Crypto-currency will influence the world more than the internet has/will. The internet is essentially communication and knowledge with gatekeepers cut out. Crypto-currency will cut the gatekeepers or at least de-power them(by giving them valid competition they can't cheat away.
I take no joy in squashing dreams and hopes, but no, cryptocurrencies won't influence the world more than the internet. There is not necessarily a physical need to exchanging information. You tell a joke, I tell a joke, we laugh, and value is derived. For the exchange of money to be involved, there is always a physical component. That's where the "gatekeepers" insert themselves as middle-men.
Unless you know of a way how or a time when bitcoins, litecoins, or whatever can be used to buy aircraft carriers, fighter jets, and armored vehicles, the middle-men will remain. I'd even accept your argument if you could posit a plausible scenario in which you could clad a few thousand people in kevlar and arm them with tear gas and then somehow get them all to accept bitcoins in payment of salaries. For as long as I can foresee, those people will be paid with dollars derived from taxes. Crash the dollar and all those armed people suddenly can't pay the rent or buy food. If there's not enough dollars to pay them, it's because people are using bitcoin to evade their taxes, which will land you in prison quicker than murder or rape (I'm not making fun, that's just a sad fact). Most likely if bitcoin or something similar were ever to pose a material risk to vested interests, it would either be crushed or subverted.
Quote from Merriam-Webster Dictionary »
re·al·po·li·tik
noun, often capitalized \rā-ˈäl-ˌpō-li-ˌtēk\
: a system of politics based on a country's situation and its needs rather than on ideas about what is morally right and wrong
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Wind of Endless Plains 2WWWWW
Legendary Creature - Avatar
Flying, Vigilance, Lifelink
Madness 3WWWWW
If Wind of the Endless Plains' madness cost was paid, destroy all lands and creatures. They can't be regenerated. Wind of Endless Plains gains Defender.
7/7
Waves of the Endless Island 2UUUUU
Legendary Creature - Avatar
Split-second, Non-basic Landwalk, Shroud
Madness 3UUUUU
If Waves of the Endless Island's madness cost was paid, return all permanents to their owner's hands. Waves of the Endless Island gains Defender.
7/7
Confusion of Endless Possibilities 5WUBRG
Legendary Creature - Avatar
When Confusion of Endless Possibilities enters the battlefield, target player skips his or her next turn and your life total becomes 1.
Hexproof, Haunt, Amplify 7
Madness 7WUBRG
If Confusion of Endless Possibilities' madness cost was paid, target player skips his or her next turn. Confusion of Endless Possibilities gains Defender.
7/7
What incentive bitcoins give stores to use it? Wells its an instantaneous transaction that is not taxed by a bank.
Instead the transaction will be taxed by the currency exchange people who exchange the bitcoins into the dollars/yens/marks/etc that the store needs for its operations. For a mainstream business a bitcoin is not much different than someone paying by check or credit card.
1. You are aware our Armies are not paid for in physical cash but is paid my borrowing money, debt.
2. Also if bitcoin didn't work why can people buy goods (from pizza, cars, even houses) and services (like tax companies)from an ever increasing vender worldwide population. Thats like saying the internet would fail because less than a million people used it in the first year of its availability.
3. Also here is a complete glaring hole in your argument, when you put money in a bank and transfer it between account or other accounts or pay bills online, you are doing paperless transactions, based on a paper currency. Let along the fact our money and most is not backed by any standard anymore. That currency you are loving so much is only backed by faith. So is crypto-currency but its more stable in its systems and allows for multiple currencies to interact in any given area, helping to prevent a complete crash is say one currency tanks.
4. The gate keepers Im talking about are entities like the Fed that are not part of the government and control and fix rates to their will, not market values. Look up Libor scandal to see what kind of middlemen crypto-currency will de-power.
5. I should also extrapolate a little on how it can influence the world and break it down. So bitcoin works by people mining. Every 10 minutes the program (with the help of the cpu power of people mining) go through the entirety of the system and account for every bit and rewards some people randomly along the way....every ten minutes. This type of consensus network is the undisputed holy grail of distribution systems. This will make election rigging impossible and improve response times in pools developed with said systems. SO people who use armies to force their currency in other people markets will not be able to rig elections in their favor illegally, they just have to do it the old fashion way with lies and bribes.
