Video - Jon Matonis talks about BitCoin. A method of paying each other which does not rely on your currency being smashed by the devaluations and printing of central banks and politicians.
BitcoinNews | Max interviews guest Jon Matonis who introduces Bitcoin to the RT audience.
“Overall though, I do think the exchangers are the weakest link in the chain”.
“On the government level I think what this is going to actually lead to is a move and a shift away from the model of taxing income and I think you’re going to start to see governments move towards some type of consumption-based tax or headcount-type tax and the reason is because the income levels of individuals are going to become more and more difficult to ascertain”
“I believe digital cash will do to legal tender what BitTorrents did to copyrights”. Fist tap Dale.
BitcoinNews | Max interviews guest Jon Matonis who introduces Bitcoin to the RT audience.
“Overall though, I do think the exchangers are the weakest link in the chain”.
“On the government level I think what this is going to actually lead to is a move and a shift away from the model of taxing income and I think you’re going to start to see governments move towards some type of consumption-based tax or headcount-type tax and the reason is because the income levels of individuals are going to become more and more difficult to ascertain”
“I believe digital cash will do to legal tender what BitTorrents did to copyrights”. Fist tap Dale.
16 comments:
I agree bitcoin has been all over the media lately and it will only continue to grow. Wherever p2p tech goes it disrupts that sector completely look at the pirate bay with media, skype with telecom, twitter and social networks with politics, and now bitcoin and flattr with currency and finance, exciting times.
Welcome to the spot Evan.
Crosstalk on the collective human nervous system makes for very exciting times indeed. http://subrealism.blogspot.com/2011/05/conscious-states-crosstalk-mechanism.html
“I believe digital cash will do to legal tender what BitTorrents did to copyrights”
Interesting debate, but I have to come down on the other side from the article. File sharing threatened the RIAA; unmonitored transactions threaten the US government. Tech enthusiasts tend to say, we're playing a similar game, similar rules, so we'll win again. If you're designing a microprocessor that attitude often works fine. But in this kind of thing there's the other team to think about too.
This sounds to BD like a giant scam.
You download the "client"...
Say the shrewd programmer(s) that wrote that client put in a "back door" allowing them at some point to clean out the entire system with one command and head to WhereTF ever with the Real Cash...(did they ever say where the Real Cash went or how you convert Coin back to Real Cash?)Or hold the whole system for ransom...Or sell access to the IRS so they can tax a slice off every transaction...Keiser and the other guy did their best to use confusing terminology in that video so no one could really understand it...
Big Don is more than welcome to go review the papers discussing the theoretical foundations as well as go through EVERY LINE OF CODE with a fine tooth comb.
Actually, if Big Don knew how to read those theoretical papers (or even the BitCoin FAQ), he'd realize and be appropriately embarrassed at his ridiculous, nonsensical ramblings. I'll feel embarrassed for you BD.
The weak point are the exchanges. That's where the government will likely start the crackdown.
I knew some people that were big into barter -- they were part of a big secret barter co-op -- and they told me about the IRS frequently (and quite ineffectively) raiding various big barterers homes on tax evasion.
The most interesting prospect to me is creating a digital cash variant for a local currency.
Google keeps a record of every search you do, you have no visibility of that. Bernie Madoff probably had a FAQ (verbal). There's one born every minute...
How much Coin are you going to have left after NK/Iran pops a few EMP's and the grid & internet goes down for good...??Real Cash, baby or barter. The only thing that works when things get tuff. Folks in Tuscaloosa found that out when a few stores opened afterward with no electricity, lotta card-swipe sheeple couldn't buy anything. You had to have Ca$h...
In GAWD we trust!!!! Anybody messing with the MAN's one.true.religion is liable to get a gross of cruise missiles shot up his keister. http://subrealism.blogspot.com/2011/05/saving-world-economy-from-gaddafi.html
BD: Google keeps a record of every search you do, you have no visibility of
that. Bernie Madoff probably had a FAQ (verbal). There's one born
every minute...
Nonsensical, magical thinking.
BD: How much Coin are you going to have left after NK/Iran pops a few EMP's
and the grid & internet goes down for good...??Real Cash, baby or
barter. The only thing that works when things get tuff. Folks in
Tuscaloosa found that out when a few stores opened afterward with no
electricity, lotta card-swipe sheeple couldn't buy anything. You had to
have Ca$h...
Whoa, I think I'm gonna keel over. Miracle of miracles, BD makes a real, valid point for once!
BD figgered anyone growing a survival garden/farm would pick-up on that one...
True, I did. But it still has interesting possibilities even with that particular fault... especially in a small community.
Although this may be well over the head of BD, the implicit purpose of Bitcoin (which comes out after thoughtful perusal of the theoretical papers and other discussions) is not necessarily the accumulation of wealth.
Tax avoidance and money laundering...
I read an article in Forbes last month about these and was waiting for you to post something about this.
SeeNew - Have you tried 'mining' for these bitcoins yet?
The article said that mining was the only way to get thesebitcoins in order to retain the value of the e-currency.
I've been badgering him for at least a couple months now ;-)
Dale was definitely the first person to bring the bitcoin to my attention and over this weekend I've stumbled across something of a quite specific nature for which it can be used. (^;
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