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Followed thread from CoinJoin ... looks like a promising avenue.
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I could see this being a fiction book.
We're already living in a fiction ... some of that shit happening on Wall St ... well, you just couldn't make it up! |
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... au contraire, it is they who are trapped  - they can't raise interest rates or their whole rotten system falls apart. At present, interest rates are practically zero (for money center banks) AND they are printing $85 billion per month just to keep them propped up. It is in a terminal phase of exponential monetary blow-off, even minor competition like bitcoin is a threat, gold unfortunately has been severely manipulated and thrashed into uselessness as an alternate store of value by way of illegal derivatives dealings and other schemes by the same actors and vested interests. This is movie that has been replayed many times before and what Volker did in 1980 to restore the dollar will not work again. In 1980 the Federal Reserve Dollar system had only been officially defaulting on their gold obligations for ~10 years, now it is over 40 and the rot has gone far and wide throughout the monetary system, and indeed the whole academic infrastructure that has built up around the tissue of economic lies that support the fiat currency fraud. Nation states should never have shouldered the burden of reserve currency with a fiat unit tied to their economic outputs, it will be looked back upon with curiosity, disdain and probably eventually horror. Gold and silver were assets that formed independent units from the State economies that could have worked and maybe still will as components of currencies comprised of baskets of commodities. But the experiment with floating fiat units tied to taxation and national economic outputs has been a complete disaster for financial stability and a terrible burden on the lower classes. Raise interest rates, raise taxes, whatever they want to try, they are screwed. It needs to be discarded into the bin of history for a more equitable system of efforts and rewards and the sooner and smoother we do that the better. |
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Also, I noticed that Norfolk Island is now becoming ripe for a new colonising of "Exiters" ... they are suffering an exodus due to a tourism downturn, now population less than 2,000, even with zero income taxes. Norfolk Island is the only non-mainland Australian territory to have achieved self-governance. The Norfolk Island Act 1979, passed by the Parliament of Australia in 1979, is the Act under which the island is governed. .... A Legislative Assembly is elected by popular vote for a term of not more than three years, although legislation passed by the Australian Parliament can extend its laws to the territory at will, including the power to override any laws made by the Norfolk Island Legislative Assembly. So a majority of Exiters (approx. 1,000) could basically take over the place ... to the extent that they don't piss off Australia in the extreme. There's also a long running streak of hard core independence seekers amongst the locals ... The exact constitutional status of Norfolk Island is controversial. Despite the island's status as a self-governing territory of Australia[8] administered by the Attorney-General's Department,[38] some islanders claim that it was actually granted independence at the time Queen Victoria granted permission to Pitcairn Islanders to re-settle on the island http://en.wikipedia.org/wiki/Norfolk_Island... here's the kicker, it sounds like a new subsea fibre is soon going to be touching down there http://www.nzherald.co.nz/technology/news/article.cfm?c_id=5&objectid=11127203&ref=rss |
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Wow! The Force is strong in this One. Speak softly and carry a big stick.  Great talk. |
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I want to see some more of those stupid bankster apes pounding sand, hard, around a Bitcoin ATM obelisk http://www.youtube.com/watch?v=9woRJ7-mD7YSomeone like to do a bit of video editing and substitute in the Bitcoin ATM for the obelisk in this clip? ... would make a great spoof-ad for them too Edit: it would be good to know what happens to the palm scan database ... if it is to limit tx to $3000 per 24hr then supposedly they can purge it daily? |
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Ownership implies governmental permission. WTF? ... are people really this indoctrinated with the facist state these days? |
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Unemployment is a massive misallocation of resource and its a symptom, not a problem.
The basic argument seems to boil down to "the machines took all the jobs, we don't need workers anymore".
This is a fallacy, it is like arguing that the guy who invented spades took away jobs from the peons scratching the dirt with their bare hands.
The problem is not lack of jobs but lack of vision, imagination, social organisation and liberty to take on projects of scale that can truly enhance the existence of all of humanity.
Your average Westerner lives in a comparatively royal existence when compared with a citizen of Roman times. Imagine if everyone could live like today's royalty? What resources would it require? How much labour would be needed to achieve this, include for the leverage that advanced technology allows? Could we set up colonies on the Moon, on the ocean floor, orbiting Nirvanas? Could we provide cheap plentiful energy, nutrition, mobility to every person on the planet?
