Libertarian Fail

Discussion in 'Politics & Current Events' started by American Brummie, May 5, 2011.

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  1. dapip

    dapip Member+

    Sep 5, 2003
    South Florida
    Club:
    Millonarios Bogota
    Nat'l Team:
    Colombia
    You might be correct, but neither the Fed or the credit card are on the build up part of the curve, they are established and accepted institutions. I am not versed in electronic currencies to make any forecasts and I don't pretend to say that this dooms the currency itself. For me it is novel that it has similar flaws as the regular accepted currencies and that it can be stolen in relatively big amounts.
     
  2. American Brummie

    Jun 19, 2009
    There Be Dragons Here
    Club:
    Birmingham City FC
    Nat'l Team:
    United States
    I'd place the status of e-currencies at the same spot in technological development as steam engines in the seventeenth century.
     
  3. Timon19

    Timon19 Member+

    Jun 2, 2007
    Akron, OH
    Roughly, maybe.

    It's weird when one of the most successful competitors was started as a farce.
     
  4. JohnR

    JohnR Member+

    Jun 23, 2000
    Chicago, IL
    I did a google search on the missing $9 trillion from the Fed and one of the initial finds was from "ufo-blogger.com" Couldn't find any remotely mainstream news site reporting on that.
     
  5. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    Well since we can't edit the Fed, we really don't know which was more my point than "the Illuminati stole our money!!!!!" Bitcoin, on the other hand is completely transparent.
     
  6. American Brummie

    Jun 19, 2009
    There Be Dragons Here
    Club:
    Birmingham City FC
    Nat'l Team:
    United States
    I wouldn't go that far.
     
  7. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    My issue is how Huff Post immediately slants it's position in the first line of the article. It's poor journalism. I think however it's well understood that there will be flaws along the way. It's part of the growing process.
     
  8. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    Explain
     
  9. American Brummie

    Jun 19, 2009
    There Be Dragons Here
    Club:
    Birmingham City FC
    Nat'l Team:
    United States
    There are ways of hiding your use of Bitcoins; while the coins themselves can be traced, their users cannot.
     
  10. Timon19

    Timon19 Member+

    Jun 2, 2007
    Akron, OH
    That's sort of the point. The transactions themselves are completely transparent, though, which is what I read MitH to be saying.

    There's quite a bit of talk out there that BTC is better off for the loss of Mt. Gox. Some thought it was a major contributor to the instability that has been seen. We'll see.
     
  11. American Brummie

    Jun 19, 2009
    There Be Dragons Here
    Club:
    Birmingham City FC
    Nat'l Team:
    United States
    I think that the structural problems underlying Bitcoin are manipulable even in the absence of Mt. Gox, and that tying currencies to addresses will always have its problems. The solution might not even exist yet.
     
  12. Timon19

    Timon19 Member+

    Jun 2, 2007
    Akron, OH
    Given enough time, ANYTHING is "manipulable". People are always coming up with ways to steal fiat currency, and people are always coming up with ways to hack servers. People are going to continue to come up with ways to try to steal ANY currency.

    And even if you mean (which I now suspect - this is an edit) that eventually, something will take Mt. Gox's place in the role in which it found itself, I agree. This makes it no different than just about anything else.
     
  13. American Brummie

    Jun 19, 2009
    There Be Dragons Here
    Club:
    Birmingham City FC
    Nat'l Team:
    United States
    I meant the Mt. Gox stuff - people can steal wallets on the street, too.
     
  14. nicephoras

    nicephoras A very stable genius

    Fucklechester Rangers
    Jul 22, 2001
    Eastern Seaboard of Yo! Semite
    As I've pointed out before, the Fed is most certainly audited. http://www.federalreserve.gov/faqs/about_12784.htm
     
  15. Funkfoot

    Funkfoot Member+

    May 18, 2002
    New Orleans, LA
    In the meantime, I'm going to stick with legal tender for all debts public and private.
     
    fatbastard repped this.
  16. American Brummie

    Jun 19, 2009
    There Be Dragons Here
    Club:
    Birmingham City FC
    Nat'l Team:
    United States
    Luddite.
     
    rslfanboy and Matt in the Hat repped this.
  17. ratdog

    ratdog Member+

    Mar 22, 2004
    In the doghouse
    Club:
    Chicago Red Stars
    Nat'l Team:
    United States
    To all those people tired of their "worthless fiat paper currency": You can always give me yours. I'll happily take it off your hands.

    Thanks!
     
  18. Cascarino's Pizzeria

    Apr 29, 2001
    New Jersey, USA
    Soupy Sales beat ya to it:

    "Kids - remove those funny green pieces of paper with pictures of U.S. Presidents" from their pants and pocketbooks. "Put them in an envelope and mail them to me", Soupy instructed the children. "And I'll send you a postcard from Puerto Rico!"
     
  19. russ

    russ Member+

    Feb 26, 1999
    Canton,NY
    Club:
    Liverpool FC
    Nat'l Team:
    United States
    I thought if you really thought fiat currency was going out you needed to start growing your food and buying gold.
     
  20. VFish

    VFish Member+

    Jan 7, 2001
    Atlanta, GA
    Club:
    Atlanta
    I'll gladly exchange them for your doubloons at a favorable rate. I'm surprised you of all people would make such a generous offer.
     
  21. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    That's the Neocon strategy
     
  22. argentine soccer fan

    Staff Member

    Jan 18, 2001
    San Francisco Bay Area
    Club:
    CA Boca Juniors
    Nat'l Team:
    Argentina
    Gold works for me, but I'll also accept those green federal reserve notes if somebody is eager to dispose of them.
     
  23. dapip

    dapip Member+

    Sep 5, 2003
    South Florida
    Club:
    Millonarios Bogota
    Nat'l Team:
    Colombia
    [​IMG]
     
  24. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    American Brummie repped this.

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