This statement from Varoufakis the now former Greek finance minister is brave and clearly illustrates what's really happening in the world. The referendum of 5th July will stay in history as a unique moment when a small European nation rose up against debt-bondage.
Full Text http://yanisvaroufakis.eu/2015/07/06/minister-no-more/The referendum of 5th July will stay in history as a unique moment when a small European nation rose up against debt-bondage.
Like all struggles for democratic rights, so too this historic rejection of the Eurogroup’s 25th June ultimatum comes with a large price tag attached. It is, therefore, essential that the great capital bestowed upon our government by the splendid NO vote be invested immediately into a YES to a proper resolution – to an agreement that involves debt restructuring, less austerity, redistribution in favour of the needy, and real reforms.
Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted ‘partners’, for my… ‘absence’ from its meetings; an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today.
I consider it my duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum.
And I shall wear the creditors’ loathing with pride.
We of the Left know how to act collectively with no care for the privileges of office. I shall support fully Prime Minister Tsipras, the new Minister of Finance, and our government.
The superhuman effort to honour the brave people of Greece, and the famous OXI (NO) that they granted to democrats the world over, is just beginning. Would you look at that, the world does have some intelligent beings after all. This is why Bitcoin was created. The most stupidity that an human being can do is to connect the "intelligence" of one speech or something like that of Varoufakis which have as a principal purpose of his life the excessive preoccupation with or admiration of oneself with the intelligence of Satoshi Nakamoto which it has created one of most wonderful invention of century and is so modest as to be disappeared and to not enjoy the deserved merits of its invention. The narcissism of Varoufakis go over everything and first of all is showed with its behavior with all the European leaders in all they meetings. Even he is a poor debtor. No other merits is known as a foreign minister. But he want world recognition. So must be unique in its words with them. Such he was. For something which a shame for its country. To not get back the money taken from the others. Satoshi Nakamoto has created something that has passionate all the world and find followers and enthusiast every new day which pass. And yet he remain in silence and in anonymity. Who can imagine the honors that he will and can receive from everyone if will be shown? Yet him remain hidden. Can everyone who will read this post the stupidity of this comparison? And then the other shame. The title of "the speech" of Varoufakis with capital letters. The glory of something dirty and shameful. Glory to one people that vote to not give back the money to the owners. Money that made them rich and doing "la bella vita" without working and without doing nothing. I have no other words for this thread. If you borrow real money that is created by work/resource, then it is honorable to return it in time, that is for sure. But if you borrow some paper money that is created out of nothing, then clever people will try to return as little as possible, because once they spend that borrowed paper successfully, they have successfully dumped it to the next fool who exchange something valuable for nothing. The game is over, it does not hurt anyone if they don't return those paper that is created from thin air. Those who still return paper money is either too stupid to understand how fiat money works or voluntarily to work for the money printers for free |
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Although the total coin supply is known, the real supply on market is very unpredictable. That's also the major headache of central banks: They can print as much money as they want, but they can not force people to spend them, and once there are too much fiat money out there, an inflation storm will arrive without time to react
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SO they kick the can farther down the road.. the idea they can pay off the debt is hilarious. Only a complete and utter retarded could think it's possible, or someone corrupt as fuck that knows they can't and want's it to be someone else is problem...
Pigs rule the euro... massive massive pigs that can't stop eating.
yeah they are kidding themselves and shooting their own legs, their debt cannot be repaid and they knows it , but even so they are sustaining greece to remain maybe they think they can keep their debt to a low priority like with the USA and their usd, where even with 18T in debt, it's like they haven't one Yes, but Euro is never as adopted as a dollar is and doesn't sustain the strength to compete against major currencies, especially if Greece fall out. If Greece left eurozone, it would make Euro a little weak, even politically. But keeping Greece inside, will turn out to be over expensive as they have been sucking on like a parasite. ECB is capable of printing enough money to keep everyone inside, including the refugees from Syria  But the problem is fairness. It is amazing that there are so many different saving/spending behavior from different parts of the world |
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During last halving, many people already exhausted their hash power on GPUs due to difficulty rise, and the effect of reward drop was quite significant, so that many people are forced to shutdown, leave mining to those who have free electricity and FPGA Similarly, after next reward halving, only those with free electricity or high efficient rigs will stay online However, the arriving of ASIC miner also happened around the same time frame during last halving. Just one months following the halving, ASIC miner and Avalon delivered their mining equipment and caused a panic buy around the world, raised the bitcoin price by 10x But this time this kind of leap in mining technology is no longer possible(a quantum miner is still decades if not centuries away). So the anticipated change in mining landscape is limited, thus the price might not get a huge boost From daily coin supply point of view though, the reduce in daily coin supply is still significant (next time it will have less impact). Suppose that the daily coin supply on market is 5000 coins (including cashing out from previous holders), where 1800 coins are contributed from mining (suppose miners hold 50% of their coins), the reward halving will reduce that figure to 900 coins, thus cut daily coin supply on market by about 18%, so a price rise of 18% is still likely  |
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That's the right way to regulate bitcoin, IMO Due to the coin can move instantly to abroad, and it is impossible to enforce an international regulation around the globe, the most possible way is to treat it as cash, so that all the cash regulations today applies to bitcoin. This will save the regulators a hell lot of resource and effort while still have the risk under control in the current regulation framework Large transactions will have to follow AML and KYC regulations, and resulting in further conflict between users and regulators |
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IT guys typically have no knowledge about economy and finance, because that is usually decided by their boss
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I think that earnit is more of a joke. Piggybanks always had an appeal to be phisical items where you store small amounjts of money like change. Why create such a thing for electronic transactions? The fees involved and the required trust in the third party that has to come in to store them e-money completely negates the concept of a piggybank for me.
