Bitcoin: "A Self-Contained Financial System" - page 2.

Gabi

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If you want to walk on water, get out of the boat

Quote from: cbeast on November 12, 2011, 05:38:17 AM

I don't know what country you are in, but in the USA only Congress is legally able to issue money. I would be careful calling Bitcoin money in America. As a foreign currency, it seems to be acceptable for now.

Yes, and if you for example use EURO you go to jail Roll Eyes

Seriously... wtf

cbeast

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Let's talk governance, lipstick, and pigs.

I don't know what country you are in, but in the USA only Congress is legally able to issue money. I would be careful calling Bitcoin money in America. As a foreign currency, it seems to be acceptable for now.

cypherdoc

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it just seems to me that the most likely candidates to resonate with a description such as this would be self contained ecosystems like communities, industries, or nations. surely these entities don't operate in a vacuum and do interface with the rest of the world but certainly Bitcoin could facilitate trade within them.

Portnoy

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My money; Our Bitcoin.

Quote from: Coinabul on November 11, 2011, 05:33:39 PM

Quote from: Portnoy on November 11, 2011, 03:35:51 PM

My money; Our Bitcoin.

You mind if I use that?

Feel free.

Coinabul

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Coinabul - Gold Unbarred

Quote from: Portnoy on November 11, 2011, 03:35:51 PM

My money; Our Bitcoin.

You mind if I use that?

DeathAndTaxes

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Gerald Davis

Quote from: Portnoy on November 11, 2011, 03:35:51 PM

My money; Our Bitcoin.

I like that. Kinda embodies the concept of I am responsible and in control of my funds. We collectively support the network. Nice one.

paraipan

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Firstbits: 1pirata

Quote from: Portnoy on November 11, 2011, 03:35:51 PM

{
autonomous;
communal;
egalitarian;
self-governing;
unconstrained;
}

My money; Our Bitcoin.

allright

btc_artist

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Bitcoin!

Quote from: cypherdoc on November 11, 2011, 02:06:57 PM

i think this is a good way to describe Bitcoin to the world.

I think "A secure, decentralized payment system" would be a better way to describe it so the average person (1) understands what it is, and (2) isn't scared off thinking it's some type of subversive, anarchistic movement.

ElectricMucus

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Marketing manager - GO MP

I think that was supposed to be a sarcastic wink, not a real statement...

adamstgBit

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Trusted Bitcoiner

Quote from: ALPHA. on November 11, 2011, 02:08:02 PM

I asked my father -- who is behind me -- what he thought of this:

"Sounds Un-American, son."

American was founded with principals. freedom and democracy... "The American Dream"... bitcoin seeks to revive these lost principals, and freedoms.

the central bank is Un-American, the founding fathers said so... and they fought real hard to no be subject to the central bank.

tell your dad to watch this...
http://www.youtube.com/watch?v=_dmPchuXIXQ

P4man

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Quote from: ALPHA. on November 11, 2011, 02:08:02 PM

"Sounds Un-American, son."

Good. Because so is bitcoin.

As for "selfcontained".. I dont think that describes bitcoin. a financial system that is "selfcontained" isnt one. Meh, well, okay, maybe its not that bad as a description for now lol.

Portnoy

legendary

Activity: 2030

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My money; Our Bitcoin.

{
autonomous;
communal;
egalitarian;
self-governing;
unconstrained;
}

My money; Our Bitcoin.

ElectricMucus

legendary

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Marketing manager - GO MP

It could be a way to describe it yes, but there is alot to be done till this term would be accurate enough to describe it.
The necessity to rely on fiat money to give it purchasing power needs to go away first.

In the mean time I would say it's "A potential Self-Contained Financial System"

cypherdoc

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Quote from: DeathAndTaxes on November 11, 2011, 02:44:38 PM

Self Contained is wordy and inaccurate.

No financial system is self contained and Bitcoin is no exception. Many people wouldn't want to accept or buy Bitcoins if they were self contained.

i am thinking about it in the context of an industry like the casinos using Bitcoin to trade like poker chips. of course ppl would eventually like to get their USD's out of the "system".

but as the economy grows hopefully to the point of independence then indeed Bitcoin would be self contained.

2112

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Quote from: cypherdoc on November 11, 2011, 02:06:57 PM

i think this is a good way to describe Bitcoin to the world.

It is as true as: 'Schizophrenic: "A Self-Contained Human Being"'.

One thing that Bitcoin has in common with schizophrenia: seems like nobody had analyzed the implication that the currency exchangers have two streams of income: one in bitcoin and one in fiat. They can use one to cross-subsidize transaction fees in the other.

The whole "mining pools" as a business entities are the proverbial giants on clay legs.

I'm thinking of the future will bring the interesting battles between terahash dinosaurs and the little mice that can survive by scratching both sides of the coins.

DeathAndTaxes

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Gerald Davis

Self Contained is wordy and inaccurate.

No financial system is self contained and Bitcoin is no exception. Many people wouldn't want to accept or buy Bitcoins if they were self contained.

cypherdoc

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Quote from: ALPHA. on November 11, 2011, 02:38:16 PM

"Sovereign Money"

Sovereign can be a large negative depending on who you ask.

cypherdoc

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Quote from: Coinabul on November 11, 2011, 02:36:50 PM

Why not an "Independent Financial System"?

to me the words "Self Contained" and "System" conveys compactness, tightness, and modularity. my teenagers can be very independent but not always in a good way.

ALPHA.

newbie

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"Sovereign Money"

Coinabul

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Coinabul - Gold Unbarred

Why not an "Independent Financial System"?

Topic: Bitcoin: "A Self-Contained Financial System" - page 2. (Read 3664 times)