Bitcoin may replace the Dollar as the world reserve currency.

Making Money- Gavin Andresen @ Ignite Amherst
Source: http://blip.tv/file/4771178

Category:

Science & Technology

Tags:

• Making
• Money
• Gavin
• Andresen
• Ignite
• Amherst
• Media

[cmastelv]

step 1: dazzle people with this new technology, insert words geeks love but never mention any economics

step 2: while they're distracted with the hardware and software bump up the price

step 3: when the price goes up more people buy as they see money can be made

step 4: while the promotion gathers pace and more people get interested, slowly sell your original coins

step 5: sit on a beach and laugh at the idiots who bought them

[alalelalex]

@cmastelv

Bitcoin investors and business people are about the most smartest you can find in and around the software industry. They are the people that can judge this technology... Bitcoin is not a bubble, because of the vision that these people have.

[KakkoiGuy1]

this is in no doubt pushing people closer to a cashless society spoken of by the Bible. You don't think the governments will have control of it but trust and believe when they start losing money and control they will infultrate and take over the bitcoin. It's happening. Closer to a one world government with a one world economy with a cashless monetary system. I see the pros in this but it doesn't negate what this is and where it's leading us.

[alalelalex]

@KakkoiGuy1

On the contrary, bitcoin is preserving the availability of cash-like money in the world. Bitcoin supports irreversible payments and is somewhat anonymous. And it is even less controlled by government than gold. Governments can only take over bitcoin if they come up with more than 50% of the hashing power or if they start controlling the Internet in a manner that is unprecedented.

[KakkoiGuy1]

@alalelalex You have so much faith in this system. The gov't can shut down your internet my friend and they will at some point, to show you they can control it. Research "internet kill switch and the Obama administration" and you'll see. Shalom

[alalelalex]

@KakkoiGuy1

I know that kind of stuff can happen. In the end we will need our own "Arabic spring" to get rid of our governments... may take some time though. People have to get really pissed off by government before they act...

[matt61234666]

$95 a month profit for me, what's not to like? that pretty much covers my car insurance and gas for the month...

[quantumG]

Monkeys may fly out of my butt.

[powpanda]

@cmastelv how is the price going to bump up?

also geeks dont love hardware or software. we like algorithms. and if you bothered to look thru the algorithms of bitcoin, they are indeed very simple and elegant, not that you would appreciate that.

probably what you don't like about bitcoin is that it makes all your useless economics knowledge obsolete. a currency designed by technical people, not economists. when has an economist actually SOLVED any problem anyway?

[TraderGoneGreen]

BAD AUDIO.... use the mic yo!

[glaatraa]

@cycletrade But this is a world currency - 80% of people in the world simply do not have a 'government that ensures order and the protection of rights.' Some people in the world still live in the dark ages. With a world currency like bitcoin the oppressive governments of the world would have no way to control their peoples money for their own benefit. They would not be able to fund genocide just by printing more money.

[excessivelylongname]

@TheDutchDelta part 3 USD was originally backed by gold, but years ago the Govt changed that and now they can print more whenever they feel like it without having to worry about having the gold to back it. bitcoin creation is regulated by the network itself, not a person of govt and the remaining amount that is yet to be 'found' is finite and can only be found at a certain rate regardless of how awesome of a PC you have. eventually their will be no more to be found.

[excessivelylongname]

@TheDutchDelta part 2. with the internet the world is much closer, every country is tied in with every other country. moving to bitcoin for the entire world is like how the individual states moved from different bank notes to a single currency. when paper money first arrived, i imagine you couldnt buy Everything with it because it wasnt Trusted YET.

[excessivelylongname]

@TheDutchDelta FYI when the USD(bank notes) were first created nobody wanted to use it because it was NEW and made of Paper, they trusted Gold something they Knew had value, BTC is currently the same! there were many banks all over the country that had different kinds of bank notes and while some of them could be exchanged between banks, many could not. you had many states with their own currency and it wasn't till later that the Govt moved to a SINGLE currency, our USD.