Pretty sure Israeli intelligence has a shitload more to worry about than bitcoin forums, given the ongoing situations in the middle east.
Nah, this forum is filled to the brim with banking shills and JIDF dirtbags. |
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I have heard arguments made that big deflation has already been diverted I would say this is not possible because the economy is bad, money velocity is low, and people are attempting to save instead of spend. In other words, the debt is unservicable. When the debt is unserviceable, you just have a continuous series of defaults, and since the money supply itself *is* debt, it shrinks and you get cascading deflationary collapse. Deflation is currently an enormous problem for every nation, so they either let it happen and the system collapses, forgive the debt and issue non-debt based currency (Bitcoin anyone?), or they devalue the fuck out of the dollar. The price of oil is also a huge canary in the coalmine that deflation is imploding the system. They basically have to unleash a huge tsunami of freshly printed fiat to stop it, but that fiat has to be distributed in the hands of the entire population or it solves nothing. Random central banker choices would be forgiving things like student loans, helicopter money, "basic income", or all three. Of course the "solutions" could collapse the system itself, so you have a situation of do nothing and implode, or forgive a few debts and create some wheelbarrow hyperinflation to maybe extend the collapse a little longer. The funny part about the situation is, Bitcoin essentially is helicopter money for all intents and purposes. If central bankers knew the system was doomed and had to issue helicopter money, it would be the most effective way to do so while still having plausible deniability. They could then manipulate exchanges to pump it higher and give people increased buying power to negate deflation and stimulate the economy. Giving a bunch of lower income people free money is one of the fastest known ways to stimulate an economy.  |
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It has a real chance to go to zero, that's why.
^ This. Eth was just a banker backed scheme to try and co-opt Bitcoin in the first place. It really deserves to die anyway. |
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You could delete the entire tax system and IRS, and transaction fees would be your tax that gets transported back to the govt.
If you ever made enough money to file a tax return in your life, you'd understand why that also makes zero sense. It's called a consumption tax you buffoon (or in this case, more of a commerce tax). I did not invent the consumption tax idea, but it's been floated as a replacement by many. If you don't feel a consumption tax would work, take it up with whoever invented the idea. 2. PoS coins are less centralized than Bitcoin, which is mined by a handful of guys in China.
Completely wrong. Nothing in the blockchain actually solves the Byzantine generals problem, so the only way confirmations are useful at all (1 is completely arbitrary and meaningless) is the fact that they're unbounded, while cost to attack is high and can't be done over an extended time. This means your open entropy system tends to trend towards some form of objective state of consensus when the block validators can't really be monopolized over an extended period of time, while your recursive systems can just go into permanent preemption at any second, making them completely useless. The fact that they utilize interest on top of that to force them into perma-centralization is also fail. Miners come and go. Interest garnering slumlords whose take is always vastly higher than overhead are forever. Any other comments from your freshly created banking shill and/or Israeli intelligence account that should know far better than to try and screw with me by now? Hows your Ethereum scamcoin doing that you attempted to hijack Bitcoin with? Yea, that's what I thought. Enjoy your millions of dollars in losses. |
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I haven't seen much shilling lately. Where is Lambchop?  |
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If the government tried to force people to use a cryptocurrency to enslave people, it would be a federated chain, not Bitcoin. Assuming the government didn't have diabolical motives, a government issued coin would probably be better than the system we already have. You could delete the entire tax system and IRS, and transaction fees would be your tax that gets transported back to the govt. The only problem is, they would eventually hyperinflate the currency anyway, so a government issued crypto serves no real purpose and couldn't compete with Bitcoin.
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...neat idea, but things aren't quite working out as well they might have done, back to the drawing board perhaps?
