Author Topic: CatholicCoin Cryptocurrency Bitcoin (Read 8171 times)

pickoverthecliff · « **on:** February 25, 2014, 01:35:09 AM »

Anyone interested in starting a "CatholicCoin" cryptocurrency/digital currency? We could have Catholic money. Has anything like this been done in history, with saints on coins, etc.? Also, anyone thought of how BitCoin and alt currencies might help the traditional movement?

I was a bit miffed by seeing a BitCoin image that said, "In Cryptography We Trust" and CatholicCoin came to mind.

*tips fedora*

Also was going to package the idea of getting people to pray more as "HeavenCoin" or prayer = mining for spiritual treasure.

Ursus · « **Reply #1 on:** February 25, 2014, 03:19:39 AM »

I'm interested in hearing more. I understand the concept of crypto money.

ggreg · « **Reply #2 on:** February 25, 2014, 04:00:53 AM »

http://online.wsj.com/news/articles/SB10001424052702304834704579404101502619422?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304834704579404101502619422.html

http://www.forbes.com/sites/kellyphillipserb/2013/11/30/from-treasure-to-trash-man-tosses-out-bitcoin-wallet-on-hard-drive-worth-9-million/

Money is based on confidence and trust.

PerEvangelicaDicta · « **Reply #3 on:** February 25, 2014, 07:43:04 AM »

I just heard this reported on the news:

Bitcoin exchange Mt. Gox disappears in blow to virtual currency
http://www.reuters.com/article/2014/02/25/us-mtgox-website-idUSBREA1O07920140225

pickoverthecliff · « **Reply #4 on:** February 25, 2014, 01:33:28 PM »

"BitCoin mining? Donate your GPU towards atheism!"
http://jointheatheistsociety.com/2013/05/26/bitcoin-mining-donate-your-gpu-towards-atheism/

"FedoraCoin"
https://twitter.com/fedoracoin

Matthew · « **Reply #5 on:** February 25, 2014, 04:19:49 PM »

Quote from: pickoverthecliff

"BitCoin mining? Donate your GPU towards atheism!"
http://jointheatheistsociety.com/2013/05/26/bitcoin-mining-donate-your-gpu-towards-atheism/

"FedoraCoin"
https://twitter.com/fedoracoin

Bitcoin mining by "website patrons" can be a fundraiser for any cause -- Catholicism, homeschooling, atheism, planned parenthood, or anything else.

Jehanne · « **Reply #6 on:** February 26, 2014, 04:44:17 PM »

You can download the Bitcoin software here:

https://bitcoin.org/en/download

It will take several days to sync everything up. Be extremely careful about using Bitcoins, as you can get ripped-off very, very easily. For instance, don't use escrow accounts, and do not do any business whatsoever within Tor hidden sites (such as the Silk Road 2.0). Instead, use only legitimate businesses; for instance, Tiger Direct is now accepting bitcoins:

http://www.tigerdirect.com/bitcoin/

Beyond them, few legitimate vendors exist for bitcoins. You can also buy them instead of mining for them:

https://localbitcoins.com/

By the way, bitcoins are typically used for drug sales and other illegal items, excluding, for the most part, illicit and underage pornography, which is typically distributed for free. Excluding illegal drug sales, bitcoins have little purpose in the real world, other than, IMHO, to serve the interests of "free market capitalists." I do run the above Bitcoin client, as I believe that bitcoins may serve some legitimate purposes, for instance, helping to finance the distribution of Catholic publications and other resources in oppressive Islamic countries. For instance, an underground market could, in principle, exist, where individuals in Saudi Arabia and other oppressive countries could purchase Bibles, Catholic books, rosaries, etc., at very modest prices using Bitcoins.

Geremia · « **Reply #7 on:** June 17, 2015, 02:02:33 PM »

Quote from: pickoverthecliff

Anyone interested in starting a "CatholicCoin" cryptocurrency/digital currency?

