And in the case of a startup they have a limited amount of their own money with which to fail. Whereas America's CIO has an unlimited amount of someone else's money. What could go wrong?
Somebody sold it to the "speculators" at a profit, they didn't steal it. I notice nobody is so eager to blame speculators when they make money. Also, the price could drop lower should the person who drilled it share in the speculators loss?
Speculators are a tiny minority of investors. You are giving them far too much power.
The purpose of speculators is to be scapegoats for everything that goes wrong when the rest of us buy or sell something. How else would we explain how we lose money?
This is true. In actual usage, the problems of today would be far less pronounced. For example, today if you deposit money in a bank perhaps 20% stays in the bank and the 80% goes out to be reinvested. With transparent transactions, we would know how much money was in the bank account and it would serve as a deterrent to overleverage.
Yes, I'm aware the bank could have limitless accounts and try to obfuscate the information. In practice, everyone knows the account numbers of the exchanges.
Systems don't make money or contribute to society. People do. The problem with the current system is that those same people are able to manipulate it without their knowledge or consent of the rest of us.
Bitcoin addresses a host of failures of the current system by making financial transactions fully transparent. There is an inability to to leverage money 50 to one like Societe Generale taking accounts to the casino. There is an inability to inflate the currency. There is no need for banks since everyone *is* a bank and can conduct global transactions anytime anywhere for free.
It's not perfect, but the current system is broken.
The total economy would theoretically be worth the ~6 million coins in existence multiplied by $13 USD or $78 million. Penny stocks are not necessarily bad companies, just companies that trade for less than $1. Any company can be a penny stock if they issue enough shares.
Bitcoin isn't necessarily puffing itself up either. It's actually a very good idea. Whether this incarnation is a flash in the pan or not only time will tell, but cryptocurrency is a permanent thing now.
Due to the (perceived?) imminent collapse of the Euro. Europe is teetering, wait until there is a real flight to safety and then gold will find it's true highs.
Everybody isn't playing. That's why you see high prices on Bitcoin as people scramble for anything else, gold and other precious metals of time proven value, other currencies and commodities and real estate. Those who keep their money in US dollar as savings are the ones gambling.
As long as you continue to believe what you do and spread the word then you can help keep prices low on things of actual value while the rest of us run like hell from debt leveraged fiat currencies.
No, poor pay in no way justifies lawlessness in the uniform - but if the police were actually held to the law, most of them would be in prison in short order and the people that we really want to take their place will be somewhere else, making more money and dealing with less stress.
Poor pay?? I will never understand why this misconception cannot be stamped out. That concept was true decades ago, but not today. Many Miami Police Beach Patrol Officers make well over $100K.
You are wrong. I've lost a case in New Jersey and never saw a paper because I was out of town. Now I could have reopened the case but I was admittedly wrong and it would have cost a little more time and money to get the same result.
The reality of getting served is not the same as you see on TV.
I'll take the path of social networking, and chinese leveraged manufacturing over focused, directed, multi-front wars and future leveraged debt any day.
It's not a hatred of America as much as an ignorance of capitalism. Many people can't comprehend how it works and need to subscribe to the religion of authoritarianism.
Again, you do not tell the truth about public salaries. Private salaries are a complete number whereas public salaries include a base salary, legally guaranteed pensions (the rest of us wonder what a pension is), and a maze of perks from free cars to collecting sick days.
More educated? So this entitles them to what? Do you believe it makes them better than the unwashed public you write about?
Since you are the public, it follows that you are grossly misinformed as well. In fact, you misrepresent the salaries and defeat you own argument in you second paragraph by saying their real salaries aren't including pensions.
You see, the rest of us take out of what we make and save what we can in retirement funds. They arent guaranteed by law on the backs of other people through taxes and aren't adjusted to inflation. You are not even remotely honest in comparing salaries in the private sectors to public.
Lastly, the problem isn't that California can't tax more through prop 13. That's merely a symptom of the disease of overspending.
I agree, but why stop there, let's take the guns away, too.
Shooting someone for running away or resisting arrest is the stupidest suggestion I've ever heard. Spend a little less time watching Cops and read more about abuse of power, wrongful arrest, and unarmed shootings by police because of "self-defense".
Giving any people that sort of power will guarantee a rash of "necessary force". Dead people can't argue.
I don't know what you expected Obama to do, short of declaring himself emperor and ruling by decree.
2007 Obama:
"While we're at it," he said, "we're going to close Guantanamo. And we're going to restore habeas corpus.... We're going to lead by example not just word but by deed. That's our vision for the future."
I don't know...expect him to follow through on what he was elected upon? What was his plan then? In 2009 in his inaugural speech he reaffirmed that United States does not have "to continue with a false choice between our safety and our ideals." In January, he signed an executive order to close it. Was there a plan in 2009? Incidentally, in 2009 there was a lot of talk about prosecuting Bush for these very acts that are perpetuated today.
Congress didn't create Gitmo, the President did. The new one doesn't have to be an emperor to close it.
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A netizen with a moral conscience! Employ remoralization agents!
+1 You beat me to it.
And in the case of a startup they have a limited amount of their own money with which to fail. Whereas America's CIO has an unlimited amount of someone else's money. What could go wrong?
