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Topic: Why Bitcoin is doomed to fail, and there's nothing you can do about it. - page 6. (Read 39330 times)

legendary
Activity: 3080
Merit: 1688
lose: unfind ... loose: untight
You really are an ignoramus, MikeyVeez. MtGox did not claim there is a fundamental problem with bitcoin, they admit there is a problem with their exchange.

And yes, AugustoCroppo, bitcoin is certainly doomed as per OP. Why the horror of dropping in value to where bitcoin had hit an all time high mere weeks ago.

Aren't you a moderator or some such here? Why on earth would you spend so much time on something in which you do not believe?

Yawn.

 Undecided

How many times I have to explain the Bitcoin software is not a religion until everyone understand that?
 

Yeah, I get it. I still fail to see how (any) "most of the OP predictions are becoming reality." from the events of the last few days. All I see in the OP are five arguable points. None of which seem to have given any additinal credence over the last few days.

And it was a serious question - are you a moderator here? If you think this is all such a watse of time, are you getting at least paid for your role?
"validated by the
newbie
Activity: 23
Merit: 0
Thank you for sharing your thinking in this community. Actually I worried 2-4 more than 1.
Investing is all about philosophy, 1% is always follows the law of gravity, 1% mean to be noble staying in higher pyramid, if they are evil, they mean to fall. Usually 1% should live the way being more stupid, and 99% should live the way being more smarter. It is the law of sociology, psychology, physics and physiology. It is sort of the similar debate on efficient and inefficient market mechanism. Yes market is efficient because some people rectify it by benefiting the inefficiency.
I would not worry about point 1, I am interested in listening the solution to point 2-4.
sr. member
Activity: 342
Merit: 250
No benefit over fiat money?

That proves right there you have no idea what the hell you are talking about OP.

It's actually inferior to the US dollar.

The USD is backed by the "full faith and credit" of the United States of America. That's why our currency is the most desirable and the rest of the world relies on it for trade.

Bitcoin is backed by the full faith and credit of who? basement dwelling computer nerds, libertarian lunatics, and chinese speculators?


And what the fuck does "full faith and credit" mean? Absolutely nothing. 16 Trillion dollars in debt and counting isn't exactly credible...  Value is created by scarcity and desire. As long as people desire BTC it is valuable. Same with the USD...
member
Activity: 82
Merit: 10
No benefit over fiat money?

That proves right there you have no idea what the hell you are talking about OP.

It's actually inferior to the US dollar.

The USD is backed by the "full faith and credit" of the United States of America. That's why our currency is the most desirable and the rest of the world relies on it for trade.

Bitcoin is backed by the full faith and credit of who? basement dwelling computer nerds, libertarian lunatics, and chinese speculators?
legendary
Activity: 1260
Merit: 1002
You really are an ignoramus, MikeyVeez. MtGox did not claim there is a fundamental problem with bitcoin, they admit there is a problem with their exchange.

And yes, AugustoCroppo, bitcoin is certainly doomed as per OP. Why the horror of dropping in value to where bitcoin had hit an all time high mere weeks ago.

Aren't you a moderator or some such here? Why on earth would you spend so much time on something in which you do not believe?

Yawn.

 Undecided

How many times I have to explain the Bitcoin software is not a religion until everyone understand that?
 

right now, its more like an underground cult ^^

vip
Activity: 756
Merit: 504
You really are an ignoramus, MikeyVeez. MtGox did not claim there is a fundamental problem with bitcoin, they admit there is a problem with their exchange.

And yes, AugustoCroppo, bitcoin is certainly doomed as per OP. Why the horror of dropping in value to where bitcoin had hit an all time high mere weeks ago.

Aren't you a moderator or some such here? Why on earth would you spend so much time on something in which you do not believe?

Yawn.

 Undecided

How many times I have to explain the Bitcoin software is not a religion until everyone understand that?
 
legendary
Activity: 3080
Merit: 1688
lose: unfind ... loose: untight
You really are an ignoramus, MikeyVeez. MtGox did not claim there is a fundamental problem with bitcoin, they admit there is a problem with their exchange.

And yes, AugustoCroppo, bitcoin is certainly doomed as per OP. Why the horror of dropping in value to where bitcoin had hit an all time high mere weeks ago.

Aren't you a moderator or some such here? Why on earth would you spend so much time on something in which you do not believe?
vip
Activity: 756
Merit: 504
Looking back I read so many fanatical idiots trying to bash the OP... I wonder how they feel right now when most of the OP predictions are becoming reality.

By the way, QFT:

But that would seem to have little relationship to AppleCoin.