To azmod, there are no currency exchange people. You trade out bitcoin by having a wallet, its a program like a bank account. there are any number of wallet programs and you can even make your own. So in your wallet you can sell or trade to someone. Some wallets have a transaction fee, some don't, some ask for donations to keep them running. Whats different about crypto-currency is that you can create you own so there is no standard or group of people you have to go to to make it. If a wallet maker wants to keep if free he can.
You missed my point. The entities you mentioned - the Federal Reserve and the government - operate within a system called "realpolitik." The dictionary entry I quoted above is sanitized. A more accurate reading would be as follows:
A system of politics based on perceived situations and desires rather than on morals and dignity.
It's not about the money, it's about power, and there are a great many people who worship the former in order to obtain the latter. The libor rate manipulations, as well as other shenanigans, demonstrate that unfortunate reality. I get a feeling you underestimate the lengths some people will go to in order to preserve that paradigm. As you correctly point out, armies are paid for and supplied by monetized debt, which makes the government and Federal Reserve irrevocably interdependent. Neither can continue to exist in its current form without the other also doing so. It doesn't matter whether they're separated on paper, because in realpolitik paper holds no more value than promises, which hold none. If a crypto-currency is going to try and replace the dollar, an attempt will be made to eliminate it or subvert it. To fend off such an attack would therefore require an army, and unless you can build one with bitcoins, you're out of luck.
The most likely scenario, as I see it, is that bitcoin and other fully digital currencies will simply be assumed into the established financial system via swaps and derivatives.
My point wasn't that they can't or wouldn't work, but rather they won't be allowed to. I don't mean any of this in a paranoid delusional way. I don't believe MIB are going to break down my door and cart me off to some hole in a third world country. A sniper isn't going to shoot me with a pellet full of an untraceable poison. It's just the reality of the situation.
So really I wasn't trying to kill your hopes of a better world. Things will get better eventually, but if you expect it to happen quickly or easily you're going to be very sorely disappointed. Just temper your optimism with patience and realistic expectations.
Understand this though: when the current paradigm collapses, you and other like-minded individuals will need to present a better alternative, both functionally better and morally better, and the financial system is just one piece of that. Your accusation of "that currency you are loving so much" couldn't be more wrong or baseless. Both the dollar and bitcoin are nothing more than electrical impulses in a network of fiberglass, copper, and insulation. I have no love or hate for either; it's the actions using them I will do so. When the time comes all these decisions have to be made, unless the new proposition is better than the old, I and others like me will likely subscribe to the old saying, "The evil I know is better than that which I don't." I'd rather remain familiar with a bad situation and wait for a good one rather than jump into a different bad situation and endure all the chaos and destruction in between. You mentioned Russia in an earlier post. One only needs look at the former Soviet Union and present Russia to see why that's true.
Wind of Endless Plains 2WWWWW
Legendary Creature - Avatar
Flying, Vigilance, Lifelink
Madness 3WWWWW
If Wind of the Endless Plains' madness cost was paid, destroy all lands and creatures. They can't be regenerated. Wind of Endless Plains gains Defender.
7/7
Waves of the Endless Island 2UUUUU
Legendary Creature - Avatar
Split-second, Non-basic Landwalk, Shroud
Madness 3UUUUU
If Waves of the Endless Island's madness cost was paid, return all permanents to their owner's hands. Waves of the Endless Island gains Defender.
7/7
Confusion of Endless Possibilities 5WUBRG
Legendary Creature - Avatar
When Confusion of Endless Possibilities enters the battlefield, target player skips his or her next turn and your life total becomes 1.
Hexproof, Haunt, Amplify 7
Madness 7WUBRG
If Confusion of Endless Possibilities' madness cost was paid, target player skips his or her next turn. Confusion of Endless Possibilities gains Defender.
