A New ANTI-Bank Digital Currency - BITCOIN - Must Watch for any Pakistani in Pakistan

[Star Gazer]

I have to look into it for my shopping habits!:):)

 

[AsifAmeer]

>>The algorithm, itself, has a big caveat attached to it with respect to the database size which severely limits its scale.

Help me understand this.

I posted it sometime ago as an alternative. Have been keeping an eye on it since one year. It got stable after some haphazard speculation.

Got to say, I am a bit disappointed with its performance so far in terms of popularity. The algorithm, itself, has a big caveat attached to it with respect to the database size which severely limits its scale.

I think the idea of virtual currencies would take around 50 more years to become mainstream so I wouldn't wanna invest just yet

 

[AsifAmeer]

na na.. Watch the video, it even tells you the limit of Bitcoins that can be created by regular ppl. Its creation in limited in the decentralized algorithm which caps its count to 21 million

Also, a bank cannot lend more money than it has. This completely puts an end to fractional lending. Plus a central bank cannot create these to finance govt deficits.

Anything that can be generated by humans is bound to de value just like currency. It can be in the form of plastic, paypal or bitcoin. They are all the same.

 

[Vitamin_C]

This was a big project.. quite a few folks worked on it, included some Muslim kid named Aamir Taaki. Read it up! http://en.wikipedia.org/wiki/Bitcoin

THe key is "DECENTRALIZED". You know the US has already started cracking on Payments to Bitcoin exchanges. Paypal or even any commercial bank doesnt let you move money to Bitcoin exchange accounts. I had to move my money to DWOLLA, from DWOLLA it was transfered to Mt Gox (a Japanese exchange) where I bought my bitcoins. But once I have the coins, no govt, no one can steal them from me...

Look! If the Govt hates it and the banks dont like it, that HAS TO BE GOOD!

When i read the japanese name instead of Goldsmith or rothchild, i had a positive feeling even before i know how the thing works.

 

[AsifAmeer]

I am putting my money where my mouth is. Prices have settled. It may move down a bit but I think it may prove to be a stable currency in the future. Reason why I shared it here is to make Pakistanis aware of the many options they have!

When i read the japanese name instead of Goldsmith or rothchild, i had a positive feeling even before i know how the thing works.

 

[Vitamin_C]

You may be right about the version lekin i dont think they can reset the bitcoin numbers or their ownership. I was on site where a Pakistani guy was trying to set up a Hawala system via bitcoin! lol

I bet he was a Baloch..
21million coins, current price is around $5... If this becomes more widely used as paypal.. each coin could go up to $500 a piece. In space a bottle of water is more expensive than gold is on Earth. If total Value of goods and services traded on bitcoin is $100 and each coin costs $5 so if the value of good traded increases to $100,000 the demand for bitcoins will go up. since new coins cannot be generated the value of the coins will also increase. This could even be an international currency.
But there are a few things...
People could use this to hide money illegally to save tax. If the money was put in bank it wud hav been liable for tax.
Anyone can send coins to anyone anywhere in the world without anyone knowing, they could be used to fund terrorism, could be sent into a country which has embargo on it and used to purchase weapons.
People could use it as hawala to send money out of or into the country.. since legal modes of transfer can be taxed by the banks. Since know one will find out where the coin is coming from and to whom it is going corruption money can be hidden here.

 

[AsifAmeer]

dekho... terrorism, tax evasion and money laundering even goes on even today.

If innocents are not killed, it will reduce terrorism.
If taxes are lowered, tax evasion will reduce
Drugs and drug money is here to stay..

You analysis was pretty good. As more and more ppl start to accept bitcoin, its value will increase, so will bitcoin's liquidity. Acha if Bitcoin goes to $500, the lowest denomination of your bitcoin would be a MICRO-Bitcoin = $0.01

Its truly a very well thought out currency. I think they have been working on ewallets for portability.

