Governments can't even balance their budgets, and somehow they'll create a bitcoin 'rival' and succeed?
Hahahahahaha... *deep breath* Hahahahahahaha
Suuuuuuuuuure they will.
Topic: 2013-04-17 americanbanker.com - Governments Must Co-Opt Bitcoin to Avert Disaste (Read 3653 times)
May 06, 2013, 06:51:58 PM
May 06, 2013, 01:27:26 PM
This is not a threat to Bitcoin at all. I have a very strong belief that the governments worldwide will regulate this into oblivion. Why because the underlying business model in fundamentally no different from that of PayPal or e-Gold and subject to the exact same regulatory risks and costs.
The outcome is:
1) It becomes a PayPal clone but only very late to the market.
2) It suffers the fate same of e-gold at the hands of one or more government agencies.
PS: The alchemists were right all along. It is possible to turn lead into gold. It is called Nuclear Physics not Chemistry by the way.
The outcome is:
1) It becomes a PayPal clone but only very late to the market.
2) It suffers the fate same of e-gold at the hands of one or more government agencies.
PS: The alchemists were right all along. It is possible to turn lead into gold. It is called Nuclear Physics not Chemistry by the way.
May 06, 2013, 11:39:36 AM
Quote
If not, Bitcoin will reign, suck in an enormous amount of OUR wealth, and eventually implode, unleashing a financial tsunami of unimagined proportions.
fixed
May 06, 2013, 10:41:47 AM
let's do it! let's get together! write to me! call me! just think about it! plzzzzzzzzzzzz 
oh the Keynesian mindset, the naiveté and his good faith in the central banksters.
oh the Keynesian mindset, the naiveté and his good faith in the central banksters.
May 06, 2013, 09:58:39 AM
lol. Never take advice from a youtube commentator with a world map and an artist's rendering of the planet Nibiru on his ceiling
May 06, 2013, 09:45:58 AM
April 19, 2013, 02:41:47 PM
No, thank you, sir!
I am really pleased by the level of knowledge and intelligence shown here in this thread and in general in this forum. There are a lot of well-meaning intellectuals here and it bodes well for Bitcoin.
I am really pleased by the level of knowledge and intelligence shown here in this thread and in general in this forum. There are a lot of well-meaning intellectuals here and it bodes well for Bitcoin.
April 19, 2013, 02:34:50 AM
marcus_of_augustas; SirWilliam.
Insightful, cutting.
So much win.
Thanks.
Insightful, cutting.
So much win.
Thanks.
April 18, 2013, 10:58:59 PM
Can someone brighter than me answer this one?
Is it possible at all to use one-time pads as he advocates, in any form of crypto currency?
Infact is it even possible to use for a digital currency with a central issuer?
Because if the key is sent out from a central location, isn't it vulnerable to man in the middle attacks?
Is it possible at all to use one-time pads as he advocates, in any form of crypto currency?
Infact is it even possible to use for a digital currency with a central issuer?
Because if the key is sent out from a central location, isn't it vulnerable to man in the middle attacks?
April 18, 2013, 08:21:02 AM
Something is rotten in the state of Denmark.
The first half of this article reads completely differently than the second half.
Up until "the Cyprus-Sarajevo spark is catching fire." comment that ends the first webpage, and seems like a great closing statement, the article is very positive and supportive of Bitcoin.
When clicking the link to read the full article the piece does a 180 degree turn and turns sour.
Also, the 2 halves of the article seem to be written in different styles as if written by different authors!
Anyone agree?
The first half of this article reads completely differently than the second half.
Up until "the Cyprus-Sarajevo spark is catching fire." comment that ends the first webpage, and seems like a great closing statement, the article is very positive and supportive of Bitcoin.
When clicking the link to read the full article the piece does a 180 degree turn and turns sour.
Also, the 2 halves of the article seem to be written in different styles as if written by different authors!
Anyone agree?
Yeah. Something just doesn't seem quite right. The peculiar, stilted style reads more like an 10th grade school assignment (C-). The writer works a little too hard to make weak, unsupported points sound profound, and they just comes across as ignorance with a veneer of awkward self-importance instead.
Speaking of weak, unsupported points... Did anyone else read the super-scary-dangers-to-the-financial-world "white paper" on his bitmint.com site?
Here's a highlight so you won't have to:
"In recent years it became clear that Swiss banks and other financial havens for unlaundered money are no longer effective – owing to an aggressive US treasury campaign. Hundreds of billions of dollars were consequently withdrawn from these institutions. Reportedly, big chunks of this wealth have not surfaced anywhere. Some experts believe that the financial black hole where these funds are hidden is dark crypto money."
i.e: Somewhere there is a super-duper-secret "dark crypto money" system capitalized to 100's of billions of dollars.
