Bitcoin is one of the first attempts to create a real-world currency with no governments, no central banks, and no rules

Stacy Summary: I suspect this is why I get such vitriolic hate mail filled with all sorts of threats when I post any item related to Bitcoin . . . “no governments, no central banks, and no rules.” I hope Bitcoin succeeds and, if not, I hope currencies inspired by Bitcoin come along and succeed where its predecessor failed. I will post all hate mail along with email addresses on this thread as they come in.

Bitcoin isn’t the currency of an online game or Facebook fad – it’s one of the first attempts to create a real-world currency with no governments, no central banks, and no rules. More than 6,500,000 Bitcoins are in circulation, in an online economy, which was worth over $180m shortly before June’s hack.

Because of this, it has attracted the likes of Anonymous, Wikileaks, etc.:

The attractions of Bitcoins to such communities are manifold. It’s an online-only experiment with no government or corporate involvement. It’s accepted as currency on hundreds of sites worldwide, including one claiming to sell illegal drugs and several selling pornography.

And, yes, it’s popularity has attracted, however, a huge influx of speculators and non-techies who apparently have no idea how to secure their digital cash, which led to the crash of bitcoin on one exchange; let’s see what happens when it re-opens:

Schneider also lacked sympathy for the victim of the 25,000 Bitcoin theft which first brought security jitters to the fledgling community. Bitcoin wallets at present are stored with no encryption whatsoever by default, and transfers of stolen material are irreversible unless half of all Bitcoin users agree to it.

As I am not a techie, I would not know how to encrypt a wallet either. So as Stefan Molyneux points out in the video below – until a new company emerges that will provide encrypted wallets, I won’t acquire Bitcoins while they remain unencrypted.

Anyone here have bitcoins traded on MtGox? We’re going to get Rick Falkvinge back on when we can in order to let us know his thoughts on the theft as I believe he transferred lots of savings into the currency.

163 comments on “Bitcoin is one of the first attempts to create a real-world currency with no governments, no central banks, and no rules
  1. Steve_D says:

    Who is this Farang arsehole and why has he come on to our friendly chilled out website to act like a spoilt brat?

    Away with you Farang & don’t come back, you make the place look untidy.

  2. SilverPorno says:

    @gr8mikey

    “The real question here is how much are max and stacy getting paid to pimp this scheme…”

    I have to keep asking myself that, each time I see BC rear it’s ugly head here. I truly can’t believe they keep pushing it, when it’s insecurity is so obviously a massive problem and yet they choose to ignore that..

  3. SilverCondom says:

    @max&stacy

    Please continue with bitcoin, we want it to be debated so that we don’t die idiots.

  4. gr8mikey says:

    @SilverPorno The big banks and credit card companies spend millions and millions of dollars securing their systems, and they get broken into all of the time. Anyone that thinks this can be 100% secure is dreaming. Without a fraud investigation and enforcement agency and the ability to protect your customers from fraud, I’m afraid this concept in its current form is unworkable. Its basically a hacker/scammer paradise.

  5. Buy the coins.

    Then encrypt your wallet. Put it on 5 – 6 thumb drives. Then delete the wallet off your system.

    Done.

    Wait a year and see how the world is. If you don’t like the idea of Bicoin, think its unsafe then don’t get any. Buy Silver. If you think silvers in a bubble. Don’t buy silver.

  6. Kodo says:

    The whole internet is a hacker scammer paradise, maybe we should stay off it all together.

  7. SilverPorno says:

    @gr8mikey

    Yes, that’s dead right. I raise how insecure it is each time it appears here at MK, and it’s ignored. Too much potential money to be made from it, for someone, I fear. Anyone who thinks this is a currency (medium of exchange, whatever you want to call it) by th people for the people is going to be seriously shafted.

    Doesn’t it’s inventor own 50% of them? HAHAHAHA!

    Buy a bitcoin and you’ll be bitten where it hurts.