You don't understand what you quoted. Any recursive, closed loop system (PoS) is not a decentralized currency, it's a permissioned ledger. So to create an actual decentralized currency, you require an open entropy system (PoW mining - a permanent decentralized exchange peg), and those externalities that connect it to the real world will have the real world problems leak back into the Bitcoin system. China trade imbalance is a REAL WORLD problem, not a Bitcoin problem. The problem just leaks back into Bitcoin because the problem exists in our world. As I said, all nations adopting Bitcoin would actually eliminate the problem since no nation can operate currency wars then to form the trade imbalance in the first place. It doesn't matter if Bitcoin exists or not, you would still have to deal with the China trade imbalance regardless, either through war, tariffs, or each nation adopting the same currency to prevent currency wars from creating the imbalance. Tariffs and war are likely a synonym for each other, so the end result is, you can likely either all die in WW3 or adopt the same settlement currency. The only viable candidates are Bitcoin and gold, but both could obviously be used at the same time to make up for the deficiencies of one another and everything would just be a BTC/Gold trading pair. |
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Throughout 2014, Bitcoin was repeatedly hammered into the floor, until it bottomed at $150 in 2015
This isn't a "China conspiracy", simply everyone watching the market crash and not touching it until they find a post-Gox floor. People didn't know if the floor was gonna be $400, $200, or $125. This is the least plausible conspiracy. but currently, around 80% of the BTC mining capacity is in China. This just isn't the decentralised p2p magic internet money of freedom that Bitcoin originally set out to be.
This is where you have things wrong again, as I have explained earlier today. Your problem is located in the REAL WORLD, not Bitcoin: <r0ach> That NY Times article implying China has too much power brings up an interesting point about PoW. If China is the marginal cost and manufacturing leader of the world, any open entropy system that relies on the same externalities should exactly mirror it. <r0ach> So it's not an actual PoW or Bitcoin problem, but a real world problem... The good news is, if Bitcoin is successful, nations would not be able to manipulate their currency in such a manner to cheat others with rock bottom exports. Everyone would have to play on the same level field. So the problem you claim Bitcoin has, would actually be solved by everyone adopting Bitcoin. It's probably inevitable such an event occurs and would have to be done using either Bitcoin or gold. Gold does not function whatsoever in a modern economy though, from lack of granularity, lack of portability, high friction in use, etc. So all Bitcoin has to do is not die and might be locked in to beat Gold in that inevitable event. There is my post on trading the current state of the world economy, which applies to Bitcoin, metals, stocks, anything. Bitcoin and metals are both asymmetric trades at this point, it's all just people fretting over trying to determine if they can get a 20% deflation discount at some point: https://bitcointalk.org/index.php?topic=1413819.msg15471618#msg15471618 |
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you are completely wrong
I am right because the Winklevoss coins are locked up in their ETF process, so they probably won't or can't just dump them all even if they wanted to. The simple act of moving their coins to exchange would trigger alarms to lower price, so they're basically FORCED to exit by ETF if they want to sell any coins at all. Something like the Winklevoss you will be able to see coming from a mile away. Parties like the JP Morg naked shorts in metals are far more dangerous and harder to predict when they would occur. Metals only move when civilization is about to implode, so the other 99.99% of the time you're at the mercy of central banks to rape you with naked shorts via their proxies. If you wanted a great conspiracy theory, you could be MatTheCat and spread the rumor that Bitcoin was created by Jamie Dimon to bail out the JP Morg naked shorts by drawing pressure away from that market. Maybe a run on COMEX would have occurred if Bitcoin didn't exist, or maybe they would just be trading 1000:1 fractional gold/silver. |
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For anyone trying to understand the current world economy, I think this is about as good of a post as you can get: Here is my explanation for trading the current world economy and why I do not follow anything Armstrong says, because he would have to be an insider trader knowing when and what the govt will do beforehand like Soros for what he says to have any value. If the government took no action, there would be a black swan event and the system would just all go down out of the blue one day. His data is useless against black swans, and his data is also useless unless he can predict when and if governments will act. It's a centrally run system, not an aggregate market by "capital flows".
<r0ach> if they don't create inflation, the system collapses. If they manage to do so, it would require helicopter money, basic income, or confiscating gold again and paying everyone who owns gold higher than market rate.
