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WTF is Bitcoin?

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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #30 on: June 06, 2011, 01:10:07 PM »
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berny_74

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Re: WTF is Bitcoin?
« Reply #31 on: June 06, 2011, 02:25:14 PM »
Wait - how can money be backed by a gold standard if the amount of gold that has ever been mined in the world is less than the value of U.S. currency that is circulating?

Berny
Also what JD posted
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Quote from: markjo on August 18, 2011, 10:31:34 AM
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Username

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Re: WTF is Bitcoin?
« Reply #32 on: June 06, 2011, 06:01:12 PM »
Quote from: PizzaPlanet on June 06, 2011, 01:10:07 PM
Quote from: John Davis on June 06, 2011, 10:53:06 AM
http://en.wikipedia.org/wiki/Executive_Order_6102
http://en.wikipedia.org/wiki/Gold_Reserve_Act
http://en.wikipedia.org/wiki/Nixon_Shock
Irrelevant.
How exactly is that irrelevant?  I thought the current topic of discussion of the gold standard and more broadly currency backed up by a standard.  I assume that three articles on various historical laws concerning the gold standard in the US to be relevant.
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parsec

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Re: WTF is Bitcoin?
« Reply #33 on: June 06, 2011, 06:57:59 PM »
Quote from: Johannes on June 04, 2011, 09:29:33 PM
Quote from: Trekky0623 on June 02, 2011, 08:13:06 AM
If you can't bring these to a store and get food with them, what's the point? Nobody takes them at this point.
People believe in it.

A bitcoin is worth whatever people believe they are worth. Just like the US Dollar or Euro.

Johannes is terrible.
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EnglshGentleman

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Re: WTF is Bitcoin?
« Reply #34 on: June 06, 2011, 10:49:04 PM »
Quote from: parsec on June 06, 2011, 06:57:59 PM
Johannes is terrible.

Just terrible.
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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #35 on: June 07, 2011, 02:39:33 AM »
Quote from: John Davis on June 06, 2011, 06:01:12 PM
How exactly is that irrelevant?  I thought the current topic of discussion of the gold standard and more broadly currency backed up by a standard.  I assume that three articles on various historical laws concerning the gold standard in the US to be relevant.
And in that you were wrong. The banknotes come with a warrant signed by whatever important guy in the US signs them (aka has their signature printed on them). The law is entirely irrelevant in that matter. For an adequate comparison, the US Constitution is entirely irrelevant as long as intelligence agencies are concerned. There's no real reason for it. It just happens.
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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #36 on: June 07, 2011, 02:41:13 AM »
Quote from: berny_74 on June 06, 2011, 02:25:14 PM
Wait - how can money be backed by a gold standard if the amount of gold that has ever been mined in the world is less than the value of U.S. currency that is circulating?
Quote from: PizzaPlanet on June 05, 2011, 01:00:39 PM
Goods, coinage
rif
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Username

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Re: WTF is Bitcoin?
« Reply #37 on: June 07, 2011, 04:18:50 AM »
Quote from: PizzaPlanet on June 07, 2011, 02:39:33 AM
Quote from: John Davis on June 06, 2011, 06:01:12 PM
How exactly is that irrelevant?  I thought the current topic of discussion of the gold standard and more broadly currency backed up by a standard.  I assume that three articles on various historical laws concerning the gold standard in the US to be relevant.
And in that you were wrong. The banknotes come with a warrant signed by whatever important guy in the US signs them (aka has their signature printed on them). The law is entirely irrelevant in that matter. For an adequate comparison, the US Constitution is entirely irrelevant as long as intelligence agencies are concerned. There's no real reason for it. It just happens.
Yeah, the law is entirely irrelevant in matters of law which explicitly talk about the matter at hand.  ::)  Warrants and executing warrants have nothing at all to do with current law on the matter.  US Federal Reserve Notes are not Demand Notes anymore.  You can not exchange them for anything other than money and are backed by only the "full faith and credit of the U.S. government".

