Bitcoin future

Discussion in 'Business & Economics' started by mathman, Apr 30, 2019.

  1. mathman Valued Senior Member

    Article in NYTimes (4/30/2019) speculates on the future of bitcoins and other cryptocurrencies. The article indicates most bitcoin transactions are by speculators, while most others involve illegal transactions (drugs, etc.).
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  3. RainbowSingularity Valued Senior Member

    gold(bitcoin) speculators [1869 (Nast) Harper's Weekly ]

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    unregulated speculative markets that deliver many times their investment are enjoyed as a law-less no regulation diet.

    "drugs" are a point of free will to choose to use or to choose to not use.
    however... many countrys have laws that make it illegal for tax paying citizens to enjoy recreational drugs.

    is an inserted morality to define that all markets must be regulated with morals.

    you need to define what type of morals you think all markets should be regulated with to start the debate around the economic principals of what is deemed regulated and unregulated markets.
    lets say you are a religous or human rights refugee from some country and with the amazing work, effort and help and good management from a western country you have managed to get a good job and are making an ok wage.
    your family live in that country you fleed from.
    your nephew or niece has become very sick with something like diabetes but the country wont operate or treat them.
    you have enough money that you can afford to send your family the money for the operation(treatment so they wont go blind and start to get fingers & toes chopped off).
    the great thing is global cell phone technology because you(and your children) in your new country have been face-timing with your niece/nephew for the last 7 years and your children have grown to love them and send them birthday cards and chat with them weekly on facebook.
    the transaction would be illegal because the country is on the banned list.

    how are your morals doing ?
    Last edited: Apr 30, 2019
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  5. mathman Valued Senior Member

    The use of bitcoins for illegal drug transactions is primarily about manufacturers and distributors, not users. They use bitcoins since large bank transactions ($10000 or more) are reported to the u.s. government. The description about drug users is not relevant to this post.
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  7. mathman Valued Senior Member

    60 minutes (May 5) described another use for bitcoins. Ransomware, where a hacker ties up files of a given entity, such as a small city or a hospital, and demands payment to unlock the files. Bitcoins seem to be a method of payment, making the transaction untraceable.
    RainbowSingularity likes this.
  8. RainbowSingularity Valued Senior Member

    ... reader note intent of emotive direction to non person...
    i am aware you are probably quoting words from the TV and not really thinking about the real implications
    such is the majority of the citizenry

    while i agree that such nasty behaviour is nasty
    the supplanting of public socialist infrastructure as being the moral bastion at risk when pan-handling the subject to a hard line capitalist user pays market when the reality is more about private people being targeted...
    it does leave one wondering what you may be insinuating.
    private rich people are those who are most at risk, and will be wanting all the working class poor to pay for the rich to get expensive government laws to protect them while pretending its all about protecting socialist working class tax funded critical infrastructure.
    morally i think thats a little out there.

    because(explaining to the average reader) people doing all that ransomware stuff don't want government military's chasing them.
    they want money
    they get the money when they ransom private rich peoples home computers
    not when they target government agencies like hospitals and "small citys"

    so pretending your protecting hospitals when your really protecting rich peoples home computers but using the poor working class tax money and taking it away from the actual hospitals instead and giving it to rich peoples lazy home computer security instead of poor children medical bills...
    is very morally dishonest.

    taking working class medical funds away from hospitals to pay for government internet security for rich private home computers...

    i dont agree with such moral ideology
    i would prefer they leave the medical funding alone and not take money away from it while pretending to care and using that as an excuse.

    go ahead, ask for more money to directly fund a new government agency
    but dont pretend to care while trying to take the money away from the poorest working class critical expenses.
    Last edited: May 7, 2019
  9. RainbowSingularity Valued Senior Member

    white collar terrorism
  10. mathman Valued Senior Member

    Article in NYTimes May23, 2019. Recent rise in bitcoin price is largely due to its use for ransomware. Many U.S. cities have been attacked. Sources of attacks have been traced to Eastern Europe and Iran.
  11. exchemist Valued Senior Member

    Warren Buffet's verdict on Bitcoin:"Rat poison, squared".
    candy likes this.

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