I will start with "Parasitocracy", that great term you brought here. Most awake observers would agree to at least some degree that those who hold the power (or who are The Elite, those who are very rich, etc.) are always gaming the system so they can make even MOAR. Or get moar power for themselves. This has been going on for millennia, and I don't think it is necessary to bring further proof to this discussion, it has been proven "enough".
...
Though here's the thing... it's one thing to think (and even 'know') the system is rigged, but it's important to understand exactly how. Without knowing how, people tend to demand solutions, like electing a socialist or a Trump, which will likely make things worse. The powers that be have a narrative (propagated by the educational system and conventional media) that we in the West live under true democracy and free markets. So those who 'have' deserve everything they get, because others either voted for them or voluntarily bought what they have to offer. It's imperative to destroy this myth by phrasing the problem in a succinct but rigorous fashion. Otherwise, the prevailing view will be that free markets aren't working, so let's give even more power to the elites. Mmm-hmm. But, defining how the system is rigged is rather more difficult than it might seem. Part of the problem might be a semantic issue: "Rigged", what exactly does that mean? I like the term "narrative" that seems to have gotten popular say a year ago, and it seems to describe the propaganda that we all must bear. But, I agree, there is a "consensus reality" that seems to be shared by The Elite and the MSM (Mainstream Media). This go 'round re president is not very promising. BOTH will likely spend lots & lots of money, that is one of a few shared positions (but spend on different things). I will leave the words "democracy" and "representative republic" alone, further discussion of those two might resolve your comment re democracy. However, "free markets" are an ideal, it could be argued that on-and-off the USA has come pretty close. Clearly we are not very close to the ideal now. And both Trump and $hillary (ahh, whom would I be for?) would hinder free market activity, the former by his opposition to the TPP (which may be a bad treaty, especially if that is the one that is secret). Hyena Rodent is a proven liar, and has been for 30 years. Trump would be a High Risk President, who might run us off the rails with a bad decision or two... As a general rule, the more libertarian, the better. Fewer restrictions on our economic and political freedoms, the better. The contrary (bigger government, concentration of power, etc.), the worse. I still the think the term "parasitocracy" that you introduced here is an excellent one-word summary of many flaws in our system. * * * Bitcoin's price crash today (which I just read about, "Mi Reina" and I were out running errands) is relevant here. BTC is reasonably beyond easy control by The Establishment. And so takes another black eye. I do feel a little better having spent some BTC for gold when BTC was at $690 and $660. Maybe the time has come to buy again? |
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They rare going to make a new form of money in the future and I believe that everything is going to be digital which is both positive and negative at the same time.
I hope that they are not going to rush things because I do not think we are ready for such a big change.
I think this blockchain technology is the starting point and with the advent of bitcoin, shall we say 20 years from now or less more improvement on the system and more bugs is fixed and more problems is addressed. Its a good start, slowly but surely we are getting there into the future.  With almost all transactions being digital then bitcoin may be the next generation money. With the advancement of technology and the bitcoin gaining popularity then people may opt to use digital money in the future since fiat currency is losing its value. For now, there are still so many people not aware of it but as time pass by, maybe a major event that will happen and made bitcoin popular even for those people that are not into technology and just stick to the old ways and it may convince them to use bitcoin then may be change has really come during this time. Unlike Bitcoin, fiat can also be used in offline transactions (as paper money and specie). This is a great advantage, and unless Bitcoin somehow solves this "last mile problem", it will continue to remain inferior to fiat (in this respect). And even the theoretical possibility of resolving this issue is vague... Since it would contradict the very concept of blockchain (I mean offline transactions) Physical bitcoins are an option. Apart from the many collectors items prevalent now, I think a Japanese company also issued small plastic tokens. There is a new & cheap hardware wallet now out (Opendime) that are similar to physical bitcoins. They are cheap USB sticks that are cleverly designed BTC wallets. These are meant to be passed around once you have loaded BTC onto them, when the device is passed to someone else (as payment or a gift), that transfer is like cash, an "offline" transaction. The Opendime sticks are cheap & disposable, it is hard to describe in just a few words so I refer you to here: https://opendime.com/I have ordered three to check them out. It's an interesting idea. They also have their own thread at "Project Development". |
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They track anyone, not only those that try to gamble with the coins that are in coinbase's addresses.
Even the kickass torrent owner was tracked by coinbase and that's how he was arrested recently.
Because they have zero fee on transaction doesn't mean that is free!
Anyone who is lured by zero fee policy of Xapo or Coinbase or any other online wallet provider are simply shortsighted and greedy individual. This is what you will bet for not paying that 1 cent fee - lack of anonymity, tracking of your every transaction, invigilation and KYC/AML procedures everywhere. If anything (in Cyberland) is free, then YOU are the product. Your information, etc. GOOG and others are very happy to offer such free services as email, YouTube, etc. Whenever I get BTC, from whatever source, I mix them before I spend them. Or before sending them to a cold wallet. |
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... Anyone buying gold with Bitcoin should be very careful. Gold is a great thing to buy with BTC, but gold can also be bought with CA$H at your Local Coin Shoppe. If you really want to buy gold (or harder to find platinum) it is best to go with a real company with a real track record. providentmetals.com and sdbullion.com are both established enterprises, I have bought with plenty of success from Provident. |
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Gold and platinum, over the past week, have outperformed. Since I have followed this thread (and other similar ones), precious metals and Bitcoin have taken the lead at different times...
Both have a place in a portfolio IMO. They are different "vectors" if you will, relatively independent of each other. Diversification is King.
