Confessions of a BitCoin scammer

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InfleXion
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Confessions of a BitCoin scammer

Postby InfleXion » Sun Apr 07, 2013

A couple YouTube videos about BitCoin from two different perspectives.

The first is from Mr. SBSS himself, Chris Duane at TruthNeverTold. I don't agree with everything he is saying, particularly that BitCoin is a ponzi or pyramid scheme. It's a free market, and that is where I do agree with his 2 of his concerns that some big wallets are running up the price, and that the exchanges are not regulated.

The second is a counter response to the first video from Davincij15 who understands sound money, BitCoin, and exchanges in general as well as anybody. He's been mining BitCoins since the start and lost many of his followers having been (and still is) a staunch silver advocate, and then also getting on the BitCoin bandwagon.

My take on all this - if you don't hold it you don't own it. It would have been nice to get rich off of BitCoins as I have been eyeing them since around $4 (maybe, we know about the parable of the camel passing through the eye of the needle), but I could never bring myself to own any BitCoins because they aren't tangible assets. Sure I could have turned that into metal, but I won't risk holding an empty bag. That being said I do think they have a bright future, but there are added risks with reliance on the Internet and electricity to maintain useability, and I also have to wonder if a global digital currency will open the door to a braver new world.



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eventurer
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Re: Confessions of a BitCoin scammer

Postby eventurer » Sun Apr 07, 2013

Interesting - thanks for posting

Electronic currency has made me more nervous then any fiat as that seems can go to zero value much eaiser...

That movie in first part of Chris Duane at TruthNeverTold video - Boiler Room is a great one! Nice sound track too!
How do you go bankrupt? First gradually, then suddenly....
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SilverEye
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Re: Confessions of a BitCoin scammer

Postby SilverEye » Fri Apr 12, 2013

The reason fiat currency has value is because of property tax. If you don't pay your property tax, the gov't will come take your house.

Everybody dodges sales tax by buying online, from private parties, under-reporting the actual cost of a used car to the DMV, or buying on the black market. If you are rich, you can dodge income tax by hiding it offshore.

But everybody pays property tax. Even if you rent, your landlord pays the property tax. Rich people live in bigger houses, often having multiple residences. We all pay property tax. So, we go out every day and work and earn dollars, or euro, or pesos, or pounds, or rupees to pay our taxes. And everybody else needs to pay their own taxes, so they need our dollars and will trade their time, expertise, goods, services to us for our dollars.

Even if there is nothing real behind your fiat currency, there is still a gov't that will take your house if you don't pay up. The gov't doesn't need gold behind their money because they have guns behind it. Even if no shopkeeper in town wants your dollars because they consider them worthless, as long as the gov't wants its taxes paid in dollars, they have real value.

Bitcoin has nothing behind it all. It's a fascinating idea because it is so synthetic. I wish I would have got in early, and I may still jump in and see if I can earn something with it.

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blackkramer
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Re: Confessions of a BitCoin scammer

Postby blackkramer » Fri Apr 12, 2013

Good post SilverEye! Never really thought about property taxes that way, but that reminds me of the Tally Stick, as far as I know that is the longest running currency that isn't silver or gold.

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

"The most prominent and best recorded use of the split tally stick being used as a form of currency was when King Henry I initiated the tally stick system in or around 1100 in medieval England. He would only accept the tally stick for taxes, and it was a tool of the Exchequer for the collection of taxes by local sheriffs (tax farmers "farming the shire") for seven centuries. The split tally of the Exchequer was in continuous use until 1826. In 1834, the tallies themselves were ordered to be burned in a stove in the Houses of Parliament, but the fire went out of control setting the building afire."

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SilverGOP
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Re: Confessions of a BitCoin scammer

Postby SilverGOP » Sat Apr 13, 2013

Fiat money is equal parts "full faith and credence" and horse...radish. it's money 'cause the government -says- it is money.

In the time when frns were a metal-backed currency, the situation was not nearly so bad. The specie could be treated as a cheque or coupon against a TANGIBLE item. I will say that, had the US stayed metal-backed, it would not be in nearly as bad a fix as we are now.

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fredzoyt
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Re: Confessions of a BitCoin scammer

Postby fredzoyt » Sat Apr 13, 2013

[quote="SilverStateGOP" it's money 'cause the government -says- it is money.
SSGOP[/quote]

That really is the extent of it's value isn't it? --Money because they say it is.
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captainpooby
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Re: Confessions of a BitCoin scammer

Postby captainpooby » Sat Apr 13, 2013

Excellent post!

Has anybody thought about just buying ONE bit coin? You know, in case it does go to a zillion bucks. Like a penny stock bet.

How would a person buy just one? :angel:
Being happy is like peeing your pants. Everyone can see it, but no one can feel the warmth except you.



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Purple and Gold
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Re: Confessions of a BitCoin scammer

Postby Purple and Gold » Sat Apr 13, 2013

SilverEye wrote:The reason fiat currency has value is because of property tax. If you don't pay your property tax, the gov't will come take your house.

Everybody dodges sales tax by buying online, from private parties, under-reporting the actual cost of a used car to the DMV, or buying on the black market. If you are rich, you can dodge income tax by hiding it offshore.

But everybody pays property tax. Even if you rent, your landlord pays the property tax. Rich people live in bigger houses, often having multiple residences. We all pay property tax. So, we go out every day and work and earn dollars, or euro, or pesos, or pounds, or rupees to pay our taxes. And everybody else needs to pay their own taxes, so they need our dollars and will trade their time, expertise, goods, services to us for our dollars.

Even if there is nothing real behind your fiat currency, there is still a gov't that will take your house if you don't pay up. The gov't doesn't need gold behind their money because they have guns behind it. Even if no shopkeeper in town wants your dollars because they consider them worthless, as long as the gov't wants its taxes paid in dollars, they have real value.

Bitcoin has nothing behind it all. It's a fascinating idea because it is so synthetic. I wish I would have got in early, and I may still jump in and see if I can earn something with it.


Property taxes are Bull-fluffy!
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