That Bitconnect thing gets weirder and weirder :S
I understand it's kind of a Ponzi scheme, right ? You send them bitcoins, they give you "Bitconnect coins" which you can then "loan out" and get "interest". Basically, you send your bitcoins and get fake coins in interest payments. |
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Just now the gf sold some bitcoins to a guy via localbitcoins in Bangkok...his reason for buying....he needs it for Bitconnect. |
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Yep...there's her bf up there on stage. |
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Oh shit...my gf lives in Thailand and has started bring up Bitcoin on Facebook. One of her friends told her that her boyfriend travels giving conferences about Bitcoin and she showed me a picture of one of the conference rooms, it was a Bitconnect conference. I quickly googled it and saw that it was a scam and told my gf. She told her friend and she said the guy was one of the main guys in Bitconnect.  |
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When I was a valet I was driving someone's corvette out of the parking garage. The dumbass in front of me had to back up for some reason, the parking gate was right behind me and I had to back up so the gate was just above the trunk. People were honking, pointing at me and I'm like...I fit. When I got the car to the lady and stepped out she started freaking out. "What did you do to my antenna!?!". oops |
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Hi Missy, I mean mom.  |
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I live in a densely populated urban center, but occasionally drive some distances to ... beaches, for example, on wide open highways (where there are lots of traffic cameras, so what's the point unless you don't mind paying the speeding fine.)
The only point of having a Lambo is part of the "peacocking" process where you are displaying your prowess (wealth) to the opposite sex and to others in the hopes of achieving higher social standing and thus being able to obtain a better mate and ensure the survival and prosperity of your offspring. Totally legit human desire. Not all that necessary though. When I had my Porsche I found it quite futile when trying to pick up women. I'd be in the bar, my Porsche sitting outside in the parking lot...no assistance to my game. Now I drive a 2005 Hyundai but have the hottest girlfriend I've ever had. |
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I don't buy a lot of things on Amazon but whenever I go to my purse.io to buy something I have just about the same dollar balance that I had the last time I bought something.
I like this magic Internet money.
That's nice to hear, although you won't feel so good when you calculate how much the BTC you've spent buying Amazon stuff are now worth... As an example, I bought my TREZOR at the end of 2016, at a price of 0.1361 BTC, which is now a whopping $1000. This has got to be one of the most expensive TREZORs ever owned. In a way, this is Laszlo's pizza story, in a much, much smaller scale. Moral of the story: HoDL!Spending bitcoins just makes it so that converting my salary to bitcoins is no big deal. If I were buying something on Amazon with fiat, I could have just as easily bought bitcoins with that fiat. But by spending bitcoins I get a 15% discount. Plus all of that time between getting paid and spending my bitcoins my currency has gained value instead of lost value. |
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I don't buy a lot of things on Amazon but whenever I go to my purse.io to buy something I have just about the same dollar balance that I had the last time I bought something.
I like this magic Internet money.
Does that magic internet money machine work for euros, incidentally? Purse.io only works in a few EU countries. I think maybe France and GB. I know of a different method for Germany. |
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I don't buy a lot of things on Amazon but whenever I go to my purse.io to buy something I have just about the same dollar balance that I had the last time I bought something.
I like this magic Internet money.
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https://www.youtube.com/watch?v=QrLr7MdyyLgConfirmed @11:50 what I've always suspected to be true: fractional reserve shares (aka "phantom shares") in the U.S. stock market are real. I fkn knew it! That along with collateralized and even naked re-hypo liens on personal/corp shares exactly confirms why when the U.S. stock market crashes, it crashes so hard.... because of all the unwinding. I read that interview the other day, very interesting. I am also deep in the weeds in the securities world now and see that more companies are looking to put their securities on a blockchain. It should be an interesting dynamic. One company that has been doing securities for years is now opening things up to crypto securities on the blockchain. Though just about all of them are using Ethereum. I keep raising my hand when it comes to which blockchain to use mentioning Bitcoin but all of the smart contract developers are in the ETH world. Hopefully this all changes after Rootstock opens up later this month. Overstock's T0 should be interesting as well, it's been a long time coming. As for account sales...someone offered me what would have been the equivalent of $2 per post for their signature campaign. Would be attractive to someone in a 2nd or 3rd world. Interestingly enough...I nobody see anyone's signatures...is this happening? Is bitcointalk going to make a comeback? nvm...looks like just this thread |
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Now there are people like Russian/Chinese central bankers and journalist such as FT's Iza Kaminska that outright suspect us as trying to create a new reserve currency to replace USD/EUR/SDR. So it is unwise to be like Roger Ver, who recently claim that he is trying to replace USD/EUR/JPY and all other national currency with his project. On a mainstream media too.
