Screw the Banksters - Use Bitcoins / Are Bitcoins Just Another Bubble

[AntiPublicSectorGreed]

This guy says, "Don't buy Bitcoins"

Yeah, he does, so what? Who is he? What does he know about anything?

Next I'm going to watch (or rather, Listen to) "Bitcoins are a ponzi scheme"

Why are you recommending we watch videos that you havent even watched yourself?

If you have an argument against bitcoin, go ahead and make it. Im happy to debate with you.

[yehbut_nobut]

Yeah, he does, so what? Who is he? What does he know about anything?

Why are you recommending we watch videos that you havent even watched yourself?

If you have an argument against bitcoin, go ahead and make it. Im happy to debate with you.

Haven't made up my mind yet - just sharing the vids in case others want to watch them too. I found them as they were the ones that popped up immediately after watching yours. First guy seems to be a libertarian / Ron Paul fan, (judging by links) which is interesting.

Very puzzled about the "mining" aspect of bit coins. http://www.weusecoins.com/mining-guide.php What's it for? What does it do? So My computer is using a heck of a lot of processing powerto "mine" - but for what purpose?

[AntiPublicSectorGreed]

Very puzzled about the "mining" aspect of bit coins. http://www.weusecoins.com/mining-guide.php What's it for? What does it do? So My computer is using a heck of a lot of processing powerto "mine" - but for what purpose?

Thats a good question. "Mining" refers to the process by which Bitcoins are issued into circulation. The ordinary bitcoin user doesnt need to worry about any of this but, heres a summary anyway.

The main problem with any fiat currency is that the issuer of the currency can get rich by issuing it, which is kind of unfair. This is how the USA can run trade deficits for decades, and is considered an unfair advantage. The USA can purchase imports with printed dollars, whereas the rest of the world has to earn dollars by exporting.

So the creator of Bitcoin designed a very elegant system of issuing the new Bitcoin currency into circulation, that is fair to all, without enriching any one person. He modelled it after the process by which new gold is mined and put into circulation. So its called "Bitcoin mining".

To find new gold, takes a lot of work. You have to find a territory that has gold, then you have to dig ore out of the ground, and you have to refine it. The reward for your work, is you get to keep the gold. New Bitcoins are issued the same way. You have to do work to get the newly minted bitcoins.

Working to mine bitcoins means putting your computer to work processing everyone elses Bitcoin transactions. Anyone can participate in this but it has become a specialised business, and I wouldnt advise trying to get involved unless you are computer savvy. When your computer is processing transactions it has to crunch through some serious encryption algorithms. This encryption protects the Bitcoin transaction record from ever being altered or corrupted, and maintains the integrity of the currency. In return for this processing work, new bitcoins are randomly awarded to whichever computer encrypts the transaction record the fastest.

So far, only 8 million of the 21 million bitcoins have been mined. The new bitcoins will continue to awarded to computers working as payment processors until all 21 million coins are in circulation. Then no more will be issued.

Hope that helps.

[yehbut_nobut]

Thats a good question. "Mining" refers to the process by which Bitcoins are issued into circulation. The ordinary bitcoin user doesnt need to worry about any of this but, heres a summary anyway...
Working to mine bitcoins means putting your computer to work processing everyone elses Bitcoin transactions.
...Hope that helps.

Thanks - despite multiple google searches, yours is the clearest/least techie answer.
From what I can make out of those vids I posted, their main objection is that as they're not legal tender, no one is obliged to accept them for payment of goods and services. I'm still asking myself, "so"?

[AntiPublicSectorGreed]

Libertarians are just tossers with money who believe they should be able to do what they like.

Mods had no problem with this comment.

I get it now. "Bastards" is banned. "Tossers" is ok. I'll remember that for next time.

Leftwingers are sick tossers.

[ZeroWedge]

The Bitcoin currency continues to grow in popularity because it is the antithesis of debt based money. Some charities are now paying their salaries in Bitcoins.

Value storage through Bitcoin has profound political implications, as it is the first currency that decentralises the creation of new units (or, ‘mining’ in Bitcoin terminology), rather than the current system where new money is created as a byproduct of new debt. The whole world’s ‘formal’ economy is backed by debt, and debt is backed by violence. This can be verified by defaulting, and subsequently resisting eviction: state force will be used sooner rather than later. Bitcoin value storage is revolutionary as it deflates the dark power of debt, and allows to envision a world where this power of debt is no longer at the origin of economic activity. Bitcoin draws its value from peer-to-peer network dynamics, and mints new currency not through debt but through raw computational activity. Moreover, this essential difference from the current system, we argue, is actually in itself the most powerful claim to value of the Bitcoin monetary system.

http://blog.p2pfoundation.net/why-th...oin/2012/03/28

[eamo]

Thanks to PW I have become aware of "Bitcoins". Now it sounds like a great big pipe dream to me. Techies getting carried away and thinking they can disappear into a techie friendly parallel universe. But then again I swore the wheelbarrow would never catch on. So make up your own minds.
. SO....... For those of you who have not met the marvelous Bitcoin movement, here is some information, starting with a cynical report on the first Bitcoin heist.

[ame="http://www.youtube.com/watch?v=rjED2rRqfiQ"]$487,749.00 IN ELECTRONIC BITCOIN CURRENCY VANISHES INTO THIN AIR! - SCAM? - YouTube[/ame]

and a slightly more pro. Bitcoin view

[ame="http://www.youtube.com/watch?v=vNZXPZ3hDDg"]Bitcoin - you just don`t get it! - YouTube[/ame]

AND... Here is the full on sales pitch. If you want to get an idea of what bitcoins are, watch this short intro......

[ame="http://www.youtube.com/watch?v=Um63OQz3bjo"]What is Bitcoin? - YouTube[/ame]

And Wikipedia says:

http://en.wikipedia.org/wiki/Bitcoin

[Holly]

Bitcoins are Balderdash.

[eamo]

Bitcoins are Balderdash.

How many Bitcoins to a Balderdash? Should I invest?

[People Korps]

if a currency is not widely accepted it is not a currency can I buy carrots in tescos with bitcoins ergo it is bulllshit

[eamo]

if a currency is not widely accepted it is not a currency can I buy carrots in tescos with bitcoins ergo it is bulllshit

6 ergos to the bullshit on the codswallop market at present.

BUY BUY BUY!!!!

[Holly]

1 Bitcoin = 1 bubble

[ZeroWedge]

MOD A friendly reminder that we don't do free advertising and that politicalworld.org does not endorse Bitcoins

Promoting Bitcoin is not advertising because it is not a commercial product. There is no Bitcoin company or organisation. Its simply a community of people who use a digital currency that they invented. The following video was funded by crowdsourcing donations.

[ame="http://www.youtube.com/watch?v=5CrOKDOyW-Y&feature=player_embedded"]Screw Banks - YouTube[/ame]

http://screwbanks.net

[ZeroWedge]

if a currency is not widely accepted it is not a currency can I buy carrots in tescos with bitcoins ergo it is bulllshit

The Swiss Franc is not accepted in Tesco, ergo, it is bulllshit.

[eamo]

OOPS....... I did not know that there was already a thread on Bitcoins when I started this thread.
It was a post by Zero in the "is growth the answer to the crisis" thread that I was referring to in the OP.

Any Mod wanting to merge threads be my guest.