7/7
To azmod, there are no currency exchange people. You trade out bitcoin by having a wallet, its a program like a bank account. there are any number of wallet programs and you can even make your own. So in your wallet you can sell or trade to someone. Some wallets have a transaction fee, some don't, some ask for donations to keep them running. Whats different about crypto-currency is that you can create you own so there is no standard or group of people you have to go to to make it. If a wallet maker wants to keep if free he can.
The actual dollars have to come from somewhere. A business that wants to exchange thousands of dollars worth of bitcoins every day will have to use brokers who will provide transactional security and will charge fees for this service.
Again, you trade bitcoin yourself so you don't have these transaction fees, get it. You have bitcoin, you trade it via a wallet program, end of story. Its like saying that the penny stocks you buy/trade yourself are taxed heavily by an nonexistent broker who didn't conduct the deal.
Again, you trade bitcoin yourself so you don't have these transaction fees, get it. You have bitcoin, you trade it via a wallet program, end of story. Its like saying that the penny stocks you buy/trade yourself are taxed heavily by an nonexistent broker who didn't conduct the deal.
And how do you get the actual dollars back into your bank account? The person/business buying the bitcoins from you has to use a service to transfer the money to you and they will charge a service fee for that. Then there is the scale of the trade. A business will not conduct thousands of small trades just so it can exchange its daily/weekly/monthly take of bitcoins into dollars. They will use a broker who is able to handle trades on such a scale. Such broker will charge a fee.
And how do you get the actual dollars back into your bank account? The person/business buying the bitcoins from you has to use a service to transfer the money to you and they will charge a service fee for that. Then there is the scale of the trade. A business will not conduct thousands of small trades just so it can exchange its daily/weekly/monthly take of bitcoins into dollars. They will use a broker who is able to handle trades on such a scale. Such broker will charge a fee.
In theory, there is no need to convert BTC into "actual dollars". BTC is its own store of value, and the business can spend it directly on expenses.
Case study: BlackLotusGo Games
1) Accept bitcoin for sales of Magic cards
2) Use these BTC to pay for more cards through the buylist
3) Pay employees with BTC
4) Employees can buy food, rent, and luxuries with their BTC
That's really all there is to it.
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():
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BlackLotusGo.com
Very good prices for Magic singles! Accepting bitcoin!
First and only store in the world offering to pay buylist orders in bitcoin!
@blacklotusgo on twitter
facebook.com/blacklotusgo
And how do you get the actual dollars back into your bank account? The person/business buying the bitcoins from you has to use a service to transfer the money to you and they will charge a service fee for that. Then there is the scale of the trade. A business will not conduct thousands of small trades just so it can exchange its daily/weekly/monthly take of bitcoins into dollars. They will use a broker who is able to handle trades on such a scale. Such broker will charge a fee.
In theory, there is no need to convert BTC into "actual dollars". BTC is its own store of value, and the business can spend it directly on expenses.
Case study: BlackLotusGo Games
1) Accept bitcoin for sales of Magic cards
2) Use these BTC to pay for more cards through the buylist
3) Pay employees with BTC
4) Employees can buy food, rent, and luxuries with their BTC
That's really all there is to it.
At a minimum the IRS will expect you to pay your taxes with US dollars. After that it becomes a matter of whether the business you are dealing with will accept BTC or whether they will ask you to pay them with the country's default currency. By law US citizens are required to accept US dollars as payment for any service or debt but do not have to accept any other currency or payment method. Will your bank allow you to pay your mortgage payment in bitcoins or will they expect you to convert it into US$ first?
Art is life itself.
I take no joy in squashing dreams and hopes, but no, cryptocurrencies won't influence the world more than the internet. There is not necessarily a physical need to exchanging information. You tell a joke, I tell a joke, we laugh, and value is derived. For the exchange of money to be involved, there is always a physical component. That's where the "gatekeepers" insert themselves as middle-men.
