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June 19, 2024, 11:19:49 PM *
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2801  Bitcoin / Legal / Re: Police arrest alleged mastermind of $722 million Bitcoin Ponzi scheme on: June 20, 2020, 08:01:45 PM
I remember this being pushed on a FIRE Youtube channel and said it was a ponzi then. Funnily enough the comment didn't last very long.

Interesting how sexual deviance often seems to go hand in hand with financial deviance. The Mintpal scammer was a rapist too. And then there's our Calvin with his unusually aged chickens.

I doubt he's going to get much of a sentence. They rarely do. Hope springs eternal all the same.



You need to have no morality to run scams and this is one of the things things you cannot switch on and off. If he can lie with ease and sleep well knowing he stole some people's life savings there's not much he wouldn't do.
Those crypto scammers often get low sentences but there are exceptions, like:

Robert Farkas, the founder of cryptocurrency firm Centra Tech, which raised more than $25 million from its initial coin offering scam, pled guilty in a federal court in Manhattan on Tuesday.
The official statement accused Farkas of conspiring to commit securities and wire fraud and ordered a sentence between 70 to 87 months and a fine up to $250,000. The date of the sentence is yet to be determined.

https://cointelegraph.com/news/crypto-founder-sentenced-to-seven-years-in-prison-for-25-million-scam

I wonder if they'll ever get those two behind FuturoCoin. They run a ponzi for years and recently fled using previously purchased Gambian diplomatic passports...
2802  Bitcoin / Bitcoin Discussion / Re: Buying food or groceries with Bitcoin on: June 20, 2020, 07:48:10 PM
Do you think that in the future it'll be possible to buy food or groceries with Bitcoin?

I'm sure it will be an option. 10 years ago you weren't able to order food with Bitcoin and now you can. There are even services that connect multiple food delivery services and accept bitcoin payments. With LN it will be much easier and much cheaper, so I bet groceries will also be a thing.
The question is whether people will choose to spend their valuable coins instead of fiat money. IMO this is going to be a bigged deterrend than volatility because you can run payments through a service that will convert it instantly into fiat money, so there's no risk for the merchant that he'll get less than he should.
I prefer to spend fiat and hold bitcoin whenever I can so spending it on grocerise isnt going to become a big trend, rather a niche thing.
2803  Economy / Economics / Re: An interesting case of a widespread misconception on: June 20, 2020, 07:19:04 PM
It's actually funny that some people think they're paying for those who get rich. That when someone advances onto another floor of this wealth pyramid he has to do it at the expense of someone else and throw that person down

That's how things stand with respect to purely speculative assets

If you buy an asset with the sole intention of selling it later at a higher price (the process quite adequately characterized by calling it speculation), you get richer when the price goes up.

This is the thing, I don't.
I buy Bitcoin for 2 reasons. One of them is safekeeping. I don't trust my local fiat currency enough to bet all my savings on it. Being in Bitcoin seems more logical.
The second reson is spending it. I don't want the whole world to know what I bought and how much money I have, so I'm planning to at some point turn my Bitcoins into real world goods, skipping the exchanges and fiat money completely.
Quote
But how can it go up? Right, when other people buy after you.
Somebody will of course have to buy my Bitcoin at some point. This is how money circulate, but they don't have to pay much more than it is worth today. It depends on the situation.
What's important is here and now. If the price is 10k USD and you buy for 10k, will you feel bad knowing the seller bought it for 9k? Will you feel good knowing the seller bought it in 2017 for 19k? Does it really matter? Remember that there's still a lot of coins in circulation that at some point in time were bought for much more than toiday's price.
Most people don't think about it.

Some of the Dollars you trade your Bitcoins for used to be worth 2x more than they are today 20 years ago.

2804  Bitcoin / Bitcoin Discussion / Re: Why we should never trust anyone for being the real Satoshi. on: June 20, 2020, 07:00:22 PM
It's plain and simple, sign the wallet address of the first transaction in the genesis block and show it to the public.

That will prove you control those keys, nothing else. It is of course extremely compelling but not definitive. I'm not sure anything is when someone's entire story has taken place via channels that can be passed on to someone else.

And a Satoshi turning up now and attracting a following would be so out of character from everything that has gone before that he'd attract just as much suspicion as our favourite tubby Australian.


Controlling the private keys would be a solid proof. I know that it would not be definitive, but a good start for sure. Without it I wouldn't even go into details with this new Satoshi, and I'm pretty sure most bitcoiners would treat him like another imposter. If the owner of Satoshi's coins had a plausible explanation of how it all started and why he remained in hiding for so long, people would believe him.
Would it be good for Bitcoin? No. Would it be good for Satoshi? No. Would it make him a target? Probably yes, unless he was under some protection as an agent already...
2805  Economy / Economics / Re: world war 3 is coming ...do to coronavirus / economy ... on: June 20, 2020, 06:49:12 PM
i seen people selling their services now for 20% of what they charge usually .

