Bitcoin - Part 2

[psionl0]

I was referring to advocates that hoped for a currency free of government. The same way I wonder how old maoists in China feel today.

If you mean anarcho-libertarians who believe that crypto currencies will take over the world then they seem to be scarce in this section.

There may have been a handful in the early days of these threads but most seem to have gotten themselves banned.

 

[BobTheCoward]

If you mean anarcho-libertarians who believe that crypto currencies will take over the world then they seem to be scarce in this section.

There may have been a handful in the early days of these threads but most seem to have gotten themselves banned.

I didn't mean here. I meant in the bitcoin community.

 

[psionl0]

I didn't mean here. I meant in the bitcoin community.

Then you should post int the bitcoin community forums.

 

[BobTheCoward]

Then you should post int the bitcoin community forums.

I'm not interested in their assessment of themselves. I'm interested in the assessment of them by people here.

 

[psionl0]

This is like pulling teeth!

Why don't you say what you mean the first time instead of trying to drag it out over 10 posts!

 

[Roger Ramjets]

Bitcoin now permitted by Sharia Law. Is this its "killer app"?

Islamic Scholar Says Bitcoin is Compliant With Sharia Law

Muslims account for 23% of the world’s population, with 1.6 billion Muslims throughout the world, mostly in Asia Pacific nations like India and Indonesia. Sharia Law, or Islamic Canonical Law, prohibits the practice of lending money at high-interest rates, known as usury...

Bitcoin has been a difficult currency to quantify, acting as a commodity and a currency all at once. It does, however, fall under certain definitions of customary money in Sharia law – anything that becomes widely accepted as currency by society or government mandate.

Mufti Muhammad Abu Bakar, a Sharia adviser and compliance officer at Blossom Finance in Jakarta, published a paper on whether Bitcoin is Halal (permitted) or Haram (forbidden) on Tuesday 10 April.

The paper essentially ruled that in certain cases, Bitcoin can indeed be Halal, permitted.

You see, Muslims eschew fiat currencies because all the banks are controlled by greedy Zionists. But Bitcoin is beyond the reach of the usurers' grubby hands, so Muslims are free to make (or lose) fortunes in it without getting offside with their god!

I predict that a lot of bitcoiners will suddenly change their minds about Sharia Law and decide that it's not so bad after all. With a potential 1.6 Billion* more suckers to prop up the cryptocurrency market, what's not to like?


*not the real number, but Bitcoin is immune to reality. Buy Bitcoin Now!

 

[PartSkeptic]

The South African tax authorities have said that bitcoin is not a currency but is an asset for tax purposes. Gains must be declared.

An asset has two properties. An inherent value and a price. It is the price that matters.

 

[BobTheCoward]

This is like pulling teeth!

Why don't you say what you mean the first time instead of trying to drag it out over 10 posts!

I thought I did. I thought by posting here that it was clear i wanted opinions here ther than somewhere else.

 

[psionl0]

You see, Muslims eschew fiat currencies because all the banks are controlled by greedy Zionists.

That's about as informed as anything else you have posted on this thread.

 

[BobTheCoward]

I think my sympathies lie with the anarchists. So seeing prices like this, I don't know if it advances the dream. From what little I know, I would definitely have opposed the hard fork of Ethereum because that guy never stole from anyone. Code is law.

 

[PartSkeptic]

I think my sympathies lie with the anarchists. So seeing prices like this, I don't know if it advances the dream. From what little I know, I would definitely have opposed the hard fork of Ethereum because that guy never stole from anyone. Code is law.

Code may be law, but do not forget the "Golden Rule" which is "The Man with the most Gold makes the Rules."

Or should it be the Bitcoin Law. "The Man with the most Bitcoin makes the Code"?

 

[Craig B]

I still don't see a world shattering rally. BTC peaked in December at $19,843 and now stands at $8,109. The crazy bubble appears to have burst, but that doesn't necessarily mean that the value of cryptos will decline all the way to zero. As I've pointed out: Dutch tulips still have some value, as do British railway companies and various other things that have been the pretext for speculative bubbles in the past.

 

[psionl0]

As I've pointed out: Dutch tulips still have some value, as do British railway companies and various other things that have been the pretext for speculative bubbles in the past. something totally unrelated to bitcoin had a price reversal centuries ago.

ftfy.

 

[Craig B]

ftfy.

Speculative manias have a lot in common. If you keep saying, the past has nothing to do with the present, you may manage to persuade simpletons that the junk you're peddling is the long-sought philosophers' stone, and you will relieve them of some of their loose cash, but if you take it seriously you will end up swindling yourself.

In fact speculative bubbles were new in the west in 1637, and in 1719-20, but they're not new now, and they follow a well established pattern, discernible in the records of economic history. In the pre-regulation USA, bubbles and ensuing panics happened about every ten years. See A Brief History of Panics and Their Periodical Occurrence in the United States http://www.gutenberg.org/ebooks/7361

 

[psionl0]

Speculative manias . . . . <blah> <blah> <blah> . . . .

ftfy.

This junk has been soundly refuted many times.

In the pre-regulation USA, bubbles and ensuing panics happened about every ten years. See A Brief History of Panics and Their Periodical Occurrence in the United States http://www.gutenberg.org/ebooks/7361

What does tariffs and credit crises have to do with bitcoin?

 

[Craig B]

ftfy.

This junk has been soundly refuted many times.

That's fortunate for you, because you don't seem to be able to "soundly refute" it. You merely write nonsense words.

What does tariffs and credit crises have to do with bitcoin?

Credit has nothing to do with Bitcoin? What you're really hoping is that "Panics and Their Periodical Occurrence", as mentioned in the book I linked, have nothing to do with Bitcoin.

 

[psionl0]

. . . . you don't seem to be able to "sou ndly refute" it.

Of course I have. So soundly that you have never dared to admit that those posts even exist - let alone address them.

Credit has nothing to do with Bitcoin?

Exactly. Bitcoin is not a tulip bulb nor a choo choo train nor a debt instrument (nor a tariff which you conveniently forgot that this book is about).

What you're really hoping is that "Panics and Their Periodical Occurrence", as mentioned in the book is addressing bitcoin.

 

[kayle]

Will there also be Bitbills? What about Bitchecks?

Come to me; I can offer the cheapest bitbillcheckbits!

 

[xjx388]

8:53pm. I claim a victory at $8415.54.

I now predict a rally, using my algorithm. I’ll come back to claim victory.

The rally has occurred, so I claim another victory for my algorithm. $8504 at 9:06am. I’m at 100%.

The algorithm is showing continued growth...followed by decline...then more growth, decline, a rally, then a correction. I can never be wrong really. All I have to do is make a prediction and wait for the volatile price to make me right!


Sent from my iPhone using Tapatalk

 

[Craig B]

Of course I have. So soundly that you have never dared to admit that those posts even exist - let alone address them.


Exactly. Bitcoin is not a tulip bulb nor a choo choo train nor a debt instrument (nor a tariff which you conveniently forgot that this book is about).

What you're really hoping is that "Panics and Their Periodical Occurrence", as mentioned in the book is addressing bitcoin.

Since the linked edition dates IIRC from 1893, the hope that it is specifically referring to Bitcoin is not one that I entertain with any confidence.