I think the government is going to tax BTC as a commodity, which will insure it can't be a unit-of-account because legal tender is not taxed on VAT and capital gains. And then merge Bitcoin into some digital fiat plan... I think you are out of your mind if you believe any such government-bankster hijacking of Bitcoin will be even remotely successful or tolerated by the cryptocurrency community. World governments will have no more success taxing Bitcoin than the US government has had stopping the spread of piracy or winning the insane war on drugs. And proper decentralized exchanges are coming sooner than you think. Decentralized exchange won't help you. Because your IP address is still visible to the government, and Tor+VPN can't help you. And the block chain is fully traceable and the available mixers won't really help you. And CoinJoin is DOS-attackable in decentralized mode. Sorry I speak the facts. Eventually it will hit you like a brick. Then you will realize what the real future of Bitcoin is and that is going to be depressing realization for you. I am not happy about, which is why I have been investigating potential solutions. |
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Btw, I have tried living like that here in the Philippines (where that photo was probably taken) and trust me, you don't want that "prosperity".
Gains in prosperity are not a zero-sum game. We can produce more energy. There is no limit. The Second Law of Thermodynamics assures us that entropy trends to maximum. Even Einstein said that law is fundamental.
Anarchy is not only people living in the jungle like rabbits. It is also the decentralized internet. You conflate poverty with decentralization. There is always a mix of top-down and bottom-up organization in society. It is when this balance skews too far to top-down that socialism is peaking in a big heap of debt and corruption.
I know you would really like a Dark Age, but sorry you won't get one inspite of the fact that the collectivism has f8cked everything up pretty severely this time around. The reason is because the internet is too powerful as a knowledge liberating tool. And I am particularly adept at seeing what needs to be done now.
The at-home 3D printing revolution will mean we can be self-sufficient and autonomous and void the 'aliens' leeches with their large capital and factories. The 3D printer can even print itself!
I think he's losing his mind. The 3d printers are just prototyping tools, and they usually specialise in just plastic or metal. A DIY silicon foundry would be nice. Good luck 3d printing that! Try out the printing of an entire house in monolithic marble with a 3D printer: http://d-shape.com/Recently human cells have been sent through a 3D printer to build tissues, e.g. maybe they can repair my blinded right eye soon. The earliest computers occupied huge datacenters and if one vacuum tube went bad, one had to go around testing all of them to find it. Now look they can put a computer on a single chip. Go on with your pompous avoidance of the future, until it slams into you like a freight train. |
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I don't agree with that part. You have confirmation bias and this is very dangerous to objectivity. Perhaps. Or maybe I have supreme confidence in the probability engine that is my mathematically-gifted brain, because for the past twenty years it has been making me quite wealthy. Did you extrapolate that it can't ever be a unit-of-account unless the government changes its stance on classifying it for tax purposes as a commodity? https://bitcointalk.org/index.php?topic=515414.msg5710868#msg5710868 |
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While i obviously don't agree with warren buffet's comments calling him an idiot for them is ignorant and just makes you look like an idiot. He's made BILLIONS from investing - he knows what he's talking about. The reason he made such comments about BTC, I believe, Is because he doesn't fully understand the technology.
Idolatry much. I stand by my comments upthread. He is dumber now. He was super smart when his capital was small and the industrial+tangible+socialism age was still young. Now it is peaking and dying with him too. I don't hate him, but I sure don't idolize him. I don't want to follow him into his coming massive failure. Perhaps his underlings and managers of his businesses are savvy enough to adjust to the knowledge age. We will see. As I wrote upthread, he is correct that Bitcoin is not yet treated as a unit-of-account. And I do think he might end up being correct about Bitcoin and wrong about an altcoin. Because I think the government is going to tax BTC as a commodity, which will insure it can't be a unit-of-account because legal tender is not taxed on VAT and capital gains. And then merge Bitcoin into some digital fiat plan (the mining is already centralized in few pools so easily to force those owners to sell to Goldman Sachs, JP Morgan, etc). I believe this is why those banks have been patenting designs for the coming plan. So that is why I don't think you will get 1000X gains that you BTC holders are extrapolating. As I said in my first post upthread, he is somewhat correct, but only because Bitcoin is not designed to resist government regulation. |
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I agree. Any altcoin will be #2. However, note smaller things grow faster, so #2 could be a much better investment. And regulation should actually make Bitcoin more mainstream (in the dying industrial economy). With a long enough time horizon, I'd take this bet even if it was the value of the entire US dollar economy bet against 100 BTC.
