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  2. General Disscussions
  3. Sunday, 18 May 2014
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while money effects and controls so much of are lives ,
we spend more of are time worrying about money instead of trying to understand what money is.

what is money? well under the are current monetary system MONEY is DEBT!

the money you hold in your wallets and in your banks is a promise of debt,
what gives your money value is that it is demand by someone to pay off there debts,

how is fiat money created? again DEBT! your goverment prints out a piece of paper called a 'Treasury Bond'
this means you the people have to pay back this debt with interest to your central bank (taxes)
once the central bank gets hold of this 'Treasury Bond'
it creates money out of thin air, the money has NO VALUE apart from debt!
Its just been branded with something people are are afraid to question such has nationality, race, culture, religion, goverment, army, organizations , hero's and icons


This is basicly are current monetary system , weather you like it or not.

yet it is never questioned and is considered/portrayed to be the economy it's self and not just one part of the overall economy.



what is bitcoin? bitcoin again has no intrinsic value like fiat money, but it is so much more than digital money its an idea.

bitcoin is an idea that money with no intrinsic value can be used without the need of a central bank or goverment,
with out the need for money to be based on debt and gives the control over money back to the people.

for example you do not need to go to a bank and gives loads of personal info and hope the bank opens you a account,
with bitcoin you are free from banks, you can open a account online and offline.

bitcoin may only be a digial money , but to a point so is fiat money, the paper(cash) is nothing but a paper receipt for a digital debt.

is bitcoin a ponzi scheme? NO this is a working example of a ponzi http://ponzidoge.com/

how is bitcoin made , bitcoins are mined
https://www.youtube.com/watch?v=GmOzih6I1zs
and then exchanged for other money's or services or goods.

is bitcoin a money for criminals? yes but criminals use anything of value,
the most commonly used money by criminals today is the dollar and the euro , but also drugs, guns and even people get traded.

is bitcoin anonymous? yes and no. all transactions are recorded in the blockchain,
it is anonymous in a way that you do not need to link yourself to your bitcoin address ,
but if you use your bitcoin address there is a good chance that it can be linked to you,
its not has easy has tracking a creditcard, bank or paypal account but can be done.
but unlike a creditcard, bank or paypal account ,
it can be tracked by anyone who wants to spend there time searching the transactions on the blockchain.
are there ways to stay anonymous with your transactions? yes.

Can you get rich on bitcoin? Yes and No , bitcoin like fiat money has no intrinsic value, its value is decided by market demand.
there will only be 21 million bitcoins mined , so there is a limited amount,
if demand rises then so will its value, if demand falls then so will its value.
but unlike fiat money there is no central bank that can make more bitcoins, and inflat the bitcoin supply.
making bitcoin deflationary.

Is bitcoin just a money? NO

thanks to bitcoin being open source many other great technologies are coming out,
including coins with values including intrinsic value,
Namecoin , ICANN independent dns ( also can be used to shorten bitcoin and bitmessage address )
Solarcoin , to reward solar energy generation.
skycoin , to reward people who are contributing to meshnet projects ( With net neutrality being at risk, this is something you should look into)
Safecoin , part of the maidsafe project http://maidsafe.net/ for a decentralized internet.
nofiatcoin , a coin backed by something ( gold and sliver )
ethereum , well you got to check it out https://www.ethereum.org/
bitshares , claims Bitshares does for business what Bitcoin did for money.

There has never been a more exciting time than there is now thanks to bitcoin and bitcoin 2.0's
This is not the first time people have questioned money and are monetary system ,
But this is the first time you can do something about it, without the trouble of hard money (gold and sliver).

Do i think you should invest lots of money in it? NO
bitcoin is still a new technologie, and comes with risk, but incase you have not noticed , risk comes with rewards(and are worth risking 10 or 20 bucks into).
2 years ago 19th may 2012 bitcoin was worth $4.83
1 years go on 19th may 2013 bitcoin was worth $116.38
today on may 18th 2014 bitcoin is worth $448.41 and its still only just started.

Should bitcoin replace paper money ,i hope not , i do not like the idea of only digital money ,
but Bitcoin is a much needed competition to are current monetary system, a system who's only competition was the gold standard
http://en.wikipedia.org/wiki/Gold_standard
before a "PRIVATE" centralbank took over in 1913

If bitcoins only achievement is to get people to question and to try and understand what money is
Then bitcoins value is Priceless! and we may one day get a paper money that does not place us in debt(tax) loop.

You don't have to buy , use , trade , invest or even like bitcoins , but please take some time to learn what bitcoin is!

links for fiat money:
how money is created
https://www.youtube.com/watch?v=AgKFLk9xffA

A Banking Story.The story of Money and of the US Federal Reserve which prints and controls the US dollar
http://www.youtube.com/watch?v=tGk5ioEXlIM

http://en.wikipedia.org/wiki/Fiat_money
http://en.wikipedia.org/wiki/Central_bank
http://en.wikipedia.org/wiki/Money_creation
http://en.wikipedia.org/wiki/Money_as_Debt
http://en.wikipedia.org/wiki/Fractional_reserve_banking
http://en.wikipedia.org/wiki/List_of_countries_by_public_debt

http://en.wikipedia.org/wiki/Gold_standard
http://economics.about.com/cs/money/a/gold_standard.htm
http://goldprice.org/

http://www.forexcrunch.com/category/news/
http://www.fxstreet.com/

links for bitcoin:
Bitcoin made simply
https://www.youtube.com/watch?v=-QoUg-5eXoI

https://bitcoin.org/

bitcoin whitepaper https://bitcoin.org/bitcoin.pdf
bitcoin whitepaper audio on youtube https://www.youtube.com/watch?v=1yYrYCE4i1c

http://bitcoinsimplified.org/

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bitcoin news
http://www.zeroblock.com/
http://virtualmining.com/
http://www.coindesk.com/
http://thebitcoinnews.co.uk/
http://www.theguardian.com/technology/bitcoin


bitcoin podcasts
http://letstalkbitcoin.com/
http://bitcoinupdate.com/ (ger)

bitcoin reddit
http://www.reddit.com/r/bitcoin
http://www.reddit.com/r/bitcoinbeginners