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PoliticAverse

(26,366 posts)

42. Some countries will do anything other than actually collect taxes from the rich. n/t

Reply to jeff47 (Reply #37)

Thu Jul 9, 2015, 10:28 AM

Jul 2015

Last edited Thu Jul 9, 2015, 12:52 PM - Edit history (1)

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74 replies

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One of the world's biggest banks just admitted bitcoin could destroy existing finance firms [View all] TampaAnimusVortex Jul 2015 OP

I dont understand what bitcoin is or does randys1 Jul 2015 #1

Here ya go TampaAnimusVortex Jul 2015 #2

thanks...hmmm...so it is money sort of but you dont have to buy itto use it? weird randys1 Jul 2015 #3

I don't believe in bit coin, sadoldgirl Jul 2015 #4

Well, do you trust math or politicians and bankers more? TampaAnimusVortex Jul 2015 #5

Yeah, that's some really shitty analysis. jeff47 Jul 2015 #9

You didn't understand that at all. TampaAnimusVortex Jul 2015 #19

No, I did understand it. They're bullshiting. jeff47 Jul 2015 #36

I trust them more than fly by night bullshitters eridani Jul 2015 #21

You dodged the issue... TampaAnimusVortex Jul 2015 #22

Bitcoin whackjobs aren't accountable to anyone eridani Jul 2015 #74

Unless someone comes up with an algorithmetic breakthrough that reanders this nice graphic moot. PoliticAverse Jul 2015 #68

If governments started to accept tax payments in bitcoin do you think that would be a tipping point? PoliticAverse Jul 2015 #31

Um Munificence Jul 2015 #46

I'm just learning about it and I azmom Jul 2015 #6

This message was self-deleted by its author Corruption Inc Jul 2015 #7

It has been suggested that bitcoin could be a way out of the crisis for Greece KamaAina Jul 2015 #8

I'm going to file that under "outrageous bluff" - they'd just go back to the drachma. PoliticAverse Jul 2015 #34

The OP is correct, bitcoin is to banking as Napster was to Music JCMach1 Jul 2015 #10

Napster went bankrupt and disappeared, are you saying that's the fate of bitcoin? n/t PoliticAverse Jul 2015 #33

Incorrect analogy there. TampaAnimusVortex Jul 2015 #53

meaning paradigm shift that markets are too slow to account for... JCMach1 Jul 2015 #57

I have two main issues with crypto currencies. Even if I could be convinced... PoliticAverse Jul 2015 #59

Encryption is based on Math... Math doesn't typically have a backdoor, that's one of the brilliant JCMach1 Jul 2015 #61

Math is subject to algorithmic breakthroughs that make 'previously thought impractical' PoliticAverse Jul 2015 #63

In the meantime, new Cryptocoins are lightyears beyond SHA256 JCMach1 Jul 2015 #65

So I take it youll be stopping using the internet? TampaAnimusVortex Jul 2015 #69

I don't view the Internet as being completely secure, do you? n/t PoliticAverse Jul 2015 #70

Bitcoin was created by and for goldbugs. It's not going to become the new standard. jeff47 Jul 2015 #11

One data point a trend does not make. TampaAnimusVortex Jul 2015 #12

You think a report from 2004 covers the recession that started in 2008. jeff47 Jul 2015 #14

Nope. Wrong again. TampaAnimusVortex Jul 2015 #16

So you're not bothering to actually read anything, are you? jeff47 Jul 2015 #40

Nice try... TampaAnimusVortex Jul 2015 #52

"look at greece" - you mean forces a country to actually have to collect taxes from the wealthy? PoliticAverse Jul 2015 #29

Nope. It means you have to go through "internal devaluation", aka deflation. jeff47 Jul 2015 #37

Some countries will do anything other than actually collect taxes from the rich. n/t PoliticAverse Jul 2015 #42

Let's pretend they managed to get a 100% collection rate. jeff47 Jul 2015 #44

Um Munificence Jul 2015 #45

Um, you realize that dividing it is deflation, correct? jeff47 Jul 2015 #47

We Munificence Jul 2015 #50

Uh, no thanks PowerToThePeople Jul 2015 #13

It has plently of intrinsic value. TampaAnimusVortex Jul 2015 #17

It is of no value to me. PowerToThePeople Jul 2015 #20

Oh, I could care less about that. TampaAnimusVortex Jul 2015 #23

"intrinsic value" arguments are silly until the day no one accepts your currency and you realize... PoliticAverse Jul 2015 #43

"For the most part, gold isn’t all that useful" - I guess I must be imagining the number of useful PoliticAverse Jul 2015 #27

Bitcoin could *maybe* find a niche in the Western Union cemaphonic Jul 2015 #15

Partly right. TampaAnimusVortex Jul 2015 #18

Bitcoin can be used for Trolley fare to the Neighborhood of Make-Believe. Orrex Jul 2015 #24

It also appeals to a lot of large companies that accept it. Cassidy1 Jul 2015 #25

Well no kidding. Since it's backed by actual money, why wouldn't they accept it? Orrex Jul 2015 #26

That's the whole point of words like trust and stability. Cassidy1 Jul 2015 #72

They accept only because there's another company that is willing to instantly convert it PoliticAverse Jul 2015 #28

Thank you. Orrex Jul 2015 #38

And you never know when someone is going to stop acepting your 'flooz', it can happen quickily... PoliticAverse Jul 2015 #39

Exactly. Cassidy1 Jul 2015 #73

Well it's used enough to apparently scare a major bank. TampaAnimusVortex Jul 2015 #32

The bitterness of its acolytes is all I need to convince me that it's crap. Orrex Jul 2015 #35

Interesting... TampaAnimusVortex Jul 2015 #54

Your question is nonsensical and betrays a misunderstanding of commerce Orrex Jul 2015 #55

Oh, are we starting a new conversation now? TampaAnimusVortex Jul 2015 #56

Perhaps you should restate your point. Orrex Jul 2015 #58

No - not at all the point I was going to make. TampaAnimusVortex Jul 2015 #66

One employee of a singular bank allowing an analysis doesn't really seem to rise to the level of LanternWaste Jul 2015 #49

"the TECHNOLOGY underpinning bitcoin has the potential to make existing companies redundant,..." Hortensis Jul 2015 #30

Those evil big banks... and Wallstreet JCMach1 Jul 2015 #62

Value is a funny thing The2ndWheel Jul 2015 #41

I wear a big tinfoil hat when it comes to bitcoin... hunter Jul 2015 #48

Didn't Bitcoins sky rocket in value a few years SheilaT Jul 2015 #51

Unlike bitcoin, which I wouldn't accept as payment for anything... hunter Jul 2015 #64

Books on demand are one thing. SheilaT Jul 2015 #71

And then there is Goldman Sachs' $50 mill investment in a Bitcoin- Eleanors38 Jul 2015 #60

Also, there is at least one member of Goldman Sachs... TampaAnimusVortex Jul 2015 #67