300 BTC = set for many lifetimes. Generations of your children will be set.
I don't agree with that part. You have confirmation bias and this is very dangerous to objectivity. |
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Buffet was relevant when we required factories, retail distribution, and a tangible world.
But the world has changed. We are moving towards a virtual economy and Buffet's capitalism is just a middle man that needs to be routed around in order to the make the economy more efficient.
This is his swan song, supporting Obama and Gneithner in order to prop up the global debt for another decade past 2007, in order to double the global debt from $100 trillion to the now $223 trillion (plus China's shadow economy debt, plus $1000 trillion in "weapons of mass destruction", plus $1000 trillion of unfunded actuarial liabilities/promises to the public in the form of social welfare and retirement).
He helped make everything worse and he is going to pay dearly for it.
Stop looking up this man. That form of capitalism is dying. The new form of capitalism is high tech. It is mostly what it is your brain. The $ is becoming a smaller and smaller portion of what is needed to develop a high tech project.
This is his swan song, predicting there won't be another major financial crash soon, when in fact the NYSE will double by 2015, then we will have global collapse 2016ish.
This is his swan song, not understanding the new money of the world and how that new money will propel the high tech knowledge age.
The industrial age is dying. China has massive overcapacity.
The future is about making unique things that people really need (such as this new technology that can predict if you will get Alzheimers by studying you eye twitching), not all this Wallstuff crap imported from Chinky land.
Stop admiring $billionaires. They are by definition dumber than when they were poorer. Do you not understand mathematically why that must be so?
It is a mathematical fact that smaller capital can grow faster because it able to chase smaller investments. Early Bitcoin investors made 1000X return on investment. That low hanging fruit is gone now. You will be lucky to make 10 to 100X from here. There will be competition for Bitcoin, because Bitcoin is flawed and will be easily regulated by the government.
Some altcoin has to fulfill that unregulated market demand, because the knowledge age will demand to be unregulated. That will be a smaller market for a decade, but then in the end it will be the larger market and surpass Bitcoin in the long run.
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Why 1 share? Let's up it to something that will really matter to him?
Come on this is akin to taking candy from a baby.
But the time horizon needs to be reasonably long because Bitcoin is highly volatile and so they price could stay flat or down for a while before it blasts off again.
Also note that the NYSE is likely to double in price between now and Sept 2015 (because of capital fleeing the BRICs and Europe into the only safe haven remaining), then it will crash in 2016 or so.
So you would want to set the time horizon probably in 2016.
But then you have the problem of what if an altcoin challenges Bitcoin by then or if government clamps down on regulation of Bitcoin.
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https://bitcointalk.org/index.php?topic=515414.msg5710458#msg5710458Buffet was relevant when we required factories, retail distribution, and a tangible world.
But the world has changed. We are moving towards a virtual economy and Buffet's capitalism is just a middle man that needs to be routed around in order to the make the economy more efficient.
This is his swan song, supporting Obama and Gneithner in order to prop up the global debt for another decade past 2007, in order to double the global debt from $100 trillion to the now $223 trillion (plus China's shadow economy debt, plus $1000 trillion in "weapons of mass destruction", plus $1000 trillion of unfunded actuarial liabilities/promises to the public in the form of social welfare and retirement).
He helped make everything worse and he is going to pay dearly for it.
Stop looking up this man. That form of capitalism is dying. The new form of capitalism is high tech. It is mostly what it is your brain. The $ is becoming a smaller and smaller portion of what is needed to develop a high tech project.
This is his swan song, predicting there won't be another major financial crash soon, when in fact the NYSE will double by 2015, then we will have global collapse 2016ish.
This is his swan song, not understanding the new money of the world and how that new money will propel the high tech knowledge age.
The industrial age is dying. China has massive overcapacity.
The future is about making unique things that people really need (such as this new technology that can predict if you will get Alzheimers by studying you eye twitching), not all this Wallstuff crap imported from Chinky land.
Stop admiring $billionaires. They are by definition dumber than when they were poorer. Do you not understand mathematically why that must be so?