Vegetables ,food has become much more expensive , taxes increased ,now around 30% of world population is without a job .

And I've seen people charge 120% of what they used to like  contractors, doctors (especially dentists). Most people have additional requirements to meet in their jobs (face masks, cleaning) and need to charge the client for it. Taxes in the EU were in fact decreased to help businesses recover.
30% without jobs? Where did you get these statistics from? I don't know anybody who lost a job due to coronavirus. Many people earn less because they have less to do, like teachers who now teach from home and work less hours a day, but they did not lose their jobs.
2806  Economy / Economics / Re: An interesting case of a widespread misconception on: June 19, 2020, 05:12:28 PM
It's actually funny that some people think they're paying for those who get rich. That when someone advances onto another floor of this wealth pyramid he has to do it at the expense of someone else and throw that person down.
When someone values whatever you own higher, you become more wealthy, but it doesn't mean other people's holdings have to lose value. You can have an old war relic lying in the attic and later find out it's worth 100k USD. If someone buys it he will not lose money or literally finance your wealth but simply transfer the ownership of that valuable item. Everything will remain in equilibrium and a new item will enter the market.
Bitcoin wil be that new item ofexchange. Something that will allow people to transfer value, just like when a new fiat currency is created. When a new country was formed and it had its own currency, nobody had to lose for it to go into circulation. It just did.

Don't forget that there's not enough fiat money in the world to buy everything people have to offer (every single car, plane, boat, piece of land).
2807  Other / Politics & Society / Re: What is lacking in our society? on: June 19, 2020, 04:57:47 PM
For the average member of the society the only thing that counts is taking part in the rat race. Look around you and you'll see that people around you don't buy things to have fun with them. They buy things to be noticed, recognized for their wealth, envied and they keep doing it to be better than their neighbors, their friends and family. They want to have a better car so that when they arrive at that family meeting once a year everyone will see it and think they're successful. To me this is one of the most pathetic and tragic things in the world.
2808  Other / Politics & Society / Re: Who controls the world? on: June 19, 2020, 04:10:38 PM
I believe there are groups of powerful people trying to make their idea of the world happen. One of them is the Bilderberg Group:

Every year, approx. 130 political leaders and experts from industry, finance, labour, academia and the media are invited to take part in the Meeting. About two thirds of the participants come from Europe and the rest from North America; one third from politics and government and the rest from other fields. The Meeting is a forum for informal discussions about major issues.  The Meetings are held under the Chatham House Rule, which states that participants are free to use the information received, but neither the identity nor the affiliation of the speaker(s) nor of any other participant may be revealed. Thanks to the private nature of the Meeting, the participants take part as individuals rather than in any official capacity, and hence are not bound by the conventions of their office or by pre-agreed positions.

These people want it to look like they're discussing possible issues and threats that appear around the world, but in reality they have the poewr to shape the world around them and are doing exactly that.
2809  Other / Politics & Society / Re: Do you feel safe going outside? on: June 16, 2020, 10:45:07 AM
I feel safe from the virus because I see only 2 options: I either had it already or I'm going to go through it without complications. The average person dying from covid is age 70+ so really, you could as well be afraid of getting pneumonia. I've been to the pneumonia ward a couple times and they never ask visitoirs to wear protective clothing or anything like that because it is transmissible, but not as easily as one could think and not as deadly. The covid craze is more deadly then the virus itself.
2810  Other / Politics & Society / Re: have you noticed what happens to the air? on: June 16, 2020, 10:30:30 AM
It's very hard for us, ordinary people, to change anything. If you want to feel better you can move away from the city and at the very least not breath those fumes in.
Funny thing is that when I moved to the countryside I thought the air is going to be much cleaner, but it isn't so. People in the country are used to heating their houses with coal and it can really make the air stink in winter, even when you're 500 m from the nearest house.
2811  Economy / Economics / Re: If Recession Kicks In, How Will Bitcoin Perform? on: June 14, 2020, 03:11:15 PM
The recession is already in. Bitcoin behaves as usual. 

As usual meaning staying at the same level? This isn't a usual performance by Bitcoin.
To me it looks like it's holding its levels pretty well despite the turmoil on Wall Street.
2812  Economy / Economics / Re: Why is bitcoin worth so much ? on: June 14, 2020, 02:48:54 PM
Since you've pointed out some "issues" with BTC, I'll give you some points as well:
-the first cryptocurrency
-the most well known cryptocurrency
-the most trusted one
-the most accepted one (highest market penetration)
-decentralized
-altcoins follow its price, so they depend on it