Litecoin? namecoin? LOL The writer clearly hasn't got the slightest idea, conceptual or factual, of what he's going on about.
April 18, 2013, 08:11:50 AM
Something is rotten in the state of Denmark.
The first half of this article reads completely differently than the second half.
Up until "the Cyprus-Sarajevo spark is catching fire." comment that ends the first webpage, and seems like a great closing statement, the article is very positive and supportive of Bitcoin.
When clicking the link to read the full article the piece does a 180 degree turn and turns sour.
Also, the 2 halves of the article seem to be written in different styles as if written by different authors!
Anyone agree?
The first half of this article reads completely differently than the second half.
Up until "the Cyprus-Sarajevo spark is catching fire." comment that ends the first webpage, and seems like a great closing statement, the article is very positive and supportive of Bitcoin.
When clicking the link to read the full article the piece does a 180 degree turn and turns sour.
Also, the 2 halves of the article seem to be written in different styles as if written by different authors!
Anyone agree?
It is definitely a weird article. At some point at thought the author was using irony to advocate for bitcoin.
April 18, 2013, 07:08:52 AM
Something is rotten in the state of Denmark.
The first half of this article reads completely differently than the second half.
Up until "the Cyprus-Sarajevo spark is catching fire." comment that ends the first webpage, and seems like a great closing statement, the article is very positive and supportive of Bitcoin.
When clicking the link to read the full article the piece does a 180 degree turn and turns sour.
Also, the 2 halves of the article seem to be written in different styles as if written by different authors!
Anyone agree?
The first half of this article reads completely differently than the second half.
Up until "the Cyprus-Sarajevo spark is catching fire." comment that ends the first webpage, and seems like a great closing statement, the article is very positive and supportive of Bitcoin.
When clicking the link to read the full article the piece does a 180 degree turn and turns sour.
Also, the 2 halves of the article seem to be written in different styles as if written by different authors!
Anyone agree?
April 18, 2013, 03:51:41 AM
Good evening crypto-currency evildoers.
I am Dr. Shalom Sadman, ad junk teaching assistant in the department of Plumbing and Electrician training at DeVry University. I am also a contributing editor at American Wanker, the leading industry magazine among professional wankers. I further own up to having started and owning my own startup: MintBits.com. Our slogan is "MintBits, when Junior Mints are just too big."
I hope you all think you are smart, playing with your digital fire without any digital safety precautions. But it won't be so funny when your actions, through a long Rube-Goldberg-machine-esque series of consequences, eventually lead to our planet earth being annihilated in the coming digital currency laser robot wars.
To those "nubiles" amongst you, without my experience and knowledge in the digital area (I have decades of experience in giving digital examinations to various areas of my students in fact) let me explain to you just what you are toying with. A "Bit Coin" is a digital currency, it is digital in the sense that it is made up of digits and its currency aspect derives from it currently being in the news a great deal. But let's digitally examine this phenomenon more deeply, let's go INSIDE the "rear entrance" and explore the alimentary canal of this currency, so to speak. A Bit Coin is different than a real coin in the sense that a Bit Coin is not real, it is instead made up of "bits." Now, as an expert, I can let you in on a dirty little secret about bits. Two bits...make a quarter.
So let's examine the real valuation of this electric terrorist money. A Bit Coin is made up of 256 bits, which, using my academic knowledge, I can break down and convert into an understandable number of real coins. There are 128 quarters in a 256-bit Bit Coin. 128 quarters make up only 32 dollars. So from this simple calculation you can understand that the Bit Coin is wildly overvalued at current levels. But it gets much worse. The bits we are talking about here will not even get you a shave and a haircut because they are electrified digital bits and therefore can't be payed out in the form of a genuine metal quarter.
On to the safety of using Bit Coins. Now you like to talk about your fancy-schmancy cryptofascist security. But let me make a very valid and relevant analogy at this point to explain this to you laypeople. These Bit Coins are protected by some sort of a code of numbers and digits and such forth. So let's think of another code, The Da Vinci Code for example. Those albino priests thought it was unbreakable and couldn't be cracked, but Tom Hanks sure made short work of it. 146 minutes it took him (it just felt longer) and now the whole world knows the Holy Grail is beneath that damn glass pyramid. Sorry, should have said spoiler alert. So obviously this so-called "very secure encryption" will soon be broken by some nerd with a scientific calculator and then your Bit Coins will all be zooming down the information superhighway into someone else's Bitty Wallet.
What can we to avoid this nightmare scenario? Luckily, I can offer an alternative. The wanking industry would do well to sign a few open-ended contracts with MintBits.com so together we can fight this apocalyptic future with the power of tiny, chocolatey, minty goodness.
