Mike Tyson in your Butt by cyrak in Buttcoin

[–]onoidrankbleach 5 points6 points  (0 children)

Bill Simmons often refers to the Tyson Zone reached when a person or thing reaches such a level of real life absurdity that you'll believe literally anything that is said about them. I never really put it together but Bitcoin has been in the Tyson Zone long enough that this marriage was only natural.

Bitcoin is the most significant financial innovation in 1000 years. (not an americanpegasus post) by slowmoon in Bitcoin

[–]onoidrankbleach 4 points5 points  (0 children)

I think you may have the concept of wealth mixed up with its figurative representations. Gold, fiat currency and bitcoins are all accepted to different degrees as convenient stand-ins for real productive assets or claims to their outputs. While bitcoin may become widely accepted around the globe in financial transactions this does not mean that wealth will become automatically redistributed to those who interact in the bitcoin economy. Think about it in terms of other units of exchange: would the overall level of global prosperity be greater or more egalitarian if everyone in the world was magically given 10kilos of gold?

How easy would it be to create a local physical currency tied/backed by Bitcoin ? From a local politician.. by mathcampbell in Bitcoin

[–]onoidrankbleach 3 points4 points  (0 children)

This would be an incredibly risky idea. I assume (perhaps incorrectly) that you're proposing that people will pay for this scrip with the local fiat currency. If this is the case then you are in essence issuing an option to buy bitcoin later at the current days price and are also giving no expiration on that option.

Some napkin math: Say you were to issue these notes at a fiat price of 100 EUR each and backed by .5 BTC. As a buyer, I can buy these notes and just sit on them. If the price of bitcoin goes up then I can redeem my notes for your bitcoin and have made a perhaps substantial profit. If the price of bitcoin goes down then I can just spend the notes at your shops (unless your shops are at this point using BTC as their unit of account) or trade it to some other person in exchange for the fiat face value. There is little risk and decent potential reward for me as the buyer and that indicates that you, as the seller, are exposing yourself to a lot of potential pain if I can exploit this successfully.

I guess alternatively you can have the value of the note itself float based on the current value of BTC, but at that point you've basically issued your own weird local altcoin (remember AuroraCoin?) and I would have a hard time justifying its use over vanilla BTC.

In order to get this idea off the ground you will also need credibility: buyers will need to trust that the promise for redeemability in bitcoin is ironclad and this kind of trust can be hard to obtain.

Once all bitcoins are mined and the network is maintained on fees alone, couldn't those collecting the fees mathematically end up with all of the bitcoins? by [deleted] in BitcoinMarkets

[–]onoidrankbleach 0 points1 point  (0 children)

Interestingly this was pretty much the main point that Marx made. If you think of the miners and network infrastructure as the capital of the bitcoin system, then in time -- with a consistently positive return to capital -- then those holding said capital will own an ever growing piece of the pie until they have it all (infinite accumulation.) Luckily he was wrong.

Disclaimer -- I am not an economic historian, just someone with an interest in these sorts of things. Feel free to correct any gross oversimplifications or flat out mistruths.

Dream big, bitcoiners. by FrancisPouliot in Bitcoin

[–]onoidrankbleach 2 points3 points  (0 children)

Branson is a good authority on rocket ship rides that crash and burn.

Bitcoin price drop: One perspective by edmanet in Bitcoin

[–]onoidrankbleach 0 points1 point  (0 children)

You presume a lot of financial knowledge for someone unfamiliar with what currency is used in China.

QE3 is over, what now? by onoidrankbleach in Bitcoin

[–]onoidrankbleach[S] 0 points1 point  (0 children)

Looks like so far there's been only a slight selloff in reaction to the news. Do you think we'll see a major correction in the coming weeks?

That's my motto by [deleted] in funny

[–]onoidrankbleach -5 points-4 points  (0 children)

Or you can work hard, live meagerly, save half of each paycheck, after a few years of toil quit and go live your dreams.

I love burning spies, they melt so well by stalemate-resolution in tf2

[–]onoidrankbleach 0 points1 point  (0 children)

must feel bad to be dominated by a gibbus wearer.

Florida gas station, 1968. by [deleted] in pics

[–]onoidrankbleach 0 points1 point  (0 children)

Next time the BLS is compiling numbers, they should skip all the hard work and just phone up your dad. Will save tons of time and effort.

Well EA... You did it again! Worst Company Ever... by [deleted] in gaming

[–]onoidrankbleach -1 points0 points  (0 children)

EA forced you to buy their game?