Anonymity and privacy, which can be utilized for either good or evil.
The users' money was legally acquired (or at least, most of it) but now it's gone because "hurrhurr they were just gonna use it on drugs or fraud anyways".
It's not at all private - every transaction is permanently and publicly logged in a distributed log that's available for anyone to see. Anonymity is probably possible if you buy bitcoin for cash and bounce it around in various ways, but there are data analytics companies that specialize in de-anonymizing bitcoin transactions now, so you'd need to be very careful.
The authorities arrested the Mt Gox heist (reminder: MtGox stands for Magic the Gathering Online Exchange) money launderer just a few days ago. Everything about my last sentence is hilarious.
Damn, that's awfully good-looking for a 31-year-old who stabs people. Just compare that with what 31-year-olds on dating sites look like if you don't believe me.
because "hurrhurr they were just gonna use it on drugs or fraud anyways".
Which likely isn't far from the truth. 90% of the time cryptocurrency is used to either a) buy illegal goods or b) try to bypass the US tax system. Neither of which the government is going to like.
we're also so retarded that we allow fucking anyone to purchase property and have done nothing over years as our horrific real estate market drives people out of the city
Pump and dump speculators love it cause the other 3 are chumps
I'm convinced this is the only way to make money off of cryptocurrency.
Find the newest/easiest to mine currency, mine it for awhile, and then sell when value starts to increase.
Rinse and repeat as newer currency is created.
I've yet to see any long term value in any cryptocurrency and the linked drama is just more proof that it's not something you a) invest heavily in and b) hold on to for longer than you absolutely need to.
Darknet dealers and buyers love it cause they think it's untraceable
Its like regular money, but there is a public currency transfer log for every transaction. And the public currency transfer log is the whole point. And they perform these transactions on the special Tor network that was invented by the US government. Let the concept that the entire darknet/Tor system is a US government invention sink in.
At this point, I'm wondering how all those darknet drugdealers are not all in prison.
At this point, I'm wondering how all those darknet drugdealers are not all in prison.
Because it is secure by design. It was intended to be used by the military/navy for secure communications. The majority of busts on the darknet are from people that don't cover their tracks. The FBI/CIA/NSA are a lot more incompetent than you think.
Online... Disposable Visa giftcard. Load it with enough cash to purchase what you want. If you have to add a name/address in order to use it online you can always just use a fake one.
The problem with anonymous buying online isn't the payment method, it's the shipping.
In 100 years the dollar's value has lost 90% of its value. Intentional inflation is a regressive tax on all people. Why trust a government stooge to control your counterfietable money when you don't have to? Why let visa take 5% of all the money you spend?
You realize deflation is far, far worse for an economy than inflation, right? It literally caused the Great Depression. Inflation is also a natural, necessary consequence of increased GDP. You're honestly bitching that life isn't so shitty that your best outlook is burying your money in a sack.
The answer to your other questions are, respectively, you don't have to just buy real estate or commodities (gold) and shop places that give a cash discount. The merchant pays those fees so everywhere else is charging several% more to everyone.
You realize deflation is far, far worse for an economy than inflation, right? It literally caused the Great Depression. Inflation is also a natural, necessary consequence of increased GDP. You're honestly bitching that life isn't so shitty that your best outlook is burying your money in a sack.
I don't feel like hashing out the old argument. bitcoin not being inflated to pay government debt does not make it dangerously deflationary.
The answer to your other questions are, respectively, you don't have to just buy real estate or commodities (gold) and shop places that give a cash discount. The merchant pays those fees so everywhere else is charging several% more to everyone.
That has literally nothing to do with anything. There is no compelling reason a payment between two parties needs to give 5% of the transaction to a third party when you have a trustless transaction system like LTC or even better IOTA.
Also that's not what a regressive tax is.
It's a tax that hits everyone, who do you think is more impacted by inflation? The rich man with most of his assets in stocks and revenue producing assets or the poor man who is lucky if his wage beats inflation?
