No he said in the report "if the grid goes down" and mentions food being
the more important commodity in "the oncoming apocalypse".
What about getting some bitcoin to speculate with and hopefully with a sizable
increase in that investment he could build himself an underground survival base
as a store of value against the apocalypse?
If we take his comments literally, there is no point in doing anything other than
preparing for the apocalypse.
Buying bitcoin for speculation purposes to make a profit , I doubt anyone has a problem with. It is the analogy that bitcoin is a store of value which is just an outright lie and that was the guy's main point. If you purchase a bunker that is a physical item and will serve you better in survival situations. The falsehood being perpetrated by the store of value nonsense is that bitcoin can't die, and that is not truthful. Bitcoin is a tech product and it can fade away as easy as 8 track tapes or 3½ inch floppy disks when something better comes along. They were not a store of value and neither is bitcoin. |
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that article is just full of shit specially because of its crappy source.
basically this is what that dude is saying:
"if there is an Apocalypse he would rather hold food instead of bitcoin".
to that i say "no shit"! it is like saying "does a drowning man prefers holding bitcoin or having a life jacket that saves his life"!!!
I think where you miss the point is that Bitcoin can have a bitcoin specific apocalypse that kills it and nothing else. Another coin becomes more popular Bitcoin Transaction fee become too high. Bitcoin Mining is outlawed, by all of the world governments because of too much energy waste. (This is already happening in some areas.)https://news.vice.com/en_us/article/59w5eb/china-is-about-to-kill-nearly-all-bitcoin-mining-operations-in-the-worldAnd those are not end of the world problems, but merely possible outcomes because of economics. |
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Jim Chanos is absolutely right , bitcoin is not and never has been a true storage of value. No electricity , No Internet Access, No warehouses full of energy wasting ASICS , No Bitcoin Access to Water, Food , Medicine, Heating & Air Conditioning, and Guns & Ammo , heck even a Good knife will be worth more to you than all of the bitcoins in the world in a true survival situation. The #1 reason Bitcoin will never match a physical item , in a survival situation , if you can't drink, eat , or get shelter from it , it has zero usage. Read the following : https://www.amazon.com/Second-After-John-Matherson-Novel/dp/0765327252And you will realize with a true SHTF moment, you are better of with a carton of cigarettes to trade than millions of bitcoins or fiat. (However you can at least burn the Fiat, bitcoin can't even do that.)Dangers Bitcoin Faces 1. Government Banning all Bitcoin Mining, because of the insane energy requirements, this vulnerability is because mining is now centralized to only the wealthy that can afford warehouses full of asics. And it has already begun : https://news.vice.com/en_us/article/59w5eb/china-is-about-to-kill-nearly-all-bitcoin-mining-operations-in-the-world2. Price of Bitcoin Exceeds it production costs so miners are forced out of business and bitcoin network freezes forever. 3. Other coins , that are energy efficient, decentralized, better inflation control , network costs less to maintain and can process transactions from a laptop in a coffee shop replace bitcoin and cause danger # 2 to happen.  4. Bitcoin transaction fee price it out of the markets and everyone uses other coins for their needs. With 1 pound of Gold you can hide it and dig it up in 10 years and it is still 1 pound of Gold. With 1 Bitcoin , you can hide your private key, but if the network crashes in 10 years, you will never recover it. (All you have is a piece of paper with some gibberish on it.)  |
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Proof of Stake is no better then our central banking system with the top selling of their inflated interest.
The Answer to the above issue is easy, you design a Proof of Stake System with an Ultra Low Inflation/Interest rate. By making the rate ultra low , you assure that the system stays fair for all , and that anyone selling any amount of real value is selling from their principle and not interest alone.This ends the so called Rich only get richer myth in Proof of Stake. The Energy Efficiency of Proof of Stake verses Proof of Work can not be denied.
