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(P2P Foundation)   75 people own 99% of all Bitcoins   (blog.p2pfoundation.net) divider line 36
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4738 clicks; posted to Business » on 02 Jul 2013 at 3:57 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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Archived thread
2013-07-02 01:44:44 PM  
8 votes:
So, pretty much just like US dollars?
2013-07-02 12:51:02 PM  
4 votes:
I have a large sum of fake money in a few online games.  it's just as valuable in the real world as this bitcoin bullshiat.
2013-07-02 02:24:19 PM  
3 votes:
Meet the new economy, same as the old economy.
2013-07-02 12:20:44 PM  
3 votes:
A digital currency based on esoteric and murky footings with nothing backing it and no real regulation. And people wonder how it could be manipulated?
2013-07-02 06:58:54 PM  
2 votes:

FarkedOver: Oh so it's kind of like real currency.  Neat!


Real currency doesn't have the backing of a national GDP and the force of it's economy?

Wow. Learn something new every day!
2013-07-02 05:40:10 PM  
2 votes:

Eddie Adams from Torrance: So, pretty much just like US dollars?


And...done.
2013-07-02 04:54:44 PM  
2 votes:

Rapmaster2000: Bitcoin had way too many people invested in it for spite; to spite the banks and the Fed and the mainstream investing community and probably something else.

Spite is emotion.  Don't invest on emotion.

Bitcoin is good for concealing drug transactions.  Paying a dealer in straight cash is another way.


I would imagine more dealers take cash than BitCoin.
2013-07-02 02:50:36 PM  
2 votes:

Eddie Adams from Torrance: So, pretty much just like US dollars?

2013-07-03 04:59:03 PM  
1 votes:
I've got like a million bison dollars.

Gonna be so rich.

25.media.tumblr.com
2013-07-03 05:42:55 AM  
1 votes:

The Stealth Hippopotamus: Eddie Adams from Torrance: So, pretty much just like US dollars?

I was wondering what the percentage worked out to.


The majority of wealth isn't in liquid form though? If the goal is for bitcoin or something similar to be a liquid currency that doesn't need to be converted its a major issue. Not only because they posses the ability to crash the system at will, but also because of the limited amount avalible for actual users. The bitcoin system is designed to benefit early adoptors. Much like any other ponzi scheme the early adpotors often times make money and invite others to join in. The only thing that seems to drive bitcoin value is demand. It seems like a product not a currency.

The solutions in the article to the bitcoin problem are also the fundamental flaw in bitcoin. Bitcoin lacks mass adoption and basic protection you receive from a government backed currency. The medium isn't important as a bitcoin and currency note are equally worthless its the force behind it which makes it strong and valuable. If something or an organization were to threaten the bitcoin what recourse do its users really have? Its too bad good ideas don't always work in the 'real' world.
2013-07-03 04:34:10 AM  
1 votes:
Dunning-Kruggerands
2013-07-03 02:51:48 AM  
1 votes:
*scroll scroll scroll*

Seriously?

imgs.xkcd.com
2013-07-03 12:14:32 AM  
1 votes:

lewismarktwo: hardinparamedic: HempHead: Bitcoin ATM in Cyprus allows citizens to overcome currency restrictions and move their money outside of the country:

[anarchypress.files.wordpress.com image 602x480]
[images.wikia.com image 640x360]

Funny that second pic came about because of the instability of 'real' markets.


Frankly, the fact that Bitcoin compares favorably to the Euro in Cypress says less about the viability of Bitcoin than it does about how horribly mismanaged the Eurozone is.
2013-07-02 11:35:39 PM  
1 votes:

meat0918: I've still got my Magic: The Gathering Cards. Some Revised Ed., mostly 4th Ed.


You laugh, but I sold a MTG collection last year for $40,000.

/granted, it went all the way back to beta with multiple "power 9" sets
2013-07-02 11:04:07 PM  
1 votes:

HempHead: Bitcoin ATM in Cyprus allows citizens to overcome currency restrictions and move their money outside of the country:


anarchypress.files.wordpress.com
images.wikia.com
2013-07-02 09:47:12 PM  
1 votes:

El Pachuco: The shadow economy is a lot bigger than I ever imagined


It's at least 10% of the US economy, if my experience is a guide. That doesn't count the dozens of wealth exchanges your average group of friends transacts every week.

/square for the win
2013-07-02 09:27:24 PM  
1 votes:

oren0: If you use an untraceable, unrecoverable currency (read: no chargebacks or dispute resolution) to buy illegal goods on the Internet, you deserve what you get.


From what I've seen prowling around Tor-only sites that deal in illegal goods, there's generally some type of vetting system for sellers. Obviously you can't take the guy you bought PCP from to court if he doesn't deliver, but at least he shouldn't be able to scam too many people.
2013-07-02 08:48:58 PM  
1 votes:

stewbert: Nemo's Brother: Rapmaster2000: Bitcoin had way too many people invested in it for spite; to spite the banks and the Fed and the mainstream investing community and probably something else.

Spite is emotion.  Don't invest on emotion.

Bitcoin is good for concealing drug transactions.  Paying a dealer in straight cash is another way.

I would imagine more dealers take cash than BitCoin.

Yeah, I seriously can't see BitCoin working for drugs, unless you order drugs via internet. I don't consider that a worthy idea, so it's cash for my monthly purchase.