You didn't lay out an argument past an obviously false ad hominem. You're making an accusation without proof, I'm under no obligation to disprove every unfounded whim you produce.
You don't think one of the roles of government should be to promote economic stability/prevent massive collapse? Seems like one of the major things you'd want the government to be involved with.
No, I don't see that as the role of an institution that also holds the monopoly of force. And don't buy the idea that without the fed our economy would collapse.
And yet not a single person learned in the subject of finance or economics would agree with you. They might disagree (probably slightly) on the exact actions taken, or the extent which the Fed went or didn't go in the Great Recession, but none of them would agree that the Fed simply shouldn't exist. It's an asinine and unlearned proposition that reeks of either total know-nothingism or conspiracy theorism. Not sure which is worse.
I'm not making an argument about the effectiveness of monetary policy, I never claimed to be making that argument. I'm making a philosophical argument about the role of government. You could say the repressive regime in China is "good" using the same argument you just made because it results in huge growth, there are relevant values beyond growth.
How do you know I didn't know that and my question was clouded in several layers of irony signaling to you that I recognized your irony and was thus ironically ironing our irony.
In a purely traditional view of how financial institutions value assets, nothing.
Its a highly volatile asset with no cash flows until the end of the holding period with increadibly high beta towards the market making it a really shit at everything imaginable
But dar bad bankerz dunno wut dae talk about and shill for the joos
They think it will put the (((banks))) out of business, and end the credit cycle, because once we all use bitcoin the banks will have no purpose (other than looking after money for people who don't want to manage a bitcoin wallet, giving interest to savers who don't want to spend their bitcoins, and giving loans to people who want bitcoins but don't have them).
Also, the government won't be able to sell bit-coin denominated bonds, no, not possible, it just wouldn't happen.
for people that want to use digital currency they sure do have a hard time grasping seizure of a domain name versus seizure of the actual bitcoins. But whatever, at least they had a fresh chance to get mad at the US.
for people that want to use digital currency they sure do have a hard time grasping seizure of a domain name versus seizure of the actual bitcoins. But whatever, at least they had a fresh chance to get mad at the US while making themselves look like asses. As did the OP of this post. You sir, are a fucking idiot.
92 comments
1 SnapshillBot 2017-07-29
Promoting anarchofascism for 5 years and counting.
Snapshots:
I am a bot. (Info / Contact)
1 Ultrashitpost 2017-07-29
Can someone give me an ELI5 what the appeal of Bitcoin really is?
1 Falormeins 2017-07-29
Anonymity and privacy, which can be utilized for either good or evil.
The users' money was legally acquired (or at least, most of it) but now it's gone because "hurrhurr they were just gonna use it on drugs or fraud anyways".
1 HodorTheDoorHolder 2017-07-29
1 Falormeins 2017-07-29
Whoa bro just because I lock the door when I jack it doesn't make me evil THANKS
1 HodorTheDoorHolder 2017-07-29
Unless of course you're jacking it to child porn, an item typically purchased with bitcoin
1 Falormeins 2017-07-29
I can only get off to Bitcoin itself. The thought of mastering the blockchain enflames my loins with the force of one thousand suns.
1 HodorTheDoorHolder 2017-07-29
Get outta here digi-junkie!
1 Falormeins 2017-07-29
I can't leave, I go through withdrawal if I don't regularly inject Reddit drama into my veins.
1 ineedmorealts 2017-07-29
And USD, Is USD evil as well?
1 HodorTheDoorHolder 2017-07-29
nope
1 kermit_was_right 2017-07-29
No. Just a dumb fuck that doesn't understand the value of retaining quality semen.
1 scatmunchies 2017-07-29
It's not at all private - every transaction is permanently and publicly logged in a distributed log that's available for anyone to see. Anonymity is probably possible if you buy bitcoin for cash and bounce it around in various ways, but there are data analytics companies that specialize in de-anonymizing bitcoin transactions now, so you'd need to be very careful.
1 ComedicSans 2017-07-29
To be fair, he was asking about popularity, which is a matter of public perception and not reality.