The behavior of small children are changing due to the mass adoption of tablets and smart phones, now even 3 year old is playing around with a tablet all the time. They grow up in a digital world so it is natural to use digital money, just like in any game A bitcoin hardwallet should be the right equipment for this kind of piggybank, it works exactly like a piggybank, your bitcoin only exists in this hardwallet. But if many children start to use it, the transaction capacity should be a concern, so only large saving is practical due to fee (But it is easier to understand fee instead of inflation) Following the same thought, you can have a piggybank for pensioners, where they buy 1 bitcoin each month for their retirement saving account, and the return of that piggybank will be 16% per year guaranteed. With a good fund manager, the return can even reach 30% per year, so that early retirement is achievable at ease. The fund should be accessed by multi-sig to reduce the risk |
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It is likely the capital fleeing china through bitcoin, thus constant buy pressure in china and sell pressure in western
In theory, someone seeing the arbitraging opportunity would buy coins dumped by chinese at bitstamp and send them to okcoin sell for RMB. But since RMB are not freely convertible to USD, the trader must have some motivation to hold RMB, and RMB is going to devalue in the foreseeable future, thus the motivation is low
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It seems that bitcoin will be regulated similar to cash at first. Then at a later stage, when the blockchain trace technology get more mature, there will be a public police database that is open to every one, certain coins might have a flag in this database, thus will not be accepted by any formal merchant application that is aware of this database. So every thief can not spend his coins and they all reduce the coin supply thus contribute to the rising value of bitcoin But since there is almost no way to prove that you lost your bitcoin, it is very difficult to flag certain coins at all. Take for example the Bitpay loss of 5000 coins, they have no way to prove that those 5000 coins are not under their control, thus it is almost impossible for insurance company and police to register those coins as tainted, otherwise everyone would just claim the coins in top 100 address are stolen and get all those coins flaged  From this point of view, legally it is almost impossible to blacklist certain coins But since when do governments obey their own laws? No, they don't obey another government's law, so it is likely coins blacklisted in one country will be totally fine in another country. Unless world's government all united (Is that possible?), the black list just makes the coin going for a round trip abroad |
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The total limited supply at 21M is the best property, and it's missing from the list
If bitcoin have exponentially increasing supply like fiat money, it will worth nothing, thus all its other properties will become useless
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This one seems to be quite close to a killer app ERNIT - The Piggy Bank for digital money https://www.kickstarter.com/projects/187482891/ernittm-the-smart-piggy-bankIMO, it should work exclusively with bitcoin to demonstrate the full potential of bitcoin saving. It should have an easier to read status light similar to battery charging indicator and also the corresponding fiat value indicator, so that child can learn about currency exchange from the beginning  |
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Bitcoin kills, quit bitcoin while you still can  |
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It seems that bitcoin will be regulated similar to cash at first. Then at a later stage, when the blockchain trace technology get more mature, there will be a public police database that is open to every one, certain coins might have a flag in this database, thus will not be accepted by any formal merchant application that is aware of this database. So every thief can not spend his coins and they all reduce the coin supply thus contribute to the rising value of bitcoin But since there is almost no way to prove that you lost your bitcoin, it is very difficult to flag certain coins at all. Take for example the Bitpay loss of 5000 coins, they have no way to prove that those 5000 coins are not under their control, thus it is almost impossible for insurance company and police to register those coins as tainted, otherwise everyone would just claim the coins in top 100 address are stolen and get all those coins flaged From this point of view, legally it is almost impossible to blacklist certain coins |