Enough?
2813  Economy / Economics / Re: If you have agricultural land would you sell it or hold it ? on: June 14, 2020, 02:34:12 PM
I have some land and I keep it. It was bought by my father albout 15 years ago because it was dirt cheap and his idea was to buy small pieces of land all around and hold it just in case there's a large project and they need to buy you out, or they find natural gas in the area (common in this region). A small piece of land costs you maybe €20 a year and its value can go up by 200% if it happens to be in the way of a large apartment complex, a store, a street, or anything of that sort.  
2814  Economy / Economics / Re: What brings economy of a country down. on: June 14, 2020, 02:20:18 PM
The economy is measured by gross domestic product. The economy of a particular region or country is governed by its culture, laws, history, and geography, among other factors, and it evolves due to necessity. Extended periods of sluggishness can easily lead into a recession, so a sluggish economy is often considered a leading indicator of a potentially steeper downturn




Thanks for quoting investopedia for us. What would we do without you...  Roll Eyes

The question can be addressed in many ways. For instance, a natural disaster or a war can bring the economy down. It all depends on how the disaster or war influences the area. A war can be beneficial for the economy (see Germany or the US during the WW2) or it can be a disaster (the Balkan war, Iraq, and many other).
Usually a threat mobilizes, but an overwhelming threat induces fear and becomes counterproductive.
2815  Bitcoin / Bitcoin Discussion / Re: India may again ban cryptocurrency on: June 14, 2020, 01:52:43 PM
Definitely one of the dumberst reactions to Bitcoin ever. I can understand if a country doesn't want to recognize it legally or sees it as a threat for their own monetary system and doesn't allow banks to work with Bitcoin companies, but 10 years in prison? It really looks like a bill straight from North Korea, like one of those "get incarcerated for not crying" or "get shot for trying to leave the country". They're going to be laughed at by the rest of the world if they pass it.
2816  Other / Politics & Society / Re: Does Mass Surveillance Lower Crime? on: June 14, 2020, 01:37:53 PM
There's some truth to it. I read a lot about home security and it appears that there are certain things that discourage burglars and some that attract them. For instance, hidden cameras will not deter them, but visible cameras, even fake ones (but well made) will. Bars in the windows will attract them, but lights will act as a deterrent, especially strong lights activated by motion sensors.
So, it all depends on what crime we're talking about. A drug addict won't care if he's seen, a burglar will. Many murder cases were solved thanks to cctv.
2817  Other / Politics & Society / Re: Do Black lives matter or Do all lives matter? on: June 14, 2020, 12:13:49 PM
As an european, I have no respect for the black lives matter movement. I feel like they're trying to turn everything into a debate about racism.
A black man gets killed while robbing a store? He was obviously klilled because he was black. People should see how ridiculous this situation is.
Soon a black guy will be able to take a shit on your lawn and if you say something you'll have a group of his friends protesting and throwing rocks at your windows.
2818  Other / Politics & Society / Re: Would you give your life for your nation? Who matters most, family or nation? on: June 14, 2020, 12:03:28 PM
First of all, asking me if I'd rather die for this or that is strange, because I wouldn't want to die for any reason. There's not much choice there if you're going to be killed anyway.
One thing I'm sure of is I'd never want to die for my country. With all due respect for the veterans, I'd feel like my death meant nothing. To the government you're just meat, pawns on a board. Unlike your family, they won't care and they won't remember you.
2819  Economy / Speculation / Re: TA indicates a sharp drop soon on: June 13, 2020, 04:34:28 PM
It is still an uncertain thing to happen and I believe that Bitcoin price won't have that fall this year as I expect the halvings to take effect in the 4th quarter or early next year. Anyway, if the market will dump I have to buy more Bitcoin and keep it for the next Bullrun.
But I don't have to think it either instead of being positive for the incomings.

It fell a bit because it still follows the stock market. We had a big stock market crash in the last few days which managed to drag BTC down along with it. The positive news is that as some analysts have pointed out, bitcoin is becoming detatched from the stock market, just like gold. The first drop was significant, but the one we've witnessed in the last few days was really small compared to March. The situation is looking very similar to a reversed 6k in 2018. Back then the price was hitting 6000 for 3 months until it finally broke and we fell to the bottom of the bear market. Now, since May, we've been seriously attacking 10k and I believe it's going to break towards 12k in a few weeks.
2820  Economy / Economics / Re: What can you buy with 0.01 cents (1 penny) ? on: June 13, 2020, 04:27:50 PM
1 penny is worth 106 satoshi today. If you have this amount in bitcoin on exchange, you could try your luck buying 1 satoshi shitcoins and hoping one day they will pumped.

In Soviet Union a box of matches cost 1 cent.

P.S. If you happen to be in Bratislava, you could have a lot for 1 cent http://www.youtube.com/watch?v=ksPE62Dl3dQ&t=2m15s

I hope you wanted to say "used to cost". The Soviet Union hasn't been around for decades Wink
It's still possible to buy a box of matches for a UK penny if you're able to convert that to Rubbles.

Out of the cheap things, I'd recommend you guys try to buy bolts or nails. AFAIK those things can cost you even less than a penny per piece. I usually get a handful 1 EUR.
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