I bet he was a Baloch..
21million coins, current price is around $5... If this becomes more widely used as paypal.. each coin could go up to $500 a piece. In space a bottle of water is more expensive than gold is on Earth. If total Value of goods and services traded on bitcoin is $100 and each coin costs $5 so if the value of good traded increases to $100,000 the demand for bitcoins will go up. since new coins cannot be generated the value of the coins will also increase. This could even be an international currency.
But there are a few things...
People could use this to hide money illegally to save tax. If the money was put in bank it wud hav been liable for tax.
Anyone can send coins to anyone anywhere in the world without anyone knowing, they could be used to fund terrorism, could be sent into a country which has embargo on it and used to purchase weapons.
People could use it as hawala to send money out of or into the country.. since legal modes of transfer can be taxed by the banks. Since know one will find out where the coin is coming from and to whom it is going corruption money can be hidden here.

 

[Temojin]

When i read the japanese name instead of Goldsmith or rothchild, i had a positive feeling even before i know how the thing works.

I am putting my money where my mouth is. Prices have settled. It may move down a bit but I think it may prove to be a stable currency in the future. Reason why I shared it here is to make Pakistanis aware of the many options they have!

A very interesting share. Though I have one thing to discuss. As we know that these banking and corporate cartels use multi-pronged policy and engulf its victims not from one but many fronts, can't it be another one of those fronts to get us into using this kind of e-money?

Japanese have always been a big aide to various Reichs specially the third and the fourth. Rothschilds and their dearest friends, the goldsmiths (who went covert to complete other jobs regarding road to zion) have always devised policies which seem normal at the beginning but after a decade or so, when the web has been woven, prey has nowhere to go.

 

[golmaal]

I have reservations of its use as client (software) on PCs or laptops as the block size chain get grow enormously with time esp. for large transactions.
Look at https://en.bitcoin.it/wiki/Scalability#Storage. What I mean is that some person may require terabytes of harddisk to properly process very large block chains.

Anyway, I hope Moore's law will continue with increasing usage of Bitcoins if it ever happens.

>>The algorithm, itself, has a big caveat attached to it with respect to the database size which severely limits its scale.

Help me understand this.

 

[AsifAmeer]

the amount of troubles I had to go thru go get the money from my commercial bank to the Bitcoin exchange, was insane. Do Bank allows you to send money directly to Mt Gox (the exchange). I had to use DWOLLA (paypal like payment processor). Even Paypal would send money to Mt Gox. There are already talks of shutting down these exchanges in the US and I know they will. Mt Gox is based in Japan. They will come after this like they are in terms of piratebay and other torrent sites. See, once u have your money converted, you're out of the Govt's stratosphere

Did you know the devout and religious jews are very much against the paper currency too?

A very interesting share. Though I have one thing to discuss. As we know that these banking and corporate cartels use multi-pronged policy and engulf its victims not from one but many fronts, can't it be another one of those fronts to get us into using this kind of e-money?

Japanese have always been a big aide to various Reichs specially the third and the fourth. Rothschilds and their dearest friends, the goldsmiths (who went covert to complete other jobs regarding road to zion) have always devised policies which seem normal at the beginning but after a decade or so, when the web has been woven, prey has nowhere to go.

[MENTION=28598]Vitamin_C[/MENTION]

 

[Temojin]

the amount of troubles I had to go thru go get the money from my commercial bank to the Bitcoin exchange, was insane. Do Bank allows you to send money directly to Mt Gox (the exchange). I had to use DWOLLA (paypal like payment processor). Even Paypal would send money to Mt Gox. There are already talks of shutting down these exchanges in the US and I know they will. Mt Gox is based in Japan. They will come after this like they are in terms of piratebay and other torrent sites. See, once u have your money converted, you're out of the Govt's stratosphere

Did you know the devout and religious jews are very much against the paper currency too?



@Vitamin_C

I was mentioning their multi-pronged policy. Like 80% of the arms and ammo used by the third Reich was produced through factories which belonged to prescot bush and david rockefeller. I think you have an idea that so called piracy is going on in the world because they want it to go on, otherwise, its just a matter of days to stop it completely. From pirated Windows everywhere to movies and serials, its all there because they want it to be there.

