbers you crunch to mine bitcoins aren't random hashes. Your computer's brute force is being used to decrypt messages for the NSA.

[Anonymous No.152214]

>>147480

>soapparently a bitcoin ban is imminent

>mfw fear mongering: maximum overdrive