dave111223
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Posts posted by dave111223
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Things are starting to ramp up.
Shows why it's so important to have a decentralized virtual currency, as a opposed to a centralized virtual currency (such as Liberty Reserved) which will always be stamped out by governments (because of "Terrorism" and "Child Porn").
that's the fate of Bitcoin too Dave. it is only a matter of time.
It's impossible for governments to stamp out Bitcoin itself (without destroying all computers, internet, networks etc... which would destroy our entire way of life anyway).
Of course they can target business using, accepting, exchanging, handle bitcoins, but that cannot be compared to stamping out a centralized currency, all they had to do was seize some bank accounts, seize a domain, arrest 5 people and poof Liberty Reserve currency no longer exists.
With Bitcoin governments have the power to reduce it's value, but they do not have the power to reduce it's value to zero. With centralized currencies they have the power to go to zero.
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Things are starting to ramp up.
Shows why it's so important to have a decentralized virtual currency, as a opposed to a centralized virtual currency (such as Liberty Reserved) which will always be stamped out by governments (because of "Terrorism" and "Child Porn").
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"Countries that refuse to use USD in bilateral trade :
- China - Japan
- China - Russia
- China - Australia
Trade between these countries must only be worth a pittance in global terms then, according to your rationale."
So do you know who is the biggest holder of US Dollar reserves,currently around USD $3 Trillion if I'm not mistaken?
China!
You don't know what reserves are or how they are accumulated.
China has almost as much debt as the US, and it's climbing. Link
The problem is that China doesn't have the economic engine, the technology or the profits to cover its debts. It has 1/2 the GDP, a fraction of the industrial profits, and it can only copy, not create, Western technology. It can only pick up the scraps of the West as copiers or manufacturers for the West.
China is not the shining star some once predicted. China is going belly up. Just watch.
The link you sent shows China having a 39.88% Debt to GDP
It shows USA having a 106.10% Debt to GDP...
And yet China is in almost as much debt?
(US Debt to GDP is somewhere in between Ireland and Greece)
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Well BIT COIN? Someine is going to.lose. they told you in the name already.
You give a FULL coin and youbwill get a BIT coin.
Roulette gives you better odds and you can enjoy the coloured lights and whizzy sounds as you throw your money away.
If yiu want to place money where you have no tangible asset in return why not hand it out to the poor?
Or if you want to invest seriously why not place your hard earned loot into property...small scale with a rental return. at least you can see and touch it. 1million baht buys you a place you can get rent back and you always have THAT TOUCHABLE ASSET
Sent from my GT-N7000B using Thaivisa Connect Thailand mobile app
Although I don't disagree with your note about investing in property....
It's pretty sad when your only comments on a subject is to dismiss it by dissecting the name.
But I guess that's what I'd expect coming from someone called "Marc USD"
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You fail to comprehend, sir.
I am not asking what a Federal Reserve note is accepted as tender for. I am asking about just
what exactly the US government is backing the Federal Reserve note with.
and you fail to comprehend Sir that i consider your question irrelevant. the only relevance is that a
federal reserve note is backed by its demand and usability and not by any fictitious backing by the
U.S. government.
Bingo, so Bitcoins and US Dollars are backed by the exact same thing: "its demand and usability"
Currently US Dollars have a much bigger backing than Bitcoins. But you have shown the flaw in Eesat's statements about "USD Is backed by the government, what is Bitcoin backed by" as irrelivant.
US Dollars:
- Demand: Decreasing
- Usability: Decreasing (as sited by Trembly)
- Supply: Increasing (to the tune of about ~7% per year, increasing over time) http://www.tradingeconomics.com/united-states/money-supply-m2
Bitcoin:
- Demand: Increasing
- Usability: Increasing
- Supply: Increasing (to the tune of ~10% per year, decreasing over time) http://bitcoin.org
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federal reserve notes, book flights, rent cars, pay utility bills and last not least one can buy, if one is so inclined... bitcoins
Ok, US dollars are backed by airline tickets and rental cars? How many rental cars can I redeem my Federal Reserve Note for?
yawwwnnnnn.....
Here allow me to argue your side for you:
You: Well right now you can redeem your $100 Federal Reserve Note for 1 day of small rental car in Maine
Me: Ok, I think i'll redeem my $100 Federal Reserve Note for 1 day of small rental in Florida in 2015
You: Sorry, can't do that
Me: Why?
You: Your $100 Federal Reserve Note will not longer be backed by 1 day of small rental car in 2015, and your $100 Federal Reserve Note was only backed by 1 day of small rental car in Maine, not Florida, in Florida it was backed by a different amount of rental cars.
Me: I see....so my Federal Reserve Note will be backed by a different thing, which will vary by large amounts depending on the location and date?
