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Another thing to note, we just passed the halfway point between the previous block halving (210,000) and the upcoming one (Block 420,000) that was at block 315,000 ...
... the psychology of the market is from now on we are closer to the point of 1800 btc/day than 7200 btc/day inflation rates. If the market is adept at smoothing those lumpy step changes in issuance by pricing in demand/supply imbalances over long periods ...
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this is all part of "Financial Repression" which they don't even bat an eye anymore talking about. or "the financialization of the economy" is another one. this is deflationary as it sucks capital and wealth away from productive portions of the economy into these black holes.
Don't forget talent. A number of the brightest minds end up in finance because it's so fantastically lucrative, with far far less risk than, say, a tech startup. A lot of those people are smart in ways that could be extremely valuable to society overall; eg, simultaneously technically/mathematically talented, *plus* rare creativity. Quite a shame that their most rational self-interested action is to devote decades to exploiting the details of centrally manipulated markets. Yes, they become very adept at finding the most efficient forms of corruption possible, at high frequency trading speeds no less ... sad waste of talent, time and resources, many call themselves "quantitative analysts" or 'quants' |
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It's the money velocity that has collapsed ... and is still in vicious downtrend. Monetising the debt directly is a futile attempt to boost money velocity by the wizards of fiat.
The two biggest stories of the week from the elite are that USA (White House) is considering bombing both sides in a far off war ... (suspected insanity) and that the CFR suggests to print money directly into householder accounts aka helicopter money drop (patently insane).
History will look back askance on these times with pity.
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Or a pittance of the world's "off-shored" cash could move to bitcoin.
This. I think a great little business right now would be a chain of small, professional bitcoin brokerage offices located in those known jurisdictions of large offshore holdings. Cayman's, Seychelles, Panama, Switzerland, St. Kitts and Nevis, Hong Kong, Singapore, etc. All linked up to a buying pool, maybe with franchisee model and with smart, helpful, staff to service the noob, high net-worth bit-curious. |
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FB will be a footnote in history as a temporary social fad for kids, gossips, exhibitionists and sundry show-offs. It is a simple server-client web app and some code for farming data from idiotic sheeple who can't see through the con.
It is not even in the same league as Bitcoin which is a revolution in the fundamental technology used for the efficient functioning of markets, economies and resource allocation.
Even if it is just a tool for harvesting data for big business, it's still useful. I'd be hopeless at organising my social life without events reminding me where and when I'm supposed to be somewhere. Even though it essentially serves as a glorified calendar and somewhere to put photos up, it's too convenient for me not to use. Convenience is something people should never fail to underestimate the importance of. While BTC is certainly revolutionary, it's still not all that convenient for people to obtain and that will need to change before mass adoption occurs. Not "inconvenient" when your savings lose value or disappear altogether in a banking bust? |
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FB will be a footnote in history as a temporary social fad for kids, gossips, exhibitionists and sundry show-offs. It is a simple server-client web app and some code for farming data from idiotic sheeple who can't see through the con.
It is not even in the same league as Bitcoin which is a revolution in the fundamental technology used for the efficient functioning of markets, economies and resource allocation.
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In a fully automated society, everyone is in the parasite class category. Demand and need will be drastically different than what we see today.
That implies everyone is of a parasite mentality. Some people keep working even after they retire, or after they become millionaires and have no reason to keep working to earn a living. To keep working, you need to have a job that meet the need of the population at that time. If everything is being done by robot, there will be no need that can't be done by robot and no job around for human. Impossible. Humans will always find something to do, even if it doesn't pay them anything more than recognition for something they did. For small group of people, yes. What about the rest of the population? Our current population count is well above 7B, there is no sign of it slowing down. Wrong (unimaginative pessimism) and wrong (ignorance) ... http://www.slate.com/articles/technology/future_tense/2013/01/world_population_may_actually_start_declining_not_exploding.html |
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you know how much i enjoy putting up news that verifies that we, as Bitcoiners, are not hacculinating or existing in an echo chamber about past details regarding moral hazard/corruption in the financial system...
Thanks! It makes me feel like I'm not the last one standing in a B movie "Invasion of the Mind Snatchers". Yes, the endgame is written in stone, but the timing is a different matter. I think most people, including me, were totally unprepared for just how far the fed would go to maintain the status quo. They're obviously not stupid so they know exactly what they're doing and what the implications are and also how it will end. I've read a few articles and comments where the author implies that the fed made a mistake or miscalculated the impact of certain actions that they took, but that is bs. They know they can keep the game going for a while and perhaps for a long time yet. I stopped making predictions in 2009 because we are in completely new territory with no rules, but the past three months it does feel like things are starting to come to a head. Perhaps this year or next the fun will begin. There are no more valid predictions because they have doubled down on the CONfidence game ... it all keeps going until the populace lose confidence and that could be tomorrow or with an unprecedented run of stability next decade. The level of totalitarianism and lawlessness in banking they are prepared to condone seems unbounded at this stage also. All it takes is one exogenous event to spook the herd and it is all over of course. |
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House prices have become monetised over the last 1-2 decades as the options for good savings vehicles (store of value) immune from inflation, tax grabs, regulations (and sundry other rent-seeking) have diminished. As has collectable art, vintage vehicles, antiques, etc. The fiat mis-management has manifest itself in innumerable ways that will only become fully visible when looked back from a stable economy at some point in the future.
