Never Mind Facebook; Winklevoss Twins Rule in Digital Money - NYTimes.com

Bitcoins are way more complicated and risky than I think most of us understand,
Francoise

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###### # Never Mind Facebook; Winklevoss Twins Rule in Digital Money - NYTimes.com###### By NATHANIEL POPPER and PETER LATTMANThe alternative currency wins some big backers, including Andreessen Horowitz.

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MARKETPLACE

Thank you, Francoise!

I have come across a number of articles--and they're not by lefties--delineating problems with Bitcoins. (Hanke, for example, is a libertarian.) Consequently, I'm agnostic on the issue.

I would hate to see all my good-hearted fellow libertarians lose their shirts if one of these naysayers turns out to be prescient.

Warm regards, Michael

Bitcoin is a commodity, indeed like Facebook stock or pork belly. So of course it is risky. I would only vote in favor of accepting Bitcoin on the LPSF website if immutable rules accompany the vote, such as a limit on the amount that can be in the account, someone who commits to exchange Bitcoin for dollars upon request of the LPSF ExCom, nod zero funds ever move from the dollar account to the Bitcoin account. And yes, it might be difficult to exchange Bbitcion into dollars.

I am all for promotional gimmicks, and this is how I see accepting Bitcoin, but I am not willing, as a fiduciary of LPSF, to gamble with LPSF's livelihood.

The sad part of all this to me is that we could be working on a proven easy way to bring in a little extra money, such as placing a PayPal button on the website.

Marcy

marcy, You are not alone. Many of the posters on my favorite blog, Zero hedge share your view.

It just troubles me that a libertarian would be so married to the idea that dollars are the only legitimate money. This is especially mysterious to me, because as an Argentine, you have seen the state vaporize the official fiat on more than a few occasions.

It might be nice to have a few coins in deep storage, on a usb, or even a piece of paper, just in case someday the most pressing issue is how do I get my vaporizing dollars into bit coins.

anybody donating coins now is doing it out of free will, and understands the risks that his or her donation may be dramatically more or less valuable in the future.

The paypal issue is another matter. Those of us who see the possibility of bit coin freeing us from two thousand years of banker government collusion in counterfeiting via fractional reserve banking or just plain dilution of metal content, , are entusiastic about the lpsf participating in this revolution. It is simply not inspiring to help with paypal, as paypal is a toal sellout to the man. However, if Terry or Steve have a pleasant and cooperative experience with bit coin, I wouldn't be suprised if they could do a few more mouse clicks, and get the paypal going tto.

The coins are completely legal now, and we would propose that buying them from a licensed finacial exchange such as coinbase a or Mt. gox is protected by the recent FIncens guidelines, which under much lelgal precedence protects us from legal action in the futre should the regualtions change.

the recent market sction is typical of any market where the unknown of a radical new technology is seeking a valuation. It's completely normal., and is seen almost every day in some part of the market. I recently experienced a similar ride with CTIX, a company that I believe has an extremely powerful therapy, and once proven, will have a very big increase in valuation. When clinical trials at Harvard were approved the stock shot up from 50 cents to around 2.50, and back down to mear a buck.

Having expeerience in such markets, I sold some of my Bit coins on Tuesday evening, near the top. The money wil flow back to my checking acccount and be reported on my 2013 tax return. I will pay the man, because, I believe you are correct, they will be looking at Bit coin users.

I love you Marcy, just disagree with this small conservative streak.

Phil

Mike, As I said in the previous post, the recent selloff was completely normal market action in emerging opportunities.

The core ofbit coin was completely unaffected by the actions on the exchange. the exchange simply was not up to the task in handling the volume in a normal panic selloff after an exponetial blowoff.

I would urge all of you folks who have a little computer savvy and a laptop , or smart phone, to download the software, or get a young person to help, and buy a tenth of a coin

You can get at coinbase.com by doing the usual homeland security know your customer stuff, ie sending them a picture of your drivers license and utility bill, connecting them to your bank account and sending them ten bucks, (I might be wrong about a minimum).

Once you have experienced it, and begin the wonderous journey into seeing the brilliance of it, you might begin to see why there is so much potential.

You can buy cupcakes down on Mission and 9th if you don't want to do a pub crawl with the bit coin meetup that has convinced a number of Bars in soma to take it.

(
tThe bars book the reported dollar exchange value for tax purposes at the time of sale. if they are so inclined. Bars that don't report cash sales are likely not doing same.

Just as gold was a good portfolio balancer in2000 till now, and may continue to be, so might a small amount of BC be good for diversification.

oh, and since when was anything written in the NYT given credence in libertarian minds?

and you are absolutely,right, I know a few libertarians who are a little too concentrated in this emerging and yet to proven technology.

I think it's a good bet that it will succeed, but I took a little off the top and am playing with the bit houses money now.