BTC ‘what a genius’ solution

Consider what value should BTC be when it is incapable of being capital controlled, when it is secure and when it is without counterparty risk: priceless.

Owning a BTC is like owning a share in the BTC network and the only thing that could stop people from transacting in BTC would be the loss of the internet but then there would be much bigger issues to deal with in such an event than BTC.

The following are just a few snippets about bitcoin I have picked from my archive.

Bitcoin – Simplified

Exchange into Bitcoin at these UK sites

Separation of Bank and State READ MORE

“Over four decades ago, F.A. Hayek made the same proposal but, at the time, it seemed to have little chance of  becoming a reality. He argued for the denationalization of money, an abolition of the government monopoly over the money supply, and the institution of a regime of competitive private issuers of currency. [1]”

“Hayek wanted to make it increasingly impossible for governments to restrict the international movement of individuals, money and capital, and thereby to safeguard the ability of dissidents to escape oppression. Another reason was stop the recurring bouts of acute inflation and deflation that result in banks foreclosing on family farms and homes. In addition to that, Hayek wanted to bring a full stop to inflation spending that robs the individual of their labor in order to finance unnecessary wars.”

The wealth transfer effect of bitcoins READ MORE

The penny drops: Bank report acknowledges Bitcoin’s disruptive effect (Bitcoin: A Chapter in Digital Currency Adoption)

“Fiat money displaced commodity currencies, which had previously replaced barter. Nowadays, digital currencies are challenging conventional money just like plastic cards are favored over bills and coins. Soon electronic wallets may be preferred over debit cards. This reflects lower transaction costs and greater convenience. Digital currencies are easier to handle than cash, checks and plastic cards, and can be carried in mobile devices such as smartphones and handheld personal computers. In addition, worldwide acceptance of a digital currency would stimulate international transactions and increase the supply of financial services to a greater amount of people.”

“From an institutional perspective, even though today’s money is increasingly moving in an electronic environment, it is still managed by the banking industry. However, in its purest form, digital peer-topeer currencies eliminate the need of banking intermediation and sovereign guarantees. A decentralized digital currency challenges the entire monetary and banking system. For example, Ripple, created by a private company, was designed to serve a dual function as a currency and a payment system, allowing for faster processing times and lower fees.”

YC-Backed Buttercoin Uses Bitcoin To Attack The $500B-A-Year Remittances Economy READ MORE

“With Bitcoin’s promise of frictionless transactions, particularly across international borders, it’s inevitable that a team would use the math-based currency to attack the global remittances market.”

“The World Bank estimates that migrants will send about $515 billion to relatives in developing countries by 2015, which is about 10 times the size of the U.S.’s budget for foreign aid.”

“The old stand-bys like Western Union can charge around 10 percent for transactions in the market, an amount that Buttercoin co-founders Cedric Dahl and Bennett Hoffman find obscene.”

Bitcoinomics, Chapter 13: Hacking Bitcoin READ MORE

“With different nodes disagreeing about what transactions took place on the valid block, and which took place on the invalid, the system was thrown into seeming chaos.”

“There could have developed a much more urgent issue, but the developers and miners responded quickly to fix the problem. The decentralized network of people worked to quickly fix itself, in other words. As one Reddit commenter observed: “Look at how long it takes for governments and banks to fix major issues.””

Bitcoin Bull Market Still Going Strong. Bitcoin=Win FUD=Fail

Bitcoin offers privacy—as long as you don’t cash out or spend it

“On the surface, Bitcoin seems to be a great way to hide cash. Actually, it’s a terrible way to launder money.”

“That’s the conclusion of a new academic study that analyzed Bitcoin’s blockchain, or the public ledger that records bitcoin transactions. The ledger shows how bitcoins move from one person to another, represented by 34-character alphanumeric addresses.”

When you hear someone say bitcoin is anonymous, it is NOT anonymous.

Just cancelled my PayPal account. My feedback was: “I just use bitcoin now”. READ MORE

Chinese btc market continues to take off, consistently over 50% of MtGox/BitStamp/BTCE aggregate volume

Why Bitcoin is a Better Way to do International Money Transfers (video)

Ben Swann: Is Bitcoin Real Capitalism?

Everyone on the bitcoin network knows what key holder is the proper owner of each fraction of BTC.

UK bitcoin exchange Coinfloor opens for business READ MORE

FBI proves seizing bitcoins isn’t the same as owning them


Every time you are about to pay, ask if they take bitcoin. Ask if it is the most normal thing in the world.