  8. mumumu says:

    I am with you Max & Stacy on this one. When something new as value that threatens the current system, is going to be attacked. I bet many of the attacks comes from people in the industry or governments. They are very afraid! But the current system is both a fraud and our enemy, I totally support this idea, that is why my business accepts bitcoins (www.webali.eu). If bitcoin does not succeed, new “forks” will naturally arise. We have the code of it. I have already started working on a prototype of a different approach and maybe will also release it as opensource. Also projects like I2P will help a lot.

  9. @Kodo. Yeah, and maybe we should stop using online banking too?

  10. @SilverPorno. Lets wait and see.

  11. Bob says:

    So Bitcoins are accepted for porn and illegal drugs? Now they certainly ARE stepping on the banking cartel’s toes. We control these industries through the use of USD.

  12. Bob says:

    Doesn’t it’s inventor own 50% of them? HAHAHAHA!

    ———-

    Doesn’t the Federal Reserve own 100% of all Reserve Notes?

  13. SilverPorno says:

    “Doesn’t the Federal Reserve own 100% of all Reserve Notes?”

    Right, so it’s twice as good then!

    Jeez.

  14. Caius Preposterus says:

    Richard Stott: you bank online… wow… thats brave!

  15. A. Kadlcík says:

    I support any currency that manages to undermine the current bankster oligarchy. However, in the long run or as THE currency of the future, I don’t see how bitcoin or any other alternative with a limited money supply can become the backbone of a larger economy, like, that of a nation state.

    Bitcoin potentially works in a scenario where the transactions are of a more limited nature, i.e., closer to, well, peer-to-peer. But, in my view, bitcoin (or anything similar) breaks down not only on a larger societal scale – for instance, when a natural catastrophe suddenly increases the demand for money – but also as a means to invest into, say, production capabilities.

    There are transactions that need a quick creation (or availability) of money and bitcoin (or gold) fail here whether as “physical” money or as debt (non-fractional) backed up by bitcoin. The former case holds for any currency that has to be mined or otherwise laboriously produced – the hard limit doesn’t help either. The latter case – debt backed up by bitcoin – is basically the same as using bitcoins, i.e., back to the beginning…

    Furthermore, bitcoin would break down completely in an interest based economy: interest would suck the economy dry. Something similar would occur – though perhaps only temporarily – when large sums of bitcoin were transferred, or lent, from one place to another; it could potentially bring money where it is needed but, at the same time, it would weaken the buying power in other places. While the money could eventually trickle back where it came from, the potentially long time duration of this process would more than likely have destructive effects.

    A limited money supply is a case of zero-sum game; my gain is your loss and vice versa. For a sustainable continuation of the game, an evenly distributed system of transactions would be needed, i.e., one where it would be impossible for “wealth” to accumulate in one place; a continuous cycling around of the money. What economy is like that? Can any real economy be potentially like that?

    So, as something that works alongside with the main currency, bitcoin or any alternative can potentially be useful, but for any more than that, well, let’s say I am sceptical about it. I would also like to point out that what I am saying about bitcoin is only about its limited money supply. (Also, new creation of bitcoins becomes increasingly difficult the more we approach the limit of 21 millions. It takes not only too much time but, it seems, a lot of energy too.)

  16. Febo says:

    Thankyou Stacy -the L word, the L word.
    Have you found some of Paul’s recent rhetoric inspiring, verging on great? (eg RLC speech.) I’m very excited – the GOP polls are wonderfully erratic, but with a clutch of HEAVY Paul victories, plus they are VERY respectful when they interview him now.
    Ron Paul IS the reason for the troop pull out.

  17. Steve/NotLiverpool says:

    Max and Stacy are not stupid. They know that Bitcoin has, literally dozens of flaws.

    Therefore M and S are either pumping because they ‘own’ some bitcoins, or they are being paid to pump.

    Gold and Silver will always be useful metals, even if they value falls to zero. Bitcoin has no real value, you can buy teeshirts, penis enlargement kit, and illegal pRon, thats about it!

    Do people not realise that, shurre they are limited bitcoins, but there is UNLIMITED fractions of a bitcoin….

    Bitcoin is weak and most of us can see it is either a scam, or do not fully understand it.

  18. gr8mikey says:

    @Febo I know you want to believe in Ron Paul, but c’mon man if he was any kind of serious threat to the system, he would already be dead.