Thank you for your attention.
I am Dr. Shalom Sadman, ad junk teaching assistant in the department of Plumbing and Electrician training at DeVry University. I am also a contributing editor at American Wanker, the leading industry magazine among professional wankers. I further own up to having started and owning my own startup: MintBits.com. Our slogan is "MintBits, when Junior Mints are just too big."
I hope you all think you are smart, playing with your digital fire without any digital safety precautions. But it won't be so funny when your actions, through a long Rube-Goldberg-machine-esque series of consequences, eventually lead to our planet earth being annihilated in the coming digital currency laser robot wars.
To those "nubiles" amongst you, without my experience and knowledge in the digital area (I have decades of experience in giving digital examinations to various areas of my students in fact) let me explain to you just what you are toying with. A "Bit Coin" is a digital currency, it is digital in the sense that it is made up of digits and its currency aspect derives from it currently being in the news a great deal. But let's digitally examine this phenomenon more deeply, let's go INSIDE the "rear entrance" and explore the alimentary canal of this currency, so to speak. A Bit Coin is different than a real coin in the sense that a Bit Coin is not real, it is instead made up of "bits." Now, as an expert, I can let you in on a dirty little secret about bits. Two bits...make a quarter.
So let's examine the real valuation of this electric terrorist money. A Bit Coin is made up of 256 bits, which, using my academic knowledge, I can break down and convert into an understandable number of real coins. There are 128 quarters in a 256-bit Bit Coin. 128 quarters make up only 32 dollars. So from this simple calculation you can understand that the Bit Coin is wildly overvalued at current levels. But it gets much worse. The bits we are talking about here will not even get you a shave and a haircut because they are electrified digital bits and therefore can't be payed out in the form of a genuine metal quarter.
On to the safety of using Bit Coins. Now you like to talk about your fancy-schmancy cryptofascist security. But let me make a very valid and relevant analogy at this point to explain this to you laypeople. These Bit Coins are protected by some sort of a code of numbers and digits and such forth. So let's think of another code, The Da Vinci Code for example. Those albino priests thought it was unbreakable and couldn't be cracked, but Tom Hanks sure made short work of it. 146 minutes it took him (it just felt longer) and now the whole world knows the Holy Grail is beneath that damn glass pyramid. Sorry, should have said spoiler alert. So obviously this so-called "very secure encryption" will soon be broken by some nerd with a scientific calculator and then your Bit Coins will all be zooming down the information superhighway into someone else's Bitty Wallet.
What can we to avoid this nightmare scenario? Luckily, I can offer an alternative. The wanking industry would do well to sign a few open-ended contracts with MintBits.com so together we can fight this apocalyptic future with the power of tiny, chocolatey, minty goodness.
Thank you for your attention.
Lol!
April 17, 2013, 09:24:37 PM
Good evening crypto-currency evildoers...
lol. Pretty good chance that would slip past the editors too (if there are any) at "American Banker".
The "bitmint" site actually looked like a spoof at first glance, but sadly it appears to be a delusional 'business idea'.
But remember: "Bitmint is Bitcoin done right" ... or maybe "done real good"?
April 17, 2013, 07:46:38 PM
Good evening crypto-currency evildoers.
I am Dr. Shalom Sadman, ad junk teaching assistant in the department of Plumbing and Electrician training at DeVry University. I am also a contributing editor at American Wanker, the leading industry magazine among professional wankers. I further own up to having started and owning my own startup: MintBits.com. Our slogan is "MintBits, when Junior Mints are just too big."
I hope you all think you are smart, playing with your digital fire without any digital safety precautions. But it won't be so funny when your actions, through a long Rube-Goldberg-machine-esque series of consequences, eventually lead to our planet earth being annihilated in the coming digital currency laser robot wars.
To those "nubiles" amongst you, without my experience and knowledge in the digital area (I have decades of experience in giving digital examinations to various areas of my students in fact) let me explain to you just what you are toying with. A "Bit Coin" is a digital currency, it is digital in the sense that it is made up of digits and its currency aspect derives from it currently being in the news a great deal. But let's digitally examine this phenomenon more deeply, let's go INSIDE the "rear entrance" and explore the alimentary canal of this currency, so to speak. A Bit Coin is different than a real coin in the sense that a Bit Coin is not real, it is instead made up of "bits." Now, as an expert, I can let you in on a dirty little secret about bits. Two bits...make a quarter.