Somebody sold it to the "speculators" at a profit, they didn't steal it. I notice nobody is so eager to blame speculators when they make money. Also, the price could drop lower should the person who drilled it share in the speculators loss?
Speculators are a tiny minority of investors. You are giving them far too much power.
The purpose of speculators is to be scapegoats for everything that goes wrong when the rest of us buy or sell something. How else would we explain how we lose money?
Ladies and gentlemen, may I present a product of our public education sytem. Two paragraphs of half-thoughts and half-truths summed up with nonsense.
There are decent criticisms of Bitcoin. You somehow missed them all with this rambling.
This is true. In actual usage, the problems of today would be far less pronounced. For example, today if you deposit money in a bank perhaps 20% stays in the bank and the 80% goes out to be reinvested. With transparent transactions, we would know how much money was in the bank account and it would serve as a deterrent to overleverage.
Yes, I'm aware the bank could have limitless accounts and try to obfuscate the information. In practice, everyone knows the account numbers of the exchanges.
Systems don't make money or contribute to society. People do. The problem with the current system is that those same people are able to manipulate it without their knowledge or consent of the rest of us.
Bitcoin addresses a host of failures of the current system by making financial transactions fully transparent. There is an inability to to leverage money 50 to one like Societe Generale taking accounts to the casino. There is an inability to inflate the currency. There is no need for banks since everyone *is* a bank and can conduct global transactions anytime anywhere for free.
It's not perfect, but the current system is broken.
Let me know when they announce the completion.
The total economy would theoretically be worth the ~6 million coins in existence multiplied by $13 USD or $78 million. Penny stocks are not necessarily bad companies, just companies that trade for less than $1. Any company can be a penny stock if they issue enough shares.
Bitcoin isn't necessarily puffing itself up either. It's actually a very good idea. Whether this incarnation is a flash in the pan or not only time will tell, but cryptocurrency is a permanent thing now.
Due to the (perceived?) imminent collapse of the Euro. Europe is teetering, wait until there is a real flight to safety and then gold will find it's true highs.
Everybody isn't playing. That's why you see high prices on Bitcoin as people scramble for anything else, gold and other precious metals of time proven value, other currencies and commodities and real estate. Those who keep their money in US dollar as savings are the ones gambling.
As long as you continue to believe what you do and spread the word then you can help keep prices low on things of actual value while the rest of us run like hell from debt leveraged fiat currencies.
Don't ever sue someone who has unlimited access to free attorneys.
Rumor has it that the leader of the country isn't a rich white man.
No, poor pay in no way justifies lawlessness in the uniform - but if the police were actually held to the law, most of them would be in prison in short order and the people that we really want to take their place will be somewhere else, making more money and dealing with less stress.
Poor pay?? I will never understand why this misconception cannot be stamped out. That concept was true decades ago, but not today. Many Miami Police Beach Patrol Officers make well over $100K.
It would be easily and eagerly circumvented by bonuses set into the future.
You are wrong. I've lost a case in New Jersey and never saw a paper because I was out of town. Now I could have reopened the case but I was admittedly wrong and it would have cost a little more time and money to get the same result.
The reality of getting served is not the same as you see on TV.
I'll take the path of social networking, and chinese leveraged manufacturing over focused, directed, multi-front wars and future leveraged debt any day.
It's not a hatred of America as much as an ignorance of capitalism. Many people can't comprehend how it works and need to subscribe to the religion of authoritarianism.
Never attribute to malice that which is adequately explained by stupidity.
Again, you do not tell the truth about public salaries. Private salaries are a complete number whereas public salaries include a base salary, legally guaranteed pensions (the rest of us wonder what a pension is), and a maze of perks from free cars to collecting sick days.
More educated? So this entitles them to what? Do you believe it makes them better than the unwashed public you write about?
Since you are the public, it follows that you are grossly misinformed as well. In fact, you misrepresent the salaries and defeat you own argument in you second paragraph by saying their real salaries aren't including pensions.
You see, the rest of us take out of what we make and save what we can in retirement funds. They arent guaranteed by law on the backs of other people through taxes and aren't adjusted to inflation. You are not even remotely honest in comparing salaries in the private sectors to public.
Lastly, the problem isn't that California can't tax more through prop 13. That's merely a symptom of the disease of overspending.
I agree, but why stop there, let's take the guns away, too.
Shooting someone for running away or resisting arrest is the stupidest suggestion I've ever heard. Spend a little less time watching Cops and read more about abuse of power, wrongful arrest, and unarmed shootings by police because of "self-defense".
Giving any people that sort of power will guarantee a rash of "necessary force". Dead people can't argue.
I don't know what you expected Obama to do, short of declaring himself emperor and ruling by decree.
2007 Obama:
"While we're at it," he said, "we're going to close Guantanamo. And we're going to restore habeas corpus. ... We're going to lead by example not just word but by deed. That's our vision for the future."
I don't know...expect him to follow through on what he was elected upon? What was his plan then? In 2009 in his inaugural speech he reaffirmed that United States does not have "to continue with a false choice between our safety and our ideals." In January, he signed an executive order to close it. Was there a plan in 2009? Incidentally, in 2009 there was a lot of talk about prosecuting Bush for these very acts that are perpetuated today.
Congress didn't create Gitmo, the President did. The new one doesn't have to be an emperor to close it.
Great summary, StikyPad. Thanks for posting this.