Professional Looters Agree To Reduce Looting By 111 Billion Next Year

[michaelsuede]

by the way...

Check out the money transfers through Dwolla.

Dwolla is the primary method of transferring dollars to Bitcoin exchange funds. The primary driver of Dwolla's growth are Bitcoin exchanges.

The dollar is going away, and Bitcoin is going to replace it. Dwolla is now doing a million dollars a day in money transfers.

 

[NobbyNobbs]

Will all this happen before December 21, 2012? Because if not, I have bigger things to worry about.

 

[michaelsuede]

Will all this happen before December 21, 2012? Because if not, I have bigger things to worry about.

hard to say.

I think we will see a bond market failure before Dec 2012, while Bridgewater thinks it will go down in 2013.

It is impossible to predict when a bond market collapse will occur, I can only say that it will occur at some point in the near future.

 

[Chaos]

Because people voluntarily exchanging good and services is looting, while using the force of government to tax and redistribute wealth is not.

Because looting is what people will do if government is no longer capable of forcing them, at implied or actual gunpoint, to pay for their purchases.

 

[PGH]

By the end of the year 2011?

You think those vendors and the Bitcoin market itself will not be functioning?

That's only 5 months away.

What quantifiable measures are you looking to bet on here?

I think that right now Bitcoin is not a viable currency and by Jan. 1, 2012 it will remain that way or be even less successful. How to nail that down into concrete terms?

**** I don't know.

How about this? I say that by the end of the year you still won't be able to use Bitcoins at McDonald's, WalMart, or any other nationally recognized chain store. You gotta figure if Bitcoin is real money at all these corporate pigs will gladly be lapping it up. And if you can't use it at the very places the majority of people do their purchasing what good is it as a currency?

That sound reasonable? Other offers are welcome.

 

[Dunstan]

Because looting is what people will do if government is no longer capable of forcing them, at implied or actual gunpoint, to pay for their purchases.

No, no! That's not looting, it's entrepreneurial scavenging! Private enterprise that is held back by the State's silly insistence on people not constantly shooting each other.

 

[michaelsuede]

I think that right now Bitcoin is not a viable currency and by Jan. 1, 2012 it will remain that way or be even less successful. How to nail that down into concrete terms?

**** I don't know.

How about this. I say that by the end of the year you still won't be able to use Bitcoins at McDonald's, WalMart, or any other nationally recognized chain store. You gotta figure if Bitcoin is real money at all these corporate pigs will gladly be lapping it up. And if you can't use it at the very places the majority of people do their purchasing what good is it as a currency?

That sound reasonable? Other offers are welcome.

Of course it is a viable currency right now. I can exchange it for goods and services at this very moment. I can trade dollars, yen, euros, pounds, and most other major currencies for it right now.

Physical chain stores don't have any major incentives to use Bitcoin for purchases other than its low transaction costs, so it is unlikely that we will see a major brick and mortar retailer come on board until later in the game.

The technology for major store front sales is not in place yet. That will come after the major online retailers adopt it. Cash registers, escrow services, "credit card" type storage for Bitcoins, and other physical things need to be created and marketed before the major retailers can use it effectively. Those products are currently in the pipeline and will be coming to market soon.

If you want to argue that Bitcoin will go away or the number of retailers that accept the currency will be lower at the end of the year than it is now, I'll bet thousands that this will not be the case.

If you want to bet on specific retailers not accepting it, that's just a fools bet.

 

[michaelsuede]

No, no! That's not looting, it's entrepreneurial scavenging! Private enterprise that is held back by the State's silly insistence on people not constantly shooting each other.

The State does not protect you from being shot.

Anyone can walk into your home and shoot you right now.

Only you can protect yourself from being shot.

All the State can do is try and punish people who engage in crime after the crime has already been committed. And to punish those people, first the State must rob the victims in order to fund the penal system.

 

[PGH]

Of course it is a viable currency right now. I can exchange it for goods and services at this very moment. I can trade dollars, yen, euros, pounds, and most other major currencies for it right now.

I can trade baseball cards in for another currency. That don't make 'em money.

Physical chain stores don't have any major incentives to use Bitcoin for purchases other than its low transaction costs, so it is unlikely that we will see a major brick and mortar retailer come on board until later in the game.

Low transaction costs? Well hell you're speaking their language. If you've found a way for Wal-Mart to save a lot of money believe me they would like to speak to you. Aren't you the one who always brags about the free market? Why am I doing it?

The technology for major store front sales is not in place yet. That will come after the major online retailers adopt it. Cash registers, escrow services, "credit card" type storage for Bitcoins, and other physical things need to be created and marketed before the major retailers can use it effectively. Those products are currently in the pipeline and will be coming to market soon.

If you want to argue that Bitcoin will go away or the number of retailers that accept the currency will be lower at the end of the year than it is now, I'll bet thousands that this will not be the case.

If you want to bet on specific retailers not accepting it, that's just a fools bet.

C'mon man! If you can't use it at a major retailer what good is it? You say the collapse is coming. Our fiat money is on the way out the door because of how reckless the Fed is. You said that Bitcoin was the most important invention in the history of man! I'm giving you 5 months time to allow this miracle of modern technology to buy me a cheeseburger and you're saying that can't happen?!

Ok you say that physical items like cash registers and a way to use Bitcoins on your credit card are coming. How widespread do you think those will be come the new year? Will Mastercard deal in Bitcoins? Will there be at least 500 cash registers accepting Bitcoins in the entire United States? Is this at the very least possible from Bitcoin?