  19. Jim-bob says:

    I’m sorry but it is just too risky for me at this time. I would rather hold gold and silver as they are not dependent on the existence of the internet or computers in order to be exchangeable for goods. Yes, they are prone to theft (either from citizens or governments) but they are far easier to hide than bits of data on a computer that is connected to an international computer network. I have no faith in the eternal continuance of our technologically complex society so you will excuse me if I opt out of Bitcoin.

  20. Kodo says:

    The white hats are protecting Ron Paul. Who are the white hats? They are the fuckers that are taking out the black hats as we speak right now.

  21. Lord Wellington says:

    “How are new Bitcoins created?

    Number of bitcoins over time, assuming a perfect 10-minute interval.New coins are generated by a network node each time it finds the solution to a certain mathematical problem (i.e. creates a new block), which is difficult to perform and can demonstrate a proof of work. The reward for solving a block is automatically adjusted so that in the first 4 years of the Bitcoin network, 10,500,000 BTC will be created. The amount is halved each 4 years, so it will be 5,250,000 over years 4-8, 2,625,000 over years 8-12 and so on. Thus the total number of coins will approach 21,000,000 BTC over time. ”

    What a load of unmitigated crap.

  22. Febo says:

    gr8mikey
    Ron Paul is at this moment undergoing a massive fastforward. Most haven’t cottoned on yet.

  23. Caius Preposterus says:

    I think this site tries to analyse all options that present alternatives to the clearly flawed fiat currency. BitCoin needs to be fully discussed… I hope there are other options to be discussed too! Maybe multiple bitcoin strategies, all interacting with other bitcoin like systems.. and exchanges… oh wait!

  24. will o.t.n says:

    Talking about fair money systems, everyone should watch Bill Stills films, The Money Masters ” and more recently and I think his best” The Secret of Oz”. He shows it is possible to have a fair money system and that in the past it has worked. ( Untill the corupt private banksters etc got their way.)
    It would be really informative and interesting if Max could get Bill Still on .
    After the GIABO it might be possible to have a moral and fair world money system . But we all need to research and talk about it.( Urgently)
    Here’s a link to The secret of Oz , its nearly 2 hours long but its really worth making the time to watch it
    http://www.archive.org/details/dom-102850-thesecretofoz
    In the meantime Iam still buying physical silver.

  25. BitVapes says:

    Max and Stacy aren’t being paid by anyone to pimp bitcoins. They are intelligent enough to recognize the properties of Bitcoin which give it value as a decentralized currency.

  26. Jimbo says:

    @SilverPorno “Doesn’t [it is] inventor own 50% of them? HAHAHAHA!”

    No.

    There was a post on the bitcoin.org forums speculating that the founder had generated the first of what would amount to less than 25% of the total supply. From this the anti-bitcoin propagandists put out the message that the creator definitely owns 25% and that this is an indication that bitcoin is a scam. Anyone with a brain would know that generating the coins 2 years ago is not the same as owning them now, and the fact that one person owns 25% of the supply actually means nothing. They would only become worth anything if bitcoin became a real currency, which would not happen if it was a scam! Anyway, why should the inventor not get rewarded for his invention? The guy who created paypal is a multi-billionaire and bitcoin is way better (and cheaper) than paypal!

    But in any case, the propaganda can easily be uncovered by anyone doing a little bit of research and reading the 2nd post on that thread. That was from someone saying that there were up to 10 people generating coins in that period.
    http://forum.bitcoin.org/?topic=1320.0

    So, does the founder own 50%? No reason to think so.
    Does he own 25%? No reason to think so.
    Did he generate the first 25%? No.
    Are supposed sound money/libertarian types propagandising against a free market currency? You betcha!

  27. L T P says:

    @gr8mikey
    Sorry, I disagree with you. Dr. Paul is 2F2D (too famous to die) for now. If he becomes POTUS where the banksters will then be truly threatened and may pull another JFK job. The bankster’s achilles heel (besides silver) in this regard is that more of the sheeple are aware of what JFK tried to accomplish and the price he paid. Who knows what these criminals will do against someone in power to upset their apple cart? This piggy could go insane just considering the possibilities. It’ll fund stories for Hollywood and PMF for decades to come.