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I am simply asking you this : what are the US government and / or the Federal Reserve Bank backing the US Dollar with?
Simple; you bring your Federal Reserve Note to the US government and they give you a bag of full faith.
perhaps i am mistaken... but i was told one can buy a variety of things with federal reserve notes, book flights, rent cars, pay utility bills and last not least one can buy, if one is so inclined... bitcoins
Ok, US dollars are backed by airline tickets and rental cars? How many rental cars can I redeem my Federal Reserve Note for?
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Backed with what?
I'm sorry but I really can't see the point of repeating myself again,if you think the USA will no longer be here in 10,20,30+ years time then you're a fool!
However,if you think
Magic BeansBitcoins will be,you're probably still wondering when your Sinclair C5 is going to fetch 7 figures at Sotheby's Auction House!I am simply asking you this : what are the US government and / or the Federal Reserve Bank backing the US Dollar with?
Simple; you bring your Federal Reserve Note to the US government and they give you a bag of full faith.
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So now Bitcoins are immune to inflation are they?Maybe you should be the first to inform Blackrock,George Soros' Soros Fund Management LLC & John Paulson of Paulson & Co.?
Three of the biggest hedge funds on the planet,I'm sure they'd pay you handsomely for your inflation-proof
magic beansBitcoins?Strange that they're not using them already though!What colour are the moons on your planet by the way?
If you did even the slightest amount of research you'd see that Bitcoins have a fixed limit (21Million) no more than this can be created ever.
It is a deflationary currency; so yes it is by it's nature "inflation proof", as the money supply can never be inflated.
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Exactly...meaning the Fed can print (or digitally create) as many of them as they want.No,they're backed by the US Govt & Federal Reserve,as stated before!
Do you mean if you were to pay me my "pension" payment now in X bitcoins, or X USD (of current equal value).Which would you rather have your pension paid in,Bitcoin or US Dollars?
Well seeing as 10,000USD will be worth 4,000USD in 30 years
Hm...I'll take some bitcoins please.
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Hardly,the US Dollar is backed by the US Govt and Federal Reserve Bank.It's also the world's biggest and favourite reserve currency,comparing it with Bitcoin just makes you look foolish and as if you have no clue what you are talking about.
Which I suspect is the case!
US Dollars are backed by this:
http://oddhammer.com/tutorials/debt_clock/US_debt_clock_dynamic.swf
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Bitcoin is just a massive house of cards and all its imitators and one day very soon that house of cards will fall!It won't be long before bitcoin is outlawed and blacklisted and it will happen overnight,would you like to take that risk,I know I wouldn't?
Here let me correct that for you:
BitcoinUS dollars are just a massive house of cards and all its imitators and one day very soon that house of cards will fall!As for outlawed/blacklisted. Bitcoin cannot be killed by laws. If Bitcoin were outlawed today (ignoring the fact that this legislation would be impossible without inadvertently outlawing thousands of other things), sure the price would pumpet but it would find a new price (maybe $0.25 who knows) and then it would continue to be used as a blackmarket currency at it's new value.
And as for blocking/destroying it all you have to do is look to filesharing to see how that ends.
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Ever sat in a car at in Thailand at 2PM without A/C while the wife "pops in" to get something? An hour later and you'll be swimming in your own juices.
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Nah they should keep handing out condoms but poke holes in them first. Now that's how to stimulate population growth.
In that case should theey stop handing out condoms?Here's a positive David, population growth. Any incentive helps.
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Obviously not, but see plenty waiting in line for a Thai visa...so i guess Thai passport must be better then US because then you don't have to wait in line for a Thai visa?
We are talking about the advantages of having US citizenship (US Passport), not comparing one citizenship to another.
Bill H. had both Thai and US citizenship and passports, so he didn't have to wait in line for a Thai visa or a US visa. Renouncing his US citizenship meant that he then had to wait in line for a US visa.
It's ridiculous to say that a certain citizenship has an "advantage" because then you don't need a visa for that country...no sh*t every citizenship comes with that "advantage"...
No one is saying that a particular citizenship has an advantage. Someone asked "What are the advantages of US citizenship". They were discussing the advantages of US citizenship, not the advantages over other citizenships.
The advantage of US citizenship is that you don't need to apply for a visa. The disadvantage is taxes. It has nothing to do with any other citizenships.
Ok, maybe next we can discuss the advantages of having 100baht.... the advantage, i think, would be that you could buy something worth 100baht...that's a pretty good advantage if you ask me.
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Obviously not, but see plenty waiting in line for a Thai visa...so i guess Thai passport must be better then US because then you don't have to wait in line for a Thai visa?
We are talking about the advantages of having US citizenship (US Passport), not comparing one citizenship to another.