*Interesting enough the Miners that are rich that get richer , no one worries about in Proof of Work.*
Due to the financial costs of running warehouses full of ASICS, has Centralized Bitcoin mining to the Already Rich.For the first bolded point, this is the flaw, there is no 'assuring' that. Look at the disaster our 'trusted third party' banks have done. As for the second point in bold, the miners also SUPPORT the network and therefore deserve the fees, this is why it is called 'Proof of Work.' As for the energy efficiency argument, I've said this many times. Alternative energy is possible and if we were to take Bitcoin Cash as seriously as far a making it a globally adopted currency, billions would be invested into these alternative energy sources if the desire was there. China runs on coal and thats the problem, not Bitcoin Cash. Lets also remember how many bank related services would not be running 24/hours a day. The energy efficiency articles are often overstatements without any real factual backing. Those statistics are often kept quiet. Its important to care about the environment for future generations, but there are alternatives here. Their is no flaw, Bankers use a Loan System to Create Unlimited Sums out of thin air, of which they have completely Centralized Control. A Well Designed Proof of Stake System using ULI is Decentralized , as no one can confiscate or deny transactions like in the banking system. As far as your alternative energy , that is beyond nonsense. The alternative energy is growing at 2.6% per year max and that is projected until 2040. It is a joke, at the insane rate bitcoin is pulling power, you need a New Nuclear Power Plant running at full capacity almost on a bi-weekly basis starting in late 2019 . Due to regulatory restrictions , that is never going to happen. The more likely scenario is that World Governments begin blocking Bitcoin Mining and only allow their chosen few to receive the electricity for bitcoin mining. This gives the world governments the power to choose only those that will comply with their requests on which transactions to include in the blockchain and which address to blacklist. They may not be able to steal the funds, but they will force the miners to freeze in place anyone's bitcoin they so deem enemies of the state. The Insane Energy waste is a security vulnerability because it further increases Centralization of bitcoin , not a security benefit as some in here so foolishly believe. In the end result , a Centralized bitcoin will be no better than a Centralized Banking System. Decentralization is the key to avoiding Government Control and Censorship from Totalitarian Regimes. Power, regulations, centralisation. At the end of the day the power is in the hands of the wealth and they will regulate the control. And it ain't gonna be zeitcoin. Time will tell on ZEITCOIN,  In your close minded nature, you are also missing the fact that a new PoW algorithm running only on CPUs would destroy ASICS Centralization and re add decentralization back into bitcoin. It would also avert the energy apocalypse in bitcoin's current future. In other words , if you pulled your head out of your ass, you would see their are additional options , only if people start acknowledging the insane energy waste is a problem. Proof of Stake is not a viable solution for Bitcoin as it requires a larger number of coins to secure the network than their 21 million limit. However , in the mean time converting to a CPU ONLY mining solution would return Bitcoin to its original roots and restore decentralization to its platform. (This coin claims to follows Satoshi Vision more than others, well when he started their were no ASICS Farms, and he only ran his mining on a CPU.)
But if in your arrogance you prefer domination by the select few rich miners that will consort with Government to control transactions, feel free as others will choose different. |
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Proof of Stake is no better then our central banking system with the top selling of their inflated interest.
The Answer to the above issue is easy, you design a Proof of Stake System with an Ultra Low Inflation/Interest rate. By making the rate ultra low , you assure that the system stays fair for all , and that anyone selling any amount of real value is selling from their principle and not interest alone.This ends the so called Rich only get richer myth in Proof of Stake. The Energy Efficiency of Proof of Stake verses Proof of Work can not be denied.