1 scatmunchies 2017-07-29
Yeah, thinking about it, it's funnier if people don't know the reality.
1 ComedicSans 2017-07-29
The authorities arrested the Mt Gox heist (reminder: MtGox stands for Magic the Gathering Online Exchange) money launderer just a few days ago. Everything about my last sentence is hilarious.
1 scatmunchies 2017-07-29
Dunning-Krugerands.
1 Senator_Chickpea 2017-07-29
Reddit Gold
1 scatmunchies 2017-07-29
Wrong, but also right.
1 lokichilde 2017-07-29
It appears MtG has recently moved on from crimes easily solved with a restraining order to felonies
1 ComedicSans 2017-07-29
And yet it is the rubber mallet that confuses me most.
1 lokichilde 2017-07-29
Slapstick may not always be high comedy, but it's always funny.
1 ShitArchonXPR 2017-07-29
Damn, that's awfully good-looking for a 31-year-old who stabs people. Just compare that with what 31-year-olds on dating sites look like if you don't believe me.
1 aqouta 2017-07-29
Or just transfer it to monero and be completely untraceable.
1 scatmunchies 2017-07-29
ZCash is demonstrably more anonymous.
1 Karmaisforsuckers 2017-07-29
If you need to use a computer on the internet for your money or transactions it is not ever anonymous.
1 grafton29 2017-07-29
Why would you use a currency where every single transaction is public?
1 scatmunchies 2017-07-29
Drugs, apparently? Or libertarian ideology. Dunno.
Also, it's not really a currency, whatever it's proponents say.
1 Akacopman 2017-07-29
You can see transactions but you have no idea who's sending them and to where. It's pseudo-anonymous.
1 NotAllMenAreLikeThat 2017-07-29
Yeah, people who are using bitcoin without TOR or any form of security isn't magically making Bitcoin "public".
It's like buying a security camera for your front door and then always opening up the door to check who's there.
1 flipkt 2017-07-29
Lol most of the bitcoins in this exchange were stolen from mtgox, another bitcoin exchange.
1 botchlings 2017-07-29
Which likely isn't far from the truth. 90% of the time cryptocurrency is used to either a) buy illegal goods or b) try to bypass the US tax system. Neither of which the government is going to like.
1 ManhattanTransFur 2017-07-29
It allows Chinese warlords to move their yuan out of China, so that they can purchase real estate in Vancouver and Oakland.
1 CucksLoveTrump 2017-07-29
Yeah Lu Bu's up to no good again
1 Pewkie 2017-07-29
Time to get my mufugga cao cao to handle that punk ass
1 OldBiffFromTheFuture 2017-07-29
说曹操， 曹操到
1 EddingtonDidNothingW 2017-07-29
its probably someone else, if it was him, the fbi would not have pursued this case
1 kanadskiy 2017-07-29
It's not their fault that Vancouverites are literally so retarded that they can't build more than 1 storey housing
The mayos in BC deserve it tbqh
1 infinitemile 2017-07-29
we're also so retarded that we allow fucking anyone to purchase property and have done nothing over years as our horrific real estate market drives people out of the city
1 kanadskiy 2017-07-29
Yeah, like making it so that 60% of the city isn't restricted to one storey single housing
You can be a major city, or you can own houses in the city. You can't do both
1 Karmaisforsuckers 2017-07-29
This is too true to be funny
1 StingAuer 2017-07-29
Source?
1 ShitArchonXPR 2017-07-29
Yeah, this is too juicy not to at least have a link of some kind.
1 LSU_Coonass 2017-07-29
wtf i love china now
1 lokichilde 2017-07-29
Paranoid fedheads love it cause it's not evil gubmint money
Nerds love it cause blockchain blah blah blah blah
Darknet dealers and buyers love it cause they think it's untraceable
Pump and dump speculators love it cause the other 3 are chumps
1 botchlings 2017-07-29
I'm convinced this is the only way to make money off of cryptocurrency.