I agree with you that humans' demands growth will always create some jobs, but unfortunately free market capitalism is unable to solve technological unemployment problem without government intervention - too big wealth concentration on capital and not labor will simply destroy the economy. You should look at "net jobs" effect from automation (jobs created in new areas MINUS jobs lost), after some point it will no matter be negative, even if our society are full of creative people (of course if no regulatory measurements taken, e.g. working day reduced). You can still hope that problem will be solved itself, but this is really hard to believe now! You are already lost because your mental framework is through the broken "only govt. can solve the big problems" prism. We do not have free market capitalism, big failures get bailed out. The wealth concentration problem is mostly due to misallocation of resources in weak, useless, 'bad' hands caused by the monopoly currency issuance, (financial cartel). We need more Elon Musks, not Jamie Dimons and Bernankes is the basic problem ... Elon Musks create jobs, Jamie Dimons and Bernankes destroy them. It really is as simple as that ... lack of vision, imagination, social organisation and liberty |
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Unemployment is a massive misallocation of resource and its a symptom, not a problem.
The basic argument seems to boil down to "the machines took all the jobs, we don't need workers anymore".
This is a fallacy, it is like arguing that the guy who invented spades took away jobs from the peons scratching the dirt with their bare hands.
The problem is not lack of jobs but lack of vision, imagination, social organisation and liberty to take on projects of scale that can truly enhance the existence of all of humanity.
Your average Westerner lives in a comparatively royal existence when compared with a citizen of Roman times. Imagine if everyone could live like today's royalty? What resources would it require? How much labour would be needed to achieve this, include for the leverage that advanced technology allows? Could we set up colonies on the Moon, on the ocean floor, orbiting Nirvanas? Could we provide cheap plentiful energy, nutrition, mobility to every person on the planet?
If technology is providing us with an excess of leverage then we need to find bigger rocks that need moving.
Socialism is a mechanism to shackle minds ... but it doesn't give everyone an excuse to sit on their asses whining about the machines stealing their jobs, that's just another symptom of the disease.
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Bear in mind that in a better freer future with less financial facism or simply some locales, a system of provably gold-backed cryptocurrency, if it was ever allowed to flourish under rule of law, would probably give bitcoin a stiff run for its money, pun intended, dyodd, diversify, imho. How would that even work? How to prove there's gold backing it? I don't see how to do this, at least not without "3rd party risk". Yes, it would most likely be some kind of legal proof, which is quite adequate for most people, ask DPR. Unless there was some kind of crypto-secured automation system at a storage facility that could bail in/out PM, audit, etc ... like an unhackable skynet for gold. |
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Bear in mind that in a better freer future with less financial facism or simply some locales, a system of provably gold-backed cryptocurrency, if it was ever allowed to flourish under rule of law, would probably give bitcoin a stiff run for its money, pun intended, dyodd, diversify, imho. Why? A gold backed cryptocurrency would need to do everything Bitcoin does in order to be an effective medium of exchange, and it would also have the added expense of gathering, storing, transporting, securing, and auditing blocks of yellow metal. What benefit does the yellow metal provide that makes it worth all the added expense and effort? The great masses of people do not understand how a pure crypto-currency is valuable, maybe never will. They do understand gold, it is much less of a jump to understand gold-backed numbers on their screens. The added expense is a cost but so is bitcoin mining, cold storage, etc the total cost comparison of either system, when optimised, would be nearly impossible to do without having them compete in a free market together. Trust-based systems can be very efficient, think Hawala Bitcoin value may mostly be symptom of a particularly oppressive time (like cigarette money), an outbreak of freedom and enlightement in financial dealings is a risk that shouldn't be discounted, however slim it seems right now. |
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There are ~ 3 billion females in the world ... if you offered cheap solid gold jewellery weighing 1.5 oz per female the total stock of gold disappears ... add in macho chains, rings, electronics and myriad of other uses
... gold is not going to be going cheap anytime soon and there are many other price points between cost of mining (which it is near now) and 'cheap' that engineering uses for such an exotic metal when substitution demand kicks in.
Bear in mind that in a better freer future with less financial facism or simply some locales, a system of provably gold-backed cryptocurrency, if it was ever allowed to flourish under rule of law, would probably give bitcoin a stiff run for its money, pun intended, dyodd, diversify, imho.
