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I did, that is really what is at the root of the question. I recently sat in a block chain conference that was hosted by GE and in attendance at the conference were groups of people from the 2 largest American bank firms. They expressed concerns because the technology facilitates the anonymous transfer of funds between parties outside of bank controlled currencies. When you think about the fact that a large chunk of their revenue comes from fees associated with credit card transactions between parties, allowing the anonymous transfer is scary and potentially a huge loss. That got me wondering what other vulnerabilities exist should people become more willing to embrace a cryptocurrency as opposed to government backed money. Luckily, from the straw poll results to this thread people in general don't seem open to it... yet.
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Consider this, as well:
If there's no accounting to wealth then the amount of money that could be collected as taxes would amount to something akin to a head-tax. About the most regressive tax imaginable.
| Ravings en masse^ |
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| "The difference between genius and stupidity is that genius has its limits." - Albert Einstein | | "If you are searching for perfection in others, then you seek disappointment. If you are seek perfection in yourself, then you will find failure." - Balboos HaGadol Mar 2010 |
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Bank is like a middle man. What if you can do b2b,p2c,p2p without these people who just have ledgers in a database and make it end to end ? What if imagine.Imagine no possessions I wonder if you can,No need for greed or hunger,A brotherhood of man,Imagine all the people,Sharing all the world... You...
You may say I'm a dreamer But I'm not the only one I hope someday you'll join us ...And the world will live as one ....
Caveat Emptor.
"Progress doesn't come from early risers – progress is made by lazy men looking for easier ways to do things." Lazarus Long
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While it may be possible to eliminate the middleman, the question is whether it is desirable. Banks perform many functions other than acting as a ledger; to take just one example, do you really think that it would be feasible to crowdsource a mortgage?
As to your other fantasies, experience has shown that people like having their own things even when there is no shortage or likelihood of one. Even inside a family, try switching the bowls that each child thinks is "theirs".
Add to that the fact that every society based on private ownership has been richer than similar societies based on communal ownership, and you'll see why I'm skeptical
If you have an important point to make, don't try to be subtle or clever. Use a pile driver. Hit the point once. Then come back and hit it again. Then hit it a third time - a tremendous whack.
--Winston Churchill
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crowdsource a mortgage ? check google
Caveat Emptor.
"Progress doesn't come from early risers – progress is made by lazy men looking for easier ways to do things." Lazarus Long
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So at best you've replaced one ledger system (the banks) with another (the crowdsource g app). At worst, if this gets too popular the money for this will dry up, unless the requester guarantees a return on investment (interest) and insures against default (mortgage).
Sound familiar?
If you have an important point to make, don't try to be subtle or clever. Use a pile driver. Hit the point once. Then come back and hit it again. Then hit it a third time - a tremendous whack.
--Winston Churchill
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littleGreenDude wrote: When you think about the fact that a large chunk of their revenue comes from fees associated with credit card transactions between parties, allowing the anonymous transfer is scary and potentially a huge loss.
However a credit card, unlike a debit card, is in fact a 'credit' transaction. And those fees pay for far more than just the transfer.
It pays for the actual loan, where the merchant is paid almost immediately and the customer can pay much later.
It pays for the guarantees made to both the customer and the merchant. It pays for the convenience of such things as monthly statements and daily web status updates.
Even debit cards have some guarantees.
Bitcoins on the other hand are absolute. If you order a pair of Nike Jordans and get a pair of generic flip flops or nothing at all, your only recourse is based on the generosity of the merchant.
littleGreenDude wrote: Luckily, from the straw poll results to this thread people in general don't seem open to it... yet.
I "get it". Just like I "get" the barter economy that has existed for centuries and still exists. But conversely I also understand what the financial institutions also bring to the table.
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BitCoin is volatile. Too volatile to be practical. We've seen dips in it's value after some MtGox (or whatever it's called) went down, we've seen dips after China issued a law about BitCoin. I am cool with my salary depending on what my government decides, but I don't bloody want China to have a say on my salary.