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I stumbled across this article recently: https://en.wikipedia.org/wiki/Enclosure"By dealing an ultimately crippling blow to the monarchy (which, even after the Restoration, no longer posed a significant challenge to enclosures) the Civil War paved the way for the eventual rise to power in the 18th century of what has been called a "committee of Landlords",[26] a prelude to the UK’s parliamentary system." See? A committee of landlords became today's parliament, it means most of today's high powered rich class are already formed centuries ago, they own almost everything in the country, rest of the people are just struggling to make a living on their land, and maybe die without anything worth mention Of course from time to time someone arise and successfully earn some money by provide products/services to the mass, but take so called richest guy Bill Gates for example, he could not even afford 1/10 of the land in a large city. That is not rich at all comparing with those land lords So what you are trying to say is to go back in time and own a bunch of land in the 18th century? lol. And if you are pointing to the fact that there is still more bitcoin to mine and you could be a major owner of "land", meaning bitcoin, at this day in age which is still cheap to invest if you think that bitcoins prices will hit the $1k-$10K range... then I think you might be right. The time is now I think to start investing heavily into bitcoin, but at the same time, I would hate to see the same corrupt pyramid type of system where the people who invested early on in the cryptocurrency system will reap the benefits from here on out if bitcoin were to become a global currency. I would personally like to see a better, easier way to transact money, where everyone will have equal opportunity to make it big... not just those who invested early on and now have so much purchasing power that they don't know what to do with it. If you want anything to have value, it must have limited supply, and once it has limited supply, someone with good vision will acquire as much as possible, as early as possible, taking the risk when it is still worth a little. So there will always be early adopters. But not all of them have vision and faith. There are early adopters like Rickard Falkvinge, bought around $30 but sold around $3 |
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I stumbled across this article recently: https://en.wikipedia.org/wiki/Enclosure"By dealing an ultimately crippling blow to the monarchy (which, even after the Restoration, no longer posed a significant challenge to enclosures) the Civil War paved the way for the eventual rise to power in the 18th century of what has been called a "committee of Landlords",[26] a prelude to the UK’s parliamentary system." See? A committee of landlords became today's parliament, it means most of today's high powered rich class are already formed centuries ago, they own almost everything in the country, rest of the people are just struggling to make a living on their land, and maybe die without anything worth mention Of course from time to time someone arise and successfully earn some money by provide products/services to the mass, but take so called richest guy Bill Gates for example, he could not even afford 1/10 of the land in a large city. That is not rich at all comparing with those land lords |
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No one can truly own real estate, they are always subject to tax and eminent domain. Only the utility/rent it brings make some sense
From this perspective, bitcoin is the only true asset that you can 100% own for generations to come
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Suppose that in future the coin supply changed to 1 bitcoin per block forever, then the yearly coin supply is less than 0.25% of the total coin supply, thus will not be able to trigger any observable inflation. But I guess by that time the fees from transactions are already higher than 1 bitcoin per block, so that it does not make a lot of sense from miner's perspective
There are too many variables that cumulatively and non-linearly affect an inflation rate (inflation in the sense of money depreciation, to avoid further confusion), and yet greater amount of variables in the case of an exchange rate. The effect of annual money supply can be easily overridden by other factors, e.g. expansion of adoption, turnover rate, amount of coins burned, etc... In short, taken separately from other factors, the annual money supply doesn't tell us much if we want to correctly gauge future inflation You can not prove something is good or bad by just talk, that's the reason bitcoin money supply scheme is setup on the other extreme of the spectrum to test how a totally different model will work in reality As I analyzed, a constant money supply model and a limited supply model works almost the same from long term point of view, but have very different psychology expectation. So select a limited supply model made its deflative promise very clear, it is better to be roughly right than precisely wrong And bitcoin's soul is consensus, if there is a widely reached consensus that a constant money supply model is much superior for all of the participants, then the money supply scheme will be changed. Since over 99% of the people do not understand what kind of money supply model FED should use, I guess such a consensus will never be reached in bitcoin community |
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Banks have first mover advantage
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Modulated design, easy to reduce international shipping cost, but still on paper, delivery date Feb 2016, by that time difficulty already doubled
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I have bought a couple of things with bitcoin, but as long as there are exchanges, I don't feel the urge to spend bitcoin. You can sell bitcoin to get some fiat money to payback the credit card: With fiat money you always gain something if you pay later
But I exclusively use bitcoin to do international transfers now, due to its speed and fee advantage
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