    L T P
    followable on Twitter via @lickthepig

  28. 8Ball says:

    SP, “I have to keep asking myself that, each time I see BC rear it’s ugly head here. I truly can’t believe they keep pushing it, when it’s insecurity is so obviously a massive problem and yet they choose to ignore that..”

    Stax & Macy have never been known to let facts interfere with their agendae.

  29. saurabh says:

    A currency that can’t control its value in any way seems like a terrible idea to me. Deflation is built into BitCoins – if you have a fixed supply of coins and any kind of growth in the BitCoin economy, the currency will increase in value. The only way its value can remain steady is if demand for the currency stops increasing. So long as deflation keeps happening, people aren’t going to want to spend BitCoins, they’re just going to hoard them, which is very bad for the economy (see: the present day). In other words, BitCoin as a currency is fundamentally incompatible with the idea of economic growth. I fail to see why anyone should take such a currency seriously.

  30. blindweb says:

    The internet had been mainstream for 10 to 15 years now. If you don’t know how to protect yourself against malware and how to encrypt files you are a moron.
    If you don’t know the difference between the exchange Mtgox and the currency bitcoin you are a moron. the integrity of bitcoin has not been compromised.
    Even if bitcoins fail in 5 to 10 years it doesn’t mean they were a scam. if they are a productive gain they are still worth it. please see cigarettes used as currency in concentration camps.

  31. gr8mikey says:

    @L T P he may be too famous to die, but he is certainly old enough to have a heart attack in his hot tub like Matt Simmons. Look around you man! the idiots that eat up the MSM election coverage outnumber you by at least 5 to 1. Ron Paul is there so that the people who are disenfranchised by the system have somebody to vote for too. After the election and one of the establishment hacks wins, the Ron Paul supporters can cry in there beer and say to themselves…. If only…… Then they can go back to cheering for him as he introduces audit the fed, audit the gold type bills that will never pass the senate. I know you want to believes somebody can actually fix this mess, but it is rotten to the core at this point. The only thing we can do is stand back and let it collapse in on itself into the cesspool of corruption that it is.

  32. gr8mikey says:

    My main beef with bitcoin is that if I wanted to rip somebody off. (i.e. they pay me for something and I never ship it for example) it is very easy to do and they have absolutely no recourse whatsoever. They are screwed! At least when you buy something on-line with your credit card or paypal, you are somewhat protected from this kind of fraud as the 3rd party can reverse the transaction. Right now though the main lure of bitcoin seems to be speculative gain as other currencies flow into it. Everyone is looking at it like a get rich quick scheme. Its value isn’t derived from the market for goods in services like a good currency should be, it is almost totally valued by dollar flows into and out of it. With such a small number of bitcoins if anyone can’t see how easy it would be for someone to manipulate prices, they deserve what they get.

  33. Henry krinkle says:

    What the hell happen to “Crash JP Morgan BUY SILVER,” huh? Why are we being pitched another lottery?

  34. FIAT MONEY IS A SCAM!!!!

    god… please. think about this. bitcoin is far more free than what you all have…?

    trust me. give it time you will all have some….

  35. ok.. to half the funny people on this comments section:

    Price action. I guarantee its going up.

    Done
    .

  36. gr8mikey says:

    @Richard Stott Thanks for proving my point. You are buying it because it is a speculative get rich quick scheme. Good luck! And don’t be too greedy!

  37. alanborky says:

    Stacy: “I suspect this is why I get such vitriolic hate mail filled with all sorts of threats when I post any item related to Bitcoin . . . “no governments, no central banks, and no rules.””

    What about…ENDLESS governments, ENDLESS central banks, STILL NO RULES!

    Hopefully your awareness there’re plenty on this site who truly appreciate your contribution is sufficient compensation for all the crap.

  38. SilverPorno says:

    @Richard Stott

    “Price action. I guarantee its going up.”

    You forgot to add “and then down to nothing when the insecurity of it sinks in and spreads”. This BC thing is so wrong, so fundamentally wrong.