 

[AsifAmeer]

Way i see it as if they could have, they would have. Since they cant, so they wont.

They know this isnt going to be easy and will hurt their bottomline in the effort. Economic rules of money apply even to the communists!

I was mentioning their multi-pronged policy. Like 80% of the arms and ammo used by the third Reich was produced through factories which belonged to prescot bush and david rockefeller. I think you have an idea that so called piracy is going on in the world because they want it to go on, otherwise, its just a matter of days to stop it completely. From pirated Windows everywhere to movies and serials, its all there because they want it to be there.

 

[Vitamin_C]

I was mentioning their multi-pronged policy. Like 80% of the arms and ammo used by the third Reich was produced through factories which belonged to prescot bush and david rockefeller. I think you have an idea that so called piracy is going on in the world because they want it to go on, otherwise, its just a matter of days to stop it completely. From pirated Windows everywhere to movies and serials, its all there because they want it to be there.

Rothchilds, goldsmiths and all other powerful families, may be very powerful but some people think of them as god as they can do anything, this is not true. They cant do everything and there is a large portion of the world population that is out of reach of their exploitation. I find it funny when i say the word Rothchild and people foam in the mouth and their jaw drops ... If you believe in God you will fear no one, Rothchilds and Nwo are nothing.

Anyways how can USG ban a website which is not within their jurisdiction. If I purchase an abandoned island in the pacific ocean which is not under the jurisdiction of any govt i can run any website and pirate anything i want.

 

[Temojin]

Rothchilds, goldsmiths and all other powerful families, may be very powerful but some people think of them as god as they can do anything, this is not true. They cant do everything and there is a large portion of the world population that is out of reach of their exploitation. I find it funny when i say the word Rothchild and people foam in the mouth and their jaw drops ... If you believe in God you will fear no one, Rothchilds and Nwo are nothing.

Anyways how can USG ban a website which is not within their jurisdiction. If I purchase an abandoned island in the pacific ocean which is not under the jurisdiction of any govt i can run any website and pirate anything i want.

Should I comment? May be you got a bit vehement. See in the current system of the world, people who have contacts, money and power can take greater measures in order to make things happen like they wouldn't let you get your article published or say, wouldn't let you live if you were more of a problem for them. I know it because I have been told this more than once by some amongst them for taking more than panga while delving into their matters.

Now what is so difficult about shutting anything down? Internet servers aren't on any other planet, they are here on planet earth and anyone who has money, has the means to reach them, can get experts and shut anything he wants. I can get many things done and I have merely nothing if compared to them.

About believing in Allah and getting to do things, I do support this argument and things are going on like this but this is satan's high time as you must notice through what has been going on throughout the world for many decades now and its accomplices have been given liberty to do more than we can comprehend. You get into a serious issue with a member of pagara family and try to get out of their reach, can you (even if so, not very easily even if you belong to a family having similar status and power). So the same goes with the most powerful families in the world. I have the privilege to know some of those who are head on with this system and its aides so I might know a thing or two about it. You purchase any island and believe you me, you'll be tracked in an hour. baqi karwayee to jidher bhi unhon ne kerni hoti hai kabhi kisi se poocha hai jo poocheinge? jo cheezein unhon ne band kerani hoti hain voh kuch ghanton mein kera lete hain, hai ke nahi?

 

[Vitamin_C]

Should I comment? May be you got a bit vehement. See in the current system of the world, people who have contacts, money and power can take greater measures in order to make things happen like they wouldn't let you get your article published or say, wouldn't let you live if you were more of a problem for them. I know it because I have been told this more than once by some amongst them for taking more than panga while delving into their matters.

Now what is so difficult about shutting anything down? Internet servers aren't on any other planet, they are here on planet earth and anyone who has money, has the means to reach them, can get experts and shut anything he wants. I can get many things done and I have merely nothing if compared to them.