*Interesting enough the Miners that are rich that get richer , no one worries about in Proof of Work.*
Due to the financial costs of running warehouses full of ASICS, has Centralized Bitcoin mining to the Already Rich.For the first bolded point, this is the flaw, there is no 'assuring' that. Look at the disaster our 'trusted third party' banks have done. As for the second point in bold, the miners also SUPPORT the network and therefore deserve the fees, this is why it is called 'Proof of Work.' As for the energy efficiency argument, I've said this many times. Alternative energy is possible and if we were to take Bitcoin Cash as seriously as far a making it a globally adopted currency, billions would be invested into these alternative energy sources if the desire was there. China runs on coal and thats the problem, not Bitcoin Cash. Lets also remember how many bank related services would not be running 24/hours a day. The energy efficiency articles are often overstatements without any real factual backing. Those statistics are often kept quiet. Its important to care about the environment for future generations, but there are alternatives here. Their is no flaw, Bankers use a Loan System to Create Unlimited Sums out of thin air, of which they have completely Centralized Control. A Well Designed Proof of Stake System using ULI is Decentralized , as no one can confiscate or deny transactions like in the banking system. As far as your alternative energy , that is beyond nonsense. The alternative energy is growing at 2.6% per year max and that is projected until 2040. It is a joke, at the insane rate bitcoin is pulling power, you need a New Nuclear Power Plant running at full capacity almost on a bi-weekly basis starting in late 2019 . Due to regulatory restrictions , that is never going to happen. The more likely scenario is that World Governments begin blocking Bitcoin Mining and only allow their chosen few to receive the electricity for bitcoin mining. This gives the world governments the power to choose only those that will comply with their requests on which transactions to include in the blockchain and which address to blacklist. They may not be able to steal the funds, but they will force the miners to freeze in place anyone's bitcoin they so deem enemies of the state. The Insane Energy waste is a security vulnerability because it further increases Centralization of bitcoin , not a security benefit as some in here so foolishly believe. In the end result , a Centralized bitcoin will be no better than a Centralized Banking System. Decentralization is the key to avoiding Government Control and Censorship from Totalitarian Regimes. |
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Proof of Stake is no better then our central banking system with the top selling of their inflated interest.
The Answer to the above issue is easy, you design a Proof of Stake System with an Ultra Low Inflation/Interest rate. By making the rate ultra low , you assure that the system stays fair for all , and that anyone selling any amount of real value is selling from their principle and not interest alone. This ends the so called Rich only get richer myth in Proof of Stake. The Energy Efficiency of Proof of Stake verses Proof of Work can not be denied.
*Interesting enough the Miners that are rich that get richer , no one worries about in Proof of Work.*
Due to the financial costs of running warehouses full of ASICS, has Centralized Bitcoin mining to the Already Rich.
No one seems to worried about the environmental damage or costs inflicted on the Old & Poor by Miners increasing electricity rates across a region.Typical Bitcoin Miner Photo when asked about their insane electricity usage.  Just staring at their profits, with no concern for anyone else.  |
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Nocoiner ad is just an extension of the Bitcoiners that accept Bitcoins like a false religious fanatic and not as it truly is just a technology product. Reason and logic is not their strong suit as they are unable to understand the obstacles that faces their tech product. Bitcoin's 1. Energy Waste is not sustainable. 2. Has become centralized and therefore vulnerable to government control 3. Utility usage can be manipulated by a vulnerable fee system 4. If Bitcoin Network Costs exceed the Production Cost & Transaction Fees, then the network can't survive for long. * Many of the religious zealots think the warehouses full of asics make bitcoin more secure, but since thinking is not their strong suit , they fail to realize that much centralization now means that Governments can decide who is & who is not allowed to confirm bitcoin transactions. * *So any Bitcoin Miner that includes a transaction from a Government blacklisted address, will automatically get their power turned off.* Mention the following to a bitcoin religious fanatic , and all you get back , that is fud , or you don't understand bitcoin, or Bitcoin is King. Bitcoin is a tech product , nothing more , nothing less and as such is vulnerable to real world situations that can arise. |
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^ cmon, we know that you re not that dumb as your 'prediction' might be. Pls also note you re on the bch side here... try to convince those legacy guys first and try not to get banned again Last time, I checked, I was not the dumb one ignoring a major problem. I am just letting you know that a lot of professors are pointing it out as an issue. Read the links.And Bitcoin Cash & Bitcoin Core are both responsible since the same mining equipment is mining a % of both coins. But you guys do whatever, fix it or don't fix it, but don't be surprised when the energy waste is all other people care about, you got less than 2 years before that is made clear to you. Good Day. |
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You are aware of ‘alternative energy’ ? You are aware of 'Math'? Bitcoin Alone will use 100% of the amount of electricity the world generated in 2017, as soon as Feb 2020. That is all of the electricity including electricity from alternative sources. If you think the world energy output is going to double or triple in the next 2 years, lets just say you are naive. https://www.pri.org/stories/2017-12-20/bitcoins-sky-rocketing-energy-use-viral-story-we-checked-mathEric Holthaus wrote for Grist that “by July 2019, the bitcoin network will require more electricity than the entire United States currently uses.
