Dogecoins - India's VC

[Feuer Frei!]

Dogecoins were acknowledged as a legitimate virtual currency,

Link is to a press release from the Reserve Bank of India, acknowledging this:

SOURCE

Trading currently at $0.00000062 USD.

Dogecoins were acknowledged as a legitimate virtual currency,

Link is to a press release from the Reserve Bank of India, acknowledging this:

The link warns of problems associated with VCs.


This VCs link shows one problem associated with this VC.
http://doges.org/index.php/topic,5283.0.html

At least when people went crazy speculating on tulips they still owned some actual tulips when it all went pop.

[kranz]

I'm saving money for a dogecoin digger or two.

[TarJak]

Originally Posted by Tribesman

The link warns of problems associated with VCs.


This VCs link shows one problem associated with this VC.
http://doges.org/index.php/topic,5283.0.html

At least when people went crazy speculating on tulips they still owned some actual tulips when it all went pop.

I'm sure that they will still own all the bits on their HDD's.

[Skybird]

Virtual currencies are no commodity money like a gold standard. They are like paper debt money, just without paper. They do not offer areal alternative to the state's paper debt money, if people want to use it as a security tool to preserve their wealth against a paper money crash. Also, different to the gold standard or any other commodity money, the state can perfectly intervene anytime and declare it illegal. In case of gold coins, you are left then with the own-value of the gold, you just bear the risk of severe legal penalties if you own it. Gold nevertheless remains to be a proven valuable commodity. But a virtual currency declared illegal - leaves you with nothing.

Chinese bought Bitcoins like crazy, like the Chinese state currently buys off all gold reserves globally that it can get its hands on (they have practically emptied the London gold market, they maybe even helped Western governments to keep the gold price artificially low due to most likely illegal manipulations: the Europeans want that low gold price to support the shine of the Euro and discourage people from turning Euros into gold, the Chinese to buy gold cheaper). And then, some days ago, China practically banned trade and possession of Bitcoins, causing massive panic sales of Bitcoins and causing huge losses for Bitcoin believers.

Virtual currencies are not much different from paper money, just without paper. It leaves the user vulnerable to the state in practically the same way. And you can bet your money on that any state will crack down on virtual currencies once they start to thgreaten and really compete with state's paper debt money. Politicians depend on unlimited paper money printing too much as if they can or would give that option up. It's the only reason why politicians have instituted these criminal organizations we call central banks. It's organized crime.

I know that some economists in the Austrian school of economics defend virtual currencies as an alternative to state paper debt money. This time I leave them alone in the rain, I think they are very seriously wrong there.

[mookiemookie]

Originally Posted by Skybird

Also, different to the gold standard or any other commodity money, the state can perfectly intervene anytime and declare it illegal.

Ah...Executive order 6102 would like a word with you.

[Skybird]

No, I have quoted past gold prohibitions myself often enough, here I mean that if you own gold, you are risking to get punished once the state bans the possession of gold, but the coins or bars you have still have a value, because you can use gold for so much more than just paying with it, and it gets demanded on the market with buyers willing to give stuff for it. That's what makes it a commodity, a value. You can "de-legalize"
gold coins, but you cannot really devalue them. With paper money and virtual money, you can do both. With paper money, devaluation is the norm.

But I said that in my post, didn't I, if you would have quoted me more completely:

Also, different to the gold standard or any other commodity money, the state can perfectly intervene anytime and declare it illegal. In case of gold coins, you are left then with the own-value of the gold, you just bear the risk of severe legal penalties if you own it

We need no virtual currencies to replace paper money. We need a commodity currency with sufficient but limited availability. It has been this balance that precious metals in the past centuries and millenia earned gold and silver such an outstanding acceptance.