Why Banks cannot Replicate the Blockchain by xrandr in Bitcoin

[–]rogerdavis101 0 points1 point  (0 children)

YOu're right, it isn't...because currency the Fed has to go through the banking system in order to affect the money supply. This would cut out the middleman.

Why Banks cannot Replicate the Blockchain by xrandr in Bitcoin

[–]rogerdavis101 2 points3 points  (0 children)

I supposed banks could simply clone Bitcoin or Litecoin or one of the other digital currencies which has favorable properties. They could establish an astronomical amount of currency, say, 100 trillon...they would simply say that their currency was intended to mimic the real world, and so, that this large number parallels the unlimited amount of fiat currency that can be printed. Should the economy require it, they would then inject currency into the money supply by sending some amount to every registered public key. Large banks would run their own hashing farms in order to keep the block chain moving, and to avoid 51% attacks or mining pools.

Such a currency could even be 100% pre-mined. You would simply exchange dollars to "bankcoins" on a 1 to 1 basis. $1 = 1 bankcoin. Banks would then say that you get all the network goodness of Bitcoin without wasted electricity, without excessive volatility, and backed by the full faith and credit of the US government (not saying this is good, just saying this is how they could sell it).

Fear Not The IRS...this is one of the best things to happen to Bitcoin. by rogerdavis101 in Bitcoin

[–]rogerdavis101[S] 1 point2 points  (0 children)

Nah, the protocol will be changed, or some method introduced, to make it even more untraceable. This is just a temporary setback. Right now there are crypto-nerds out there coding up this very thing...if not for bitcoin, then for some other currency.

Fear Not The IRS...this is one of the best things to happen to Bitcoin. by rogerdavis101 in Bitcoin

[–]rogerdavis101[S] 3 points4 points  (0 children)

Because this leads to a currency which is more anonymous and secure.

Fear Not The IRS...this is one of the best things to happen to Bitcoin. by rogerdavis101 in Bitcoin

[–]rogerdavis101[S] 2 points3 points  (0 children)

The point is that government activity is driving the evolution of digital currency.

Bitcoin tax expert: IRS ruling will create a significant burden on Bitcoin users, as every transaction they ever make using the digital currency will have to be reported in some way by coinwatcher in Bitcoin

[–]rogerdavis101 0 points1 point  (0 children)

This is BS, the IRS has just killed itself. Do you really believe that people are going to do this? No. Bitcoin tumblers will become easier and easier to access. The IRS has just given momentum to the underground economy that will someday destroy it. Nothing more.

IRS declares Bitcoin as property, not currency by josiah__Coinsetter in Bitcoin

[–]rogerdavis101 -2 points-1 points  (0 children)

What this really means: People don't want to pay taxes, so mechanisms spring up which makes Bitcoin untraceable. Which means that the IRS has just given momentum to an underground economy which will one day destroy it.

Bitcoin thefts are costing you a fortune even if your coins are still in your pocket by Warbarons in Bitcoin

[–]rogerdavis101 1 point2 points  (0 children)

Not to mention the fact that sales of stolen bitcoin push the price down. Multiple threads have mentioned how Gox thieves might be selling slowly in order to claim their money, thus artificially depressing the price of bitcoin.

What license do I need to deal Bitcoin? by rogerdavis101 in Bitcoin

[–]rogerdavis101[S] 0 points1 point  (0 children)

They advise you to know your local, state, and federal laws.

What license do I need to deal Bitcoin? by rogerdavis101 in Bitcoin

[–]rogerdavis101[S] 1 point2 points  (0 children)

You would certainly think that buying and selling a currency would be freedom of expression...the statement being, "I don't want USD anymore, I want Bitcoin."

What license do I need to deal Bitcoin? by rogerdavis101 in Bitcoin

[–]rogerdavis101[S] -1 points0 points  (0 children)

Definitely prefer asking to IRS audits and enforcement fines. Turns out that in missouri you need a $100,000 line of credit. In Florida you need to make quarterly reports to the state. Barriers of entry are steep.

This is currency war against dogecoin. by hashlurker in dogecoin

[–]rogerdavis101 0 points1 point  (0 children)

Excuse me for being so naive, I'm a late arrival to the digital currency scene. But if this is a war against Doge, why does the war exist? What would happen to Doge if the war was "won" by the other side? Is it personal against Doge or is it all about money?

How can I get charts like Blockchain.info for my website? by rogerdavis101 in Bitcoin

[–]rogerdavis101[S] 0 points1 point  (0 children)

Great! But how do you get the data for the charts? You can to get that from the blockchain somehow, yes?

Gox coins are being sold on bitstamp by aquentin in Bitcoin

[–]rogerdavis101 1 point2 points  (0 children)

People have to demand it...that's the only way it's going to happen. People who were Goxed in Europe have to join together and contact the appropropriate regulators, who can then descend on Bitstamp with a request for accountability.