I didn't quite understand everything with Apple coin, as there won't be any mining involved with amazons or apples digital currency, but the thing that I can see it as a negative to Bitcoin is that with Applecoin and Amazoncoin people can actually use it to purchase thousands of goods and services.

Again these are small minuscule issues to Bitcoin, the others mentioned are far more important and devastating.
member
Activity: 84
Merit: 10
because the dollar also exists, i like the cut of your jibb  
full member
Activity: 896
Merit: 102
LMAO, ohh man OP do you have magical super kinetic powers? Ohh no it's just called common sense. Mt. Gox says there is a flaw in Bitcoin, which we all already know as there are many flaws.

What is Gavin's response? NO THERE ISN'T A FLAW IN BITCOIN, SO WE WILL IGNORE IT JUST LIKE WE HAVE IGNORED EVERY OTHER FLAW IN IT SINCE I TOOK OVER.

The final gasps of air for Bitcoin, an asshole incompetent developer who meets with the CIA and the CFR lmao, and says don't worry just explaining Bitcoin to them. Explaining how we're going to destroy Bitcoin and replace it with our "safe" government digital currencies.

Enjoy the ride BitTards.
full member
Activity: 896
Merit: 102
BUMP for being spot on. Bitcoin drops 80% of it's value within minutes, I'm sure that's a great selling point to the masses. Mass Adoption here we come!!
legendary
Activity: 3080
Merit: 1688
lose: unfind ... loose: untight

Here's what to get pushed through the courts. Form contracts for any business that you do with other people. Let the contracts invoke the above Article 1 wording along with wording stating that it is the intent of the contract and the parties to the contract that no state laws apply except upon an explicit allowance by the parties to the contract that they are accepting certain stated laws. Throw in the wording that the Federal Government is a state. Say, also, that not answering a challenge by some some state authority in no way waives any part of the contract.

I'd like to see some example language -- pursuant to your idea above -- that has been tested in the courts.

No, really - I would _like_ to. I'm just skeptical that such could withstand the abomination our courts have become.
legendary
Activity: 1330
Merit: 1002
Just beware that the creation of the unconstitutional IRS was passed with the same bill that created the unconstitutional FED in 1913... No coincidence.

That's because income tax only exists to offset the inherent fraud (money-printing) of fiat money.  It is completely irrelevant to Bitcoin.

And barter is not the same thing as trade.
legendary
Activity: 3990
Merit: 1385
To my understanding, in the USA, the IRS considers barter a taxable event upon both parties to the barter transaction. If anyone has a citation proving otherwise, I'd certainly appreciate it if you'd share.
The United States of America constitute less than 5% of the people on this planet.  Who cares what the IRS consider barter to be?
They have a whole bunch of stupid rules, capital gains taxes, gift taxes, the list goes on.  The short answer is yes, they consider barter to be a 'taxable event'.  Where I live, we do not, nor do we have capital gains taxes or gift taxes.
Here is a link to the information you requested
http://www.irs.gov/taxtopics/tc420.html
"Bartering occurs when you exchange goods or services without exchanging money. An example of bartering is a plumber exchanging plumbing services for the dental services of a dentist. You must include in gross income in the year of receipt the fair market value of goods or services received from bartering."

Just beware that the creation of the unconstitutional IRS was passed with the same bill that created the unconstitutional FED in 1913... No coincidence.

The associated "authorities" in other countries have different names and dates of installment - but serve exactly the same purposes and route the cash into exactly the same structures, which are controlled by exactly the same breed of colluded central bankers. Most governments are merely muppets that dance as they are instructed to, assisted by mass media owned by just about the same people worldwide. No coincidence either.

To me, it's like comparing different "brands" of shampoo, washing powder or soap... All looking different, carry different languages, advertised and sold in various nations... all very likely owned and operated by one of the global MegaCorps (in this example Unilever).

If you are interested about how to bypass government, consider this. The constitution, Article 1, Section 10, Clause 1 has a statement in it that says: "No State shall ... make any ... Law impairing the Obligation of Contracts ..." The Federal Government has been adjudicated to be a state. See: Enright v. U.S., D.C.N.Y., 437 F.Supp. 580, 581.

Here's what to get pushed through the courts. Form contracts for any business that you do with other people. Let the contracts invoke the above Article 1 wording along with wording stating that it is the intent of the contract and the parties to the contract that no state laws apply except upon an explicit allowance by the parties to the contract that they are accepting certain stated laws. Throw in the wording that the Federal Government is a state. Say, also, that not answering a challenge by some some state authority in no way waives any part of the contract.

Apply the above with enumerations of specific laws that you do not want to apply to the contract or the parties thereof - IRS taxation, and business licensing, for example.