If you use an untraceable, unrecoverable currency (read: no chargebacks or dispute resolution) to buy illegal goods on the Internet, you deserve what you get.
2013-07-02 07:55:27 PM  
1 votes:

Nemo's Brother: Rapmaster2000: Bitcoin had way too many people invested in it for spite; to spite the banks and the Fed and the mainstream investing community and probably something else.

Spite is emotion.  Don't invest on emotion.

Bitcoin is good for concealing drug transactions.  Paying a dealer in straight cash is another way.

I would imagine more dealers take cash than BitCoin.


Not if you're buying Molly from some guy in Germany.
2013-07-02 07:11:13 PM  
1 votes:

Nemo's Brother: Rapmaster2000: Bitcoin had way too many people invested in it for spite; to spite the banks and the Fed and the mainstream investing community and probably something else.

Spite is emotion.  Don't invest on emotion.

Bitcoin is good for concealing drug transactions.  Paying a dealer in straight cash is another way.

I would imagine more dealers take cash than BitCoin.


Yeah, I seriously can't see BitCoin working for drugs, unless you order drugs via internet. I don't consider that a worthy idea, so it's cash for my monthly purchase.
2013-07-02 07:03:51 PM  
1 votes:

Eddie Adams from Torrance: So, pretty much just like US dollars?


Pretty much what I was going to say.
2013-07-02 06:42:09 PM  
1 votes:

Crotchrocket Slim: You only have to prove where you got your real money from if the authorities have other evidence to suspect you're making money in illegal enterprises.


As someone who has spent the past eleven years working for himself, after fifteen years of standard by-the-book W-2 regular jobs, it still surprises me how much I am able to make "outside the system" and how little of it would actually be known to the IRS unless I report it.  And I'm in a legit profession, nothing illegal.

I've also met quite a few others who do quite well off the books - gardeners, handymen, tattoo artists, real estate investors - without being involved in criminal stuff.  The shadow economy is a lot bigger than I ever imagined, even here in the well-regulated and reported US.
2013-07-02 06:26:15 PM  
1 votes:

MrBallou: My cousin's got a closet full of Beanie Babies. They must be worth a fortune by now.


I've still got my Magic: The Gathering Cards. Some Revised Ed., mostly 4th Ed.

And Spellfire
And Marvel: Overpower
And The Dune CCG

//Wonder if my cousin still has his Hyborian Gates cards.
2013-07-02 05:20:38 PM  
1 votes:
So in other words its functioning just like normal currency?
2013-07-02 05:14:17 PM  
1 votes:

Mikey1969: Anonymous and untraceable, apparently.


The transfer of bitcoins from one person to another at this point is anonymous, not sure about untraceable (which IP addresses took part in the transaction).  But making use of the bitcoins for tangible goods does require the use of an exchange, which is definitely not anonymous and is definitely traceable.
2013-07-02 04:51:24 PM  
1 votes:

Earguy: I once read that bitcoin was a preferred currency of drug dealers.  I have no idea why that is, or how it would work to their benefit.


Anonymous and untraceable, apparently.
2013-07-02 04:39:30 PM  
1 votes:
Bitcoin had way too many people invested in it for spite; to spite the banks and the Fed and the mainstream investing community and probably something else.

Spite is emotion.  Don't invest on emotion.

Bitcoin is good for concealing drug transactions.  Paying a dealer in straight cash is another way.
2013-07-02 04:35:27 PM  
1 votes:
Article makes me glad that I never bit on the bitcoin.
2013-07-02 04:32:31 PM  
1 votes:
I thought it smelled weird from the beginning.
2013-07-02 04:14:47 PM  
1 votes:
Cryptocurrency or trust bankers... oh god we are all fu*ked!
2013-07-02 04:13:08 PM  
1 votes:

trotsky: This is hilarious. Yet another major issue with the currency of the futuretm

I wonder if Roger Ver is one of the holders. That guy and his crappy bitcoin store are the best. Only $500k to go this month to keep those "competitive prices" flowing?

I wonder how many BTC Butterfly labs has? I mean, they've been using all those ASIC machines to mine like crazy while delaying shipping, so you know they hold a whole lot.


Did you read the ad Ars Technica wrote after Butterfly shipped them two units for review?

They will ship the machines after they are no longer cost effective to mine Bitcoins.
2013-07-02 04:07:04 PM  
1 votes:
This is hilarious. Yet another major issue with the currency of the futuretm

I wonder if Roger Ver is one of the holders. That guy and his crappy bitcoin store are the best. Only $500k to go this month to keep those "competitive prices" flowing?

I wonder how many BTC Butterfly labs has? I mean, they've been using all those ASIC machines to mine like crazy while delaying shipping, so you know they hold a whole lot.
2013-07-02 03:01:42 PM  
1 votes:
are they the same 75 people who funded 80 percent of the romney campaign?
2013-07-02 02:59:52 PM  
1 votes:

Eddie Adams from Torrance: So, pretty much just like US dollars?


I was wondering what the percentage worked out to.
2013-07-02 02:25:56 PM  
1 votes:
...and have touched a total of 31 female breasts
2013-07-02 12:43:03 PM  
1 votes:
My cousin's got a closet full of Beanie Babies. They must be worth a fortune by now.
 
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