But we are. Ending the Fed has been the goal from the beginning. |
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This all assumes that you get paid in fiat and convert some to bitcoin.
If you can get paid 100% in bitcoin and live 100% off of bitcoin, why would you choose to ever use fiat as per Gresham's law?
Even a poor person being paid in bitcoin and spending only bitcoin will be better off for it.
Once you hit that, you can only "hoard" it up to a point. You still have to spend money to survive.
If everyone used 100% Bitcoin then the only deflationary pressure would be population growth which is hardly hyperdeflationary.
I doubt that Bitcoin will become the One World Currency so that people won't have any other methods of payment. Most likely BTC will be used mainly as a storage of value and people would still use their respective national currency (even if gone digital or blockchained) or some corporate backed system like Japan's upcoming "J-Coin", China's Alipay, East Africa's M-Pesa, Paypal/Samsung/Apple Pay, plus the traditional Visa/Master/JCB/UnionPay credit card or bank issued debit cards. It also highly unlikely that people would be paid in bitcoin as tax payable are due in respective national currency. Not to mention the problem of how to record the salary compensation or for employees to report their income tax, given the possible exchange rate risk and potential capital gain. The point being that if you want to design a crytocurrency which people would want to spend, it actually has to have some kind of "demurrage" feature like Freicoin. But something that evaporates your saving and force consumption would never see adoption, while a highly deflationary one like BTC has huge incentive for people to get in early and hoard/hodl it. So in the end, instead of something that liberates people from financial system, BTC behaves more like a digital commodity that fuels speculation and boom-bust cycle. Now it is quite possible that if we were to succeed in building a new financial order, i.e. with Bitcoin at the bottom of "Exter's Pyramid", then we can start issue paper IOU backed by BTC and create credit and then derivatives on higher layer (which I think Wall Street is going to try in the next few years). Then people would have incentive to spend those BTC backed credit as a medium of exchange. It doesn't even have to be like the existing system, it could be Ripple type payment hub or a side-chain/new-cryto pegged to BTC and used only for payment, etc. I have been paid 100% in bitcoin. Dealing with taxes is the same as being paid in fiat. Funny you should mention Bitcoin as a reserve currency. While brainstorming a new floating island currency we were confronted by the hard truth that the currency would have too much volatility. One solution was to peg our currency's value to bitcoin. From our research we found that pegging the value to something like gold would cost a lot of money in holding a certain amount of gold, having it audited, ensuring that it was secure, etc. While using bitcoin as a reserve currency you can transparently show that it is backed, auditing is simplified and securing is easier than for gold. Bitcoin's price trend over time has shown less volatility, as it becomes less volatile than over a dozen national currencies. It is not a huge stretch to predict that bitcoin price could be one of the more stable currencies in the world and perhaps it could become a major reserve currency due to the ease of doing so. |
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Guys, i canīt comprehent my sudden wealth, please help me.
This no joke. Itīs probably, because i have no use of lambos, donīt know . . .
This is an interesting problem. Not quite sure what you should do other than buy a 70 foot tall grain silo, fill it with gold, and go swimming like scrooge McDuck. Donate to life extension / old-age diseases research, gmaxwell did as well ( https://www.mfoundation.org/300 ). Check www.sens.org --> they accept bitcoin. I hope to become very involved in life extension. Hopefully it will play a big role on the seastead, many seasteaders I've met so far support it. |
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I just saw that the house I sold last year for $260k is now on the market for $325k.  That guy sure did invest wisely. All I got out of it was a couple hundred BTC at $650 each. If you sold your house for a couple hundred BTC, you surely made a better deal than the actual owner reselling it for 325k. But I can't understand how you made only a couple hundred if you sold for 260k when btc was at 650$... you should have made double... Maybe he had a mortgage to clear? Yep. Fortunately I had a lot of equity. |
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I just saw that the house I sold last year for $260k is now on the market for $325k. That guy sure did invest wisely. All I got out of it was a couple hundred BTC at $650 each. |
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Actually most of people on this planet are broke and just worry about daily sustenance. So even if they knew something about bitcoin, they probably would buy very little, if at all, and had get out as soon as they need the money for something else.