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interesting, did not realize that.
so how would they auction these? just put up the entire lot of 177,000 btc or 250k, whatever it is?
It is up to the DOJ. The sad thing is they have a LOT of experience is selling forfeited assets. Billions of dollars a year in assets, cars, planes, mansions, fine art, luxury goods, speed boats, you name it they have sold it in the past. So they pretty much have it down to a science. They will sell it off however they feel will bring in the top dollar. For someone with a lot of money this will be a great way to get some coins without dealing with liquidity issues, or exchange risk, or bank delays. Win auction, wire the US treasury some funds, get your sizable position of coins. Regardless this will be a really great headline. The DOJ doesn't seek forfeiture of things without value. The news stories of the DOJ auctioning off lots of Bitcoins worth millions will be a big deal. Could even be that these particular coins will attract a small numismatic premium ... belonged to DPR, officially sent the US Treasury back their crap, devaluing fiat paper in exchange for bitcoin ... who wouldn't want them? |
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Novogratz is not the only one. There were several folks from Fortress at the NYC MediaBistro conference. Professionally and personally, they are clearly paying a lot of attention to this space.
And they have money and know people that do.  Correction, they have fiat FRN's and other proxies for money, but not bitcoin yet apparently. |
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Shocked Satoshi would think that since he's often showed a lot of foresight. And I was shut out of development and prevented from doing work in the early days. So I went my own way because I see Bitcoin development differently to the current Bitcoin establishment.  ---------- Good news everyone! The Python front is progressing nicely! http://libbitcoin.dyne.org/labs.htmlPeople creating cool stuff. My goal now is to get these projects all merged together into one pure Python package for wallet developers. The Dude Abides. |
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Dealer: The ones playing it smart (the banks) are open and quite transparent about it, people just don't understand it. I repeat, it's sneaky, under-the-belt and mean, but not a lie. No, this wrong. This is like saying Bernie Madoff's scheme was sneaky, smart but not a lie. The system is a fraud and the levels of deception that are employed to hide it from the people are disgusting. They use the full weight of their lackeys in the mainstream media to obfuscate and sometimes the weight of the paid off justice system to keep the level of fraud out of criminal courts by paying token fines (using their very same funny monies). It is one huge fucking fraud, up and down the river, no matter which way you look at it ... you apologists (mostly economists and academics) for such a massive scam are more part of the problem than the solution, you have been there in one form or another since 1913 egging it on and apologising for it while poor people are getting ripped off and their savings eroded and while driftless shysters and Wall St. banks who do no work for millions get away scot free. You cannot stand before your creator and claim ... it is not a lie, IT CLEARLY IS A GIANT LIE AND A FRAUD PERPETRATED AGAINST ALL WHO USE IT ... and most of them are coerced to use through threat of violent force of the State. Take your medicine and fess up, you have been willing accomplices in ripping of huge swathes of the populace from their hard earned savings. You are part of the evil until you denounce it. |
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That's one reason I don't use deterministic wallets. You guess the master key somehow, you get all the keys. If you can get it from one of the spent keys, I don't know and that is up for debate, but I'd rather not take the risk when it is so easy to just use a brand new randomly generated bitcoin address.
How well do you know your RNG that created those addresses? |
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Up to this point I estimated there to be around 160,000 tons of gold above ground and I think that's along the lines of other estimates.
Karen says that there is at least 500,000 tons of gold, all conventional figures say about 160,000 tons. The latter figure is imho rather well researched from the mining output in 20th century - before which only a fraction of the total gold existing was produced. Do you have some credible theory, how the gold aboveground could be so much higher figure? Central Banks using all there gold to gold plate tungsten bars could perhaps extend 160k tons to 500k tons i suppose ... |
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Before we can even begin to discuss whatever you are trying to prove, I must make the following observations:
1. Commercial banks do not primarily rely on deposit money, but rather on reserve money created by the central bank against government debt. So the money commercial banks loan is always debt, issued either by the central bank or themselves.
2. It is impossible for the public to keep 90% of commercial bank money "under the mattress" because:
2.1. Less than 3% of the money supply exist in physical form.
2.2. Loans must be repaid with interest, so the public must not only return that money to their creditor banks but also give them additional money, which in turn must be created by the central bank against additional government debt.
So there is no real money? It is all debt based on debt with eternal interest compounding on top until mathematically impossible repayment quantities are achieved ... sounds legit. |
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