 

[Twiler]

The State does not protect you from being shot.

Anyone can walk into your home and shoot you right now.

Only you can protect yourself from being shot.

All the State can do is try and punish people who engage in crime after the crime has already been committed. And to punish those people, first the State must rob the victims in order to fund the penal system.

So you'd advocate gun control? That would protect people from being shot.

 

[Sceptic-PK]

I have prepared.

I own junk silver to barter with, a large stash of storable food, firearms, ammunition, water filtration units, Bitcoins, and other urban survival necessities in the event that socialist chaos erupts from the discontinuation of State handouts or a breakdown of the monetary system.

The ponzi will come to an end. It is simply a matter of time.

It doesn't really matter if it is in a year, two years, or ten years from now. I know that this charade can not continue on forever. The US will collapse in the same manner as the Soviet Union and other socialist nations.

 

[michaelsuede]

So you'd advocate gun control? That would protect people from being shot.

Considering that I can log on to Silk Road and purchase weapons right now, which are untraceable and can not be stopped by the police, I find gun bans to be laughable.

If the State was to ban guns, the black market in firearms would run completely out of control.

Every hillbilly west of the Mississippi would be standing on street corners looking to unload his private collection for thousands over their original value.

Gun ban in America?

Don't make me laff.

 

[michaelsuede]

 

[Twiler]

Considering that I can log on to Silk Road and purchase weapons right now, which are untraceable and can not be stopped by the police, I find gun bans to be laughable.

If the State was to ban guns, the black market in firearms would run completely out of control.

Every hillbilly west of the Mississippi would be standing on street corners looking to unload his private collection for thousands over their original value.

Gun ban in America?

Don't make me laff.

So you would support a form of gun control that worked?

 

[michaelsuede]

So you would support a form of gun control that worked?

You can't control private markets.

If people want something, they will get it.

If you apply stringent enough controls, what you wind up with is a place like Mexico where all the gangs have weapons and the people are unarmed.

 

[Twiler]

You can't control private markets.

If people want something, they will get it.

If you apply stringent enough controls, what you wind up with is a place like Mexico where all the gangs have weapons and the people are unarmed.

So why do you want to destroy the government, if it can't control the private markets?

 

[michaelsuede]

So why do you want to destroy the government, if it can't control the private markets?

I want to see the coercively funded State destroyed.

I don't want to see legitimate voluntarily funded government that protects private property rights destroyed.

The State will destroy itself through the self-destruction of its currency.

As I said, you can't control private markets. Eventually the State's manipulations of the currency will cause its own destruction.

Name one product that the State has banned which has made that product completely unattainable.

 

[The Central Scrutinizer]

I can buy all sorts of stuff now with Bitcoins.

I'm not sure what you are talking about.

When the dollar breaks down, people will look for an alternative currency.

Since dealing in physical gold is cumbersome, I suspect Bitcoins will play a dominate role in the rebuilding of America.

 

[Twiler]

I want to see the coercively funded State destroyed.

I don't want to see legitimate voluntarily funded government that protects private property rights destroyed.

The State will destroy itself through the self-destruction of its currency.

As I said, you can't control private markets. Eventually the State's manipulations of the currency will cause its own destruction.

Name one product that the State has banned which has made that product completely unattainable.

Can't. Laws aren't perfect.

If everyone wanted a state that controlled the private markets, would the free market provide one?

 

[michaelsuede]

Low transaction costs? Well hell you're speaking their language. If you've found a way for Wal-Mart to save a lot of money believe me they would like to speak to you. Aren't you the one who always brags about the free market? Why am I doing it?

Because if it costs you tens of millions to outfit your stores with cash registers that accept Bitcoin payments, yet you only save tens of thousands in transaction costs due to low volume usage, the cost benefit analysis concludes it is not beneficial to make such a major investment at this time.

It will only become profitable to those major retailers as the currency gains broader acceptance, which the stage we are currently in.

C'mon man! If you can't use it at a major retailer what good is it? You say the collapse is coming. Our fiat money is on the way out the door because of how reckless the Fed is. You said that Bitcoin was the most important invention in the history of man! I'm giving you 5 months time to allow this miracle of modern technology to buy me a cheeseburger and you're saying that can't happen?!

Ok you say that physical items like cash registers and a way to use Bitcoins on your credit card are coming. How widespread do you think those will be come the new year? Will Mastercard deal in Bitcoins? Will there be at least 500 cash registers accepting Bitcoins in the entire United States? Is this at the very least possible from Bitcoin?

You can buy a cheeseburger at the Meze Grill:

http://nymag.com/daily/intel/2011/06/i_spent_a_coin_and_i_liked_it.html

I'm sure more small time retailers who don't have the accounting overhead of the major chain stores will begin accepting the currency by the end of the year.

I have no idea how widespread Bitcoin specific cash registers will become or how fast they will be brought to market. At establishments like the Meze Grill, the proprietor takes payment through smart phone transactions using Mt Gox as an escrow service.

The since the proprietor owns his own store and is not beholden to a corporate bureaucracy, he can negotiate such deals on an individual basis without the overhead of having to buy specialized equipment or deal with corporate accounting departments.

The private free markets will work all this out eventually. Eventually you'll see the major retailers taking Bitcoins, but as I stated earlier, more infrastructure needs to be done.