So true.? Errthang. By: EricSmyth14. on 12 May 12, 09:58:08 So true.? Errthang.
A virtual currency ... By: EricSmyth14. on 12 May 12, 09:56:26 A virtual currency backed by? nothing preferred over a paper currency backed by nothing. Is the advantage that big?
No you didn't, your ... By: priapus512. on 04 May 12, 03:34:45 No you didn't, your just question begging. Why does? someone need to value something for it's own sake? They don't. Just look at any paper money, no use outside of acquiring other goods, and don't say it's because of state laws, look at Somali they still use paper money.
Yes the value could drop off to very low very quickly but eventually it would reach a point where value dictated only by trade.
Cash/goods to bitcoins and back again generates a price and therefore a value.
I explained why in ... By: zuiprax. on 04 May 12, 02:51:03 I explained why in the vid. As well as in the comments.
It doesn't matter how? easy it is to send them to someone else. Someone needs to want them for their own sake, else the game becomes getting rid of them as fast as possible, and the increase in the velocity? reduces it's exchange value, until it reaches 0.
The only reason this isn't happening yet is that there are tons of deluded "true believers" who think that something that nobody wants to hold or consume can have value in the long term.
should be called ... By: DaRealDaywalker. on 27 Apr 12, 19:32:41 should be called bit? currency....
It didn't collapse ... By: zuiprax. on 25 Apr 12, 14:14:38 It didn't collapse completely yet, but it will in time. It's not really a good? alternative to fiat currency because it has most of the same flaws (no use value), and none of the benefits (others are not forced to use it or accept it or pay their taxes in it, meaning you can't count on others wanting it tomorrow)
A good alternative to fiat currency is something like gold or silver.
I do not understand ... By: Downfurlife. on 24 Apr 12, 14:20:43 I do not understand? Bitcoin is now accepted for many things. I just bought a movie - a real movie, I am holding it. The price of bit coin did "collapse" But, it is hardly close to zero. The expectation people will grasp the concept of what BC is in 2, 4 or even 5 years is obtuse. I am not saying invest $500,000. I'd? use it as an alternative to fiat currency(USD).
Beyond the? narrow ... By: MrDoublehappy. on 07 Apr 12, 16:12:10 Beyond the? narrow minded view of seeing bitcoin as an investment and return equation is a way for the ordinary global populace to transact in a far more flexible and cheaper means - it's value is volatile as are currencies in general this is just one more with it's merits and demerits - however it will find it's equilibrium - in fact the truth as any sound economist will tell you is that bitcoin is more credible than the US dollar
The Internet acts ... By: MrDoublehappy. on 07 Apr 12, 16:06:01 The Internet acts like a free market - where there is a way of doing things in a? more competitive way the Internet will evolve in that direction - it is inevitable that bitcoin or some version of it will displace the existing status quo - this has the potential to displace banks and commerce as we know it
While this view and ... By: MrDoublehappy. on 07 Apr 12, 16:02:14 While this view and critique is to some extent true - people have the same misunderstanding of futures - it is made up of Hedgers and Investors. You can approach this as a speculator or as a neutral? that is pursuing the transactional benefit - bitcoin is the twitter of finance - it's not going away
Also it is better ... By: wethepeople1776. on 04 Apr 12, 13:24:57 Also it is better to have the creation of currency under the people? instead of governments
I agree to a ... By: wethepeople1776. on 04 Apr 12, 13:22:15 I agree to a certain? extent with you, but what will happen is every company will start making their own bitcoins (forms of it) the market will dictate.......
Try watching again. ... By: zuiprax. on 18 Mar 12, 18:47:37 Try watching again. I explained my view of fiat money and? how it compares to bitcoins in this video.