By February 2020, it will use as much electricity as the entire world does today.” https://www.computerworld.com/article/3068599/sustainable-it/renewables-fastest-growing-energy-source-feds-say.htmlRenewables are now the world's fastest-growing energy source and are expected to increase by 2.6% per year through 2040.
Hydropower and wind are the two largest contributors to the increase in world electricity generation from renewable energy sources, the report stated.May 11, 2016 Alternative energy is only growing at 2.6% per year, it can in no way even slow down the insane energy waste of bitcoin. |
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In the NovaExchange News https://novaexchange.com/news/2018-05-31 11:24 - Fabulous Nova traders! Here's what's going on.
First of all, it is SO GREAT to see that so many of you are trading, we have seen a 1150% (!) increase of overall daily trades so far, and your deposits are continuing to flow into the market. Bitcoin, Litecoin and Dogecoin!
We can see from the flow of questions we receive that many of you are passionate about the future and the next step for Nova Exchange!
So. Of course we want to keep you in the loop on what is up next for Nova!
Well! Our next step will be to accept deposits in several other assets/coins/tokens than we do today. The ambition is to open deposits in ALL currencies as soon as possible, but that might take a few weeks.
After that, our plan is to onboard most of the latest top 20 forks and coins that are currently not represented on Nova.
Then we want to open the gates for new costumers and new coins, so please let all your crypto friends know, that if they are patient, they will, in a not too distant future, trade on a new, faster, safer, and better looking Nova Exchange!
If you have any questions, please let us know in the trollbox, or shoot an e-mail to our support!
We sure have our work for the next 20 days or so cut out for us.
Happy Days!
//Team Nova! |
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@Franky1, It may be that way in other countries But US markets are under Dodd-Frank Wall Street Reform and Consumer Protection Act passed in July 21, 2010 It is "against the law to spoof, or post requests to buy or sell futures, stocks and other products in financial markets without intending to actually follow through on those orders."
Anti-spoofing statute is part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act passed in July 21, 2010. Problem with their wording , without intending to actually follow through on those orders, Meaning those guys that immediately cancel buy orders using high speed computing could be charged, even if they had the funds to buy. What they want to prove is intent. Manual orders and you be safe , but automated high speed orders , that immediately disappear after their sell , that they may go after a US citizen or a person that trades on US Markets. https://www.subjecttoinquiry.com/enforcement-and-prosecution-policy-and-trends/first-guilty-verdict-for-dodd-frank-spoofing-violations/
Home > Enforcement and Prosecution Policy and Trends > First Guilty Verdict for Dodd-Frank “Spoofing” Violations
November 9, 2015
First Guilty Verdict for Dodd-Frank “Spoofing” Violations
By Christopher McEachran
On November 2, 2015,
Law360.com reported that Michael Coscia became the first individual to be convicted for the crime of “spoofing” under the Dodd-Frank Act of 2010.
The Dodd-Frank Act amended section 4c(a)(5) of the Commodities Exchange Act, making it unlawful to engage in any trading or practice that “is, is of the character of, or is commonly known to the trade as, ‘spoofing’ (bidding or offering with the intent to cancel the bid or offer before execution).” The Commodity Future Trading Commission (CFTC) published an Interpretive Guidance and Policy Statement that explains spoofing in terms of the intent behind the submission and cancellation of the bids. Improper reasons include: overloading the quotation system, delaying another’s trade execution, creating the appearance of false market depth or creating artificial price movements.