So let's examine the real valuation of this electric terrorist money. A Bit Coin is made up of 256 bits, which, using my academic knowledge, I can break down and convert into an understandable number of real coins. There are 128 quarters in a 256-bit Bit Coin. 128 quarters make up only 32 dollars. So from this simple calculation you can understand that the Bit Coin is wildly overvalued at current levels. But it gets much worse. The bits we are talking about here will not even get you a shave and a haircut because they are electrified digital bits and therefore can't be payed out in the form of a genuine metal quarter.
On to the safety of using Bit Coins. Now you like to talk about your fancy-schmancy cryptofascist security. But let me make a very valid and relevant analogy at this point to explain this to you laypeople. These Bit Coins are protected by some sort of a code of numbers and digits and such forth. So let's think of another code, The Da Vinci Code for example. Those albino priests thought it was unbreakable and couldn't be cracked, but Tom Hanks sure made short work of it. 146 minutes it took him (it just felt longer) and now the whole world knows the Holy Grail is beneath that damn glass pyramid. Sorry, should have said spoiler alert. So obviously this so-called "very secure encryption" will soon be broken by some nerd with a scientific calculator and then your Bit Coins will all be zooming down the information superhighway into someone else's Bitty Wallet.
What can we to avoid this nightmare scenario? Luckily, I can offer an alternative. The wanking industry would do well to sign a few open-ended contracts with MintBits.com so together we can fight this apocalyptic future with the power of tiny, chocolatey, minty goodness.
Thank you for your attention.
I am Dr. Shalom Sadman, ad junk teaching assistant in the department of Plumbing and Electrician training at DeVry University. I am also a contributing editor at American Wanker, the leading industry magazine among professional wankers. I further own up to having started and owning my own startup: MintBits.com. Our slogan is "MintBits, when Junior Mints are just too big."
I hope you all think you are smart, playing with your digital fire without any digital safety precautions. But it won't be so funny when your actions, through a long Rube-Goldberg-machine-esque series of consequences, eventually lead to our planet earth being annihilated in the coming digital currency laser robot wars.
To those "nubiles" amongst you, without my experience and knowledge in the digital area (I have decades of experience in giving digital examinations to various areas of my students in fact) let me explain to you just what you are toying with. A "Bit Coin" is a digital currency, it is digital in the sense that it is made up of digits and its currency aspect derives from it currently being in the news a great deal. But let's digitally examine this phenomenon more deeply, let's go INSIDE the "rear entrance" and explore the alimentary canal of this currency, so to speak. A Bit Coin is different than a real coin in the sense that a Bit Coin is not real, it is instead made up of "bits." Now, as an expert, I can let you in on a dirty little secret about bits. Two bits...make a quarter.
So let's examine the real valuation of this electric terrorist money. A Bit Coin is made up of 256 bits, which, using my academic knowledge, I can break down and convert into an understandable number of real coins. There are 128 quarters in a 256-bit Bit Coin. 128 quarters make up only 32 dollars. So from this simple calculation you can understand that the Bit Coin is wildly overvalued at current levels. But it gets much worse. The bits we are talking about here will not even get you a shave and a haircut because they are electrified digital bits and therefore can't be payed out in the form of a genuine metal quarter.
On to the safety of using Bit Coins. Now you like to talk about your fancy-schmancy cryptofascist security. But let me make a very valid and relevant analogy at this point to explain this to you laypeople. These Bit Coins are protected by some sort of a code of numbers and digits and such forth. So let's think of another code, The Da Vinci Code for example. Those albino priests thought it was unbreakable and couldn't be cracked, but Tom Hanks sure made short work of it. 146 minutes it took him (it just felt longer) and now the whole world knows the Holy Grail is beneath that damn glass pyramid. Sorry, should have said spoiler alert. So obviously this so-called "very secure encryption" will soon be broken by some nerd with a scientific calculator and then your Bit Coins will all be zooming down the information superhighway into someone else's Bitty Wallet.
What can we to avoid this nightmare scenario? Luckily, I can offer an alternative. The wanking industry would do well to sign a few open-ended contracts with MintBits.com so together we can fight this apocalyptic future with the power of tiny, chocolatey, minty goodness.
Thank you for your attention.
April 17, 2013, 05:03:30 PM
April 17, 2013, 04:54:59 PM
My favorite sentence, by far, was on page 3.
What qualifies an adjunct assistant professor in the Department of Electrical Engineering and Computer Science to write an informed article about banking and finance? I acknowledge that there are many informed autodidacts, and the topics are approachable with some effort, but... this was just nonsense!
Quote
Gideon Samid is an adjust (sic) assistant professor in the Department of Electrical Engineering and Computer Science at Case Western Reserve University.
What qualifies an adjunct assistant professor in the Department of Electrical Engineering and Computer Science to write an informed article about banking and finance? I acknowledge that there are many informed autodidacts, and the topics are approachable with some effort, but... this was just nonsense!