Unless you know of a way how or a time when bitcoins, litecoins, or whatever can be used to buy aircraft carriers, fighter jets, and armored vehicles, the middle-men will remain. I'd even accept your argument if you could posit a plausible scenario in which you could clad a few thousand people in kevlar and arm them with tear gas and then somehow get them all to accept bitcoins in payment of salaries. For as long as I can foresee, those people will be paid with dollars derived from taxes. Crash the dollar and all those armed people suddenly can't pay the rent or buy food. If there's not enough dollars to pay them, it's because people are using bitcoin to evade their taxes, which will land you in prison quicker than murder or rape (I'm not making fun, that's just a sad fact). Most likely if bitcoin or something similar were ever to pose a material risk to vested interests, it would either be crushed or subverted.
Legendary Creature - Avatar
Flying, Vigilance, Lifelink
Madness 3WWWWW
If Wind of the Endless Plains' madness cost was paid, destroy all lands and creatures. They can't be regenerated. Wind of Endless Plains gains Defender.
7/7
Legendary Creature - Avatar
Split-second, Non-basic Landwalk, Shroud
Madness 3UUUUU
If Waves of the Endless Island's madness cost was paid, return all permanents to their owner's hands. Waves of the Endless Island gains Defender.
7/7
Legendary Creature - Avatar
When Confusion of Endless Possibilities enters the battlefield, target player skips his or her next turn and your life total becomes 1.
Hexproof, Haunt, Amplify 7
Madness 7WUBRG
If Confusion of Endless Possibilities' madness cost was paid, target player skips his or her next turn. Confusion of Endless Possibilities gains Defender.
7/7
Instead the transaction will be taxed by the currency exchange people who exchange the bitcoins into the dollars/yens/marks/etc that the store needs for its operations. For a mainstream business a bitcoin is not much different than someone paying by check or credit card.
1. You are aware our Armies are not paid for in physical cash but is paid my borrowing money, debt.
2. Also if bitcoin didn't work why can people buy goods (from pizza, cars, even houses) and services (like tax companies)from an ever increasing vender worldwide population. Thats like saying the internet would fail because less than a million people used it in the first year of its availability.
3. Also here is a complete glaring hole in your argument, when you put money in a bank and transfer it between account or other accounts or pay bills online, you are doing paperless transactions, based on a paper currency. Let along the fact our money and most is not backed by any standard anymore. That currency you are loving so much is only backed by faith. So is crypto-currency but its more stable in its systems and allows for multiple currencies to interact in any given area, helping to prevent a complete crash is say one currency tanks.
4. The gate keepers Im talking about are entities like the Fed that are not part of the government and control and fix rates to their will, not market values. Look up Libor scandal to see what kind of middlemen crypto-currency will de-power.
5. I should also extrapolate a little on how it can influence the world and break it down. So bitcoin works by people mining. Every 10 minutes the program (with the help of the cpu power of people mining) go through the entirety of the system and account for every bit and rewards some people randomly along the way....every ten minutes. This type of consensus network is the undisputed holy grail of distribution systems. This will make election rigging impossible and improve response times in pools developed with said systems. SO people who use armies to force their currency in other people markets will not be able to rig elections in their favor illegally, they just have to do it the old fashion way with lies and bribes.
It's not about the money, it's about power, and there are a great many people who worship the former in order to obtain the latter. The libor rate manipulations, as well as other shenanigans, demonstrate that unfortunate reality. I get a feeling you underestimate the lengths some people will go to in order to preserve that paradigm. As you correctly point out, armies are paid for and supplied by monetized debt, which makes the government and Federal Reserve irrevocably interdependent. Neither can continue to exist in its current form without the other also doing so. It doesn't matter whether they're separated on paper, because in realpolitik paper holds no more value than promises, which hold none. If a crypto-currency is going to try and replace the dollar, an attempt will be made to eliminate it or subvert it. To fend off such an attack would therefore require an army, and unless you can build one with bitcoins, you're out of luck.
The most likely scenario, as I see it, is that bitcoin and other fully digital currencies will simply be assumed into the established financial system via swaps and derivatives.
My point wasn't that they can't or wouldn't work, but rather they won't be allowed to. I don't mean any of this in a paranoid delusional way. I don't believe MIB are going to break down my door and cart me off to some hole in a third world country. A sniper isn't going to shoot me with a pellet full of an untraceable poison. It's just the reality of the situation.