Find the newest/easiest to mine currency, mine it for awhile, and then sell when value starts to increase.
Rinse and repeat as newer currency is created.
I've yet to see any long term value in any cryptocurrency and the linked drama is just more proof that it's not something you a) invest heavily in and b) hold on to for longer than you absolutely need to.
1 MounumentOfPriapus 2017-07-29
Its like regular money, but there is a public currency transfer log for every transaction. And the public currency transfer log is the whole point. And they perform these transactions on the special Tor network that was invented by the US government. Let the concept that the entire darknet/Tor system is a US government invention sink in.
At this point, I'm wondering how all those darknet drugdealers are not all in prison.
1 Akacopman 2017-07-29
Because it is secure by design. It was intended to be used by the military/navy for secure communications. The majority of busts on the darknet are from people that don't cover their tracks. The FBI/CIA/NSA are a lot more incompetent than you think.
1 PURINBOYS2002 2017-07-29
It's like 50% teenagers buying drugs and 50% erotic libertarian roleplaying.
1 cruelandusual 2017-07-29
It's a pyramid scheme, which is profitable for the people who got in early.
1 Kekistanian9000 2017-07-29
That's not correct, people can actually use btc to buy drugs.
1 _throawayplop_ 2017-07-29
laundering money
1 ineedmorealts 2017-07-29
It's basically cash for the internet. It you want to buy something quickly and anonymously online you basically need to use bitcoin
1 botchlings 2017-07-29
If you want to buy legal goods anonymously there are a hell of a lot of easier ways to do it.
1 ineedmorealts 2017-07-29
Like what? You can't use cash online and things like Western Union don't operate every where
1 botchlings 2017-07-29
Online... Disposable Visa giftcard. Load it with enough cash to purchase what you want. If you have to add a name/address in order to use it online you can always just use a fake one.
The problem with anonymous buying online isn't the payment method, it's the shipping.
1 aqouta 2017-07-29
In 100 years the dollar's value has lost 90% of its value. Intentional inflation is a regressive tax on all people. Why trust a government stooge to control your counterfietable money when you don't have to? Why let visa take 5% of all the money you spend?
1 carthoris26 2017-07-29
You realize deflation is far, far worse for an economy than inflation, right? It literally caused the Great Depression. Inflation is also a natural, necessary consequence of increased GDP. You're honestly bitching that life isn't so shitty that your best outlook is burying your money in a sack.
The answer to your other questions are, respectively, you don't have to just buy real estate or commodities (gold) and shop places that give a cash discount. The merchant pays those fees so everywhere else is charging several% more to everyone.
Also that's not what a regressive tax is.
Did you come here from /r/anarchism or /r/anarcho_primitivism?
1 aqouta 2017-07-29
I don't feel like hashing out the old argument. bitcoin not being inflated to pay government debt does not make it dangerously deflationary.
That has literally nothing to do with anything. There is no compelling reason a payment between two parties needs to give 5% of the transaction to a third party when you have a trustless transaction system like LTC or even better IOTA.
It's a tax that hits everyone, who do you think is more impacted by inflation? The rich man with most of his assets in stocks and revenue producing assets or the poor man who is lucky if his wage beats inflation?
oh god no. /r/anarchism is the most compelling case for fascism I've ever seen if only to have as little in common with them as possible.
1 lokichilde 2017-07-29
That's hilarious cause you sound like you'd fit right in.
1 aqouta 2017-07-29
Not liking the fed doesn't make you an anarchist that celebrates dead cops dude, get a grip.
1 lokichilde 2017-07-29
Not an argument
1 aqouta 2017-07-29
You didn't lay out an argument past an obviously false ad hominem. You're making an accusation without proof, I'm under no obligation to disprove every unfounded whim you produce.
1 lokichilde 2017-07-29
Not an argument
1 aqouta 2017-07-29
Low effort
1 lokichilde 2017-07-29
Not an argument
1 Mort_DeRire 2017-07-29
It just makes you an idiot.