    Yes gr8mikey, a get-rich-quick scheme and then get out as fast as you can when the scam is about to burst / gets conveniently hijacked – by whoever is already waiting in the wings, wink wink.

    Dodgy as hell.

    Well, I guess BC posts here generate internet-miles.

  39. Strawman says:

    I suppose The people at Bitcoin are going to be part of the leverage the people need to force the Banksters to stop charging interest on Money made out of thin air, and go back to printing money the way they used to. Competition is a good thing for the consumer. If we all had a license to print (funds) money would be worth even less than it does now. Maybe if this trend keeps up we will all get board enough to ignore the whole concept of the idea and go back to Pythagoreanism .

  40. bammbamm says:

    @gr8mikey – “I wanted to rip somebody off. (i.e. they pay me for something and I never ship it for example) it is very easy to do and they have absolutely no recourse whatsoever.”

    C’mon man, bitcoin people aren’t like that. They’re enlightened. They have no greed – they’re like heavenly angels.

  41. SilverPorno says:

    @Stacy

    “Bitcoin is one of the first attempts to create a real-world currency with no governments, no central banks, and no rules”

    “no rules” ?

    You know, I love coming here, watching the RT and On the Edge reports, reading the posts and commenting, talking nonsense, having a laugh etc when I do.

    I’ve also seen you’re a very intelligent person. And yet you write that one of bitcoins advantages over any other currency / exchange medium is that it has “no rules”.

    Come on. What is that all about? Is that an advantage? Or is your post a test of some sort – to see what responses you get? What’s going on?

    Love what you are doing here, but I have questions….

    Unlikely I’ll get a reply.

  42. Skinner says:

    More like buttcoin

  43. Bob W says:

    Sorry, but this guy on the video is so full of self righteous libertarian crap I could not watch the whole thing! I appreciate bitcoin, but I also appreciate society and the polity which provides firemen, laws, (and healthcare in advanced countries).
    He makes ridiculous statements, simplistic memes which do not hold to actual scrutiny… more of a priest than a social observer.

  44. Dave UK says:

    No one’s suggesting that Bitcoin should be adopted as the world currency. It’s just one more currency, just like gold and silver, that coexists with all the other currencies. The deflationary argument only holds if the currency is adopted by the whole world. It won’t be lol.

  45. executivebranch says:

    Today, I was feeling down and out but Stefan Molyneux lifted my spirits like usual. Cheers!

  46. predate says:

    Ya right!

    This guy try to make you believe that this is because of democracy! Democracy is already dead effectively killed by the corporatism and this is the source of all our current problem. We are left with only the illusion of democracy. Corporations control all the world governments and our votes do not matter anymore.
    Corporations do not care about the citizen and the country nor the planet. They car only about profit. Fuck the planet! never mind the BP or the Fuckushima disaster! never mind the mass extinction of species in progress. Never mind the disease du to the use of oil such as Cancer lung and cardiovascular diseases! Never mind 50% unemployment! Never mind that 1% of the planet “elites” who produce nothing, invent nothing and contribute nothing hold 50% of all the money in the world. Letting people borrow money was the only way to prevent the world economy from collapsing.

    We have to retake control of our governments and restore the US constitution.
    For doing so we must kill all the big corporations first.

    This being say if this “Farang arsehole” (as mentioned above) really thing that democracy is bad may be he should emigrate to north Korea or Iran and leave the rest of the occidental world alone because we will stick to freedom and democracy.

  47. Al Kyder says:

    @ stacyherbert

    Thanks for this. Sometimes we have to make a decision and stick to it, roll with the punches.

    You are 100% right here. Anyone who travels internationally can see the advantages of this currency, and why we must have one.

    I note that the naysayers are so stupid they think you are making money out of this. The very concept of saving money does not exist to them. Poor fools.

  48. User2323 says:

    So few people understand money, and the overlap among such people and the extremely small number of people with the technical understanding of bitCoin is itself tiny, such that bitCoin is guaranteed to cause commotion as a topic of conversation.

    And there are lots of people out there beholden to the dollar psychologically like it’s a sports team, hence the hate mail.