To continue from ... By: scotsman1776. on 18 Mar 12, 04:32:28 To continue from the post below. How is Bitcoin any different than paper money? It's not. It will? only work if people think it does and expect it to. The difference is it's not controlled by a central bank who can decide to make it worth 4 cents one day and $40 the next. They can't loan it out to the government at interest and pocket the profit, hoarding it. No one government can force people to do things by taking it away. This is possibly salvation and sanctuary for the people in a rogue world
Isn't what you're ... By: scotsman1776. on 18 Mar 12, 04:26:12 Isn't what you're saying exactly true of fiat paper money? People print it out of thin air or at least the Federal Reserve does in America. It's not backed by gold or silver (anymore) it's basically worthless. The only reason the American dollar works is because people think it does. You can take a worthless $20.00 bill to buy gasoline (for example) That guy can't take it and redeem it for gold or silver, but he? can take it and give it to someone else and they'll take it for something he wants.
BIT faking coins ... By: retardedprogrammer. on 18 Mar 12, 03:17:26 BIT faking coins are scheme.? first ones got 200k coins easily.
Sorry , but I ... By: sweetnessOfFaith. on 28 Feb 12, 08:19:05 Sorry , but I can't? even continue to watch this , because the first thing you said is totally wrong. "It's an investment scheme where more investments come down the line, and people only make more money with more investments" The only investment is electricity and a fast computer. Electricity , my friend , is of value. Actually , my friend , in todays world , energy is more valuable than GOLD.
How is BTC a ponze? ... By: RugmuncherNZ. on 15 Feb 12, 02:46:50 How is BTC a ponze? Its not ponze at all. Its not computing BTC's for one? central person, get real and get some brains dude, facts count - theorys dont.
sounds like the ... By: murraysdaddy. on 06 Feb 12, 14:40:20 sounds like the american? dollar. biggest ponzi scheme going.
Yes, although I'm ... By: TheReasonWhyGuy. on 31 Jan 12, 13:55:30 Yes, although I'm also curious about what effect understanding? how bitcoins has on the likelihood someone will invest.
Does knowing more about them draw someone into investing? Or is it the opposite.
To me? a pyramid ... By: zuiprax. on 31 Jan 12, 13:36:33 To me? a pyramid scheme is an investment scheme where the only value can come from speculation. Those schemes always collapse eventually. You can profit from them by getting in before a rally and getting out before a crash, but in the long-term you will lose a lot if not all of your money.
I don't really make ... By: zuiprax. on 31 Jan 12, 13:33:42 I don't really make a difference between a ponzi scheme and a pyramid sheme, I guess you mean? that the ponzi scheme has fraud involved, whereas the pyramid scheme doesn't? If that's the way you define those, then I will agree that bitcoin is a pyramid but not a ponzi scheme. And depending on what we consider fraud, dollars would probably classify as a ponzi scheme.
Oh I agree with ... By: zuiprax. on 31 Jan 12, 13:29:48 Oh I agree with that. And I believe that's what's making so many people put their faith (and money) in? bitcoin right now.
yes... however it ... By: TheReasonWhyGuy. on 28 Jan 12, 12:22:23 yes... however it is possible that as people lack confidence in the stability of fiat currency, they may begin to? prefer something like bitcoins.
Still, not sure how long before it collapses
In the same way, ... By: zuiprax. on 28 Jan 12, 11:51:32 In the same way, you can spend electricity? to mine bitcoins, but that doesn't in and of itself make bitcoins valuable. What you have is a modified version of the labor theory of value, which is what mostly led Karl Marx to develop his theories on Capitalism and Communism.
if im a banker? im ... By: oiuoiu988. on 23 Sep 10, 02:12:22 if im a banker? im asking, "well how can i use THIS system to extract value from society without providing any value?"
Sure, I agree. We ... By: zuiprax. on 23 Jul 10, 13:19:44 Sure, I agree. We need to learn to walk before we learn to run.
And I don't think commodities will ever lose all monetary value.? There's always going to be people who prefer their -at least perceived- safety.
might very well be ... By: modelmark. on 23 Jul 10, 08:31:40 might very well be true, gold has a 5000 year history, but that was before they could make a basket? of stocks. However, it would surprise me that in the coming financial mess, this alternative would be in place and have enough credibility and people first go back to fairly reliable ancient alternatives.
@shadowgeyser Well, ... By: zuiprax. on 26 Sep 10, 02:21:50 @shadowgeyser Well, he's saying democracy is superior to a stateless society. And he believes that you can increase production within a country by increasing? border controls based on factors like race.