Coscia, the founder of Panther Energy, LLC, allegedly created two computer algorithms that posted orders to the Chicago Mercantile Exchange and ICE Futures Europe with the goal of canceling them before they could be executed. Coscia would place a small order to sell a futures contract and then place a large order to buy the same contract at higher prices, giving the impression of demand, before canceling the buy orders after selling the contracts at his desired price. CFTC Commissioner Bart Chilton referred to this activity as an attempt to “fake out” other traders. Coscia would repeat this pattern sometimes hundreds of times a day for a single contract.
The CFTC’s investigation into Coscia ended with a settlement in 2013 for $2.8 million, which included a $1.4 million fine and $1.4 million disgorgement of the profits from his spoofing activities, as reported in the Washington Post. Coscia also settled with Britain’s Financial Conduct Authority for $900,000.
A little over a year later - in October 2014 - Coscia became the first person indicted under the Dodd-Frank Act’s prohibition on spoofing. Prosecutors said Coscia profited by $1.3 million over three months in what they described as a “classic bait and switch.”
Coscia’s defense team attempted to paint a picture of a highly sophisticated trading strategy that involved high-frequency transactions that occurred “in the blink of an eye.” They explained it was a common strategy to cancel trades that became old, even if old was only a few milliseconds after the bid was entered.
Coscia’s case was watched closely by financial trading firms and regulators, as many observers believed a failure to convict would have been seen as a sign that the anti-spoofing law was unenforceable, as reported in the Chicago Tribune. After a one-week trial, the jury needed only one hour to convict Coscia of all 12 counts of commodities fraud and spoofing.
Commodities and securities traders should be aware of the anti-spoofing provisions in the Dodd-Frank Act, and know that administrative fines and bans represent only one enforcement avenue open to the government.
During the trial, Michael Coscia said "the only thing he was guilty of was being good at his job". https://www.whitecollarbriefly.com/2017/08/08/michael-coscias-spoofing-conviction-upheld-by-the-seventh-circuit/Michael Coscia’s Spoofing Conviction Upheld by the Seventh Circuit
In a move that will have commodities traders on high alert, the Seventh Circuit Court of Appeals has upheld the conviction of Michael Coscia, who was sentenced to three years in prison after a federal jury found the former trader guilty of spoofing and commodities fraud. In its 42-page opinion, a three-judge panel denied Coscia’s argument that the anti-spoofing statute is void for vagueness, finding the provision “provides clear notice and does not allow for arbitrary enforcement.” As a result, Coscia’s first-of-its-kind conviction was affirmed. |
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The Bitcoin Core fork also claims to be Bitcoin. I believe you are wrong. The Bitcoin Core, BTCC developers are praising Bitcoin as still the "king". Check their website, https://thebitcoincore.org/Personally I think the original bitcoin died when the Community was unable to find consensus to fix the scaling problems Bitcoin is still intact after the miners activated BIP91. There was no chain split. and forked in two different directions, No it was Bitcoin Cash that forked to be an altcoin. and now you have two non-bitcoin coins claiming to be bitcoin, when in truth neither is. Only a moron would believe that. I believe that the Bitcoin Cash community would be better without Roger Ver. He is destroying the coin's reputation. Sorry the segwit branch is a fork , no matter how you put it. Otherwise remove all segwit updated clients and if your segwit address still work without it , then it is the original, otherwise you're just plain wrong. LOL, now it is funny that some bcore fanatics are so insane about BTC being labeled bcore, that they create a new hard fork and a web site. Here the deal, there was already a Bcash coin , when you guys labeled BCH bcash against their wishes. So it looks like turnabout is fairplay , and they are doing the exact same to you, creating a false coin trying to prevent it , LOL, is beyond silly, but go ahead as rational ideas seem to hurt you. You dear angry person hate Bitcoin Cash BCH and Roger Ver, as no neutral person would complain for this many days. What would any BCH bcash supporters listen to you as you definitely do not have their best interests at heart. So look , you keep being angry and sprouting off what the coin supporters for another coin (that you hate) should do, and don't be surprise when they just keep ignoring you. I've got better things to do , Peace Out hippie.  FYI: BCH=Bitcoin Cash=Bcash BTC=Bitcoin Core =Bcore (no matter how many fake coins you guys create.) |
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The Bitcoin Core fork also claims to be Bitcoin. Personally I think the original bitcoin died when the Community was unable to find consensus to fix the scaling problems and forked in two different directions, and now you have two non-bitcoin coins claiming to be bitcoin, when in truth neither is. |
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Bitcoin is the first digital cryptocurrency and it is the pioneer also. Bitcoin cash is the result of Bitcoin hardfork. Bitcoin is long term scalable and sustainable coin.
