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1  Economy / Economics / Can a deflationary currency reliably be used for wages? on: April 02, 2018, 10:18:03 PM
So a while back I remember coming across this article and happened to come across it again and was wondering what people on here thought:

So let me quote the more important part I would want to see debated:

The issue, as the piece explains, is that deflation in the unit of account leads to unemployment, thanks to the fact that wages generally don't adjust downward. Mr Hearn suggests that the idea that deflation might be costly is controversial among economists. I must disagree; it really isn't. Economists would love it if he were right that deflation didn't matter—that money, in economists' parlance, is neutral. If wages adjusted quickly and cleanly then they could go back to applying really straightforward classical economic models and everyone's life would be simpler. But the data are very clear on this point; wages are "sticky", and so deflation in the currency in which wages are set is costly.


One final point: I think it is a mistake to view deflation or zero inflation as the idyllic, uncorrupted state of a monetary system. Money is not a natural thing. It's a technology that society deploys to meet certain needs. Different monetary systems imply different things for the price level in an economy, with vastly different distributional consequences. To say that one set of distributional consequences is right while another is not would be wrong; they are what they are and society chooses which it prefers. There are costly side effects to -2% inflation or 0% inflation just as there are to 2% inflation or 15% inflation. My personal view is that the societal consensus behind low but positive inflation that prevails at the moment makes a lot of sense.

It makes an interesting point.  I mean for one thing we have seen a unit of account in somewhat recent terms, which was backed by another limited unit of account (gold standard).  But we never got to see what happened long term if we just kept the gold standard and didn't tamper with it.  What would happen as more humans came into the world and population doubled, tripled, and so on?  Would wages be able to keep up with a currency that has a hard limit?
2  Economy / Gambling discussion / Is anyone gambling on the US Open? Or golf tournaments in general? on: June 15, 2017, 02:59:28 AM
So I usually made my bets for golf tournaments on directbet before they stopped.  Is there any gambling websites like directbet left, in terms of gambling on golf tournaments?

I saw on that they have bets available but it's per group, not for the whole tournament...
3  Other / MultiBit / Transactions confirmed by 2 blocks, but basically says it's not going to pay on: December 22, 2016, 04:12:54 PM
So I sent a payment with high fees and it got confirmed fairly quickly... but after being confirmed for 2 blocks it says "This transactions did not pay bitcoins to any payment request."

I'm not quite sure what that means, because it was already confirmed on the blockchain.  I checked the wallet that I was sending it too and there is still nothing there.  Any one have any idea what this means? I've never had any other wallets of mine do this.
4  Other / MultiBit / Sent small transaction, and took out large amount of my bitcoins. on: November 13, 2016, 08:37:24 PM
So, I've been using multibit for a while now as a lightweight client and haven't ever had a problem until now.  I tried to send a small transaction of 5mBTC and here are the following issues that happened:

1) It failed to send the 5 mBTC
2) It ended up taking out 136.15 BTC from my balance and is, I guess (?), sending it back to me.  In the top I have "+Unconfirmed 136.15" so I guess that's what's going on, but I don't understand why.
3) It looks like there was a problem with the nodes it was connected too.

I set my transaction fees to .15 rather than the usual .1 and this still happened. How can I fix this problem and (hopefully) get my bitcoin back? Do I just wait and let multibit do it's thing?
5  Bitcoin / Bitcoin Discussion / Is there any chance of having any "fiat" like system that is backed by Bitcoin? on: November 13, 2016, 06:03:59 AM
I know that central bankers and people in power are not going to want anything like this to come to life; but I would like to think of a world where this is possible.  Even if it's just entertaining the idea and nothing will come of it.

I mean theoretically it could be done though.  In past human history, and even recent history, banks would have notes that would represent, or guarantee the person accepting the note, that it would be redeemable to get X amount of gold or silver for that note and or currency in general.  It worked for a while, until governments and banks had the incentive to keep the precious metals for themselves and overprint their currency to help fund wars, or "pay off debts", etc; thereby making people placing value in the notes in terms of having "trust' in the American/global economy.

Now what would happen if you could create a fiat system where you could just strap the gold or silver to the note itself?

Would it technically be possible to have a system in government where we send Bitcoin, or even another cryptocurrency, to an address that is attached to the note it self?  