So even if Mircea Popescu type of elitism is repugnant, he is right in that Bitcoin does NOT give a fook whether it sees widespread use as payment or the masses adopt it. It's going to go up if enough elites see it as a hedge against central bank experimentalism or as a new method of exerting controls. As I stated before, I got in in late 2012 mostly as a hyperdeflationary experiment, i.e. I want to see whether we can trigger the first recorded case of hyperdeflation in human history.
Since bitcoin is highly deflationary by design, it is irrational to spend it when you have fiat alternatives readily available, e.g. Visa/Master/Paypal/Alipay/Debit-card/Fiat-Cash. If any kind of S curve adoption occurs, then BTC would be hoarded to oblivion. Gresham's law would tell you that people always want to spend the "bad money", e.g. fiat, before spending "good money" like gold or BTC. So eventually just as in hyperinflation, people try to spend the toilet paper confetti before it becomes worthless, people would hoard BTC before it becomes even more valuable. The end game would be the same, they lose their function as a medium of exchange, because one has zero function as storage of value, and the other because it is just too valuable to be spent.
If one just look at BTC in fiat term, going from sub $1 to $7000+ in 7+ years is pretty hyperdeflationary. It's even worse if one looks at it in "purchasing power parity" terms, i.e. Laszlo's pizza, 2 pizza for USD$70 million, an increase of at least 7,000,000 times. Naturally the implication would be that if BTC undergoes hyperdeflation, any charting/wave-theory/fibonacci/TA would be meaningless. That's like applying TA to Weimar stock market or the IBVC (Venezuela stock index), which is up like 20x in 2017 alone and 50x in 1 year.
This all assumes that you get paid in fiat and convert some to bitcoin. If you can get paid 100% in bitcoin and live 100% off of bitcoin, why would you choose to ever use fiat as per Gresham's law? Even a poor person being paid in bitcoin and spending only bitcoin will be better off for it. Once you hit that, you can only "hoard" it up to a point. You still have to spend money to survive. If everyone used 100% Bitcoin then the only deflationary pressure would be population growth which is hardly hyperdeflationary. |
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Guys, i canīt comprehent my sudden wealth, please help me.
This no joke. Itīs probably, because i have no use of lambos, donīt know . . .
This is an interesting problem. Not quite sure what you should do other than buy a 70 foot tall grain silo, fill it with gold, and go swimming like scrooge McDuck. Haha. You know what I find one of life's greatest pleasures? First thing in the morning, opening up a canister of preground coffee - something as pedestrian as Maxwell House is just fine, sticking my nose in, and taking a deep inhale. Brrr... Makes my eyes pop, the capillaries in my face dilate, and the hair on the back of my neck stand up. AAR... all y'all may have heard of Celestial Seasonings Teas. Their factory is not far from me. One of the options for an 'out-of-town vistors' activity is to take them on the tea tour. While you get to see the fine artisinal methods of reducing vegetation into homogenized, single-serving doses, the apex of the tour is the visit to the mint room. They shuffle the crowd rapidly into the room where they store the mint, hastily close the overhead door, and shut out the lights. The immediate effect is confusion - followed within seconds with the sheer overpowering sensory overload of being in an atmosphere with a specific gravity weighted with mint oil as an airborne aerosol. It is truly an amazing experience. So... putting these together! Some years ago, after these two experiences gelled in my mind, I came up with the idea of the coffee room. Maybe a cubic yard of ground coffee on the floor of a small enclosed but comfortable space. Yeah, that's the ticket. That's gotta be eccentric millionaire worthy. No? Coffee Bath  |
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