Topic: Gold collapsing. Bitcoin UP. - page 904. (Read 2032266 times)

1. Set up a Self-Directed IRA
2. Have the IRA transfer funds to an LLC of which you are the manager
3. Buy bitcoins (take possession on behalf of the LLC)
4. Store securely via your preferred method.

EDIT: For clarification, the IRA would invest in the LLC by buying all the shares/units. The LLC then, in turn, invests in bitcoin and takes possession.

Nick Szebo has a theory of money origins that has more explanatory power.

must listen podcast of Robert Murphy by Tom Woods on Bitcoin and the Regression Theorum.  it's a little past halfway in the podcast:

http://www.schiffradio.com/pg/jsp/verticals/archive.jsp

Murphy's Conclusions:

1.  Bitcoin is unique in that it was developed from the start to be a form of money and did not evolve as a commodity.
2.  Bitcoin leapfrogged the barter phase whereby it would have established it's own relative value (intrinsic value) as a commodity in the market place against other items prior to becoming a medium of exchange.
3.  the Regression Theorum is too restrictive as it could not have predicted something as innovative as Bitcoin.

i extend his conclusions to say the Jeffrey Tucker's theory that Bitcoin only has value primarily b/c of it's payment network to be wrong.  Woods alludes to Tucker's theory in the interview but clearly disagrees with it.  Woods makes the correct argument that the reason ppl value the payment network is b/c the Bitcoin currency has value to begin with.  IOW, the payment network would be worthless if Bitcoin the currency was worthless.  this is where Andreas is also wrong when he says Bitcoin the currency is merely the 1st app existing on what is the real value, the blockchain and that they can be separated.  same argument as Tucker's, same wrong conclusion.

also by extension, Konrad Graf's theory that the RT is consistent with Bitcoin's origin is also tenuous, if not wrong, altho not quite as aggregious in its conclusions as Tucker and Andreas.  as far as i'm concerned, Mises is a great economist who was right on just about all things except for the fact that his RT did not, and could not, have been expected to have predicted something like Bitcoin which depends on the Internet and a scale of global communication never before seen in human history.

my final conclusion is the same one i've had since i started with Bitcoin back in 2011, and that is that Bitcoin the currency is inextricably linked to Bitcoin the blockchain and Bitcoin the payment network. 

They are marketing it as a privacy feature.  If seeking privacy means you are going "beyond the law", maybe decades of law enforcement overreaching and seeking extensions of the laws into our personal lives is the problem.

Besides, if they take it away from the default install they will only remove if from the average consumer who isn't breaking laws.  The criminals will root their phones and use encryption anyway.  They can't stop this unless they make rooting illegal, and even that will only slow it down slightly.  If it comes to that, I'm fucking out of here.  I won't live in a country where it is illegal to own a general purpose computer that can run software that doesn't have the approval of government and corporate overlords.

The truth is they already gave their money to Wall Street a long time ago and have little-to-no hope of ever seeing it again, whether or not they invest in a Bitcoin ETF.

Looks like I covered DZZ & ZSL at the right time. 

Glad to see the stock market down. It may in fact be thata  financial dislocation is what it takes to stimulate the next Bitcoin rally.

Is that what you mean? Not everyone has a lot of cash to buy bitcoins. Instead they have funds locked into tax shelters and a Bitcoin ETF might be a good option.

This is why any retails who buy a Bitcoin ETF are fools.

All they'll accomplish is give Wall Street their money so somebody else can have bitcoins.

The question has changed.

From 'Will Bitcoin become mainstream?' to 'How can banks remain profitable and relevant?'

https://www.blackphone.ch/

i'm sure Apple, Google and many other tech companies are noticing purchasers are avoiding US products these days and instead doing their buying overseas.  all b/c of gvt intrusive policies.

Every single one of you is a pedophile or terrorist until proven innocent. Don't you care about the children.

WTF?  these guys are simply out of hand:

U.S. Law Enforcement Seeks to Halt Apple-Google Encryption of Mobile Data

http://www.bloomberg.com/news/2014-09-30/u-s-seeks-to-reverse-apple-android-data-locking-decision.html

https://privacysos.org/node/1009

And now you have destroyed government property.  Congratulations, you just upgraded your peaceful protesters to enemies of the state.

That's an intriguing thought. The chinese government currently buys up most of their in-country gold mining output, so would they do the same with their btc miners? The government put out a fair amount of negative "don't use bitcoin" comments over the last year but then they go ahead and allow huge mining operations.

"So banks could, for example, make intra-banking transfers more efficient and cheaper by using block chain technology at the transport layer, with the SWIFT messaging system on top. (SWIFT is the global organization that each day handles financial transactions such as wire transfers for more than 9,000 banks).

Many are reviewing the technology. Citi says it is evaluating Bitcoin and the block chain. So is Israel’s Bank Hapoalim. “We are starting to think what exactly we can do with this,” says Gigi Ashkenazi, the Israeli bank’s chief technology officer. “We can’t ignore it, but regulation is very strict. It’s a Catch-22.”

http://www.informilo.com/2014/09/banks-can-cash-bitcoin/

China is positioned very well in the Bitcoin space. With several of the largest exchanges and probably most of the largest mines, they have the potential to control much of the Bitcoin Economy. But it will need to come with higher freedoms for their people which I'm not so sure they're willing to give. It'll be really interesting to see how they respond to this Hong Kong issue. I hope they don't clamp down and do something rash.

Considering the gvt wants to make alot of money, maybe it'll work out. It's the power tripping we need to watch out for.

NO

The plan of China is working, the Yuan will become huge in trade exchange, they are buying a lot of Gold and they will be the first world economy very soon because they are a nation of hard workers, savers and producers; a bit like the States before but without the political freedom

My opinion.It happened when BTC hit gold parity.Some big players did not like it.