I know that there are already things that have been created for stuff like this; such as OpenDime and Satoshi Notes.  But, I'm curious as to what you guys think would be a "do-able system" if something like the fiat system were to collapse and there were need for a new currency for the masses... since block size limits probably wouldn't allow for that high of tx/sec.
6  Economy / Economics / Count down to the U.S. election; A.K.A: S&P 500 armageddon on: November 05, 2016, 01:02:30 AM
So, there is obviously going to be some sort of movements on the markets when we get closer to/post election time; and when there is economic uncertainty in the markets, there is always bound to be some volatile movements in the cryptocurrency/precious metal markets.

So, what are you doing to get ready for the election to hedge your value away from the dollar as we get close to the shit storm that is Hillary vs. Trump? 

I'm especially curious to what people are doing who live outside of the US to get ready for the economic uncertainty.
7  Economy / Exchanges / How's it doing now and days? on: June 07, 2016, 11:16:26 PM
I was trying to see if there were any recent threads about BitQuick since one of the premier Bitcoin ATM companies (I forgot who exactly) took over the site, because they were hacked awhile back...

Has anyone tried out the site recently?  If so how was it? I've only used localbitcoins in the past and was wondering about this site since it looks like they might have lower prices than what people on localbitcoins are selling for.
8  Economy / Gambling / Official 2016 PGA pick'em thread on: February 17, 2016, 01:39:10 AM
So, I've always loved playing and watching golf; and I have decided to try and get lucky on some tournaments this year and post my predictions every week so you guys can get in on the fun too!  

DISCLAIMER: I AM IN NO WAY AN EXPERT! I just like watching golf.

Golf is a pretty enjoyable sport to watch, in that you can sit around the house and watch a tournament for hours and drink beer... Right up my alley if you ask me.  When it comes to betting, it produces very good odds if you win, even if you pick a heavy favorite (like Jordan Spieth).  I'm going to post up my picks with betting amounts here for you guys to follow and/or participate if you're feeling froggy yourself  Wink .  

More than likely I'll bet on a favorite and a dark horse contender.

Hope to see some good profits for 2016  Grin
9  Other / Off-topic / People in U.S. ... who's playing the $900 million Powerball tonight?? on: January 09, 2016, 09:24:12 PM
So, most people on here understand that gambling on something like a lottery will never give you the real chance of winning anything; especially the Powerball... which I think I've read before that the chances of you winning is something to the equivalent of you getting struck by lightning twice[/i] in the same day.  But, I've decided to give it a go because it's a record high jackpot and got a couple tickets for giggles.  Just wondering who else on here (from the U.S.) has decided to give it a go as well.

  • What would you do with the money?
  • Would you take the immediate cash payout? Or would you take the 30 year annuity payment system to avoid taxes?
  • Would you/how much would you invest into bitcoin?
  • Would you/how much would you invest into other assets such as gold/silver, real estate, etc?
  • Would you use that money to operate a business you've always wanted to have? Or would you simply retire for the rest of your life?
10  Economy / Economics / TZM thread: Does it still even matter to people anymore? on: January 07, 2016, 03:56:26 AM
Forgive me for going on a rant here, but I was recently just thinking about this.  Before you read further, this is about the Zeitgeist Movement; and seeing if there is a genuine interest anymore. 

People who got started in Bitcoin a while ago got influenced by it, because they believed that it possessed the power to give power back to the people.  This really doesn't seem to be the case any more. People are only interested in this virtual currency because it seems to be a vesicle for people to earn "free" money.  It seems as the days go by, people don't really give a shit any more about the power of being your own bank and not having to rely on the monetary system of the Central Banks; nor do people really seem to care about the reality of continually going into debt for the rest of your working life.

The Zeitgeist Movement obviously was very controversial and didn't go over very well with a lot of people.  It touched on a lot of touchy subjects like religion, philosophy, politics, and the list goes on.  You can be able to disagree with some aspects in religion and philosophy that the documentaries/movies touched on, but you can't deny the reality of what is presented about the continuing, overhanging debt that every citizen of every nation must undergo.

Regardless of philosophical view points or religious beliefs, there is no denying the system the Central Banks puts upon us are a very well orchestrated system of continuous enslavement of citizens from birth to death; unless of course, you are the 1% who can afford to put millions of dollars into CD's to gain interests rates that are in itself a ponzi scheme to the max.

It was bad enough when the Federal Reserve issued these "notes" or dollars, euros, yen, etc., backed on the "gold standard" which promised the amount of gold per note; but ever sense this gold standard was dropped, there has been nothing more than perpetual inflation and ridiculous loans being made out which cannot be made back.  To make things even worse, I'm pretty sure only 3% is in the physical form and the remaining 97% is all digitalized...