April 17, 2013, 04:30:56 PM
The muppets are engaging ... and the fact is they must now come to compete on the geek playing field.
Good luck with that, if people want geek money they are gonna come to the geeks to get it, not the bankers.
Monetary freedom is the salt water that burns these vampires, you can almost hear the hisses in between the lines on this one.
Good luck with that, if people want geek money they are gonna come to the geeks to get it, not the bankers.
Monetary freedom is the salt water that burns these vampires, you can almost hear the hisses in between the lines on this one.
April 17, 2013, 04:24:40 PM
to be fair, Shelby Moore/Anonymint's project is something else. It is decentralized, with a proof of work scheme that will destroy users' hard drives.
+1
April 17, 2013, 04:23:02 PM
This wouldn't happen to be related to that autistic asshole Anonymint, would it? Seems to reek of it, in writing style, and "mint".
He seems to be deeply related to bitmint.com, for what it's worth.
When I first ran into Anonymint, I was thinking back on a time when we first met Synaptic... *sigh*
Checked out lots of resources for Bitmint but they all seem ethereal and derpy.
to be fair, Shelby Moore/Anonymint's project is something else. It is decentralized, with a proof of work scheme that will destroy users' hard drives.
April 17, 2013, 04:13:45 PM
This wouldn't happen to be related to that autistic asshole Anonymint, would it? Seems to reek of it, in writing style, and "mint".
He seems to be deeply related to bitmint.com, for what it's worth.
When I first ran into Anonymint, I was thinking back on a time when we first met Synaptic... *sigh*
Checked out lots of resources for Bitmint but they all seem ethereal and derpy.
April 17, 2013, 02:17:38 PM
This wouldn't happen to be related to that autistic asshole Anonymint, would it? Seems to reek of it, in writing style, and "mint".
He seems to be deeply related to bitmint.com, for what it's worth.
April 17, 2013, 02:14:59 PM
This wouldn't happen to be related to that autistic asshole Anonymint, would it? Seems to reek of it, in writing style, and "mint".
April 17, 2013, 02:07:57 PM
I really love the fact that after 2 years of addictively reading this forum, I can now read a mainstream so called "high brow" financial article such as this and mentally rip their uninformed nonsence to SHREDS
Thank you bitcoin
Muppets !
Thank you bitcoin
Quote
The policy conclusion is clear. Bitcoin should be disqualified as a functional tradable currency. However, a properly regulated, digitized option for the prevailing currency should be rushed to market. If not, Bitcoin will reign, suck in an enormous amount of wealth, and eventually implode, unleashing a financial tsunami of unimagined proportions.
Quote
Bitcoin is bad news on many levels. The most obvious concern was proven after the Cyprus crisis erupted: stability. What if people start lending and borrowing bitcoins? If your debt is denominated in the digital currency, and then its price soars, your burden in dollars will be off the chart. How would the debtors ever pay back their debt if overnight it multiplies by a factor of three?
Muppets !
April 17, 2013, 01:47:10 PM
What a great sentence. It's kind of indecent to say something like this. I think it's the first time I actually read it in such a blunt formulation.
I see this as a bookend to a quote from 1906:
Quote
In 1906, The New York Chamber of Commerce charged a special committee to report on how a central bank might work. The committee was composed of bankers, naturally. John Claflin, chairman, was a member of the Jekyll Island Club. Jekyll Island was where the conspiracy against the American people, The Federal Reserve, was hatched in 1908. The vice-chairman of this special committee was Frank Vanderlip, one of the architects of the Federal Reserve.
In the section titled “Advantages of a Central Bank”, we find a rather stunning admission about what bankers of all ages desire:
Judging by google’s results, no one in the past 100 years has paid any attention to the above quote.
What Bankers Want
In the section titled “Advantages of a Central Bank”, we find a rather stunning admission about what bankers of all ages desire:
Quote
”By the control of its rate of interest and of its issues of notes it would be able to exert great influence upon the money market and upon public opinion. Such power is not now possessed by any institution in the United States. “
The Currency Report By The Special Committee Of The Chamber Of Commerce Of The State Of New York
October 4, 1906
The Currency Report By The Special Committee Of The Chamber Of Commerce Of The State Of New York
October 4, 1906
Judging by google’s results, no one in the past 100 years has paid any attention to the above quote.
What Bankers Want
April 17, 2013, 01:42:18 PM
He's saying that bitcoin is deflationary and therefore not good for the economy, but people will choose it over government money if given the freedom to do so, and therefore needs to be kept out of their hands for their own good.
