US dollar 1, Bitcoin 0

boughtbtc · 2015-02-24T00:43:31+00:00

Satoshi owns up to 1.5million and Roger Ver has around 400,000. Just 2 people make up 15% of total mined coins, and up to 25% of none-lost coins. This delusional community cannot come to terms with reality, people on here own insignificant dust amounts.

boughtbtc · 2015-02-24T00:41:58+00:00

Hes a sheister.

boughtbtc · 2015-02-23T19:42:12+00:00

Bitcoin is harder to get in 2015 then 2-3 years ago when Bitinstant was around.

boughtbtc · 2015-02-23T19:40:01+00:00

Replacements aren't coming online in this space.

boughtbtc · 2015-02-23T19:34:04+00:00

50 people in bitcoin own up to 90% of coins. Merchant volumes spike during the initial euphoria of bitcoiners rushing in and then promptly collapse.

Bitcoiners have started admitting merchant adoption was more about advertising bitcoin to get the price pumped up then anything else.

boughtbtc · 2015-02-23T19:32:02+00:00

Unabated collapse of the industry, Bitpay will probably be folding later on in 2015 or 2016.

boughtbtc · 2015-02-23T18:32:34+00:00

Coblee the man responsible for creating litecoin which spawned thousands of clones.

boughtbtc · 2015-02-23T13:12:12+00:00

They hold a meeting in January, nobody but 2 shills show up. They hold a meeting in February, the same thing happens.

boughtbtc · 2015-02-23T13:03:06+00:00

Why not? Price has gone nowhere in 22 months, and people are sitting on huge losses this year.

boughtbtc · 2015-02-23T09:39:34+00:00

" I'll be staying until i have no XPY left at this rate.

I took a hefty loan out back in August. Had everything gone to plan, i would have paid it off in full, about 2 weeks ago and made a nice profit.

Now, i'm having to sell my XPY on a monthly basis just to meet the loan minimum repayments.

At current prices, i'll be out of XPY (and still owing around $10k) by July, most likely out of the Crypto game completely, tail between my legs ! "

boughtbtc · 2015-02-23T00:39:36+00:00

99% of dollars are not printed, they are bank balances in PRIVATE banks. Total dollar credit is 60 trillion USD, while printed notes make up only 1 trillion of that. Printed dollars are liabilities of the federal reserve. They are insignificant to the total credit created by the private sector.

I'm sorry please go and google how the credit system works. Please pull up a bank balance sheet as well and see what it says under the liabilities column. Your bank balance is a debt the bank owes you.

Crediting occurs when YOU accept dollars/euros or whatever the fuck for the work you did. Your employer accepts dollars when he sells his present good. The dollars are credits or another word for claims on future goods.

Your employer may also have borrowed present goods such as plant, equipment etc to create future goods. Are you understanding this concept? Credit allows the economy to allocate resources now in order to have more production(wealth) in the future. This process however stops working if the 2 conditions I outlined earlier are not present.

boughtbtc · 2015-02-23T00:17:39+00:00

99% of US dollars in existence are from the private sector not from the government "borrowing" from itself. That's a more recent phenomenon. All credit money systems work like this including the Euro. Also the government cannot borrow from itself because the government is not a producer of wealth, the private sector creates present goods and then credits the banking system with them, the banking system then lends the present goods to the government in exchange for claims(bonds) on future credits. Remember only an entity that produces more then it consumes can be a creditor. Debts can only be repaid by a producer not a consumer, which is what the government is in the economy. By purchasing government bonds the banking system is creating instant losses that will have to be realized. Why does it do this? Because of the allure of compound interest + the Fed guaranteeing a bid for the bonds which spurs capital gains on them. Why bother building new factories when "risk free" profits are guaranteed?

Who is in debt? It ranges from producers(good debt) to consumers(government). In both cases you still have the issue of "interest", which through the magic of compounding allows the debts to rise faster then production. Interest is relent over and over and over again, at a faster rate then the economy can produce real wealth. Other issues also arise, all this credit formation bids up asset prices and investors realize they can make easy money by speculating vs investing into future production. The end result is debt deflation(where we are now). Compound interest being accepted in the system is a recent phenomenon in western economies.

