License to print money... BitCoin?

Page 2 of 17<12345>Last »
March 24th, 2013 at 11:32:17 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 47
Posts: 4145
Quote: Fleastiff
I ... why can't I make and sell Genuine Counterfeit Bitcoins?
I mean by this either "knockoff Bitcoins" or "look and feel" Bitcoins. Ain't real but "close enough".


NOTE: a mid-sized Alberta bungalow has people around the world buzzing today after its owner declared that he would like to sell it for Bitcoins. If successful, 22-year-old entrepreneur Taylor More would be the first person ever to accept the fast-rising virtual currency in exchange for property.. The property is listed for $405,000 CDN, but can be reduced if a buyer has some Bitcoins.
March 24th, 2013 at 1:55:11 PM permalink
1nickelmiracle
Member since: Mar 5, 2013
Threads: 16
Posts: 549
Quote: Fleastiff
If all over the world even street vendors can display and sell Genuine Counterfeit merchandise ... why can't I make and sell Genuine Counterfeit Bitcoins?

You probably could, but it would be most likely easier just to steal them from someone.
March 24th, 2013 at 10:25:36 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 661
Posts: 7571
Quote: Fleastiff
I mean by this either "knockoff Bitcoins" or "look and feel" Bitcoins. Ain't real but "close enough".

NOTE: a mid-sized Alberta bungalow has people around the world buzzing today after its owner declared that he would like to sell it for Bitcoins.


It's not counterfeiting, but here is an interesting article.
Cyber Thieves steal bitcoins

It seems that Bitcoins have zoomed in value because of Cyprus. It was about $13.60 at the start of this year and has zoomed fivefold to over $70.

Can you imagine if that guy had sold his house for $400K in bitcoin 90 day s ago. He would now have $2 million.
March 29th, 2013 at 1:09:04 PM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 47
Posts: 4145
Over ONE BILLION in Bitcoins .... which surpasses the national currencies of over twenty small nations.
March 29th, 2013 at 3:56:09 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 661
Posts: 7571
Quote: Fleastiff
Over ONE BILLION in Bitcoins .... which surpasses the national currencies of over twenty small nations.


Only five days after my post and the value has gone from $70 to $90 per bitcoin.


By the way when that article says they have passed the national currencies of 20 small nations, they are talking about "broad money" which is currency plus the total quantity of time and savings deposits, credit union deposits, institutional money market funds, short-term repurchase agreements between the central bank and commercial deposit banks, and other large liquid assets held by nonbank financial institutions, state and local governments, nonfinancial public enterprises, and the private sector of the economy.

If you are just talking about the value of the "narrow money" which comprises the total quantity of currency in circulation (notes and coins) plus demand deposits denominated in the national currency held by nonbank financial institutions, state and local governments, nonfinancial public enterprises, and the private sector of the economy, measured at a specific point in time then a billion dollars is higher than over 40 small nations.

US$millions narrow money
$975 Maldives
$955 Togo
$869 Aruba
$829 Turkmenistan
$798 Djibouti
$795 Fiji
$749 Montenegro
$673 Rwanda
$656 Malawi
$462 Guyana
$455 Cape Verde
$446 Liberia
$426 Belize
$423 Bhutan
$398 Sierra Leone
$379 Lesotho
$373 Central African Republic
$372 Burundi
$336 Swaziland
$334 Cayman Islands
$326 Seychelles
$324 Guinea-Bissau
$318 Saint Kitts and Nevis
$285 Vanuatu
$283 Solomon Islands
$271 Saint Lucia
$224 Gambia, The
$216 Antigua and Barbuda
$196 Timor-Leste
$138 Grenada
$135 Saint Vincent and the Grenadines
$135 Comoros
$133 West Bank
$100 Samoa
$71 Dominica
$68 Tonga
$39 Cook Islands
$38 Sao Tome and Principe
$27 Micronesia, Federated States of
$18 Anguilla
$16 Montserrat

Swaziland and Cayman Islands have a similar value in "narrow money", but Swaziland is $284 per capita , while the Cayman's currency amounts to $6000 per capita (one of the highest amounts in the world).
March 30th, 2013 at 4:35:20 PM permalink
Bigfoot66
Member since: Oct 24, 2012
Threads: 1
Posts: 16
You can't create more bitcoins because there actually aren't any bitcoins per say, it is all just accounting. Also there is some code you need to have to spend individual bitcoins and each one is essentially impossible to guess.
March 31st, 2013 at 12:46:49 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 47
Posts: 4145
So what? I can come up with some hard to guess code. Anyone have a cutesy name for a BitCoin knockoff?
Or can we just come up with a BitCoin Exchange that will quote the Knockoffs at parity for awhile ... then we sell off the Knockoffs and close down the Faux Exchange.