About believing in Allah and getting to do things, I do support this argument and things are going on like this but this is satan's high time as you must notice through what has been going on throughout the world for many decades now and its accomplices have been given liberty to do more than we can comprehend. You get into a serious issue with a member of pagara family and try to get out of their reach, can you (even if so, not very easily even if you belong to a family having similar status and power). So the same goes with the most powerful families in the world. I have the privilege to know some of those who are head on with this system and its aides so I might know a thing or two about it. You purchase any island and believe you me, you'll be tracked in an hour. baqi karwayee to jidher bhi unhon ne kerni hoti hai kabhi kisi se poocha hai jo poocheinge? jo cheezein unhon ne band kerani hoti hain voh kuch ghanton mein kera lete hain, hai ke nahi?

I know how you feel, for a Pakistani can be dragged out of his house loaded in a chopper and taken to Gitmo... But the world outside this shithole is very different. . People in other countries do have rights, every one is under the law, kings, rothchilds, jews... If i am a Japanese citizen and i start a website which is against US laws but not against Japanese even if they trace me it doesnt matter since i am outside their jurisdiction, there is no one on this planet who can stop me. But if I am a Pakistani citizen it will be different story. Pagars and others are like ordinary citizens in other countries, but in Pakistan jis ki laathi uski bhens...

 

[United4Pak]

na na.. Watch the video, it even tells you the limit of Bitcoins that can be created by regular ppl. Its creation in limited in the decentralized algorithm which caps its count to 21 million

Also, a bank cannot lend more money than it has. This completely puts an end to fractional lending. Plus a central bank cannot create these to finance govt deficits.

There are control measures to control certain amount of currency but when human greed creates problem then we saw the massive quantitative easing across the globe on massive scale. Bitcoins maybe restricted for the time being but could see the same fate.

 

[AsifAmeer]

Mate, you CANT have QE in a Bitcoin economy. No one can inflate the currency.

There are control measures to control certain amount of currency but when human greed creates problem then we saw the massive quantitative easing across the globe on massive scale. Bitcoins maybe restricted for the time being but could see the same fate.

 

[Temojin]

I know how you feel, for a Pakistani can be dragged out of his house loaded in a chopper and taken to Gitmo... But the world outside this shithole is very different. . People in other countries do have rights, every one is under the law, kings, rothchilds, jews... If i am a Japanese citizen and i start a website which is against US laws but not against Japanese even if they trace me it doesnt matter since i am outside their jurisdiction, there is no one on this planet who can stop me. But if I am a Pakistani citizen it will be different story. Pagars and others are like ordinary citizens in other countries, but in Pakistan jis ki laathi uski bhens...

That is what I am saying mate. When it comes to a direct collision with their plans, they go to any extent to make things ordinary. This forum is not safe enough to mention some incidents that took place outside Pakistan and in so called civilized countries. We are on the same page.

 

[AsifAmeer]

I JUST WANNA CONGRATS EVERYONE WHO BOUGHT BITCOIN ON THIS CALL WHEN IT WAS BELOW $5..

Current Price = $27...

Cost to brag about the right call = priceless!

 

[Daniyal Jatoi]

OK, I was just Googling around when i came by this thread.

http://coinmill.com/BTC_PKR.html#BTC=1

This above give link is of a BitCoin to PKR Currency Rate conversion website.

And it shows 1 BITCOIN = 4273.36

Whereas if you still do a bit research on the Bitcoin.com website you,ll find a link https://localbitcoins.com/ , Where you,ll see Paki Guys selling and Buying Bitcoins. The rate at which they Exchange 1 BITCOIN is just 3558.70 PKR. So you basically get FUC--D out by almost 715 Rupees PER BITCOIN.

And if you use the other websites stated on the BitCoin Getting Started Page Like https://coinbase.com/ , https://www.instawallet.org/ , https://blockchain.info/wallet , Then you,ll see that they only allow US Banks to get linked to these online bitcoin accounts. So basically BANKS are involved, And This service is a whole lot of Crap for Pakistani's because you don't get the same conversion rate here. We know in Pakistan if we receive amounts through Western Union or Money Gram we pay 2 Rupees per Dollar which is somehow affordable. But paying 715 Rupees Difference per BitCoin doesn't make sense.