<r0ach> only problem is, only people who own gold is central banks and ETFs, so that plan can't work because the money wouldn't circulate
<r0ach> when your choice is collapse from deflation in 1 year time span for instance, or central banker intervention to collapse in 2 years from hyperinflation, they will always stretch out the collapse
<r0ach> using the tool of inflation
<r0ach> this is how they screw you though, with no central banker intervention in their rigged market, you get deflation and the price of everything collapses: houses, the value of gold, food, everything. So the central bankers sometimes insider trade the market and let the deflation happen, buy everything for pennies, then initiate inflation after.
<r0ach> so it's all about guessing if they let deflation occur first or just go straight from here to wheelbarrow hyperinflation
<belcher> what if theres no deflation r0ach ?
<belcher> i.e. the world economy does ok
<r0ach> china is exporting deflation to the US currently
<r0ach> and deflation collapses the system
<r0ach> so central bankers are forced to act
<belcher> what if china stops doing that?
<r0ach> it's only a question of, do they let the deflation happen first and buy everything for pennies, or act to stop china
<r0ach> china can't
<r0ach> they have to keep devaluing to inflate away bad debts
<r0ach> to prevent systematic collapse
<r0ach> and of course, the US has to do the same thing
<r0ach> so it's a currency war
<r0ach> like I said, in a currency war of devaluation, both Bitcoin and metals would win in the end, but it seems like they do it by each nation taking turns to devalue one after another. So first China devalues and creates deflation here, then the US does it and it goes back to normal, then EU, and they keep doing rounds in a circle
<r0ach> and then maybe you have rogue nations that don't follow the script and just devalue to hell and back out of turn
<r0ach> it's unknown by most people if China + US + EU are following a script or not
<r0ach> if a larger nation breaks from an orderly script, that's when the fireworks start and you get super deflation or wheelbarrow hyperinflation
<r0ach> it's totally unpredictable
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Here is my explanation for trading the current world economy and why I don't follow anything Armstrong says, because he would have to be an insider trader knowing when and what the govt will do beforehand like Soros for what he says to have any value. If the government took no action, there would be a black swan event and the system would all go down out of the blue one day. His data is useless against black swans, and his data is also useless unless he can predict when and if governments will act. It's a centrally run system, not an aggregate market by "capital flows".
<r0ach> if they don't create inflation, the system collapses. If they manage to do so, it would require helicopter money, basic income, or confiscating gold again and paying everyone who owns gold higher than market rate.
<r0ach> only problem is, only people who own gold is central banks and ETFs, so that plan can't work because the money wouldn't circulate
<r0ach> when your choice is collapse from deflation in 1 year time span for instance, or central banker intervention to collapse in 2 years from hyperinflation, they will always stretch out the collapse
<r0ach> using the tool of inflation
<r0ach> this is how they screw you though, with no central banker intervention in their rigged market, you get deflation and the price of everything collapses: houses, the value of gold, food, everything. So the central bankers sometimes insider trade the market and let the deflation happen, buy everything for pennies, then initiate inflation after.
<r0ach> so it's all about guessing if they let deflation occur first or just go straight from here to wheelbarrow hyperinflation
<belcher> what if theres no deflation r0ach ?
<belcher> i.e. the world economy does ok
<r0ach> china is exporting deflation to the US currently
<r0ach> and deflation collapses the system
<r0ach> so central bankers are forced to act
<belcher> what if china stops doing that?
<r0ach> it's only a question of, do they let the deflation happen first and buy everything for pennies, or act to stop china
<r0ach> china can't
<r0ach> they have to keep devaluing to inflate away bad debts
<r0ach> to prevent systematic collapse
<r0ach> and of course, the US has to do the same thing
<r0ach> so it's a currency war
<r0ach> like I said, in a currency war of devaluation, both Bitcoin and metals would win in the end, but it seems like they do it by each nation taking turns to devalue one after another. So first China devalues and creates deflation here, then the US does it and it goes back to normal, then EU, and they keep doing rounds in a circle
<r0ach> and then maybe you have rogue nations that don't follow the script and just devalue to hell and back out of turn
<r0ach> it's unknown by most people if China + US + EU are following a script or not
<r0ach> if a larger nation breaks from an orderly script, that's when the fireworks start and you get super deflation or wheelbarrow hyperinflation
<r0ach> it's totally unpredictable
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bitcoin is very manipulated because its a small market.
