I've lost all faith in the system. Bitcoin is my last hope! - page 2.

franky1

legendary

Activity: 4270

Merit: 4534

Quote from: jugador on November 22, 2015, 05:21:33 PM

Isn't it possible that regulatory agencies start massive buying bitcoin (and offline storing it) in order to drain the liquidity from the whole system?

regulatory agencies dont have the budget..

however one silly forum member proposed trying to get the IRS to accept bitcoin directly..

well if that ever happened and people handed over 10% of their pay.. within 12 months a 1btc wage payment would turn into 0.71 hoarded by the IRS and 0.29btc left in circulation, once its passed through 12 peoples hands..

so yea, once the IRS has 71% of coin market.. they can do what they like to control the markets.

so lets make sure tax agencies never ask for bitcoin direct.. and lets instead just give them the debt notes known as fiat..

jugador

member

Activity: 79

Merit: 10

Quote from: Denker on November 22, 2015, 03:21:34 PM

Quote from: BYONDIIx on November 22, 2015, 02:54:48 PM

My greatest fear is for this technology that's supposed to free us is going to be used to oppress us.

This can only happen if you have to use some kind private blockchain coin.Let's call it Fedcoin. For this to happen the banks and governments have to abandon cash first.Then they have to confiscate all your gold, silver, copper, jewelry and any other assets in physical form. And of course Bitcoin must have been destroyed.Only then you would be slave and be totally controlled in every aspect by their system.
Good thing is:
1. People will try to invent other physical forms of money or go back to barter trading
2. Bitcoin will not get destroyed!!!
3. Therefore you will always have a choice. Don't be feared! Show resistance!

Isn't it possible that regulatory agencies start massive buying bitcoin (and offline storing it) in order to drain the liquidity from the whole system?

franky1

legendary

Activity: 4270

Merit: 4534

Quote from: BYONDIIx on November 22, 2015, 04:32:50 PM

Running a bitcoin node myself is okay for now but due to size of blockchain it will involve too much cost to store that data in the near future. Surely running a full node has actual uses for people like merchants?

merchants will use bitpay/coinbase. thus for the 100,000 merchants there is only really 1 or 2 nodes needed practically.
however exchanges and payment gateways will want to run full nodes... just a shame there is less than a dozen of them.

the issues people raise about being a node are exagerated.

1mb blocks=52gb a year max bloat.. (so far there has not been 52gb a year bloat, so relax)

8mb blocks = 416gb a year bloat..
32mb block=1.6tb a year bloat.

yet even with 1.6tb potential bloat per year. i can buy a hard drive that can handle a few years of potential maximum 32mb/block bloat.. for under $150/£100..

its not like you need to be a millionaire, running servers.. its just a £100 4tb hard drive.

BYONDIIx

newbie

Activity: 19

Merit: 0

Running a bitcoin node myself is okay for now but due to size of blockchain it will involve too much cost to store that data in the near future. Surely running a full node has actual uses for people like merchants?

Denker

legendary

Activity: 1442

Merit: 1016

Quote from: BYONDIIx on November 22, 2015, 02:54:48 PM

My greatest fear is for this technology that's supposed to free us is going to be used to oppress us.

This can only happen if you have to use some kind private blockchain coin.Let's call it Fedcoin. For this to happen the banks and governments have to abandon cash first.Then they have to confiscate all your gold, silver, copper, jewelry and any other assets in physical form. And of course Bitcoin must have been destroyed.Only then you would be slave and be totally controlled in every aspect by their system.
Good thing is:
1. People will try to invent other physical forms of money or go back to barter trading
2. Bitcoin will not get destroyed!!!
3. Therefore you will always have a choice. Don't be feared! Show resistance!

virtualx

hero member

Activity: 672

Merit: 508

LOTEO

Quote from: BYONDIIx on November 22, 2015, 01:44:59 PM

...I see even this decentralized haven being turned into a Free-for-all winner, winner takes all system. How can a Londoner save Bitcoin and himself?

You can get started with Bitcoin, an Peer-to-Peer Electronic Cash System, with the steps described here: https://bitcoin.org/en/getting-started
To make the bitcoin network more stable, run a full bitcoin node. To save bitcoin, earn them in the services section, trade them on localbitcoins, sell goods or buy them.

Quote from: BYONDIIx on November 22, 2015, 02:54:48 PM

My greatest fear is for this technology that's supposed to free us is going to be used to oppress us.

Any technology is used for good and bad.

BYONDIIx

newbie

Activity: 19

Merit: 0

My greatest fear is for this technology that's supposed to free us is going to be used to oppress us.

Denker

legendary

Activity: 1442

Merit: 1016

Quote from: Lauda on November 22, 2015, 02:02:26 PM

Initially I though that you were talking about the current system that we all live in. The system that does not care about its people, but solely cares about money. Putting this aside, you can't change Bitcoin at will. Bitcoin is strong because it is decentralized.

You're so right. This system does only care about the people staying very very close to that system. Every other behaviour gets suppressed and opposition's life manipulated as much as possible.

Example --> U.S. Drone Whistleblowers' Financial Accounts Frozen.

https://twitter.com/JesselynRadack/status/668253880271114240

BYONDIIx

newbie

Activity: 19

Merit: 0

First things first. I'm over the moon that the community didn't let Gavin Andresen and Co. to hijack Bitcoin..but that is old news.
I lost faith in the current system a long time ago (I'm talking about society in general). It's been broken for awhile now..you may be asking how.
Well let me explain.

1) Every Tom, Dick and Harry knows (or atleast should) that 1st world democracy is a farce. Anyone with even a remote understanding of democracy would know that in its current form being utilized worldwide. Democracy is just an elective dictatorship.

Bitcoin (Blockchain) can change all that. We could actually have a government that is made up of the people instead of groupings in society hell bent on achieving their own goals. There is more I'd love to elaborate on but I don't want this to turn into a wall of text.

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Initially I though that you were talking about the current system that we all live in. The system that does not care about its people, but solely cares about money. Putting this aside, you can't change Bitcoin at will. Bitcoin is strong because it is decentralized.

Mr. Forum

member

Activity: 70

Merit: 10

Will you please be detailed to expound on this matter. What are some of the key things that have made you loose hope in the system. As forum mates, it will be a plus to us when we understand the dangers that await us so that we all don't fall in the same ditch. Being also able to explain the fact that you have decided to rest the case on Bitcoin as you hope. Have you found details and some of the key benefits of bitcoin especially during this time when they are having negative ridicule?Thanks.

gambit1

hero member

Activity: 980

Merit: 508

Yes, specifics please. Also bitcoin is still rather small. All of us on this website, to some significant extent, are the system.

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: BYONDIIx on November 22, 2015, 01:44:59 PM

...I see even this decentralized haven being turned into a Free-for-all winner, winner takes all system. How can a Londoner save Bitcoin and himself?

The Londoner can start with elaborating a bit more on what problem the Londoner sees in the system (and himself?).

BYONDIIx

newbie

Activity: 19

Merit: 0

...I see even this decentralized haven being turned into a Free-for-all winner, winner takes all system. How can a Londoner save Bitcoin and himself?

Topic: I've lost all faith in the system. Bitcoin is my last hope! - page 2. (Read 1574 times)