Bitcoin and NFTs

[WOM]

Bitcoin

True, but I can't think of a more appropriate comparison. If it's a currency stored on an exchange, it's about as bank-like as you can get. Except for the whole part about it being manufactured from smoke, backed by nothing and guarded by Unicorns.

[Stumpy Pepys]

Bitcoin

WOM wrote: Except for the whole part about it being manufactured from smoke, backed by nothing and guarded by Unicorns.

So it's a bit like Fiat currency then.

[WOM]

Bitcoin

"I don't like Italians cars. They rust."

Charlie McManus.

[N est à?]

Bitcoin

So it's a bit like Fiat currency then.

Or 'currency' as it's also known.

[Ginger Yellow]

Bitcoin

So it's a bit like Fiat currency then.

Not even as much as that. Fiat currency at least has a central bank (or some other issuer) standing behind it, and that issuer usually has some means (eg gold reserves) to back up its promise, and other means (eg target interest rates) to influence inflation. And it will be legal tender in its particular jurisdiction. Bitcoin's value is literally what other people are willing to pay or provide services for it.

[Stumpy Pepys]

Bitcoin

Sure, Fiat currency is backed up somewhat, but the thing I like about Bitcoin is that it reminds people that modern money is, to some extent, illusory — it's the product of people's belief in it, rather than any intrinsic worth.

Bitcoin may or may not die on its arse, but I feel the cat is now out of the bag.

The other difference is that there's a limit to the number of Bitcoin in circulation. If you have Fiat currency, you can just keep printing money.

[beak]

Bitcoin

WOM wrote: In other 'not-real currency goes up in smoke' news...

http://www.thestar.com/business/2014/02/25/major_online_bitcoin_exchange_mt_gox_vanishes.html

Turns out they left their wallet in their other pants..

[Evariste Euler Gauss]

Bitcoin

The expression "Fiat currency" is a new one to me. I'm guessing the basic unit is an "Uno".

[WOM]

Bitcoin

Bitcoin-related person indicted for money laundering.

http://www.theglobeandmail.com/report-on-business/international-business/us-business/bitcoin-promoter-shrem-indicted-for-money-laundering/article17997773/#dashboard/follows/

[Ginger Yellow]

Bitcoin

EBA proposes virtual currency regulation, including regulated "scheme governance authorities", subjecting exchanges to customer due diligence and transaction reporting requirements and capital requirements and account segregation for wallet providers.

[Ginger Yellow]

Bitcoin

And now New York.

[ursus arctos]

Bitcoin

You just knew that Lawsky couldn't pass up such an opportunity for grandstanding.

[WOM]

Bitcoin

We have some kind of bitcoin exchange storefront just around the corner. I'm not sure what's supposed to be going on there, but it doesn't seem like they get too much traffic.

[Evariste Euler Gauss]

Bitcoin

Bitcoin..... for when they close down savewalterwhite.com

[WOM]

Bitcoin

Because I can't think of where else to put it, 'Dread Pirate Roberts' has been found guilty.

http://www.wired.com/2015/02/silk-road-ross-ulbricht-verdict/

[ursus arctos]

Bitcoin

The prosecution case was quite overwhelming.

Running a USD 200 million dollar platform for illegal activity from a coffee shop was not particularly bright.

[WOM]

Bitcoin

When you look at the evidence, he did everything but leave a trail of rose petals up the stairs to the bedroom.

[WOM]

Bitcoin

Bets on sentence?

[ursus arctos]

Bitcoin

Midpoint of guidelines, I'd guess (and I have no idea what the guidelines provide).

[WOM]

Bitcoin

Most stories end with "minimum 20 on some charges", and "maximum life on others". Are they really going to give a 30 year old minimum 20?

[ursus arctos]

Bitcoin

It's very hard for a federal judge to deviate from the sentencing guidelines. That's what they are there for, and it appears that he's been convicted of a crime ("running a continuing criminal enterprise") that has a 20 year minimum.

And if they can prove that he generated USD 10 million a year in revenues, he's looking at life without parole.

[WOM]

Bitcoin

Are you saying that there's a sentencing guideline based on the value of the criminal enterprise?

[WOM]

Bitcoin

...which I guess is intended to punish the mob bosses differently from the corner weed sellers.

[Ginger Yellow]

Bitcoin

Bitcoin seems to corrupt everyone it touches - Silk Road investigators charged with stealing hundreds of thousands of dollars worth of bitcoin.

[beak]

Bitcoin

..............