Both Cash & Core are forks of the original Bitcoin, neither is the original since the community split during the forks, some went with one some went with the other. While the miners just play both sides by mining both. |
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There are over 17 different coins with the name bitcoin in front and that started way before Ver Split off from Bitcoin Core / LN . Best advice look at the trading symbol and add the 2nd name so everyone knows what coin your are talking about. Since no one had the good sense to copyright the name expect their to be more coins in the future. |
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If you are a Yobit User, tell them to update & sync their ZEITCOIN wallet. Here is the Source Code https://github.com/zeitcoin/zeitcoinHere is the bootstrap https://bitcointalk.org/index.php?topic=487814.msg31894202#msg31894202
*Until Yobit Syncs their ZEIT Wallet to allow Deposits & Withdrawals , No one should use them.*
*It has been over a year they have refused to sync their wallet and ignored all support tickets.*
FYI: Future Promos from newbies for Yobit will be deleted , if Yobit can't learn to be professional and sync/fix their Wallet. |
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GCN coin is building an exchange, IRCEX, and is looking to add coin for testing. Might want to look into it, and see if Zeit should collaborate since GCN has been around about as long as Zeit.
If they are building the exchange, then they will decide what coins to add. Since they are building the exchange, what would they need us to collaborate on? If Greg wants to add zeitcoin to his exchange , he is free to do so, our source code & bootstrap.dat links are on the OP. If he did add our coin to his exchange, we would promote it on our OP in the list with the other exchanges. Aside from that, I don't see any other ways to collaborate. Feel Free to PM me, in case I am missing something here. |
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Bitcoin energy wasting is growing exponentially that is the problem , it is growing faster than the infrastructure ability to keep up. The Banking industry energy footprint took almost a century to reach where it is now , and its growth is not growing exponentially. The Facts are Proof of Stake is energy efficient, there are even other Proof of Work Algorithms that are way more energy efficient than the one bitcoin uses. But the miners in their greed, don't want to even switch to a more energy efficient PoW Algorithm such as Groestl or x13 . https://blog.xtrabytes.global/technology/proof-of-work/Even if 50% of the energy consumption were to come from renewable energy, it would still not be deemed ecological by any means.
The carbon footprint for a single Bitcoin transaction is still very large, having an equivalence of almost 100 kg of CO2 being produced.
Obviously, this is something that needs to change if we want to save our environment.
The Tipping point is no later than ~ Feb 2020, at that point Bitcoin alone will require the same amount of electricity as the Entire world is producing in 2017. Before then, either they have to fix the problem, which they have shown no interest in , or the cost of making a bitcoin transaction exceeds the price people are willing to pay, and the bitcoin network is frozen in place. Electric Utilities have only 2 options: The Smart ones will ban all bitcoin mining in their areas. The Dumb/Greedy ones will try and feed a industry that can not be sustained, and spend billions on infrastructures and then go immediately bankrupt if the Bitcoin industry grinds to a halt. The reason Bill Gates & Warren Buffet talk about bitcoin as a failure is simple, they already had their top people examine it , and concluded it can't survive longer than 2 more years. The Electricity Waste problem is like an Aneurysm in Bitcoin's Brain and we have less than 2 years before it POPS!
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