@shadowgeyser ... By: zuiprax. on 25 Sep 10, 12:26:50 @shadowgeyser Austrian economics. No state. 100% free market.
If people allow each other to make any? and all economic choices on their own, as long as they don't harm anyone else, production will be maximized. Because everyone is an expert in their own area of production. But when you plan an economy centrally, you have a small number of people telling millions what to do, and that can only generate chaos. Because you can't calculate the economic activities of millions of people centrally.
Excelent summary, ... By: lengthyounarther. on 17 May 10, 03:01:31 Excelent summary, and good to see another video from you!?
great vid.? I'm ... By: stealthswimmer. on 16 May 10, 01:40:14 great vid.? I'm surprised how quickly you were able to cover all topics in the vid. Also pretty thorough.
:-)
Nice? video, very ... By: Federiconoclasta. on 15 May 10, 16:29:40 Nice? video, very instructive.
Thanks, I agree ... By: ZullGostnu2. on 15 May 10, 02:42:53 Thanks, I agree with? you my friend. Keep making videos.
lol'd HARD? By: Anon1696. on 15 May 10, 01:46:11 lol'd HARD?
BABY DONT HURT ME? By: sharperguy. on 15 May 10, 01:41:30 BABY DONT HURT ME?
Latest comments made on this video:
By: EricSmyth14. on 12 May 12, 09:58:08
So true.? Errthang.
By: EricSmyth14. on 12 May 12, 09:56:26
A virtual currency backed by? nothing preferred over a paper currency backed by nothing. Is the advantage that big?
By: priapus512. on 04 May 12, 03:34:45
No you didn't, your just question begging. Why does? someone need to value something for it's own sake? They don't. Just look at any paper money, no use outside of acquiring other goods, and don't say it's because of state laws, look at Somali they still use paper money. Yes the value could drop off to very low very quickly but eventually it would reach a point where value dictated only by trade. Cash/goods to bitcoins and back again generates a price and therefore a value.
By: zuiprax. on 04 May 12, 02:51:03
I explained why in the vid. As well as in the comments. It doesn't matter how? easy it is to send them to someone else. Someone needs to want them for their own sake, else the game becomes getting rid of them as fast as possible, and the increase in the velocity? reduces it's exchange value, until it reaches 0. The only reason this isn't happening yet is that there are tons of deluded "true believers" who think that something that nobody wants to hold or consume can have value in the long term.
By: DaRealDaywalker. on 27 Apr 12, 19:32:41
should be called bit? currency....
By: zuiprax. on 25 Apr 12, 14:14:38
It didn't collapse completely yet, but it will in time. It's not really a good? alternative to fiat currency because it has most of the same flaws (no use value), and none of the benefits (others are not forced to use it or accept it or pay their taxes in it, meaning you can't count on others wanting it tomorrow) A good alternative to fiat currency is something like gold or silver.
By: Downfurlife. on 24 Apr 12, 14:20:43
I do not understand? Bitcoin is now accepted for many things. I just bought a movie - a real movie, I am holding it. The price of bit coin did "collapse" But, it is hardly close to zero. The expectation people will grasp the concept of what BC is in 2, 4 or even 5 years is obtuse. I am not saying invest $500,000. I'd? use it as an alternative to fiat currency(USD).
By: MrDoublehappy. on 07 Apr 12, 16:12:10
Beyond the? narrow minded view of seeing bitcoin as an investment and return equation is a way for the ordinary global populace to transact in a far more flexible and cheaper means - it's value is volatile as are currencies in general this is just one more with it's merits and demerits - however it will find it's equilibrium - in fact the truth as any sound economist will tell you is that bitcoin is more credible than the US dollar
By: MrDoublehappy. on 07 Apr 12, 16:06:01
The Internet acts like a free market - where there is a way of doing things in a? more competitive way the Internet will evolve in that direction - it is inevitable that bitcoin or some version of it will displace the existing status quo - this has the potential to displace banks and commerce as we know it
By: MrDoublehappy. on 07 Apr 12, 16:02:14
While this view and critique is to some extent true - people have the same misunderstanding of futures - it is made up of Hedgers and Investors. You can approach this as a speculator or as a neutral? that is pursuing the transactional benefit - bitcoin is the twitter of finance - it's not going away
By: wethepeople1776. on 04 Apr 12, 13:24:57
Also it is better to have the creation of currency under the people? instead of governments
By: wethepeople1776. on 04 Apr 12, 13:22:15
I agree to a certain? extent with you, but what will happen is every company will start making their own bitcoins (forms of it) the market will dictate.......