alot of coins in a small number of hands.
thats a dynamic that is very bad for individual traders or small investors since you can be easily cleaned out by whales.
with gold or more general forex its not the same dynamic, more of a balanced market (although still heavily manipulated), so you probably have a better chance
Not really. I think I read 50% of gold is owned by central banks and 50% private. No idea if that number was right, but I don't think Chinese miners own very many coins and most of it is in individual's hands. Central banks and the JP Morg naked shorts are probably more dangerous than any Bitcoin whales. |
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my last BTC transaction required over 3 hours to confirm
You missed the post where I explained why that is your fault and not Bitcoin's fault. The system works perfectly fine, you just didn't use it correctly. There is a blind auction to get included in a block; if you bid too low or go zero fee transaction and it gets stuck, you have to use RBF to get it out. You have to use external sites to determine what the market rate of fees is at the time because centralized websites can't really be included in the client itself: https://bitcointalk.org/index.php?topic=1442399.msg15449230#msg15449230Long term holder of precious metals
The silver 20y chart looks identical to the Bitcoin pre and post-MtGox chart. You can get taken to the cleaners in metals, Bitcoin, or stocks. The current bull run potential of gold is something like $5000-$10,00, silver $200-500, and Bitcoin is probably $4000ish for the next couple years. I think Bitcoin doubling is more likely than gold doubling because gold really does seem to need some type of black swan event to do something like that, and Bitcoin can do so without it. Silver might be able to double without a black swan by returning closer to it's historical 1/16 ratio or whatever it was. |
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I hope this is a joke post.
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About Bitcoin price:
why all the fun happens during the weekends?
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When it comes to arranging fittings for orange jumpsuits in the US over Ethereum, my take is that FinCEN rather than the SEC would be the lead agency.
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I know who he is. Just because he reviewed Bitcoin code doesn't mean he's not patent trolling Bitcoin now. The result of those actions can be nothing positive for himself, because like I said, the Chinese aren't going to pay any royalties, and nobody else is either. The code would just be changed to nullify those patents. All he's doing is attempting to negatively effect Bitcoin for no reason (i.e. patent trolling). Mark Karpeles was in the Bitcoin Foundation too. |
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Come-From-Beyond did some work for me in 2013 -- I never had any problems and he was generally quite helpful and easy going.
And then Come from Beyond's sidekick (Sergio of IOTA) attempted to get pull requests done to make it easier for him to patent troll Bitcoin: https://github.com/bitcoin/bitcoin/pull/5102https://github.com/BlockheaderNonce2/bitcoin/wikiAfter patent trolling Bitcoin, they team up to release an IPO scamcoin named IOTA. People like Come from Turkmenistan and Sergio have spent a lot of time in Bitcoin with no payday, so they get desperate looking for some kind of cash grab to monetize their time spent and come up with these scams. Sure you got the right Sergio? He's listed in the pull request. Two guys seem to have been attempting to modify Bitcoin to make ASIC boost more effective so they can attempt to patent troll Bitcoin to death afterwards. And hilariously, one of these guys seems to be affiliated with IOTA. They had to know full well nobody is going to stand for that shit. The Chinese aren't paying any royalties. The only possible outcome of their actions would be mining wouldn't occur in any first world nation that respects patents, or Bitcoin developers shut down the boost making his patent useless. The result of his actions can be considered nothing besides patent trolling to waste everyone's time while he has no chance of success anyway. |
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You seem to chart with only bitcoinwisdom r0ach....
.....tell me, how do you make such strings of killer trades, in at the bottom, and covering at the top, using such a basic, not to mention totally inaccurate, charting tool?
Not being MatTheCat is all it really takes. If that doesn't work, you can try watching this video: https://www.youtube.com/watch?v=0akBdQa55b4 |
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Does Switzerland extradite 'financial innovators' to the US?
The US is ready. |
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