    Anyway the big bitCoin theft was not real; you can look at all bitCoin transactions and see that there was no transfer of that number of coins. The only *actual* security breach that has taken place recently was the exchange, Mt Gox, being hacked. This is such a minimal thing in light of what dollar denominated exchanges get away with.

  49. User2323 says:

    Well actually I have found an address that got 2500 coins from a whole bunch of different addresses. I don’t know if this is the big theft they are talking about.

    Stefan Molyneux has the right idea; the cloud storage idea is something I have pondered myself. In particular if the cloud gets hacked can you sue the cloud purveyor for failing to protect your bitCoins? And if so how much will the bitCoins be valued by the court? After all, courts have recently assigned value to pilfered/hacked Zynga dollars…

  50. Bonn says:

    I dunno whats a Bitcoin ….I can guess ….is it virtual money ???

  51. gr8mikey says:

    @Bonn

    Think Zynga Bucks, but with a much larger carbon footprint.

  52. Richard says:

    No, no, no. Zynga is centralised. & can get shut down (like napster). This is de-centralised.

  53. Canuckistan says:

    Anyone who uses Bitcoin is a sucker.

  54. Paul Johnston, PhD Economics says:

    The REAL TRUTH is there are NO COUNTRIES anymore, ONLY CORPORATIONS who buy and OWN OUR POLITICAL PARTIES & LEADERS worldwide. The only answers is– REVOLT!! & STOP VOTING FOR THESE SAME CORRUPT POLITICAL CRIMINALS! – Obama, Sarkozy Merkel, Cameron are included in this secret financial cabal!
    STAND UP NOW PEOPLE – BECAUSE THEIR PLANS ARE TO MAKE SLAVES OF YOU!!!
    Paul Johnston, PhD Economics

  55. To Stacey – How you Can Encrypt Your Bitcoins:

    1.) Download WinRar, and install it.
    2.) Locate you wallet.dat file. It’s location on your computer should be at:
    C:\Users\[USERNAME]\AppData\Roaming\Bitcoin
    3.) Right click on the wallet.dat file, and select Add to archive.
    4.) Click the [Advanced] tab, then click the button [Set password...].
    5.) Enter a 16 character long password. Make sure it has letters, numbers, and characters. Make it long and complex so no one can crack to. This step is crucial!
    6.) Click [Okay] and [Okay] again.
    7.) Make copies of this file and store it on flash drives, secret E-mail accounts and so forth. Make sure you have copies of this encrypted file so you have a backup plan in case you lose your computer or something. If you have a lot of Bitcoins it’s smart to keep a large chunk in a wallet file that you have encrypted and have a second wallet you use as your petty cash wallet for buying/selling. Hope this information helps you!

  56. Jayme says:

    I generally like Stefan’s arguments but maybe I missed something here. His connections are a bit coin-voluted (har har, ugh).

    He seems to be adressing three theses:
    1. Culture produces war against ‘evil’;
    2. Democracy is debt and bribery on future generations; and
    3. Bitcoins are good because they are voluntary but there are always assholes and we should secure ourselves against assholes.

    His thesis is basically incorrect and misleading. The only plausible argument that he makes which meets the primary thesis of democracy being the root of war and debt, is that assholes screw things up.

    I do agree that bitcoin is neat but, like democracy, there is no utopia. Perhaps it would find most use within something like a game arcade where all currency is redeemable in games plays, like tokens, and it only operates within a local area network so you can maintain better security. Anything with productive value will eventually produce assholes. I mean, look at what people will do to get a stupid game like farmville to run… or even those people who submit blog entries with no currency. Maybe there is a way of making a valueless currency that no one would steal but was worth one’s own ability to be a member of this society. It seems that the only way this can happen is literally if there is a change in cultural values about money itself.

  57. Jayme says:

    sorry

    “The only plausible argument that he makes which meets the primary thesis of democracy being the root of war and debt, is that assholes screw things up.”

    should read

    “The only plausible argument that he makes which meets the primary thesis of democracy being the root of debt and bribery, is that assholes screw things up.”