The picture you cited of a 10,000 Federal Reserve Demand Bank Note is outdated and no longer valid.  Show me some current tender which states it can be exchanged upon demand and you may have an argument.  However, instead you will find nonsurprisingly that US tender holds the mark "This note is legal tender for all debts, public and private" an explicit change away from demand notes.
« Last Edit: June 07, 2011, 04:22:19 AM by John Davis »
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Raist

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Re: WTF is Bitcoin?
« Reply #38 on: June 07, 2011, 07:35:42 AM »
Can I ask why the libertarians want to bring back the gold standard if we are still on the gold standard?
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theonlydann

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Re: WTF is Bitcoin?
« Reply #39 on: June 07, 2011, 11:29:29 AM »
Dammit. One of the few things i know about. :(
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Raist

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Re: WTF is Bitcoin?
« Reply #40 on: June 07, 2011, 02:05:26 PM »
Quote from: theonlydann on June 07, 2011, 11:29:29 AM
Dammit. One of the few things i know about. :(

Then hop on in danners. I'm not the most knowledgeable person when it comes to economics.
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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #41 on: June 07, 2011, 04:16:55 PM »
Quote from: Raist on June 07, 2011, 07:35:42 AM
Can I ask why the libertarians want to bring back the gold standard if we are still on the gold standard?
Yes. I'm sure the libertarians will be happy to answer your question.
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markjo

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Re: WTF is Bitcoin?
« Reply #42 on: June 07, 2011, 08:16:04 PM »
Quote from: Raist on June 07, 2011, 07:35:42 AM
Can I ask why the libertarians want to bring back the gold standard if we are still on the gold standard?

That depends on which "we" you are referring to.  Some countries may still be on the gold standard.  The US, however, isn't one of them.
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sillyrob

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Re: WTF is Bitcoin?
« Reply #43 on: June 07, 2011, 08:17:11 PM »
The US hasn't been on gold standard for a long time.
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Mrs. Peach

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Re: WTF is Bitcoin?
« Reply #44 on: June 07, 2011, 08:28:15 PM »
 

Having behind us the producing masses of this nation and the world, supported by the commercial interests, the laboring interests and the toilers everywhere, we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labor this crown of thorns, you shall not crucify mankind upon a cross of gold.


Let us all remember poor William Jenning Bryan before he popped his suspenders at The Monkey Trial.
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Re: WTF is Bitcoin?
« Reply #45 on: June 08, 2011, 04:35:54 AM »
The Wizard of Oz.
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Raist

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Re: WTF is Bitcoin?
« Reply #46 on: June 08, 2011, 09:24:18 AM »
Quote from: markjo on June 07, 2011, 08:16:04 PM
Quote from: Raist on June 07, 2011, 07:35:42 AM
Can I ask why the libertarians want to bring back the gold standard if we are still on the gold standard?

That depends on which "we" you are referring to.  Some countries may still be on the gold standard.  The US, however, isn't one of them.

I'm referring to the "united states we."
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sillyrob

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Re: WTF is Bitcoin?
« Reply #47 on: June 08, 2011, 09:26:21 AM »
Quote from: Raist on June 08, 2011, 09:24:18 AM
Quote from: markjo on June 07, 2011, 08:16:04 PM
Quote from: Raist on June 07, 2011, 07:35:42 AM
Can I ask why the libertarians want to bring back the gold standard if we are still on the gold standard?

That depends on which "we" you are referring to.  Some countries may still be on the gold standard.  The US, however, isn't one of them.

I'm referring to the "united states we."
The Unite States ditched the gold standard in 1933. The American dollar is based on faith.
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Raist

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Re: WTF is Bitcoin?
« Reply #48 on: June 08, 2011, 09:30:28 AM »
Quote from: sillyrob on June 08, 2011, 09:26:21 AM
Quote from: Raist on June 08, 2011, 09:24:18 AM
Quote from: markjo on June 07, 2011, 08:16:04 PM
Quote from: Raist on June 07, 2011, 07:35:42 AM
Can I ask why the libertarians want to bring back the gold standard if we are still on the gold standard?

That depends on which "we" you are referring to.  Some countries may still be on the gold standard.  The US, however, isn't one of them.

I'm referring to the "united states we."
The Unite States ditched the gold standard in 1933. The American dollar is based on faith.