What a great sentence. It's kind of indecent to say something like this. I think it's the first time I actually read it in such a blunt formulation.
April 17, 2013, 01:41:32 PM
Hang on. Isn't he saying: "bitcoin is a great technology but unfortunately it's not ours. Therefore we need to make it illegal so that only WE can use it." ??
That's exactly what he's saying.
April 17, 2013, 01:36:48 PM
He's saying that bitcoin is deflationary and therefore not good for the economy, but people will choose it over government money if given the freedom to do so, and therefore needs to be kept out of their hands for their own good.
Marc Hochstein, who is very supportive of bitcoin, is the Executive Editor of American Banker:
http://www.americanbanker.com/contactus/?site_id=ab
Perhaps we could contact him and tell him what's in the article.
Marc Hochstein, who is very supportive of bitcoin, is the Executive Editor of American Banker:
http://www.americanbanker.com/contactus/?site_id=ab
Perhaps we could contact him and tell him what's in the article.
April 17, 2013, 01:33:53 PM
I don't think the author know what co-opt means.
April 17, 2013, 01:31:51 PM
There are some great quotes in this article:
Indeed.
I agree!
Hang on. Isn't he saying: "bitcoin is a great technology but unfortunately it's not ours. Therefore we need to make it illegal so that only WE can use it." ??
Quote
But when the Cypriot banks unilaterally declared that a big chunk of all deposits accounts would be snatched, the premise of deposit security came up for re-evaluation; and not only in Cyprus and in Europe, but also in the U.S. and elsewhere.
Indeed.
Quote
The technology is there. Bit money is ready to roll. The market has just opened: The meteoric rise in the exchange rate of Bitcoin (even after a sharp correction) is a shouting proof that people are eager for a means to store, guard and secure their financial wealth without using the banks as safe keepers.
I agree!
Quote
The other option is to ride the tide. Bitcoin has flushed out the public readiness to deal with bits as carriers of tradable currency.
The policy conclusion is clear. Bitcoin should be disqualified as a functional tradable currency. However, a properly regulated, digitized option for the prevailing currency should be rushed to market. If not, Bitcoin will reign, suck in an enormous amount of wealth, and eventually implode, unleashing a financial tsunami of unimagined proportions.
The policy conclusion is clear. Bitcoin should be disqualified as a functional tradable currency. However, a properly regulated, digitized option for the prevailing currency should be rushed to market. If not, Bitcoin will reign, suck in an enormous amount of wealth, and eventually implode, unleashing a financial tsunami of unimagined proportions.
Hang on. Isn't he saying: "bitcoin is a great technology but unfortunately it's not ours. Therefore we need to make it illegal so that only WE can use it." ??
Exactly what I was thinking. Somebody doesn't like competition...
April 17, 2013, 01:26:13 PM
There are some great quotes in this article:
Indeed.
I agree!
Hang on. Isn't he saying: "bitcoin is a great technology but unfortunately it's not ours. Therefore we need to make it illegal so that only WE can use it." ??
Quote
But when the Cypriot banks unilaterally declared that a big chunk of all deposits accounts would be snatched, the premise of deposit security came up for re-evaluation; and not only in Cyprus and in Europe, but also in the U.S. and elsewhere.
Indeed.
Quote
The technology is there. Bit money is ready to roll. The market has just opened: The meteoric rise in the exchange rate of Bitcoin (even after a sharp correction) is a shouting proof that people are eager for a means to store, guard and secure their financial wealth without using the banks as safe keepers.
I agree!
Quote
The other option is to ride the tide. Bitcoin has flushed out the public readiness to deal with bits as carriers of tradable currency.
The policy conclusion is clear. Bitcoin should be disqualified as a functional tradable currency. However, a properly regulated, digitized option for the prevailing currency should be rushed to market. If not, Bitcoin will reign, suck in an enormous amount of wealth, and eventually implode, unleashing a financial tsunami of unimagined proportions.
The policy conclusion is clear. Bitcoin should be disqualified as a functional tradable currency. However, a properly regulated, digitized option for the prevailing currency should be rushed to market. If not, Bitcoin will reign, suck in an enormous amount of wealth, and eventually implode, unleashing a financial tsunami of unimagined proportions.
Hang on. Isn't he saying: "bitcoin is a great technology but unfortunately it's not ours. Therefore we need to make it illegal so that only WE can use it." ??
Exactly! Who is the editor at American Banker that was asleep when this passed through his inbox?
April 17, 2013, 01:25:24 PM
This article is exactly why we need bitcoin: to make sure such people cannot control our money
April 17, 2013, 01:22:08 PM
There are some great quotes in this article:
Indeed.
I agree!