It is a mathematical fact that smaller capital can grow faster because it able to chase smaller investments. Early Bitcoin investors made 1000X return on investment. That low hanging fruit is gone now. You will be lucky to make 10 to 100X from here. There will be competition for Bitcoin, because Bitcoin is flawed and will be easily regulated by the government.
Some altcoin has to fulfill that unregulated market demand, because the knowledge age will demand to be unregulated. That will be a smaller market for a decade, but then in the end it will be the larger market and surpass Bitcoin in the long run.
https://bitcointalk.org/index.php?topic=515414.msg5710868#msg5710868While i obviously don't agree with warren buffet's comments calling him an idiot for them is ignorant and just makes you look like an idiot. He's made BILLIONS from investing - he knows what he's talking about. The reason he made such comments about BTC, I believe, Is because he doesn't fully understand the technology.
Idolatry much. I stand by my comments upthread. He is dumber now. He was super smart when his capital was small and the industrial+tangible+socialism age was still young. Now it is peaking and dying with him too. I don't hate him, but I sure don't idolize him. I don't want to follow him into his coming massive failure. Perhaps his underlings and managers of his businesses are savvy enough to adjust to the knowledge age. We will see. As I wrote upthread, he is correct that Bitcoin is not yet treated as a unit-of-account. And I do think he might end up being correct about Bitcoin and wrong about an altcoin. Because I think the government is going to tax BTC as a commodity, which will insure it can't be a unit-of-account because legal tender is not taxed on VAT and capital gains. And then merge Bitcoin into some digital fiat plan (the mining is already centralized in few pools so easily to force those owners to sell to Goldman Sachs, JP Morgan, etc). I believe this is why those banks have been patenting designs for the coming plan. So that is why I don't think you will get 1000X gains that you BTC holders are extrapolating. As I said in my first post upthread, he is somewhat correct, but only because Bitcoin is not designed to resist government regulation. I think the government is going to tax BTC as a commodity, which will insure it can't be a unit-of-account because legal tender is not taxed on VAT and capital gains. And then merge Bitcoin into some digital fiat plan... I think you are out of your mind if you believe any such government-bankster hijacking of Bitcoin will be even remotely successful or tolerated by the cryptocurrency community. World governments will have no more success taxing Bitcoin than the US government has had stopping the spread of piracy or winning the insane war on drugs. And proper decentralized exchanges are coming sooner than you think. Decentralized exchange won't help you. Because your IP address is still visible to the government, and Tor+VPN can't help you. And the block chain is fully traceable and the available mixers won't really help you. And CoinJoin is DOS-attackable in decentralized mode. Sorry I speak the facts. Eventually it will hit you like a brick. Then you will realize what the real future of Bitcoin is and that is going to be depressing realization for you. I am not happy about, which is why I have been investigating potential solutions.
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Apologies but I've got a music itch today. I think Buffet lives a sheltered life. Doesn't he realize the world is a changin'. I can't wait to finish programming so I can have some fun, haha! |
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You know its going to be impossible for me to stop making my own coin, even if I can't code well and have to hire programmers instead. Like you said, you have a plan and are competing, I have my plan and I'm one of your competitors. Good luck with your coin  ! More competition means a better result for everyone. Who me making an altcoin? I will never announce such a thing. Do remember this factoid from someone who is very experienced at creating successful software. It is impossible for stored capital to create software. Software is created by the programmer and the stored capital can't get close enough intellectually to the real-time granular incremental feedback loop process of programming, so such projects fail. Rather what I envision is that many developers should be able to contribute to the killer altcoin and all of them profit. Your stored capital is probably best invested in such an altcoin. But please don't listen to me. The best way to learn is through experience. I do wish you good luck as well. |
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he loves the current government system of economic fascism (which he can easily lobby and control).!
+1 Bitcoin community warns "Stay away from Warren Buffet!"
Hahaha. Right on bro! I rather hope we feel like this about the beauty of humanity. Miguel - Adorn. |
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That sounds good  Like a music for this thread readers  regards! It is a derivative of Marvin Gaye's Got To Give It Up. Cheers (I was born in New Orleans, the birthplace of Jazz) |
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https://bitcointalk.org/index.php?topic=515414.msg5704630#msg5704630Bolded emphasis is mine: I think he's being sincere about it. He knows that governments don't like the idea of people being free to trade goods and services with an unregulated, decentralized currency. Tax evasion, piracy, and black markets are the main reasons governments are likely planning to impose serious regulations on the internet. They want precise control over the flow of information. Whatever happens it's going to suck because most of us are powerless to stop it.