Yup....
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sillyrob

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Re: WTF is Bitcoin?
« Reply #49 on: June 08, 2011, 09:32:50 AM »
Good to know the same thing driving people to believe in an invisible being that controls everything is the same thing driving our money.
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Raist

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Re: WTF is Bitcoin?
« Reply #50 on: June 08, 2011, 09:35:39 AM »
Quote from: sillyrob on June 08, 2011, 09:32:50 AM
Good to know the same thing driving people to believe in an invisible being that controls everything is the same thing driving our money.

Yup, greed controls both.
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theonlydann

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Re: WTF is Bitcoin?
« Reply #51 on: June 08, 2011, 12:28:05 PM »
Quote from: PizzaPlanet on June 07, 2011, 04:16:55 PM
Quote from: Raist on June 07, 2011, 07:35:42 AM
Can I ask why the libertarians want to bring back the gold standard if we are still on the gold standard?
Yes. I'm sure the libertarians will be happy to answer your question.
Ok. The answer is we are not on the gold standard.

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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #52 on: June 08, 2011, 01:49:50 PM »
I'm not sure why whether or not the US is on "the gold standard" has become part of this conversation, really.
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Re: WTF is Bitcoin?
« Reply #53 on: June 08, 2011, 01:56:29 PM »
Quote from: PizzaPlanet on June 08, 2011, 01:49:50 PM
I'm not sure why whether or not the US is on "the gold standard" has become part of this conversation, really.

Quote from: PizzaPlanet on June 05, 2011, 01:00:39 PM
Quote from: Raist on June 05, 2011, 10:13:40 AM
Unless your country is still on the gold standard that is just a promise to pay whatever the money is worth.
I'm not sure which country you refer to as "mine". However, I'll have you know most countries are "still on the gold standard". In most countries (n.b. US included), bank note is merely a confirmation of rights to claim your money.

Quote from: Raist on June 08, 2011, 09:24:18 AM
Quote from: markjo on June 07, 2011, 08:16:04 PM
Quote from: Raist on June 07, 2011, 07:35:42 AM
Can I ask why the libertarians want to bring back the gold standard if we are still on the gold standard?

That depends on which "we" you are referring to.  Some countries may still be on the gold standard.  The US, however, isn't one of them.

I'm referring to the "united states we."
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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #54 on: June 08, 2011, 04:46:00 PM »
Um, and? Did you miss a full stop between two sentences there? Perhaps you had thought it to be a semicolon?
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Re: WTF is Bitcoin?
« Reply #55 on: June 08, 2011, 05:05:52 PM »
Quote from: PizzaPlanet on June 08, 2011, 04:46:00 PM
Um, and? Did you miss a full stop between two sentences there? Perhaps you had thought it to be a semicolon?

The point is you thought U.S. still operated under a gold standard and now you're trying to save your ass by being a bitch.
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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #56 on: June 08, 2011, 05:39:48 PM »
False.
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Re: WTF is Bitcoin?
« Reply #57 on: June 08, 2011, 05:43:21 PM »
« Last Edit: June 08, 2011, 05:48:40 PM by parsec »
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Mrs. Peach

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Re: WTF is Bitcoin?
« Reply #58 on: June 08, 2011, 05:54:31 PM »
Quote from: parsec on June 08, 2011, 04:35:54 AM
The Wizard of Oz.

I didn't know. Funny dat.
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EnglshGentleman

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Re: WTF is Bitcoin?
« Reply #59 on: June 08, 2011, 09:13:26 PM »
Quote from: PizzaPlanet on June 08, 2011, 05:39:48 PM
Quote from: parsec on June 08, 2011, 05:05:52 PM
Quote from: PizzaPlanet on June 08, 2011, 04:46:00 PM
Um, and? Did you miss a full stop between two sentences there? Perhaps you had thought it to be a semicolon?

The point is you thought U.S. still operated under a gold standard and now you're trying to save your ass by being a bitch.
False.

Oh really?

Quote from: PizzaPlanet on June 05, 2011, 01:00:39 PM
Quote from: Raist on June 05, 2011, 10:13:40 AM
What will the bank pay you in? Other pieces of paper?
Goods, coinage, or the legal tender of your country (in case of the US, gold).

In this quote you state that gold is the legal tender of the US. It is not.
« Last Edit: June 08, 2011, 09:16:18 PM by EnglshGentleman »
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