Hang on. Isn't he saying: "bitcoin is a great technology but unfortunately it's not ours. Therefore we need to make it illegal so that only WE can use it." ??
Quote
But when the Cypriot banks unilaterally declared that a big chunk of all deposits accounts would be snatched, the premise of deposit security came up for re-evaluation; and not only in Cyprus and in Europe, but also in the U.S. and elsewhere.
Indeed.
Quote
The technology is there. Bit money is ready to roll. The market has just opened: The meteoric rise in the exchange rate of Bitcoin (even after a sharp correction) is a shouting proof that people are eager for a means to store, guard and secure their financial wealth without using the banks as safe keepers.
I agree!
Quote
The other option is to ride the tide. Bitcoin has flushed out the public readiness to deal with bits as carriers of tradable currency.
The policy conclusion is clear. Bitcoin should be disqualified as a functional tradable currency. However, a properly regulated, digitized option for the prevailing currency should be rushed to market. If not, Bitcoin will reign, suck in an enormous amount of wealth, and eventually implode, unleashing a financial tsunami of unimagined proportions.
The policy conclusion is clear. Bitcoin should be disqualified as a functional tradable currency. However, a properly regulated, digitized option for the prevailing currency should be rushed to market. If not, Bitcoin will reign, suck in an enormous amount of wealth, and eventually implode, unleashing a financial tsunami of unimagined proportions.
Hang on. Isn't he saying: "bitcoin is a great technology but unfortunately it's not ours. Therefore we need to make it illegal so that only WE can use it." ??
April 17, 2013, 01:18:27 PM
Terrible article. The gov't will never back a currency that can't be centrally controlled. For better or worse, bitcoin is here to stay.
April 17, 2013, 01:17:56 PM
Quote
Bitcoin is bad news on many levels. The most obvious concern was proven after the Cyprus crisis erupted: stability. What if people start lending and borrowing bitcoins?
Prophetic words. Banker bitches feel their end is coming.
April 17, 2013, 01:11:36 PM
Check the 4th paragraph:
This sounds to me like the author tries to say the Bitcoin is "Bits are used in coins", with other words 100% ignorance or 100% lack of interest in finding out what Bitcoin is or what it isn't. Not worth your read...
Quote
Bitcoin, and digital money in general, are made up of a bit-string that carries value and identity intrinsically – just via the sequence of the bits, independent of any media these bits are expressed in.
The author simply read the name Bit and coin and thought "hey, I've heard about bits before, they are used in computers in some way". This sounds to me like the author tries to say the Bitcoin is "Bits are used in coins", with other words 100% ignorance or 100% lack of interest in finding out what Bitcoin is or what it isn't. Not worth your read...
Or 100% misdirection for his/her(Nancy?) audience.
April 17, 2013, 01:10:17 PM
What else would you expect from a such source as americanbanker.com ?
April 17, 2013, 01:08:05 PM
I want to marry [email protected] <3
April 17, 2013, 01:07:01 PM
April 17, 2013, 01:04:57 PM
Check the 4th paragraph:
This sounds to me like the author tries to say the Bitcoin is "Bits are used in coins", with other words 100% ignorance or 100% lack of interest in finding out what Bitcoin is or what it isn't. Not worth your read...
Quote
Bitcoin, and digital money in general, are made up of a bit-string that carries value and identity intrinsically – just via the sequence of the bits, independent of any media these bits are expressed in.
The author simply read the name Bit and coin and thought "hey, I've heard about bits before, they are used in computers in some way". This sounds to me like the author tries to say the Bitcoin is "Bits are used in coins", with other words 100% ignorance or 100% lack of interest in finding out what Bitcoin is or what it isn't. Not worth your read...
April 17, 2013, 01:01:40 PM
From Bitmint.com:
Quote
We are fortunate to witness a rare evolutionary step in the history of money -- digitization: a string of bits (ones and zeroes) is engineered to carry value and assume identity, and in that form flow, move, store, and accumulate: securely, seamlessly, discreetly and fast. Allowing payment, banking, investment and the of global economic activity to be redefined, re-engineered, and revamped. The global village is finally about to become not just global, but a village where anyone anywhere can trade, buy, pay, invest. Not account-based, like today, but eCash-based, appropriate for our modern eLife. New creative forces unleashed, new vistas opening.
Computerized payment will allow for micro services and macro deals to happen with transparency, accountability and fairness, dealing a painful blow to the forces that today thrive on money secrecy, and on hiding and abusing their wealth. In an apparent contradiction, digital money will offer unprecedented privacy for the non-abusers. Our imagination is not rich enough to extend into the myriad of changes and uncounted possibilities opened up with this new and most abstract form of money: a series of bits that carries both value and identity -- cryptographically robust, and mathematically assured.