So really I wasn't trying to kill your hopes of a better world. Things will get better eventually, but if you expect it to happen quickly or easily you're going to be very sorely disappointed. Just temper your optimism with patience and realistic expectations.
Understand this though: when the current paradigm collapses, you and other like-minded individuals will need to present a better alternative, both functionally better and morally better, and the financial system is just one piece of that. Your accusation of "that currency you are loving so much" couldn't be more wrong or baseless. Both the dollar and bitcoin are nothing more than electrical impulses in a network of fiberglass, copper, and insulation. I have no love or hate for either; it's the actions using them I will do so. When the time comes all these decisions have to be made, unless the new proposition is better than the old, I and others like me will likely subscribe to the old saying, "The evil I know is better than that which I don't." I'd rather remain familiar with a bad situation and wait for a good one rather than jump into a different bad situation and endure all the chaos and destruction in between. You mentioned Russia in an earlier post. One only needs look at the former Soviet Union and present Russia to see why that's true.
Legendary Creature - Avatar
Flying, Vigilance, Lifelink
Madness 3WWWWW
If Wind of the Endless Plains' madness cost was paid, destroy all lands and creatures. They can't be regenerated. Wind of Endless Plains gains Defender.
7/7
Legendary Creature - Avatar
Split-second, Non-basic Landwalk, Shroud
Madness 3UUUUU
If Waves of the Endless Island's madness cost was paid, return all permanents to their owner's hands. Waves of the Endless Island gains Defender.
7/7
Legendary Creature - Avatar
When Confusion of Endless Possibilities enters the battlefield, target player skips his or her next turn and your life total becomes 1.
Hexproof, Haunt, Amplify 7
Madness 7WUBRG
If Confusion of Endless Possibilities' madness cost was paid, target player skips his or her next turn. Confusion of Endless Possibilities gains Defender.
7/7
The actual dollars have to come from somewhere. A business that wants to exchange thousands of dollars worth of bitcoins every day will have to use brokers who will provide transactional security and will charge fees for this service.
And how do you get the actual dollars back into your bank account? The person/business buying the bitcoins from you has to use a service to transfer the money to you and they will charge a service fee for that. Then there is the scale of the trade. A business will not conduct thousands of small trades just so it can exchange its daily/weekly/monthly take of bitcoins into dollars. They will use a broker who is able to handle trades on such a scale. Such broker will charge a fee.
In theory, there is no need to convert BTC into "actual dollars". BTC is its own store of value, and the business can spend it directly on expenses.
Case study: BlackLotusGo Games
1) Accept bitcoin for sales of Magic cards
2) Use these BTC to pay for more cards through the buylist
3) Pay employees with BTC
4) Employees can buy food, rent, and luxuries with their BTC
That's really all there is to it.
Very good prices for Magic singles! Accepting bitcoin!
First and only store in the world offering to pay buylist orders in bitcoin!
@blacklotusgo on twitter
facebook.com/blacklotusgo
At a minimum the IRS will expect you to pay your taxes with US dollars. After that it becomes a matter of whether the business you are dealing with will accept BTC or whether they will ask you to pay them with the country's default currency. By law US citizens are required to accept US dollars as payment for any service or debt but do not have to accept any other currency or payment method. Will your bank allow you to pay your mortgage payment in bitcoins or will they expect you to convert it into US$ first?
http://dogecoin.com/
Feel free to bid on my cards here!
http://valleywag.gawker.com/bitcoin-kingpin-admits-everyones-money-is-gone-1533315083/@sarah-hedgecock
Interesting Sidenote: Mt.Gox started a place to trade Magic Cards.
TerribleBad at Magic since 1998.A Vorthos Guide to Magic Story | Twitter | Tumblr
[Primer] Krenko | Azor | Kess | Zacama | Kumena | Sram | The Ur-Dragon | Edgar Markov | Daretti | Marath
while i think bitcoin is trash, there r crypto projects that have a real practical usage.