Which brings us to Bitcoin.

If something is going to digitally transferred between person to person, why should it be something created out of nothing, which in turn needs to paid back with interest; instead of a finite system, a digital "gold" if you will, that can be mined and stored in your own, personally owned, banking vault which can be taken out and stored at will?  When will people stop and listen?  What needs to be done to make people realize that they are playing into the hands of governments and the Fed, by being a modern slave? 

This is what's more concerning though...

If you tell them about this inevitable problem, they really don't seem to care.  Worse, is that if you propose that you want to believe in a philosophy that you want the well being for everyone on the planet and not just for your nation, you are deemed not "patriotic" and are labeled and "anarchist" or "marxist", which has a pretty bad stigma with people.  The Zeitgeist proposes something that is not of a philosophy that has been able to be developed until now, and shouldn't be labeled as a political philosophy; but rather it should be labeled as a philosophy for a type of government that uses logical intelligence that is backed by math and science to not waste resources and meet the demands of everyone.

Also, what's concerning is that the people who were once into Bitcoin for the financial freedoms it proposed, are now more interested in the financial game that is now in play and are only interested in it to cash out to have extra spending money... and so this cycle of corrupt economics continues...

What do we need to do to make people realize of the dire situation we are currently facing?

... Or does it still even matter to people anymore?
11  Bitcoin / Bitcoin Discussion / This is scary.. Potentially, could this stop BTC adoption in the long run? on: December 22, 2015, 07:38:46 PM
So, we all know that we live in a world where politicians, or any type of authority figures for that matter, have some form of control on what we do in everyday life.  What China is ready to implement and make mandatory in 2020 could revolutionize how authoritative figures can maintain that power without the fear of a rebellion.

As if further proof were needed Orwell’s dystopia is now upon us, China has now gamified obedience to the State. Though that is every bit as creepily terrifying as it sounds, citizens may still choose whether or not they wish to opt-in — that is, until the program becomes compulsory in 2020. “Going under the innocuous name of ‘Sesame Credit,’ China has created a score for how good a citizen you are,” explains Extra Credits’ video about the program. “The owners of China’s largest social networks have partnered with the government to create something akin to the U.S. credit score — but, instead of measuring how regularly you pay your bills, it measures how obediently you follow the party line.”

Now, this could mean huge implications of what happens to Bitcoin in the future. If major nations like China start implementing this system, then they could force opinions down the throats of citizens, and the citizens won't mind because they get benefited from it.  This definitely is something people in Bitcoin should be worried about, because if the state decides that you shouldn't talk about, watch videos, or better yet just use Bitcoin, then that will mean that if you do then your "sesame credit" will go down and you won't have the benefits of those that do have a higher credit.

To make things even worse, if you do post stuff that goes against what the government wants you to post, then your friends and loved ones will have the incentive to "de-friend" you in a way... because if you are friends or acquaintances with someone on social media and that persons "sesame credit" is low, it will bring down your credit as well.  

Yikes.  Embarrassed

Edit: I suggest people watch the video in the quote above... that video pretty much sums up everything and is pretty easy to digest.
12  Economy / Gambling discussion / [SPECULATION] Next big thing in online gambling? on: December 14, 2015, 10:57:57 PM
So, we've all pretty much seen it all when it comes to new gambling websites that are coming out now and days.  From P2P games like blackjack and poker, to provably fair lotteries and dice sites... different types of sports gambling games are also starting to pick up interest in the bitcoin world which is also a very good thing.  All of these are well and good, and while I do like to frequent some of these sites when it's a rainy day; it leaves me to think about what new possibilities are out there for new entertaining games that casinos will implement in the near future.

I keep frequenting the gambling section just to see if there were any new games and ways to gamble that have been recently made, and really, it's all just the same thing... people predicting sports picks, best ways to play dice, etc. etc.

Why not freshen things up on here with a speculation topic that asks the question: "What's your idea of the next big thing in online gambling?"
13  Bitcoin / Bitcoin Discussion / Which will be more adopted in long run: btc mobile payments or debit cards? on: December 04, 2015, 12:27:48 PM
I have been thinking about this for a while. There seems to be some hope on here that in the future, that when you buy something from a merchant, that the businessman/woman will give you a QR code which you then scan and pay via mobile payment. There seems to be an underlying problem here with this hope for the future, in that, if you use bitcoins like that for everyday micro transactions, along with a larger adoption rate, blocks will be maxed out and will take forever to be able to confirm. This is not a beneficial way for you or the merchant to handle business.

