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Other / Off-topic / Re: Answer the question above with a question.
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on: July 05, 2014, 04:42:35 AM
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But in a capitalist crypto environment, can one truly be responsible for one's own actions?
If not then crypto will die because failure to take personal responsibility for one's actions will lead to centralised control in the hands of the elite, don't you see? When it comes to money, since it is the will of all other market players that defines our alternatives and the consequences of our choices, can we meaningfully say that we have free will and are responsible for our own actions?
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343
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Economy / Economics / Re: How profitable are exchanges?
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on: July 04, 2014, 07:24:44 PM
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How much did 1 BTC buy on November 28, how much did it buy on January 18, How much now, how much on May 10? And how much will it buy next month, next year?
You cannot use short, specific time periods to compare buying ability. When you do that you can easily pick and choose periods that make the data work in your favor. The point is that there have been periods when the purchasing power of 1 BTC dropped by more than 50%. There is no reason to believe that it cannot drop another 50% or more from its current price, at any time. There is no reason to believe that it will not stay low forever, if and when it drops. Bitcoin enthusiasts hope that it won't, but cannot say why it would not. So how could one honestly advise people to exchange their pesos for bitcoins? Keeping one's wealth as cash or simple bank accounts (in pesos or any other currency) is not a good idea in any case, inflation or no inflation. However, to escape infation one should pick an investment that can reasonably be expected to retain most of its real value, like real estate (if it is not in a bubble), or bonds that are automatically corrected for inflation. Bitcoins simply cannot serve that purpose: logic says that its purchase power is unpredictable, and experience confirms that it can devaluate much faster than the peso.
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344
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Other / Off-topic / Re: Answer the question above with a question.
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on: July 04, 2014, 03:12:14 PM
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Why would I want things to change?
Because anarchy is the future, who wouldn't agree with that? No one, except perhaps 99.99% of mankind? But could not .01% control the world just as easily as the 1% does now? Wouldn't that be ironic, the world under tyrannical rule of a small oligarchy of anarchists? It already is, isn't it? And aren't you right on spot?
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Other / Off-topic / Re: Answer the question above with a question.
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on: July 04, 2014, 02:43:45 PM
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Sorry, is it better now?
Nothing changed for me, as I don't have the problem; did things change for you? Why would I want things to change? Because anarchy is the future, who wouldn't agree with that? No one, except perhaps 99.99% of mankind? But could not .01% control the world just as easily as the 1% does now? Wouldn't that be ironic, the world under tyrannical rule of a small oligarchy of anarchists?
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346
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Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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on: July 04, 2014, 11:26:48 AM
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how is anybody gonna tell my BTC checking account at my local bank (has BTC under my name er that may be a clue) (just a reg checking accnt so i can save 70 bucks a year in fees and not be a biz check accnt....thus can you add BTC under my name before my address above trick) ...have a visa biz card attached to such....use www.coinbase.com or whatever I understand that the aim of that regulation does not extend to that. It only forbids banks (not their customers) from buying, selling, or investing in bitcoins. That is something that the Central Bank of China (PBoC) had forbidden to Chinese banks already in December. More recently The PBoC has been pressing banks to go one step further: close accounts of exchanges and accounts used for buying or selling bitcoins. But banks seems reluctant to follow through that completely (they would lose $$) and so they still offer some support. The EU does not include this second phase, apparently.
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347
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Economy / Economics / Re: How profitable are exchanges?
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on: July 04, 2014, 11:03:31 AM
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Bitcoin is not a viable hedge against inflation, not even in Argentina. Pushing it on Argentinians as such is a scam, pure and simple. Have people forgotten Neo & Bee already? Bitcoin is by concept a deflationary currency. Deflation is the opposite of inflation. When inflation rises, assets that are deflationary will rise, but will still be able to purchase the same amount of goods/services Concept is not reality. How much did 1 BTC buy on November 28, how much did it buy on January 18, How much now, how much on May 10? And how much will it buy next month, next year? Now compare that with gold, stock, or even the Argentinian peso... Until there are concrete reasons to believe that it value cannot fall as much again, bitcoin cannot be considered a hedge against inflation; and "selling" it as such is scamming.
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348
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Other / Off-topic / Re: Answer the question above with a question.
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on: July 04, 2014, 10:53:51 AM
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Sorry, is it better now?
Nothing changed for me, as I don't have the problem; did things change for you? Why would I want things to change? Because anarchy is the future, who wouldn't agree with that? No one, except perhaps 99.99% of mankind?
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Other / Off-topic / Re: Answer the question above with a question.
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on: July 04, 2014, 03:50:59 AM
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Some people should study certain area in their profile and find the correct settings, should they not?
Sorry, is it better now? Nothing changed for me, as I don't have the problem; did things change for you? I added my location to my profile, but it did not seem to have made a difference either; should I have felt something?
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356
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Economy / Service Discussion / Re: MtGox withdrawal delays [Gathering]
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on: July 04, 2014, 03:22:51 AM
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I did not lose much at all (0.0006 BTC or 0.001 USD) so no issues at all.
So it cost several hundred times more to send the card from Japan than the total amount you can claim for Real sensible Mr. Kobayashi If he had decided to supress the postcard for people with less than 1 USD balance, many of them would complain anyway, or worse. But be sure to check the rules with them. According to some posts here, if they follow standard bankruptcy practice, they will define your claim as all that you deposited, minus all that you withdrew -- rather than using the USD and BTC balances in your account at some arbitrary date. But perhaps Mr. Kobayashi himself doesn't know yet how he will compute the claims. This bankruptcy is probably virgin territory for the courts.
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