  58. Jayme says:

    This video may be a bit simplistic but it’s a slightly different perspective if you have the time. It’s from 2006.

    Another view on money – The Spiritual Economy [59 min]
    http://video.google.com/videoplay?docid=-2346262332380629957&ei=40g1SvGuFZCgrgO-tOzyAw&q=spiritual&hl=en#

  59. bluedog says:

    Drug dealers take bit coins ?? hahahaha what a joke , who put this out . The DEA ?? ha Drug dealers take cash . drug dealers take gold and silver . drug dealers will take your car , your woman , your dog . but they won’t take bitcoin . drug dealers are not stupid . bitcoin is not real . its a promise . its an idea . only in US of A could this happen . great idea . hope it works for the sheepies . better than banks . however once it works , it will be just another bank with more promises for sale . if you want real money . save gold and or silver . to easy :)

  60. Richard says:

    Why would I use Bitcoin?

    Bitcoin is the world’s first completely Decentralized currency.  This means it has no issuing entity… therefore, no single point of failure.  In many ways Bitcoin is more secure than your bank.  If your bank were to fail, your money could be gone forever.  The Bitcoin network is made up of millions of computers all over the world, connected via the internet.  The entire internet would have to go down, in order for the Bitcoin network to fail.
    There will never be more than 21 million Bitcoins.  The number of Bitcoins is limited by the design of the network.  This number can never be increased.  Also, 
    Bitcoins are virtually infinitely divisible.  Currently, they are divisible up to 8 decimal places.  For example, you can send someone 0.00000001 of a Bitcoin… for a Stabucks. However, in the future, they could become even more divisible as needed… as the value of one Bitcoin becomes ever larger.
    It’s as free as email.  Bitcoin transactions are free.  Whereas credit cards and other online payment systems typically cost 1-5% per transaction, plus various other fees adding up to hundreds of dollars…  Bitcoin usage and transactions are always free*.  It doesn’t matter if you send $0.01… or $1,000,000.00…  the transaction cost is always the same:  free*
    It’s as easy to send as email.  Just one click.  Bitcoin payments are sent with one click – just like email.
    Payments are irreversible.  No matter whether you accept Bitcoin payments for your business or otherwise, payments can not be reversed.  There’s no such thing as a “chargeback” with Bitcoin.  Payments can only be refunded by the recipient, voluntarily… as a separate new Send transaction.
    It’s more secure than online banking existing in the world today.  Traditional banks use encryption when you log on to your online banking.  The cryptography technology used in Bitcoin is even more secure.  In other words, if it were to ever become possible to hack in to it…  Then ALL the world’s banking would be compromised.  With today’s known technology, experts all agree…  It is absolutely un-hackable and un-breakable.Ŧ
    With Bitcoin, there is no central bank…  no privately owned federal reserve bank corporation.  The value of Bitcoins does not go down when the privately owned corporation called “The Fed” decides to “print more money”.  In fact, it might even go up in value… as it triggers more people to seek out alternatives to storing their money in the world’s “fiat currencies” (paper money that different nations’ central banks just continue to “print more of”)… and buy more Bitcoin instead.  In the news, the corporate-owned media call it, “Quantitative Easing”….  We think it would be more appropriate to call it, “The Titanic”.
    It’s as anonymous as you want it to be.  Just like with cash, transactions can be totally anonymous.  Transactions are only identified by your Bitcoin address, and you can have as many Bitcoin addresses as you want.  You create another new Bitcoin address with one click any time you want to.  Most people create a new Bitcoin Address for every person sending them a payment.  That way, they know for sure who the payment came from.
    There’s no big brother.  Third parties can’t prevent or control your transactions.  Transfer money easily through the internet, without having to trust middlemen; no central bank, nor central authority.
    It’s not a bank.  It’s not paypal.  What may be the best feature of all?  “Bye bye, PayPal.”   “Bye bye, Bank.”
    What else can I do with Bitcoins?

    See: http://t.co/ZskC0gs

  61. Zack L says:

    Let it free float against gold and silver free markets! Let people use what they want that’s want!

  62. Zack L says:

    Let it free float against gold and silver free markets! Let people use what they want!

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