Coralling everyone into stocks and bonds as the only "viable investments" via the pension system rorts and trying to lock them in there is backfiring massively when we look at how poorly the wider economies of the west are progressing.
A good form of money that can act better than housing out of the grasp of the rent seekers could add to the deflation in a housing price collapse as RE demonitises.
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bitcoin is the purist capitalist money ... FOX should be all over it.
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Btw, does anyone know what happened to the Swiss unconditional income initiative?
I heard they were gonna make a referendum.
voted down about 80% against ... swiss don't like socialist nonsense, checkout their economy btw. This thread is informative in that it allows many of the non-thinking ill-informed posters to display their ignorance ... for future reference. |
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Now consider Storjcoin as a share and I think we end up with a contradiction. If I hold x% of the Storjcoins(shares), should I not earn x% of the revenue from the Storj network? If they were shares then I should. But I don't: the revenue flows to the nodes providing the service. The nodes are the shareholders! So Storjcoin is not a share.
What is Storjcoin then?
Exactly, Storjcoin is not intrinsic to the Storj system at all. This can only end badly for the Storj developers, either they quietly phase out Storjcoin and make the system competitive against distributed storage networks that are frcitionless, or the system loses out to an unencumbered design. My thoughts exactly (and I agree with your previous comment too). But MoA is a smart guy. He thinks we're missing something. Are we? I haven't looked into specifics of the StorJcoin economic model at all. Like any division of ownership/labour/incentive structure if they don't get that right it will be a failed venture. The ones that do and the analysts that dig in and find the right ones will make the right bets ... focusing on one failed application you might be missing the wider possibilities? Maybe fork the open source StorJcoin and bolt on the correct economic model and you'll have a winner? |
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Yeah, that's part of the point ... they aren't really shares in the traditional sense either nor money. They are totally new forms for representing value in a myriad of traditional ways simultaneously that the digital technology allows to do easily. They have some of the capital appreciation properties of shares, some of them have a coin allocation mechanism in proportion to current holders that is effectively the same as dividends. I'm sure there will be a lot more innovations too for hybrid, debt/stock convertible tokens that can be earned or bought or traded ... and sophisticated smart wallets that negotiate between users holding a range of digital assets to effect exchanges of value that are mutually beneficial to both parties. Like (digital barter)^2
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Today's appcoins are disingenuous.
Ripple, Ethereum, Maidsafe, Storj, etc talk about their tokens as "postage stamps" or as "fuel" necessary to run their networks, yet there's this underlying feel of "yeah, but we can't stop people from speculating with them…ahem..ahem." I feel that appcoins are thinly-disguised attempts to profit from investor naïveté.
So what is the equilibrium value of an appcoin? If the appcoin is "fuel" to run the network, and if participating in the network is open and competitive, then the value of fuel needed to use the app will approach the marginal cost of running the app. As technology improves, the value should drop.
Moreover, does it not make more sense to run decentralized apps using bitcoin as fuel (or tokens pegged to bitcoin), and something like m-of-n oracles as the gateway between the networks? Oracles and the app networks would compete for these bitcoins, and the cost of using these services would constantly drop in price due to innovation and competition. Apps payable directly in bitcoin will thus become cheaper and better than closed-network "appcoins" like Storj or Ethereum, stealing the latter's market share. Appcoins that aren't pegged will devalue to zero (unless they somehow develop "money-like" properties but I highly doubt this).
I'm inclined to agree somewhat about the disingenuity but are they really much different to some of the super speculative penny stocks that are out there? I mean one of these appcoins could actually become the next Google or Facebook or Dropbox or iTunes type app and it that case they are probably hugely undervalued. What their speculative value represents right now is the 0.1% chance that they could become a multi-billion dollar DAC (in effect). It helps to think of these "coins" as shares in a distributed corporation that is providing the service ... a corporation that does not need seed funding (lawyering/accountants), VC's (more lawyering/accountants) and IPO (even more lawyering/accountants)market makers, etc, etc ... they are a very efficient share/asset/ownership delivery mechanism. Maybe we need to expand out minds past the *coin suffix perception into the digital realm where a "coin" is anything that represents digital value ... shares, property rights, digital keys to houses, cars, services. |
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... this guy is GETTTING IT. Bitcoin combined with cryptofinancial technologies like an openTXS layer will let value information rip asunder all the BS lawyering and institutionalised graft intermediators incessantly stack on top of anything productive from its inception. The writing is on the wall ... money, banks, corporations, States ... everything will now inevitably be renegotiated in the new language of value technologies, eventually. |
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... can't wait until the release of LawskyCoin alt ... should be best pump 'n dump ever, most likely a blackcoin or darkcoin fork, rife with fraud, cartels and minimal "consumer protection" rackets I'm expecting ...
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Technological Unemployment is (almost) here .... and it will be ALMOST here forever .... like it has been ALMOST here since the malthusians and luddites started spouting there unsubstantiated nonsense for 200 years already.
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trailer looks like some powerful stuff ... top shelf.
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