Bitcoin itself aligns with Catholic economic theory. Here's a thread I began on TeDeum Forum:

Quote

Catholics should use Bitcoin. Why? See my Bitcoin wiki user page.
…
Also, one of the top Bitcoin developers, Luke Dashjr (a.k.a. Luke-Jr), is a sedevacantist (of the Bps. Dolan & Sanborn, Fr. Cekada, etc. variety). He runs Eligius Pool (cf. "pooled mining"), named after St. Eligius or Eloy, patron of goldsmiths and coin collectors; and his popular Bitcoin mining software (I'd guess #2 in terms of popularity.), BFGMiner ("St. Barbara's Faithfully Glorified Mining Initiative Naturally Exceeding Rivals"), is named after the patroness of miners.

podiakm · « **Reply #8 on:** June 17, 2015, 02:37:01 PM »

Quote from: Geremia

Quote from: pickoverthecliff
Anyone interested in starting a "CatholicCoin" cryptocurrency/digital currency?
Bitcoin itself aligns with Catholic economic theory. Here's a thread I began on TeDeum Forum:

Quote
Catholics should use Bitcoin. Why? See my Bitcoin wiki user page.
…
Also, one of the top Bitcoin developers, Luke Dashjr (a.k.a. Luke-Jr), is a sedevacantist (of the Bps. Dolan & Sanborn, Fr. Cekada, etc. variety). He runs Eligius Pool (cf. "pooled mining"), named after St. Eligius or Eloy, patron of goldsmiths and coin collectors; and his popular Bitcoin mining software (I'd guess #2 in terms of popularity.), BFGMiner ("St. Barbara's Faithfully Glorified Mining Initiative Naturally Exceeding Rivals"), is named after the patroness of miners.

Bitcoin is fictitious money, backed by nothing. Better than what we have now, as its debt free, but its still fictitious.
Hitler, JFK and Lincoln showed the world HOW to properly print a nations currency and all were killed for it.

With Hitler, it was economic credits, issued to workers as J EWs stripped Germany of all gold. He was ingenious economically. Within 5 years, Germany was the envy of the world, economically.

Geremia · « **Reply #9 on:** June 17, 2015, 02:48:17 PM »

Quote from: podiakm

Bitcoin is fictitious money, backed by nothing.

It's "backed" by the computational work that goes into mining it.

Bitcoin creator Satoshi Nakamoto says bitcoin is "More like a collectible or commodity." He wrote:

Quote from: August 27, 2010, 05:32:07 PM

As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:

•   boring grey in colour
•   not a good conductor of electricity
•   not particularly strong, but not ductile or easily malleable either
•   not useful for any practical or ornamental purpose

and one special, magical property:

•   can be transported over a communications channel

If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
Maybe it could get an initial value circularly as you’ve suggested, by people foreseeing its potential usefulness for exchange. (Iwould definitely want some) Maybe collectors, any random reason could spark it.

I think the traditional qualifications for money were written with the assumption that there are so many competing objects in the world that are scarce, an object with the automatic bootstrap of intrinsic value will surely win out over those without intrinsic value. But if there were nothing in the world with intrinsic value that could be used as money, only scarce but no intrinsic value, I think people would still take up something.

(I’m using the word scarce here to only mean limited potential supply)

Quote from: podiakm

Better than what we have now, as its debt free, but its still fictitious.
Hitler, JFK and Lincoln showed the world HOW to properly print a nations currency and all were killed for it.

With Hitler, it was economic credits, issued to workers as J EWs stripped Germany of all gold. He was ingenious economically. Within 5 years, Germany was the envy of the world, economically.

Yes, Hitler eliminated usury from Germany, creating a postbellum "economic miracle" (cf. my History StackExchange question on this, which, no surprise, was shut down by the moderators).

I wasn't aware that Lincoln created a currency.

podiakm · « **Reply #10 on:** June 17, 2015, 03:10:09 PM »

Quote from: Geremia

Quote from: podiakm
Bitcoin is fictitious money, backed by nothing.
It's "backed" by the computational work that goes into mining it.

Bitcoin creator Satoshi Nakamoto says bitcoin is "More like a collectible or commodity." He wrote:
Quote from: August 27, 2010, 05:32:07 PM
As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:

•   boring grey in colour
•   not a good conductor of electricity
•   not particularly strong, but not ductile or easily malleable either
•   not useful for any practical or ornamental purpose

and one special, magical property:

•   can be transported over a communications channel

If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
Maybe it could get an initial value circularly as you’ve suggested, by people foreseeing its potential usefulness for exchange. (Iwould definitely want some) Maybe collectors, any random reason could spark it.