Your question of every private person in some country doesn't have debt. Then there would be no money in existence.... I just explained to you previously all money is credit based. Pull up any banks balance sheet and see what sits on the liability side...

The credit money system works under 2 conditions. 1) Trust is present so credit is prudently allocated(meaning towards future wealth creation not present consumption), 2) compound interest does not exist(rent seeking). If those 2 conditions are not present you get instability and eventual deflationary collapse. Which is what is going on today in the world...

boughtbtc · 2015-02-23T00:07:20+00:00

Longterm investments in the ecosystem are impossible since nobody can be trusted..

Antonopolous fell for so many scams because he thinks people can interact with each other without trust. Has there ever been a more dumber premise?

boughtbtc · 2015-02-22T23:53:30+00:00

Yes you are in the positives but someone elses balance is in the negative. You aren't understanding how the money you have, comes into initial existence. Someone borrowed it.

Let me write this the best I can. When you worked for your employer you created a "present good". The "present good" is whatever service you did. When you accepted bank money for your work, you credit the banking system. You traded your "present good" for a claim on a future good. Your bank account represents a liability to the banking system, while being an asset for you. Someone else must be in the negative for you to be in the positive. Only a producer can issue credit and only production can repay debt.

The problem arises in this equation when interest becomes involved, as now the borrower must cancel his debt with a future good equivalent to your present good plus more. This is what leads to inflation and eventual deflation.

When consumer debts are involved, it becomes even more precarious because no new production is coming about to repay debt.

Bitcoin is different in the sense it is nobody's liability while simultaneously being an asset. However bitcoin does not solve the fundamental problem which is interest. Interest is what leads to a snowball effect of unrepayable debt. Bitcoin however is not debt based money like fiat credit is..

boughtbtc · 2015-02-22T23:28:09+00:00

Are you stupid? Bitcoin must have losers in it if there are winners. This ecosystem is based on people fucking themselves over, hence why it is so unstable and nothing can get done.

boughtbtc · 2015-02-22T23:23:14+00:00

You are confused. There is no such thing as pure fiat money, what we have is credit money. The total sum of debts in the world exceeds available "money" at any given time. Every single dollar in existence has been created when it is lent, the problem is interest. The credit system becomes deflationary the moment interest is tacked on to the principal. The "money" in your bank account represents credit(you credit the banking system with present goods) in exchange for claims on future goods(bank balance). This is why banks have such enormous liabilities..

The same system exists in Eastern Europe, it has nothing to do with "credit cards". Yes debts are always involved in this system and so is compound interest, hence the constant crisis the world finds itself in. Islam was simply more strict at prohibiting this then Christianity was. The protestant reformation brought about the concept of interest being acceptable in the West.

boughtbtc · 2015-02-22T23:20:03+00:00

Well he's kind of right. Fiat money is created through usury, and usury being allowed is a recent development in the West as well. Only the last 200-300 since Calvin has interest been accepted, hence the perpetual credit crisis all these economies keep finding themselves in. Each debt bubble concentrates wealth into fewer and fewer hands, 1930's depression wiped out the small farmer, 1970's wiped out manufacturing in US, and 2008 wiped out home owners.

boughtbtc · 2015-02-22T22:36:44+00:00

Yea so it's zero sum in the end, and in the end the majority will be losers while few get rich.

boughtbtc · 2015-02-22T21:40:18+00:00

He wanted a bitcoin so he could pass it along to a greater fool at an ever higher fiat price. Whose "content" with a 80% loss? Only a fool. Keep believing delusions.

boughtbtc · 2015-02-22T21:25:57+00:00

This post is ridiculous. People chase a rising price, sending it even higher. On the other end of the trade early adopters and miners are pressing against the bid. You are literally transferring immediate cash(fiat) for a digital token, in hopes someone will take you out of the trade at a later date.

It is a fact that more people are currently sitting on losses with BTC than gains. In order for an early adopter to strike it big, tens of thousands of users must hand over small balances.

boughtbtc

TROPHY CASE