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02:09 PM
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BitCoin - A Decentralized Currency
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[quote:Nyarlathotep:MV8yMTE0ODM0XzM1NjU4OTIyXzlCRTNBRDk1] [quote:Anonymous Coward 32543703:MV8yMTE0ODM0XzM1NjU4NjY0XzFEQjA4QTk5] I've never had the inclination to look into BitCoin and how it works, but the idea is awesome - a peer to peer currency. Zero banking system involvement. Payments can't be shut down by oppressive regimes. It's attractive to the right wing and to the left wing. It's easy to set up and use. Looks good on screen. When I do go and research it - and I will - there are a couple of key questions I will have in mind... 1. What determines the value of BitCoin? what is it backed by? Obviously not gold because there's no central issuing authority for BitCoin. If it's backed by the USD, Euro, GBP or Yuan then it's as susceptible to manipulation as those currencies are. And if that's the case, then why bother? 2. How do you redeem your BitCoins for hard physical currency? If it can't be redeemed for cash then it's not attractive to online retailers and service providers and it becomes little more than a barter token with no concrete value. If the above questions can be answered satisfactorily, then there is a possibility that BitCoin, as a distributed currency, could be successfully used as the basis of a "shadow economy" operating in tandem with the traditional exploitative economy we have now, but unlike the traditional economy, profit is not the currency's reason for existing. It is for fair exchange between agreeing parties. No money market roulette and no interest accrued or payable - there's no need for that horseshit because there's no middleman to pay. This would be seriously limit the opportunities for TPTB to suck us dry. [/quote] Isn't that the same thing as the dollar? The dollar has no real backing. It rides on the peoples belief that is actually has worth. It USED to have worth when it was backed by gold/silver. So #1 makes no sense as we already see that currently. The real kicker here is it can't be manipulated like our current system. As for #2, there are digital currency exchanges. They even say it at the end of the video if you had watched it all the way through. [/quote]
Original Message
In the wake of the economic turmoil that we've been seeing throughout the years it begs to wonder why we still stay centralized on anything that includes the masses. We know that centralization of power usually always leads to a corrupted system; The economy is no stranger to this.
BitCoin aims to free us of that: [
link to www.weusecoins.com
]
List of places that accept bitcoin:
[
link to en.bitcoin.it (secure)
]
Places that allow you to exchange regular currency to bitcoin and vice versa:
[
link to en.bitcoin.it (secure)
]
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