Bill H. had both Thai and US citizenship and passports, so he didn't have to wait in line for a Thai visa or a US visa. Renouncing his US citizenship meant that he then had to wait in line for a US visa.
It's ridiculous to say that a certain citizenship has an "advantage" because then you don't need a visa for that country...no sh*t every citizenship comes with that "advantage"...
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.It's convenient if you don't want to be one of those who have to wake up at X am to wait in line to get a visa.
:-)
How do you figure that?
When was the last time you saw a US citizen waiting in line for their US visa?
Obviously not, but see plenty waiting in line for a Thai visa...so i guess Thai passport must be better then US because then you don't have to wait in line for a Thai visa?
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IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !
It doesn't say he was. He is a "rare example" of an American making it big in Thailand, but he is amongst millions of foreigners, including other Americans, who have renounced their citizenship for other countries.
What's so special about US citizenship?
It's convenient if you don't want to be one of those who have to wake up at X am to wait in line to get a visa.
:-)
How do you figure that?
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Have you talked to your SCB branch ? I am pretty sure the transfer limits can be increased
Go to your home branch and they will direct you to a phone and call the call center. They will increase your limits once you input your ATM PIN into the phone pad. Not sure if you can increase the number of third party SCB accounts and other accounts without opening a business account since most individuals would not need any more than what they allow
SCB said they cannot lift the ten 3rd party account limit unless you have a company account (note sole proprietorships or basic partnerships don't have the ltd company documents required for this, so the limit does apply to these types of business too)
I'll have to ask about the 100,000 per day limit (note that this limit only affect transfers to non-SCB banks per day)
Also this is really stretching, but I wonder if there are any banks in Thailand that offer an API; so that you can automatically make transfers (using a program). For example if a business has to pay 100 employees per week; I'm assuming they don't sit there doing 100 individual bank transfers do they? But instead run payroll software that automatically transfers the correct amount to each employee's bank account.
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SCB online banking has some annoying limitations, such as:
- Max. 100,000THB transfer to another bank per day
- Max. 20 3rd party SCB accounts on file
- Max. 10 other bank accounts on file
Does anyone know if all other Thai online banking (TMB, Kasikorn, Krung Thai, Bangkok Bank etc..) have similar limitations?
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FATCA laws passed by the current President? I was not aware that American Presidents passed laws. I assume Congress passed the law and the current President signed the Congressionally passed law. If you are a fat cat renouncing for the purpose of tax evasion from the country that gained you your wealth, I have little empathy.
Unless you become a fatcat off government handouts then how did the country gain your wealth for you? The guy in the story grew up in Asia/Thailand and built a business empire, how is it right that he should have to pay huge amounts of his income to the US?
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Giving up that US Citizenship is smart for many reasons not even thinking about the decline of the US over the last 25 years. Good to see him doing well. If it were easier to get other citizenships suck as British or Aussie I think the Americans giving up US citizenships would be in the tens of thousands each year. The only thing holding back lots of people is the problem with getting a new citizenship.
The only thing holding people back is not wanting to put a big target on your ass saying "IRS please ream here"
As they say: better to beg forgiveness than seek permission
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IS he the only one in history to lose bus US citizenship to become Thai ? I can't believe it !
He renounced his US citizenship 18 years ago. A lot of Americans do that. A lot of French do that. Taxes you know or other business reasons like embargos from doing business in Vietnam. But I don't know what "lose bus US citezenship" is.
I have to inform you that in 2012 less than 1,800 U.S. citizens gave up their citizenship and that was double any other year in history. I don't think that constitutes "a lot", especially in contrast to the over 700,000 immigrants who became U.S. citizens in the same year. I'm speaking of people becoming sworn, legal, voting, citizens. That is also more new citizens than all other countries in the world put together hand out and, it is well below the over 1,000,000 who became legal U.S. citizens a few year prior. Oh, and while many people think it is Mexicans becoming the citizens, it is Chinese, Vietnamese, and Filipinos who are making up the bulk of new citizens.
Why would anyone want to become a citizen of Thailand unless you were a billionaire and made your money here. The majority of those giving up their citizenship in the U.S. are almost all wealthy, greed Fs who don't want to pay taxes after they made their money off the American system.
The funny thing is the 1,800 probably earned more than the 700,000 combined.
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And so it begins
First they ignore you, then they laugh at you, then they fight you, then you win.
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Do You Consider Bitcoin To Be A Serious Hedging Option?
in Jobs, Economy, Banking, Business, Investments
Posted · Edited by dave111223
But at the end of the day, what is really going to chaff their asses, is that it doesn't matter what they do to the price of bitcoins. Even if they managed to push the value of 1 Bitcoin down to $0.01, at some point they'd run out of pushing power and the value would stabilize and even at that new $0.01 value people would be able to used Bitcoin to transfer value across the globe totally unchecked.