I think the traditional qualifications for money were written with the assumption that there are so many competing objects in the world that are scarce, an object with the automatic bootstrap of intrinsic value will surely win out over those without intrinsic value. But if there were nothing in the world with intrinsic value that could be used as money, only scarce but no intrinsic value, I think people would still take up something.

(I’m using the word scarce here to only mean limited potential supply)

Quote from: podiakm
Better than what we have now, as its debt free, but its still fictitious.
Hitler, JFK and Lincoln showed the world HOW to properly print a nations currency and all were killed for it.

With Hitler, it was economic credits, issued to workers as J EWs stripped Germany of all gold. He was ingenious economically. Within 5 years, Germany was the envy of the world, economically.
Yes, Hitler eliminated usury from Germany, creating a postbellum "economic miracle" (cf. my History StackExchange question on this, which, no surprise, was shut down by the moderators).

I wasn't aware that Lincoln created a currency.

Again, Bitcoin is Backed by NOTHING.

Lincoln printed Greenbacks...Interest free money before being killed for it.

Geremia · « **Reply #11 on:** June 17, 2015, 03:20:09 PM »

Quote from: podiakm

Bitcoin is Backed by NOTHING.

If that's true, then what can act as a backing?

Quote from: podiakm

Lincoln printed Greenbacks...Interest free money before being killed for it.

interesting. thanks

3. U.S. colloq. A monetary note issued by the United States during and immediately after the cινιℓ ωαr, and not backed by gold or silver (now hist.); (in later use more generally) a dollar, a dollar bill; (in pl.) money.
1862 J. Wren Diary 9 Apr. in Captain James Wren's cινιℓ ωαr Diary (1991) 25 Ready for tomorrow for the paymaster when he makes his appearance to hand over green backs, which is much needed.
1870 H. W. Longfellow in S. Longfellow Life H. W. Longfellow (1891) III. 143 Never having known the difference between a bank~note and a greenback.
1916 L. Armstrong & J. O. Denny Financial Calif. 28/2 While New York speculated in gold, San Francisco speculated in greenbacks.
1966 New Yorker 22 Oct. 164 We observe him on his way to Mexico with a suitcase full of green-backs.
2008 Wall St. Jrnl. 18 Oct. w3/1 Asian central banks would buy up greenbacks by the boxcarful.

podiakm · « **Reply #12 on:** June 17, 2015, 03:24:07 PM »

Quote from: Geremia

Quote from: podiakm
Bitcoin is Backed by NOTHING.
If that's true, then what can act as a backing?
Quote from: podiakm
Lincoln printed Greenbacks...Interest free money before being killed for it.
interesting. thanks

3. U.S. colloq. A monetary note issued by the United States during and immediately after the cινιℓ ωαr, and not backed by gold or silver (now hist.); (in later use more generally) a dollar, a dollar bill; (in pl.) money.
1862 J. Wren Diary 9 Apr. in Captain James Wren's cινιℓ ωαr Diary (1991) 25 Ready for tomorrow for the paymaster when he makes his appearance to hand over green backs, which is much needed.
1870 H. W. Longfellow in S. Longfellow Life H. W. Longfellow (1891) III. 143 Never having known the difference between a bank~note and a greenback.
1916 L. Armstrong & J. O. Denny Financial Calif. 28/2 While New York speculated in gold, San Francisco speculated in greenbacks.
1966 New Yorker 22 Oct. 164 We observe him on his way to Mexico with a suitcase full of green-backs.
2008 Wall St. Jrnl. 18 Oct. w3/1 Asian central banks would buy up greenbacks by the boxcarful.

Welcome
Backing?
Metals makes most sense. Anything tangible and with value....Hitler used workers credits as Germany was stripped of gold.. Brilliant.

Geremia · « **Reply #13 on:** June 17, 2015, 03:33:43 PM »

Quote from: podiakm

Backing?
Metals makes most sense. Anything tangible and with value....Hitler used workers credits as Germany was stripped of gold.. Brilliant.

What was the backing of those workers' credits?

ClarkSmith · « **Reply #14 on:** June 17, 2015, 06:42:27 PM »

Only Catholic websites would accept CatholicCoin as a form of payment. It is hard enough to find websites that accept Bitcoin. Having a faith based digital currency sounds extremely limited. If a Catholic organization minted silver coins those coins would still have worth to non-Catholics. A digital Catholic currency would not. You could exchange CatholicCoin for dollars but that would defeat the purpose. No?