Agreed except the bolded part. We are more powerful now, we just need the right technology. Stay tuned... I am a fan of crypto but Buffet has a valid point of view and has been a proven winner in the past. To me he is saying that until the bitcoin "industry" or any other system proves there is a "saving" to the user and/or receiver of funds ie transactions costs are less than other remittance forms it is not worth investing in.
Correct. But as I pointed out in my first post upthread (which apparently flew over the head of most readers), rather than lowering costs to use it as a fiat money transfer tool, we will simply create new features (e.g. anonymity) which fiat no longer has (fiat cash is going away). And our new currency will support the virtual commerce knowledge age, which fiat won't. Buffet is in the dinosaur old world economy. We are preparing to do euthanasia on that dying piece of shit industrial+retail+tangible economy. And I feel like dancing to that! http://www.youtube.com/watch?v=yyDUC1LUXSUhttp://www.youtube.com/watch?v=TH8m6J3gPH0he loves the current government system of economic fascism (which he can easily lobby and control).!
+1 Bitcoin community warns "Stay away from Warren Buffet!"
Hahaha. Right on bro! I rather hope we feel like this about the beauty of humanity. Miguel - Adorn. Apologies but I've got a music itch today. I think Buffet lives a sheltered life. Doesn't he realize the world is a changin'. I can't wait to finish programming so I can have some fun, haha!
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Bolded emphasis is mine: I think he's being sincere about it. He knows that governments don't like the idea of people being free to trade goods and services with an unregulated, decentralized currency. Tax evasion, piracy, and black markets are the main reasons governments are likely planning to impose serious regulations on the internet. They want precise control over the flow of information. Whatever happens it's going to suck because most of us are powerless to stop it.
Agreed except the bolded part. We are more powerful now, we just need the right technology. Stay tuned... I am a fan of crypto but Buffet has a valid point of view and has been a proven winner in the past. To me he is saying that until the bitcoin "industry" or any other system proves there is a "saving" to the user and/or receiver of funds ie transactions costs are less than other remittance forms it is not worth investing in.
Correct. But as I pointed out in my first post upthread (which apparently flew over the head of most readers), rather than lowering costs to use it as a fiat money transfer tool, we will simply create new features (e.g. anonymity) which fiat no longer has (fiat cash is going away). And our new currency will support the virtual commerce knowledge age, which fiat won't. Buffet is in the dinosaur old world economy. We are preparing to do euthanasia on that dying piece of shit industrial+retail+tangible economy. And I feel like dancing to that! http://www.youtube.com/watch?v=yyDUC1LUXSUhttp://www.youtube.com/watch?v=TH8m6J3gPH0 |
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Thanks MoonShadow. I wanted to say something similar but was too mentally exhausted yesterday. Also there were no citations in that paper.
Zarathustra has some need to believe that. No matter how bad any coming crisis might or might not be, we will not lose the technology that is in our minds. For example I will not forget everything I know about computer science, even if society burns all the books.
I forgot to mention that the Apache were, once upon a time, a matriarchal society; at least by Zarathustra's definition of same. (I would consider them to be a decentralized society, without a 'patriarchal' preference) History doesn't exactly describe the Apache as a peaceful lot. They gave the Spanish hell for centuries before the Americans entered into their region. Apache are covered in the book The Starfish and The Spider. The Apache may have been reasonably peaceful amongst themselves, as decentralization increases degrees-of-freedom, reduces binding futures contracts, thus making it less likely for people to need to fight. But yes when attacked by outsiders, all men fight if necessary (and those who are submissive, I wouldn't call them 'men' inspite of what genitalia they might have). Now the question is could we all live decentralized and thus not need to cheat, steal and fight to get what we want? Even if the answer is yes, it doesn't mean we have to accomplish it by giving up all technology. In fact, it is technology that might enable us to enforce decentralization, e.g. Proof-Of-Work and now my effort to add provable anonymity to crypto-currency. The notion that we can go back in time and retry what wasn't sustainable, seems to ignore the fact that those cultures couldn't defend themselves against outsider top-down authority. |
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Legal tender is not taxed on capital gains and VAT. Commodities disposals are.
This is why the government will control Bitcoin.
Only an anonymous coin can break free from the government control.
End of story.
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Pro-Russian perspective:  |
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