1 aqouta 2017-07-29
Or just someone with ideological differences in view of the role of government?
1 Mort_DeRire 2017-07-29
You don't think one of the roles of government should be to promote economic stability/prevent massive collapse? Seems like one of the major things you'd want the government to be involved with.
1 aqouta 2017-07-29
No, I don't see that as the role of an institution that also holds the monopoly of force. And don't buy the idea that without the fed our economy would collapse.
1 Mort_DeRire 2017-07-29
And yet not a single person learned in the subject of finance or economics would agree with you. They might disagree (probably slightly) on the exact actions taken, or the extent which the Fed went or didn't go in the Great Recession, but none of them would agree that the Fed simply shouldn't exist. It's an asinine and unlearned proposition that reeks of either total know-nothingism or conspiracy theorism. Not sure which is worse.
Do some research.
1 aqouta 2017-07-29
I'm not making an argument about the effectiveness of monetary policy, I never claimed to be making that argument. I'm making a philosophical argument about the role of government. You could say the repressive regime in China is "good" using the same argument you just made because it results in huge growth, there are relevant values beyond growth.
1 lokichilde 2017-07-29
KYS
1 aqouta 2017-07-29
How do you know I'm not under several layers of irony?
1 lokichilde 2017-07-29
How do you know I'm not under several layers of irony?
1 aqouta 2017-07-29
How do you know I didn't know that and my question was clouded in several layers of irony signaling to you that I recognized your irony and was thus ironically ironing our irony.
1 lokichilde 2017-07-29
Because you're not that smart
1 aqouta 2017-07-29
this but ironically.
1 lokichilde 2017-07-29
This but eight layers of irony
1 ProGenji 2017-07-29
In a purely traditional view of how financial institutions value assets, nothing.
Its a highly volatile asset with no cash flows until the end of the holding period with increadibly high beta towards the market making it a really shit at everything imaginable
But dar bad bankerz dunno wut dae talk about and shill for the joos
1 wisty 2017-07-29
They think it will put the (((banks))) out of business, and end the credit cycle, because once we all use bitcoin the banks will have no purpose (other than looking after money for people who don't want to manage a bitcoin wallet, giving interest to savers who don't want to spend their bitcoins, and giving loans to people who want bitcoins but don't have them).
Also, the government won't be able to sell bit-coin denominated bonds, no, not possible, it just wouldn't happen.
1 uhohohno221 2017-07-29
This is good for bitcoin
1 A6MZer0 2017-07-29
/r/SorryForYourLoss
1 A6MZer0 2017-07-29
It's alright guys they got this under control
1 Falormeins 2017-07-29
Ah yes, a very compelling, one-sentence-long plea. This will truly make the FBI empty their pockets in remorse.
1 neutralvoter 2017-07-29
for people that want to use digital currency they sure do have a hard time grasping seizure of a domain name versus seizure of the actual bitcoins. But whatever, at least they had a fresh chance to get mad at the US.
1 neutralvoter 2017-07-29
for people that want to use digital currency they sure do have a hard time grasping seizure of a domain name versus seizure of the actual bitcoins. But whatever, at least they had a fresh chance to get mad at the US while making themselves look like asses. As did the OP of this post. You sir, are a fucking idiot.
1 AltRightRulesReddit 2017-07-29
Invest in ethereum.
1 flipkt 2017-07-29
Don't worry guys! It's just unscheduled server maintenance! They'll be back online in a few days!
1 grep_var_log 2017-07-29
Fucking idiots used an American TLD. They had it coming.
1 OldBiffFromTheFuture 2017-07-29
Loving the global economic experts there
1 MG87 2017-07-29
I really have no idea whats going on
1 Illyana_Rasputin 2017-07-29
(((FBI))) has been on a roll lately.
1 notthegreatestcatch 2017-07-29
Why you lying OP, it was only a domain name? Now I'm disappointed.
1 Velvet_Llama 2017-07-29
This title is based on the false premise that bitcoin users don't deserve anything and everything bad that happens to them.