However, if you supply an asset based debit card with Bitcoin that has a reliable debit system in place like visa or master card, then there will be the benefit of spending your bitcoins, along with fast micro transactions.

I still have yet to get my own Bitcoin debit card for this purpose, but am interested in what people think if they have tried it, and what they think the future of spending your bitcoins may look like in everyday transactions.
14  Other / Off-topic / What kind of music does bitcointalk listen too? on: October 25, 2015, 06:44:08 AM
So I was thinking about this the other day... music really tells a lot about the personality of someone and can really connect people in a different level than by just talking to them (especially through a forum).  So I think it would be best to get to know users on here by listing off their favorite types of music and bands.

As for me I like kind of rock and roll/bluesy stuff (Ex: Allman Brothers, Stevie Ray Vaughn, Rolling Stones, Tedeschi Trucks Band, etc.)

So what do you guys like to listen too?
15  Economy / Speculation / In your opinion, what price point is "Da moon"? on: October 23, 2015, 03:25:52 AM
So people have always stated that they are going to wait until the price of bitcoin reaches some magical price point which represents "Da moon" to sell out their bitcoins... So my question(s) is this:

1) What price is "Da moon"?

2) How will you know you have gotten there?

3) Will it be worth it to cash out when it hits that point in your opinion?  If it truly helps you out purchasing goods in an easy and convenient way, would you really consider "cashing out" for that big paycheck for the bitcoins you hold, just to go back to the same ol' mundane fiat system that we all left?
16  Other / Politics & Society / Astronomers may have found alien megastructures orbiting star near the Milky Way on: October 15, 2015, 04:34:49 AM

A large cluster of objects in space look like something you would "expect an alien civilization to build", astronomers have said.  

Jason Wright, an astronomer from Penn State University, is set to publish a report on the “bizarre” star system suggesting the objects could be a “swarm of megastructures”, according to a new report.

I was fascinated by how crazy it looked,” Wright told The Atlantic. “Aliens should always be the very last hypothesis you consider, but this looked like something you would expect an alien civilization to build.”  

 Shocked Shocked Shocked

In the near future, they also want to try and point a radio dish in the direction of the star and see if they can detect any radio frequencies that a typical advanced civilization might use.  This could be absolutely nuts if they can somehow confirm this.
17  Other / Politics & Society / Isle of Man: What is it like there? on: October 09, 2015, 10:58:16 PM
So I live in the US and want to move somewhere new.  I really do see the US going down hill from here on out, with trillions of dollars in debt, distrust of government, loss of trust in the dollar, etc. etc.

I'm not a programmer or a bitcoin guru by any means, but I like to use the currency and think it's a good investment as of right now.  If I work in the health care field, would I have a very bright future there?  I'd like to move to a country that has a bright future ahead, and because of the fact that I think cryptocurrencies in general have a bright future, I would want to move there if the island is known as the "safe haven" for that.  I do not like being under regulation here in the states and would want to make the move in the upcoming 5 or so years.

But the question is, how is the government there? How are the people like? Does anyone on this forum actually live there now? What can people on here tell me about the Isle of Man?
18  Bitcoin / Bitcoin Discussion / Do you really feel comfortable giving away all the information Gemini requests? on: October 06, 2015, 05:13:41 PM
Please also note that Section 326 of the USA PATRIOT ACT requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. This federal requirement applies to all new Users. This information is used to assist the United States government in the fight against the funding of terrorism and money-laundering activities.

What this means to you: when you open a Gemini and/or User account, we will ask each person for their name, physical address, mailing address, date of birth, and other information that will allow us to identify them.

I know the "patriot act" is supposed to protect us from terrorism and all, but do you really feel comfortable handing over SS#'s and everything possible to identify you as a person and track every single "bit" you are spending?
19  Economy / Goods / [WTS] $50 physical gift card to Dick's sporting goods store on: September 19, 2015, 05:13:15 AM
So last weekend I got a $50 gift card for my birthday from grandma for Dick's  Undecided ... Not very exciting birthday gift, but could be a good purchase for those who like to frequent dick's to get some shoes or something of the sort I guess...

Escrows are accepted.  Willing to sell for .15BTC
20  Other / Meta / Questions about my account gets banned on: July 31, 2015, 03:44:11 PM
My alt account got message "
Sorry **, you are banned from posting or sending personal messages on this forum.
Insubstantial posts+sig ad (14 days)"
What does it mean? When can I post from my account?
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