Do you have the imagination to grasp what digitized money will bring about?
If you do, talk to us. We need you! BitMint money will be available in the coming months on a global basis, minted by a recognized financial technology firm. The minted digital coins will be offered for various payment and banking applications through several partners around the world. BitMint digitized coins are about to flow and permeate the information superhighways, and be complemented by hybrid coins of various denominations. These hybrid coins can be passed around as offline payment, but they can be readily uploaded into cyberspace: convenience, versatility, trust!
If you are a forward looking innovator with any commercial or socio economic enterprise in mind, or in action -- you are likely to benefit by shifting and upgrading to digitized money. Curious? -- Write to us! Tell us what you do, or intend to do, and we will respond with a description of how BitMint digitized money will boost your prospects. No obligation, no charge -- just something to think about!
And if you are sparked up, then let's discuss franchise. BitMint, LLC will provide you with digitized money specified and tailored per your needs and request. We will provide and install all the required software, we will provide you with the cryptographic vault for your money, and guarantee the integrity of the mint. We will help you plan your application, stand by you, train you, and help insure your success and your competitive edge. We are open to a full range of partnership from equity sharing, to franchise fees. We can propose solutions to virtually any want and shortfall on your part, except for a want and shortfall of imagination and foresight. In that department we need matching partners
Notice: The propositions herein are subject to change without prior notice. This site operates in Beta Testing Mode. BitMint traders seeking additional guarantees for any sums exchanged should write to [email protected]
Computerized payment will allow for micro services and macro deals to happen with transparency, accountability and fairness, dealing a painful blow to the forces that today thrive on money secrecy, and on hiding and abusing their wealth. In an apparent contradiction, digital money will offer unprecedented privacy for the non-abusers. Our imagination is not rich enough to extend into the myriad of changes and uncounted possibilities opened up with this new and most abstract form of money: a series of bits that carries both value and identity -- cryptographically robust, and mathematically assured.
Do you have the imagination to grasp what digitized money will bring about?
If you do, talk to us. We need you! BitMint money will be available in the coming months on a global basis, minted by a recognized financial technology firm. The minted digital coins will be offered for various payment and banking applications through several partners around the world. BitMint digitized coins are about to flow and permeate the information superhighways, and be complemented by hybrid coins of various denominations. These hybrid coins can be passed around as offline payment, but they can be readily uploaded into cyberspace: convenience, versatility, trust!
If you are a forward looking innovator with any commercial or socio economic enterprise in mind, or in action -- you are likely to benefit by shifting and upgrading to digitized money. Curious? -- Write to us! Tell us what you do, or intend to do, and we will respond with a description of how BitMint digitized money will boost your prospects. No obligation, no charge -- just something to think about!
And if you are sparked up, then let's discuss franchise. BitMint, LLC will provide you with digitized money specified and tailored per your needs and request. We will provide and install all the required software, we will provide you with the cryptographic vault for your money, and guarantee the integrity of the mint. We will help you plan your application, stand by you, train you, and help insure your success and your competitive edge. We are open to a full range of partnership from equity sharing, to franchise fees. We can propose solutions to virtually any want and shortfall on your part, except for a want and shortfall of imagination and foresight. In that department we need matching partners
Notice: The propositions herein are subject to change without prior notice. This site operates in Beta Testing Mode. BitMint traders seeking additional guarantees for any sums exchanged should write to [email protected]
April 17, 2013, 01:01:28 PM
Wow, what an amazing thesis on exactly why we need Bitcoin more than ever. This is my favorite part:
Pretty please, RUSH the prevailing currency replacement to market. That will work out best for everyone.
Quote
The policy conclusion is clear. Bitcoin should be disqualified as a functional tradable currency. However, a properly regulated, digitized option for the prevailing currency should be rushed to market. If not, Bitcoin will reign, suck in an enormous amount of wealth, and eventually implode, unleashing a financial tsunami of unimagined proportions.
Pretty please, RUSH the prevailing currency replacement to market. That will work out best for everyone.
April 17, 2013, 12:59:06 PM
lolwtf? Bitcoin like Sarajevo 1914 leading to WW1? No way this article is without an ironic wink.
April 17, 2013, 12:48:41 PM
http://www.americanbanker.com/bankthink/governments-must-co-opt-bitcoin-to-avert-disaster-1058380-1.html
Very negative article calling on bans on bitcoin worldwide.
Author calls himself a 'crypto-money professor' and created this site:
http://www.bitmint.com/
Very negative article calling on bans on bitcoin worldwide.
Author calls himself a 'crypto-money professor' and created this site:
http://www.bitmint.com/
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