Does Reddit even have $50 million in disposable cash?  I think what they meant is they tacked on an artificial price to these Reddit coins and are expecting buyers to honor that price, which shows how naive they are.  If there's no way to negotiate the price for these coins then it's not a crypto currency but like Amazon coins.

It lost 2/3rd of its' value within a year like what happened in 2014?  Imagine if everybody lost 2/3rd of their purchasing power?  What would the economic results of this be?

Is it possible this could spread faster within America than within Africa?  I think most people in Africa are subsistence agriculturalists or urban dwellers who don't really commute long distances.

The thing about America is people are so afraid of losing their jobs that they don't even take sick days when they need them.  There could also be more personal contact in American culture than African culture (such as shaking hands with strangers).  Then public gatherings like sport arenas where you can have large groups of people in close proximity with each other.

It's an individuals responsibility to report their account being compromised as soon as possible (ASAP).   NEM has been in pre-release for a long time now.  Hasn't there been two previous breaches prior to the current one?  Seems like if you had an account compromised for months and didn't report it then it was probably a forgotten account to begin with.

Well unless you want to read and organize information from 3000 profiles.

I would make it optional (just like token request is optional).  If you want that extra layer of security of being email verified over BTT verified then you send Patmast3r / xtester a message containing your email.

Just a reminder that, once you send out that message, that you delete your sent outbox (so if your BTT is compromised then whoever has your account can't find out what email you gave Patmast3r / Xtester)

I emphasize wealth more than technology.   I don't mistake wealth as being exclusive to the rich but rather wealth as a measure of independence.

  You can have someone in contemporary times with access to these contemporary things (and distractions) but they might be working 60 hours a week at three part time jobs.  Would you rather be that part time worker or a Medieval King?   That is a comparison of extremes I guess.

Especially with how society has devolved - I think I would rather take my chance as a Cowboy in the 1890s when there was plentiful free land than the possible future where 99% of people are living in rental apartments (but with distractions).  Granted this is me coming from an international Anglophone Pax Americana culture where owning real estate is culturally important.

Stagflation is the correct term for the first sentence.

The necessity argument is true but there's also inheritance as well.   I can't really name many dynasties which preserved their wealth for centuries, other then the Rothschild (their alleged wealth could just be allegations and no basis in reality).

Most of the wealthy dynasties today are families which emerged after 1913, when inflationary $Fiat became king.  In an inflationary supply it seems like all the printed or fractional reserve wealth is concentrated into a few hands and worker's incomes decline due to stagflation and their savings are diminished through the hidden tax on the poor being inflation.


Of course even with a fixed monetary supply it doesn't really address the problem of fractional reserves which is where most of the inflation is coming from.  In ancient times, you just told the King that you suspect the gold keeper was lying or you send the mob to investigate.    Today, banks can announce "banking holidays" (or blame "technical errors from hackers), all the numbers are digital (so no physical vaults that can be inspected) and various tricks in the book to avoid a bank panic.




 

Often that cost would be passed down onto the consumers.  Forget about rich bourgeoisie - most businesses today are lucky to even see a 5% profit margin and that money is often channeled back into the business to expand operations.

The poor states also have to consider the retirement economy.  A lot of older rich New Yorkers go down to the lower half states to retire, because everything there is simply cheaper due to the lower minimum wage..  that's not some evil oppressive thing, it's just 101 stretch out your savings.  If minimum wage increases in the poorer states than a lot of the seniors may just leave for another state or another country.



 

No..

2013 alternates was all scams like BBQ coin that was worth $9 million.  Crypto scene has changed a lot with these 2.0. currencies and then the 1.5 anonymity coins.

Coins can be "lost" but the net result would probably be more coins "gained".   There will be all this NEM that will likely be created by third entities due to fractional reserves or even the asset exchange.    The NXT asset exchange already had some assets that were worth more than the total supply of NXT.


NEM will support colored coins so I think the core NEM itself should be untouched.  If you want to experiment with some eMunie hatching coin or some inflationary coin then that can likely be done with a colored coin.

If crypto currencies go mainstream then most national governments would likely go down the colored coin route (as it gives them the choice to do whatever they want, like print more coins to make their exports cheaper).

Supply and demand works both ways.  If demand falls then the system would have to remove NEM from circulation (tax) or some NEMbank would have to create fake demand - both scenarios would be PR disasters.

