[LINK] Bitcoin Virtual Currency

[Tom Koltai]

> -----Original Message-----
> From: link-bounces at mailman.anu.edu.au 
> [mailto:link-bounces at mailman.anu.edu.au] On Behalf Of Tom Worthington
> Sent: Wednesday, 15 June 2011 9:15 AM
> To: link at mailman.anu.edu.au
> Subject: Re: [LINK] Bitcoin Virtual Currency
> 
> 
> On Mon, 2011-06-13 at 09:27 +0000, stephen at melbpc.org.au wrote: 
> > P2P Virtual Currency <http://www.bitcoin.org> ...
> > Bitcoin is a peer-to-peer currency. Peer-to-peer means that 
> no central
> > authority issues new money, or tracks transactions.  ...
> 
> Had a call from a journalist asking about BitCoin a few days 
> ago. They seemed very excited by the idea that it was 
> untraceable and could not be exchanged for currency in the 
> real world and therefore was not controllable and 
> transactions were not taxable by governments. I started to 
> tell them that Bitcoin was not the first e-currency and that 
> governments have found ways to regulate and tax such systems 
> in the past.
> 
> The journalist seemed insulted that I did not find Bitcoin as 
> new and exciting as whatever media release they were reading. 
> The call then ended. That may have been due to the 
> interference from all the equipment surrounding my office, or 
> the journalist hung up and called someone who would agree 
> with whatever they wanted their story to say.
>

Tom, I think the Journalists are excited because Bitcoin would be a
currency based on the community interests and not the states.

The issue is not whether or not Bitcoin can be taxed, the issue is can
it's issue be controlled.
The answer is, no. That makes it possibly the worlds first currency that
is not capable of being manipulated.

That makes it news. Oh and the fact that it is based on the Mesopotamian
methodology of p2p lending from circa 4000 BC.
I find that concept interesting. A return to the real basics of need.

If I was the IBS I would be scratching my head real hard as to how I
could stop this from spreading.
The Chinese Government merely outlawed non Authorised issued currency in
circulation... Consequently QQ.com and Alibaba are still feeling the
pinch.

The clear advantage of Bitcoin is it's relevance to the micropayment of
micro services and its independence of the normal currency generation
method of the banking fraternity.
There it has both a huge future and the potential to destabilise and
destroy our civilisation by kneecapping the fiscal moderates. 
We may not like the Federal Reserve Monetary system, but we, our parents
and their parents have built a hundred years of assets on the back of
what has been proven to be a dead end system.

The Generation that feels forced to unravel the debt to credit
underwriting system either have to be masochistic sack cloth wearers or
have a very low IQ. Or have paid of all their credit cards, personal
loans and mortgages BEFORE they convert their remaining assets to
Bitcoin.

Bitcoin is a device that is capable of achieving such a rapid take-up
globally amongst the 4 billion below the poverty line individuals that
it may well become the worlds default exchange currency within an
estimated five years. Especially if it can be carried on your phone...
Or sent to a secure escrow location [bank] with single SMS...

TomK - Now looking through bookmarks for digital control railgun
circuits.