By: zuiprax. on 18 Mar 12, 18:47:37
Try watching again. I explained my view of fiat money and? how it compares to bitcoins in this video.
By: scotsman1776. on 18 Mar 12, 04:32:28
To continue from the post below. How is Bitcoin any different than paper money? It's not. It will? only work if people think it does and expect it to. The difference is it's not controlled by a central bank who can decide to make it worth 4 cents one day and $40 the next. They can't loan it out to the government at interest and pocket the profit, hoarding it. No one government can force people to do things by taking it away. This is possibly salvation and sanctuary for the people in a rogue world
By: scotsman1776. on 18 Mar 12, 04:26:12
Isn't what you're saying exactly true of fiat paper money? People print it out of thin air or at least the Federal Reserve does in America. It's not backed by gold or silver (anymore) it's basically worthless. The only reason the American dollar works is because people think it does. You can take a worthless $20.00 bill to buy gasoline (for example) That guy can't take it and redeem it for gold or silver, but he? can take it and give it to someone else and they'll take it for something he wants.
By: retardedprogrammer. on 18 Mar 12, 03:17:26
BIT faking coins are scheme.? first ones got 200k coins easily.
By: sweetnessOfFaith. on 28 Feb 12, 08:19:05
Sorry , but I can't? even continue to watch this , because the first thing you said is totally wrong. "It's an investment scheme where more investments come down the line, and people only make more money with more investments" The only investment is electricity and a fast computer. Electricity , my friend , is of value. Actually , my friend , in todays world , energy is more valuable than GOLD.
By: RugmuncherNZ. on 15 Feb 12, 02:46:50
How is BTC a ponze? Its not ponze at all. Its not computing BTC's for one? central person, get real and get some brains dude, facts count - theorys dont.
By: murraysdaddy. on 06 Feb 12, 14:40:20
sounds like the american? dollar. biggest ponzi scheme going.
By: TheReasonWhyGuy. on 31 Jan 12, 13:55:30
Yes, although I'm also curious about what effect understanding? how bitcoins has on the likelihood someone will invest. Does knowing more about them draw someone into investing? Or is it the opposite.
By: zuiprax. on 31 Jan 12, 13:36:33
To me? a pyramid scheme is an investment scheme where the only value can come from speculation. Those schemes always collapse eventually. You can profit from them by getting in before a rally and getting out before a crash, but in the long-term you will lose a lot if not all of your money.
By: zuiprax. on 31 Jan 12, 13:33:42
I don't really make a difference between a ponzi scheme and a pyramid sheme, I guess you mean? that the ponzi scheme has fraud involved, whereas the pyramid scheme doesn't? If that's the way you define those, then I will agree that bitcoin is a pyramid but not a ponzi scheme. And depending on what we consider fraud, dollars would probably classify as a ponzi scheme.
By: zuiprax. on 31 Jan 12, 13:29:48
Oh I agree with that. And I believe that's what's making so many people put their faith (and money) in? bitcoin right now.
By: TheReasonWhyGuy. on 28 Jan 12, 12:22:23
yes... however it is possible that as people lack confidence in the stability of fiat currency, they may begin to? prefer something like bitcoins. Still, not sure how long before it collapses
By: zuiprax. on 28 Jan 12, 11:51:32
In the same way, you can spend electricity? to mine bitcoins, but that doesn't in and of itself make bitcoins valuable. What you have is a modified version of the labor theory of value, which is what mostly led Karl Marx to develop his theories on Capitalism and Communism.