- Thread starter PICHARDO
- Start date
BITCOIN ATM in the DR
So where are the bitcoins that were placed on bitcoin exchanges and then disappeared....wiping out lots of accounts. If bitcoin is that easy to track, you would think bitcoin would know where its bitcoins are/went.....and they don't. Bitcoins are as vulnerable to theft as any other currency or commodity that can be accessed/bought/sold by computer.
http://www.bustle.com/articles/1013...fraud-but-whatever-happened-to-bitcoin-anyway
Sea shells, and a whole host of other things were once used as money. You are right. The choice is yours.
See the article referenced above. Currently, printed currency is kept in check by the price of gold and other commodities. No faith in paper? Buy gold.....that is what they have done in countless countries throughout history....Venezuela being a modern example....as the Bolivar heads to hyperinflation.
Perhaps. But as I stated above.....gold and other commodities keep things in balance.
Bitcoins values are set by whom? You can argue that it is some computer algorithm that determines its value against other currencies. But who controls that algorithm. And why should/would anyone or any government allow their freedoms to be controlled by a computer algorithm? More questions than answers here....
Bitcoins are guaranteed by whom? When a computer glitch happens at a bank/country...it affects that bank or country. When banks shut down in many countries, a customers deposits are insured.....no such mechanism exists with bitcoin.
Virtual world currencies controlled by a small group of programmers or a computer algorithm and the attendant world financial chaos this could create....is more than enough of a reason for most to stay away.
Maybe Pichardo can swing by Bella Vista and provide a report on the new Bitcoin ATM.
Respectfully,
Playacaribe2
Most nations abandoned the gold standard as the basis of their monetary systems at some point in the 20th century, U.S. included.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation? Deficit spending is simply a scheme for the confiscation of wealth.
And you are correct.
Switzerland was the last country to abandon gold.....although Pichardo might disagree with his Pesos Oro theory for the DR.
What I meant to say is that a countries currency can be valued in gold terms. If inflation starts to run against a particular currency....people/governments start buying gold as a hedge, and the price of gold vis a vis that currency goes up. The inverse is also true. A deflationary currency environment is generally bad for gold....as well as other commodities. Granted there are other external factors that affect the price of gold, but that is a good general rule.
Respectfully,
Playacaribe2
Ok.....but;
http://www.coindesk.com/espn-st-petersburg-bowl-bitcoin-branding-2015/
That three year deal ended rather abruptly.....I wonder why?
And there are places that supposedly accept Bitcoins.....Home Depot/Sears/Best Buy.
Note that the owner of Coindesk is not an impartial voice.....and has a vested interest in Bitpay.
Respectfully,
Playacaribe2
remember the whole Silk Road fiasco? An online drug dealing emporium. Remember how they used Bitcoins to pay one another.
Guess who is also uses Bitcoins? ISIS because it is easier to receive anonymous funding.
right on the money on your Bitcoin analysis
As per this website, companies that are accepting Bitcoin now...
http://www.bitcoinvalues.net/who-accepts-bitcoins-payment-companies-stores-take-bitcoins.html
Again, show me the NEW monetary Law of the DR that did away with the Pesos Oro...
I posted the entire Monetary Law of the DR as is and from the first time it was enacted under Trujillo and the formation of the CB.
Please DO shut me up with ease and post that yet to be seen by me NEW monetary Law of the DR with no such articles in it.
??????????????????????????????????????????????????
As you Trujillo said: There's gold in them hills of the DR, down to the inner most sanctum of the land.
We can back our Pesos ORO due to this. If they want to converted from paper to gold, let them dig each ounce out (after paying the taxes and dues to the DR state for exploiting the hills too).
But again, prove me wrong!
Please DO post that new Monetary Law of the DR here!
There's nothing anonymous about Bitcoin and the wallets that hold them.
The only thing hard to track is the actual transactions real time (unless you do mining).
Yes, you did post it. But, more importantly, nothing in that law stated that the DR was on a gold standard, or that any paper money was redeemable in gold. We have been down this road before. If the DR currency was actually backed by gold, the exchange rate would likely be 1 (DOP):46.7 (USD) not the current 46.7 (DOP):1(USD).
And even if the law did state what you speak, the DR does NOT, and never did, have enough gold to back up its currency.
Respectfully,
Playacaribe2
Any one smart enuff to use Google can easily find out that there is no country on the planet at the present time that is on the gold standard.
we have been down this road a million times. playacaribe is very versed in these matters, and if he says that the DR is not on the gold standard, it is not. no amount of horse puckey from PICHARDO can change that.
Did you read it????
Please do so, carefully again if you must!
Also see the part added and modified as the last change to the organic Law and convertibles.
It's in black and white!
I never said we had Gold to back it up, I said our Monetary Law is still backed by Gold as written and later modified by act of congress to denote the convertible of Gold assets under the CB, to such end into other assets of equal purchasing power for the metal in the world markets.
That's why the CB can still issue "Inorganicos" when allowed by the executive and congress.
For them to issue new notes and deem them of legal standards, they would either have to get Gold for the Vault or the convertible equals as per the current Monetary Law.
They tried to remove pesos Oro from the bills, only to find out that for that to happen, they needed to promulgate an entirely new Monetary Law 100%. The current is based on a system built atop the gold standard and modified to make it fit our needs.
It was easier to leave the pesos oro than to try and create a new one around. It will change later for sure.
That's why the CB can still issue "Inorganicos" when allowed by the executive and congress.
For them to issue new notes and deem them of legal standards, they would either have to get Gold for the Vault or the convertible equals as per the current Monetary Law.
They tried to remove pesos Oro from the bills, only to find out that for that to happen, they needed to promulgate an entirely new Monetary Law 100%. The current is based on a system built atop the gold standard and modified to make it fit our needs.
It was easier to leave the pesos oro than to try and create a new one around. It will change later for sure.
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i wish i knew what this meant. Monetary Law backed by gold. now i have heard everything. i dont drink alcohol, and i feel like i am drunk.
Yes, Monetary Law backed by gold lol. You have not convinced most of the readers here, nor has the government convinced anyone internationally of the viability of the Monetary Law. Like so many other laws in the DR (corruption/crime), they exist, but are rarely enforced.
They did remove "pesos oro" from your banknotes, several years ago. Perhaps the Banco Central realized no one ever believed the Monetary Law.
Like I said "pesos oro" has been missing from your banknotes for years.
I leave you with one last thought. If anyone really truly believed that the Monetary Law and your banknotes really truly had any connection to real gold.....then your financial crisis of 2003-2004 could never have happened.
Like many things Dominican, the perception of what is supposed to be and the reality of what actually is.....are miles apart. Your Monetary Law is a perfect example.
And now Bitcoin?......LOL.
Respectfully,
Playacaribe2
don?t laugh at bitcoin too soon. as long as there is a window for some people to be ripped off, watch it flourish before the big hit, then vanish into oblivion.
Based on the fact its price has been trending up, its also a simple way to make a few bucks by buying some and sitting on them. I already posted a list of businesses that already accept them, I am sure that list will grow in time, not exponentially, but I don't see them going away...