This getting rich thing just might be easy. Heck, someone in North Carolina just seems to have run a six hundred million dollar Ponzi scheme based on Penny Auction frauds. Seems to have fooled an entire town even after he spent virtually his entire working life at other frauds and schemes.
March 31st, 2013 at 1:41:50 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 661
Posts: 7571
Quote: Bigfoot66
You can't create more bitcoins because there actually aren't any bitcoins per say, it is all just accounting. Also there is some code you need to have to spend individual bitcoins and each one is essentially impossible to guess.


Bitcoins have been around since January 2009, and now there are over 11 million of them. The creation rate will be cut in half EVERY 4 years, and will never exceed 21 million.They look like they will reach $100 apiece soon.

With the huge increase in value, you can bet that someone will attempt to do this again.

But I think the other obvious thing to happen will be the increase in "new money" by a country.

USA has $42K in broad money per capita, while Japan has $116K per capita. Japan relies very heavily on banknotes, much more than the USA or Europe. Switzerland as you may have guessed has a huge amount of broad money per capita (roughly $153K) . Since they already circulate a banknote worth more than $1000 they would be a natural country to go into the business of an electronic currency (probably separate from their Swiss franc).



Switzerland has exports (like watches as well as clocks, companies such as TAG-Heuer, Hublot, Zenith ) , in 2011, the exports of Switzerland reached nearly 19.3 billion CHF. Swiss watch manufacturers exceeded their previous annual result by 19.2%. It also has an extensive industrial sector, it is not very well known around the world but present with companies in different industrial sectors such as food processing like Nestlé, chemical for industrial and construction use like Sika AG, pharmaceutical like Novartis, roof coating Sarnafil, among many others.

They couldn't afford to let the value of the Swiss Franc climb to stratospheric heights. But since they are already known around the world as a place to put money, they should create a second electronic currency that would have no restrictions on it's possible maximum value.

One possibility is for the Swiss Banc to begin buying the current bitcoins. If this 400%-500% jump in price is an aberration and they begin plummeting in price, the central bank could begin buying them up. Then when they own a sufficiently large percentage, they could begin selling them again with the added prestige of being owned by the Swiss Central Bank. Is it really any stranger than the Canadian central bank selling all their gold, and buying investments denominated in Euro's, Dollars, and Yen?
April 1st, 2013 at 10:51:27 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 661
Posts: 7571
$97 today!
April 1st, 2013 at 8:00:19 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 661
Posts: 7571
Hit $100. This Cyprus crash has created a craving for the bitcoin.



I should remind people of this over two year old article: Flawed new $100 bill, $110 billion Fed headache By Charles Riley, staff reporterDecember 8, 2010. Brief summary, Bureau of Engraving and Printing produced $110 billion in the new color $100 bill, and they have so many flaws they are worthless.

The bureau refuses to release any new information on their website, instead telling people they have been updating their reporting system for the last two years. But people interested in the issue have been forcing some response to Freedom of Information Act requests. It seems that they have replaced the $100 billion with a new set of banknotes. Still a long way from having enough money to replace the $800 billion in Benjamins in circulation. No official word on how many are flawed.

It is not clear how many of the production issues remain, or how many of the new printing are flawed. The rate of production is very slow compared to normal banknote production.

As long as the old notes do not run into any trouble, then there is no problem. When they introduced the Big Headed Benjamins in 1996, they promised that there would be a new color banknote in 10 years. They stated emphatically that 10 years was necessary to stay ahead of the counterfeiters, especially the North Koreans.

It looks like 20 years could be optimistic. The Bureau must give 6 months advance notice before releasing the new notes.

The goal is to stay ahead of any massive counterfeiting scare about the Benjamins in foreign countries. The last one was caused by President Bush in January 2006 with his State of the Union speech warning the North Koreans to stop counterfeiting our money. If there is another scare, then bitcoins could go through the stratosphere.
Page 2 of 17<12345>Last »