“it’s like paypal without the paypal”

Bitcoin Is The Perfect Asset Bubble — Prices Could Go Vastly Higher From Here READ MORE

“There is absolutely no way to value Bitcoin, which means there is nothing constraining its price other than supply and demand. As long someone new can be convinced to buy Bitcoin, its price can keep rising. Bitcoin prices could literally go to 1,000 or 10,000 or 100,000 or 1 million per coin, and there would be no way to prove that these prices were ridiculous.”

Could Bitcoin be as transformational as the World Wide Web?

“Bitcoin, the world’s first decentralised digital currency, entered mainstream consciousness this year: Bitcoin-focused startups are accessing venture capital and industry commentators talk about it as an important international payment mechanism of the future. But are we interpreting its significance too narrowly? In this video, Richard Brown, IBM Executive Architect for Banking and Financial Markets Industry Innovation, argues that Bitcoin’s true significance lies in its potential as a global digital assetregister and in the lessons it teaches us for design of complex distributed systems. He also explains why recent law-enforcement action against operators of illegal websites that transacted in Bitcoin will help accelerate adoption by legitimate businesses.””

World’s First Bitcoin ATM Processes $100k In Transactions In Its First 8 Days

Federal Reserve Economist On Bitcoin: ‘Small Phenomenon But Growing’ READ MORE

BitPay World’s First Zero Transaction Fee Payment Processing READ MORE


Has the Fed Met Its Match? READ MORE

“”“It is hard to imagine a world,” says the unimaginative study, “where the main currency is based on an extremely complex code understood only by a few and controlled by even fewer, without accountability, arbitration, or recourse.”

“But no, this is what the Fed says of Bitcoin, an open-source protocol that anyone can download, examine, and critique, a currency that has its every single transaction logged in a public ledger in the cloud. Never in history has there been a more transparent money.”

Fiat currency has met it’s match with bitcoin.

Trust in Bitcoin builds by solving one ‘puzzle’ at a time

“Understanding the transaction blockchain, Ramzan says, helps to illustrate “how somebody might try to game or defraud the system and why that’s not only mathematically hard to do but why there’s actually an incentive — actually an economic incentive in the Bitcoin system — for different people to behave honestly.””

Rewarded for behaving honest – what a novel concept.

Why won’t Bitcoin die? (I notice that bitcoin has NOT joined the global sell off)

“Math, or the underlying ingenuity of the Bitcoin protocol, is a big part of the reason for its resilience. Bitcoin is basically a ledger system in which every transaction in the economy must be logged in a central public record called the blockchain. New transactions are checked against the blockchain to ensure that a specific user hasn’t tried to spend that Bitcoin before, eliminating the “double-spend” problem. The system depends on users to provide the computing power to do this logging and checking. These users are called miners because they’re rewarded for their work with new Bitcoins; this also means the money supply will gradually increase until it hits a cap of 21 million. Once that happens, miners will be compensated with transaction fees just like those charged by PayPal or Visa.”

“The Winklevoss twins structured their presentation around a quote attributed to Gandhi: “First they ignore you. Then they laugh at you. Then they fight you. Then you win.””

“Bitcoin can no longer be ignored.”

“Supposedly there were a lot of bankers at Bitcoin 2013, but I only met one, a 24-year-old New Yorker who works for one of the biggest investment banks in the world. “I’m a trader. I make shit go up and down,” he said, by way of introduction. He asked that I not use his name or the name of his bank because of his employer’s high profile.”

Traders, and their manipulations, must be kept out of bitcoin.

“”What is the definition of the death of Bitcoin?” said Mike Caldwell, the creator of Casascius Coins. “Bitcoin is two things. It’s a community, and it’s a technology. The only way for Bitcoin to die is for people to lose interest in using it. No matter what the attacks are, there’s always going to be a way around them. Because Bitcoin is just today’s embodiment of the idea that we now have the technology to democratize money. So long as there is a demand for that, the only way I see Bitcoin dying is for it to be a predecessor to something else that does a better job.””

Bitcoin Will Catalyze Hyperinflation of the Dollar READ MORE

Bitcoin London 2013: Cryptocurrency is the future of money, banking, and finance – Tuur Demeester
Max Keiser’s BTC-Dollar Peg and the Coming Crash READ MORE

“3. The reason for BTC to exist is as a challenge the depredations of big banks and government. If banks were good corporate citizens, conducting the business for the good of the community and only taking a reasonable profit, then there would be no interest in a challenger like BTC. If governments protected the commons and stood up for the little guy against the aggression of powerful, monied interests, then there would be no need for BTC.”
Jeffrey Tucker: Bitcoin Makes The Dollar Look Like A Dinosaur

10 Things You Must Know About Bitcoin

“Bitcoin is like virtual cash. It allows you to transfer value over time and space nearly instantly. Moreover, unlike a bank, instead of applying and awaiting approval, Bitcoin is downloaded like BitTorrent, and ready to go. You will need bitcoins, though.”