Well, in theory, the salary could be contractually set in a proper currency (i.e. the €) and be changed into the apropriate BT value on payout, but that still means that I have either the risk of my money become less valueable a week or two after I received it or I'll have to exchange that in a proper currency as soon as I get it. Both suck.
Plus, frankly, this whole "nothing taken out for taxes" thing is both morally wrong and criminal.
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No. Bitcoin and is underlined technologies are interesting, but it is on the order of going to Vegas and pulling a slot machine. You would be paid at the current rate of the bitcoin that day, if it increases you made a profit if not you have a loss. Try using your bitcoin salary when applying for a credit card or home mortgage.
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Further, Bitcoin appears to the in thing for criminals. Like voice mail, the original concept has been corrupted to something people hate. Trying to hide money you earn from the Federal Government is criminal, according to law.
I ask question of those of you that own bitcoin, what would happen of the currency dropped to a penny a coin? What would your recourse be? What insurance do you have that your well invested money could be retrieved? Nothing, so bitcoin is a form of gambling, and the house always wins.
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You're still responsible for taxes. In the US, the IRS has secret algorithms that guess what your income is, based on what they learn of your expenses. No visible means of support == tax cheater, and you will be audited. I'm pretty sure the tax departments in most European countries (Italy has been an exception) are the same. You might appear to get away with it for up to three years, because the IRS does its audits in the fourth year, but the risk is high. So you gotta ask yourself, 'Do I feel lucky?' Well, do you?
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littleGreenDude wrote: So you would keep your whole earned paycheck, nothing taken out for taxes.
Break the law? Especially the federal law? No. Low reward, very high risk.
And at least for what I get paid I suspect it would require breaking multiple laws since it would require circumvention processes that are also illegal.
littleGreenDude wrote: Think about it, both sides of the transaction are anonymous
And the rate varies often. So how exactly do you negotiate your salary? Is it in another currency and thus effectively the only reason for doing it is to circumvent the law? If so I suspect that is another law broken in the above (conspiracy perhaps.)
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LittleGreenDude.
The moment you transform those Bitcoins into real money, that moment you'll be "attached to another object by an inclined plane, wrapped helically around an axis"
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I'm with the 'don't trust crypto currencies' school. They are not regulated and are quite likely to go off "POP" just when you don't want them to.
We're philosophical about power outages here. A.C. come, A.C. go.
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The Queen beside the short saint passes leisurely time formerly. (9)
This space for rent
modified 19-Oct-17 6:43am.
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ERSTWHILE
ER = the queen
ST = short saint
WHILE = pass time leisurely
all means formerly
Software rusts. Simon Stephenson, ca 1994. So does this signature. me, 2012
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'Tis you up tomorrow.
This space for rent
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Erstwhile
Queen = ER (Elizabeth Regina)
Short saint = ST
Pass time leisurely - WHILE
ERSTWHILE = formerly
98.4% of statistics are made up on the spot.
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Oooh, just pipped at the post. Still, you have the satisfaction of knowing you got it correct and that you don't have to do it tomorrow.
This space for rent
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@Pete-OHanlon
You won yesterday, remember?
Bad command or file name. Bad, bad command! Sit! Stay! Staaaay...
AntiTwitter: @DalekDave is now a follower!
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Sorry, I've been busy shouting at an insurance company for the last hour. Will be posting shortly.
This space for rent
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That only ever got me more frustrated.
Solicitors are the only thing they understand other than "Give us your money", "it wasn't worth as much as that", and "not covered".
Bad command or file name. Bad, bad command! Sit! Stay! Staaaay...
AntiTwitter: @DalekDave is now a follower!
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Indeed. I got one level up from the call centre to a "floor manager" who informed me she was the only manager available. Apparently their senior management trust them so much that only one person has to be around.
This space for rent
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