Doing this will make your Bitcoin transacting to match your terms and not government terms.

Smiley

legendary
Activity: 3990
Merit: 1385
1. IT'S A DECENTRALIZED CURRENCY

Let's all open up our history books and see when the 99% won against the 1%? Almost never, and even when they did “win” it was basically the 1% handing off power to another form, and still running it behind the scenes just to appease the people.


Why would anyone want to open the history books? The 1% who won wrote and published them. There are so many lies scattered among the truth in the history books, that it's hard to tell what the truth was!

Of course, this is the same reason that Bitcoin and the Internet stand a chance of winning. After all, when you take freedom away from the people, the people don't flourish for you. So what do you do? You give them the illusion of freedom so that they work hard for you, and in doing so, you give them some real freedom.

What happens next is that the people start to want more freedom. But you can't ever give them the illusion of 100% freedom without giving them 100% freedom. This is why the 1% ultimately fail every time.

Smiley

newbie
Activity: 36
Merit: 0
I don't see bitcoin failing like the other ecurrencies (LR, EGOLD, EBULLION). Dealings through bitcoin are well scrutinized and can't be used for money laundering so i don't see where the problem would emerge from.
sr. member
Activity: 252
Merit: 250
Sentinel
To my understanding, in the USA, the IRS considers barter a taxable event upon both parties to the barter transaction. If anyone has a citation proving otherwise, I'd certainly appreciate it if you'd share.
The United States of America constitute less than 5% of the people on this planet.  Who cares what the IRS consider barter to be?
They have a whole bunch of stupid rules, capital gains taxes, gift taxes, the list goes on.  The short answer is yes, they consider barter to be a 'taxable event'.  Where I live, we do not, nor do we have capital gains taxes or gift taxes.
Here is a link to the information you requested
http://www.irs.gov/taxtopics/tc420.html
"Bartering occurs when you exchange goods or services without exchanging money. An example of bartering is a plumber exchanging plumbing services for the dental services of a dentist. You must include in gross income in the year of receipt the fair market value of goods or services received from bartering."

Just beware that the creation of the unconstitutional IRS was passed with the same bill that created the unconstitutional FED in 1913... No coincidence.

The associated "authorities" in other countries have different names and dates of installment - but serve exactly the same purposes and route the cash into exactly the same structures, which are controlled by exactly the same breed of colluded central bankers. Most governments are merely muppets that dance as they are instructed to, assisted by mass media owned by just about the same people worldwide. No coincidence either.

To me, it's like comparing different "brands" of shampoo, washing powder or soap... All looking different, carry different languages, advertised and sold in various nations... all very likely owned and operated by one of the global MegaCorps (in this example Unilever).
sr. member
Activity: 560
Merit: 250
point number 1 being proven right every single day, don't worry though to the moon! You geniuses need to stop with your America envy, AMERICA isn't the world!!! Guess what it is, you can cry about it all you want. America's arm can reach all over the world, especially the 3rd world POS countries or any developed country for that matter, where they can come and kidnap you and bring you to trial here, and there isn't shit your country is going to do about it.
legendary
Activity: 3080
Merit: 1688
lose: unfind ... loose: untight
legendary
Activity: 3080
Merit: 1688
lose: unfind ... loose: untight
To my understanding, in the USA, the IRS considers barter a taxable event upon both parties to the barter transaction. If anyone has a citation proving otherwise, I'd certainly appreciate it if you'd share.
The United States of America constitute less than 5% of the people on this planet.  Who cares what the IRS consider barter to be?
They have a whole bunch of stupid rules, capital gains taxes, gift taxes, the list goes on.  The short answer is yes, they consider barter to be a 'taxable event'.  Where I live, we do not, nor do we have capital gains taxes or gift taxes.
Here is a link to the information you requested
http://www.irs.gov/taxtopics/tc420.html
"Bartering occurs when you exchange goods or services without exchanging money. An example of bartering is a plumber exchanging plumbing services for the dental services of a dentist. You must include in gross income in the year of receipt the fair market value of goods or services received from bartering."

Thank you, Coin_Master. My post was meant to respond to a number of other posts in this thread, which I inferred to be from US dwellers (perhaps I was mistaken), wherein they claimed that barter is not taxable.

Mind you, I personally find such policies to be reprehensible. Further, I challenge anyone to trace for me how such policies follow either USC or CFR. However, such are the entrenched policies that have been in place for several decades.

Note to US denizens: _gross income_ is distinctly different from _taxable income_ under both USC and CFR. The trip from gross to taxable is where things get interesting...
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