“The payment system that is Bitcoin itself is actually a peer-to-peer network. No central authority controls this network, just like no central authority controls the Torrent network.  Instead, all of the peers on the network work towards contributing to the network.”
Could Bitcoin End War? — Garzik on Alt-Coins — Winklevoss ETF Update

““One of the things governments around the world do currently is they finance their wars and the things that they do through inflation”

Argentina’s Share of Global Bitcoin Downloads Triples in July Amid Inflation and Capital Controls READ MORE
Bitcoin fuels Africa’s banking revolution READ MORE

“Kipochi – Swahili for “wallet” – will allow Kenyans to send money quickly and cheaply, effectively avoiding the high transaction fees charged by existing services such as moneygram. Enabling the transfer of funds between countries is significant given the huge importance of remittances to Africa’s economy. Remittances from outside Africa dwarf Western aid, for example, and the growth of economic migration across African borders means that transactions are increasingly international.”
Should you trust Bitcoin? It depends what you think it’s for READ MORE

“I was shocked at recent online survey results: 69% of UK respondents had heard of the online currency Bitcoin, and of those 32% trusted the currency”

BTC London Conference: Investors are Flocking to Bitcoin READ MORE

My Bitcoin Accounts Feel More Secure Than My Bank Account

Erik Voorhees: financial independence through gold and Bitcoin (and silver)

14m “Bitcoin has not been made illegal anywhere. I suppose some day it could be made illegal somewhere. We’ll see which tyrannical regime wants to prove it’s the most tyrannical by outlawing it first. Maybe it will be the U.S., maybe it will be China.”

23m “Meanwhile the Titanic sinks and the monetary systems of the world are falling apart … So have we hit the iceberg already or are we just close to it ? … I think fiat currencies hit the iceberg long ago. They’re sinking. You can measure them sinking because they’re continually losing value and that’s a process that’s not going to stop.”

24m15s “I think a lot of people stick with what they’re comfortable with and that means they’re going to go down with the Titanic.”

Roger Ver: “For the first time in history, anyone can transact with anyone else, anywhere in the world” READ MORE

Big VC Says Bitcoin Is ‘Gold 2.0. It’s a Huge, Huge, Huge Deal’ READ MORE

Bitcoin, Gold and Silver: Once and Future Money – presentation by Alasdair MacLeod

“- Hosted by Godfrey Bloom MEP, UKIP”

“- Sponsored by Europe of Freedom and Democracy Group”

“- European Parliament, Brussels”

15m20s “What has happened is that goods have become the objective constant in transactions and currency the subjective variable.”

16m15s “All four issuing central banks are increasing the quantity of their currency in circulation dramatically and all at the same time. The stated reason is to stimulate their economies. The real reasons are two fold, to fund government spending and to fuel demand for collateral assets so that banks can maintain the fiction that they are solvent.”

17m45s “Secondly, not only do we know they have not enough gold for this to be practical at any price below multiples of thousands of dollars an ounce but there is increasing evidence that the western central banks have leased, swapped or sold most of what’s left into the market. Third, a significant rise of bullion price would bankrupt the enitre bullion bank community.”

“The thing that is so unjust about government money is that the people inevitable end up holding the cash are the people who cannot take the risk of diversifying out of cash, the old the infirm, the people who need an income and they are just completely stuffed.”

35m Central banks have leased peoples gold in their custody onto the market while not differentiating this leased gold from gold still in custody.

49m50s “We have so much debt in the public sector and in the private sector that we cannot stand a ramp in interest rates to control inflation. The Volcker option is not on the table. So there is no way out of the current problem as I see it.”

52m35s “The disruption from a currency collapse, I think is something that it basically means that people are going to starve if it happens. It means the community in which you live is going to face huge depravation. And you’re going to be one of the very, very people who had the wisdom to anticipate this. To put yourself in a position to help these people.”

God willing, we will help those people less fortunate than us while, satan willing, the cabal will push their non-solution solution.

The UKIP guys and any readers of this blog will know who to blame when this crash happens.


This is apparently what the IRS is for. It has been said that as much as 17% of what is paid to the IRS is paid to the non-federal non-reserve.


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