Give someone a reason to buy NEM if they're being subject to all these taxes / fees / inflation?  Forget it - they'll be walking to the nearest Vanguard Investment Branch or would be looking at real estate investments.


Obviously I am not blind and I see what you are attempting to do.  You want us to implement eMunie's system but eMunie's system has long been debated on Bitcointalk and most people are against it.

http://cointelegraph.com/news/112643/the-mystery-of-the-missing-1000000-nxt

Read the comment's section.

So it's an air drop (they've been failing since the 1990s) and a centralized currency just like Ripple / Stellar - no thanks.

Just a money making scheme for Reddit forum - move along.

Actually there would still be immense inflation in a fixed total supply.  Leave the total supply alone.

Fractional Reserve Banking has been around since 6000 BC (when people deposited their gold into the prototypical banks in return for scrip and there were more IOUs than reserves).  FRB in the modern era means banks can print immense fortunes out of thin air and this is the cause for a lot of inflation in our world.  FRB won't go away just because we have digital currencies.   There's even fractional reserves in the world's gold supply (more gold exists on paper than what actually exists).

Then there's the inflation / deflation cycles that occur from velocity of money and market conditions (war, droughts, overproduction, underproduction, et cetera).



As I said before inflation is a tax on the poor and it simply doesn't belong in a digital currency and should be minimized (why would the mainstream adopt digital currencies if they can preserve their wealth better through things like Vanguard Investments, real estate, et cetera).

Yeah this 'experiment' could be tried on other websites.  Is it viable?  Historically when did an "air drop" ever succeed?  The oldest example I know are those privatization vouchers in the 1990s and that was a disaster and no air drop in crypto has yet to succeed either.

Seems like this is more going to be like Doge - Cryptos for new people and eventually these people will move onto more serious alternates.

I don't think it will ever be okay.   Inflation is a tax on the poor.  All the new coins simply end up in the hands of the economic elite within the coin and smaller holders are penalized.

There's a lot of inflationary coins out there (PoW and PoS) and most of them fail with time.  What's the point of cryptos as a store of wealth when I can open an account at Vanguard Investment and get 1%-2% return above inflation and it is almost guaranteed my money will be there in the next 12 months?

I think it's crazy that people think 1%-5% annual inflation is ok.  It's not OK for me to lose 25% of my wealth in 5 years so some crypto-elite can have more money.  Even 5% is too much.  It's my money, I am not giving it away to some wealthy person through a hidden tax like inflation when I am already paying out of the a$$ for real world taxes (which ironically goes to the rich due to all the corruption within the government or the rich being the government).


If you want people to spend their coins then you need to stop using Communist tactics.
Vladimir Lenin: "The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation."


The way you get people to spend their coins is to increase the price of the coin or to give them incentives to spend.  PoI in a way is a lot like those reward points you see in credit cards / debit cards and people love that stuff.

Bitcoin CEO commits suicide
MtGox collapses and... "it's gone"
Bitcoin rich spending their days drinking shots of stoli and smoking weed (aka get quick rich scheme)
Hacks / vulnerabilities
Volatile price swings (someone who bought at the peak in December would have lost 2/3 of their investment so far)


Yeah there could be reasons why Bitcoin userbase is only 500K-2M users.  Trust me I used to tell everybody I know to get into Bitcoin and they gave answers like the above why they wouldn't go in.

Meanwhile in the off-topic section we have threads like what would you do if you had a million dollars and most of the answers are like:  "Yachts, Cocaine, Hookers".


Not to say the elite can't engage in those vices but last I check most of them put up the front of a traditional marriage with children.

I've noticed that Bitcoin's price continues to go down while many alternates are maintaining their values or going up.  Yes some alternates do temporarily go down but the amount of change is negligible compared to how BTC used to be $1200 and now it's $380.

 Note:  I am not talking about just LTC (there are many many alternates outside the top 3.  Some of these coins didn't even exist in 2013 and yet have capitalizations in the 10s of millions).  There are likewise many new alternates with a capitalization in the millions which did not exist months ago.



http://coinmarketcap.com/


At this rate it looks like alternates may hit $1 billion capitalization while Bitcoin's capitalization declines.  Looks like people are using alternates as a hedge against Bitcoin losses.

Videos games, buffet food, weekend passes (meaning you can go to town), et cetera.
They even have a luxurious penal colony on an island where there are no guards, you can chop wood, fish, et cetera.