Both have their risks (BTC might, probably not, but might go to zero; gold can get stolen even if you hide the phyzz).
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This may have been mentioned already, but today only one bank failed the European "Stress Tests" results that came out today:
Monte dei Paschi di Siena, a bank well-known for being in big trouble. It's also the oldest (surviving) bank in the world.
Neither Douche Bank nor other worthy candidates failed the Stress Tests.
Make that of it what you will. Note that they lie too. Beware.
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Do you think this will affect the bitcoin price this year?
It depends if most of people there will hug bitcoin and will devaluate their main currency just like Chinese did recently. But prior that to happen, it will depends on how the government will handle those banking problems and how they will deal with the European Central Bank that follow Europen Union Rules. That is a major problem and a good solution with fair consequences to all concern must be placed. That would be more-or-less my take as well. "It all depends" As tabnloz and others have pointed out, the problems is huge and multi-dimensional. Italy probably cannot sole these problems alone. They will need help. But, who will help them? Would any help work? I have no idea if BTC price would benefit in a severe banking crisis in Italy. It's not a bad idea for any European (more so any Italian) to hold some BTC "just in case". * * * Yes, tabnloz, I too am bearish. Gold will hold its value once fiat becomes worth less or even worthless. |
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Two thoughts:
1) Unless your friend would be interested in Bitcoin, I do not think it is worthwhile to push anything on them. BTC is not drop-dead easy for beginners to use. Nor is it worth it to "cast pearls before swine". The little bits of BTC would likely just stay idle...
2) And, yes, as various above have mentioned, it would probably be easier (you and him) to help him set up an online wallet on their smartphone.
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Dude, that's so cool. I've only met a couple of people who've even heard of bitcoin. But then again I dislike talking to people.
Yeah, that is my experience as well. I have met ZERO people into BTC (while going about non-BTC business), and only one or two who even know anything about BTC or even its existence. We still have a long way to go... |
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OSS & pawel
This is an interesting development, as I have not yet seen a "real use" of the BTC blockchain.
Does anyone have any ideas what Blockstream may be up to? Would sidechain transactions be limted to non-BTC uses?
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... Hi NvK I just ordered some OpenDime wallets. I look forward to experimenting with them. * * * At your website, you write that "properly stored" the OpneDime should be OK for decades. But, not meant for long-term storage. I would LIKE to store some of my BTC for a long time! I would appreciate your comments, it's OK to write them here for the BTC Community here at bitcointalk. * * * It is still not crystal clear to me how it works (from the user standpoint), I have watched the video. I'll ask more specific questions later if I still have them. It may be easy to figure out once I have them in hand. Please PM me with a phone number "just in case". I do have a "secret word" should I ever have to call. |
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BobK71
It's going to take some time to explore your ideas in this thread in detail, so I think I will explore them piecemeal.
* * *
I will start with "Parasitocracy", that great term you brought here. Most awake observers would agree to at least some degree that those who hold the power (or who are The Elite, those who are very rich, etc.) are always gaming the system so they can make even MOAR. Or get moar power for themselves. This has been going on for millennia, and I don't think it is necessary to bring further proof to this discussion, it has been proven "enough".
Without going too deep into the weeds, there are many players with many agendas. Banksters want loose rules (no Glass-Steagal), and moar (printed or electronic) money. [Though many banks seem to be hurting from negative rates, but, I don't want to get lost in the weeds...] Banksters also get Bailouts (2008) and look like they will be protected by Bail-ins if/when the time comes (IMO, the time will come).
Also, again just raising the topic and not wanting to explore the weed-infested fringes, there are many types of parasitism and levels (intensities). The Clintons, for example, provide a fascinating set of parasitical behavior: Not only do they want moar, they want moar of almost everything! The Clinton Foundation (just today coming under an IRS investigation) has made them rich, with apparently a low 10% of all contributions going to the needy, the rest going to them and cronies... [Weed alert], yet another facet here is why so many who are already very wealthy need moar and moar and moar. Once someone is worth, say, $10,000,000 (net of liabilities) why does anyone need yet moar? At least why do they want moar to a degree that they would behave in an illegal way or scandalously? Sociopaths behave like that. Easy-to-digest references, for those interested, would include the two recent movies ("Hillary's America" by Dinesh D'Souza and the remarkable "Clinton Cash" that I saw at Breitbart) showing very disturbing and almost completely illegal behavior by the Clintons.
Other parasites meriting investigation and probably punishment would be sleazy scumbags like Jon Corzine, a nexus of greed and political douchebaggery. Not one significant participant in the Financial Crisis (2008 - ?) has been put in jail. Corzine was also Governor of New Jersey... Power and money.
Impunity. A word we will likely see more and more. And it will eventually anger the American people.
* * *
I have mentioned some of my views on diversification in other threads. I agree about not HODLING too many (net) assets in gold or Bitcoin. My rule of thumb (and this is just me) has been perhaps 10% in gold (or even diversified into other PMs) and 1% into BTC. Of course, this suggestion would be for someone who has enough assets to more than cover their life's expenses (etc.).
In my case, my family's holdings are about 10% in gold and some other PMs (not paper gold), and about 0.5% in BTC. I am happy enough to HODL some BTC as I think it is potentially a great speculation.
Gold will protect the owner from .gov predations and carry wealth forward.
But that still leaves traditional assets. As I think some kind of financial disaster is very possible, I think that every thinking person should cover the downside with a holding of gold, and if "knowledgeable enough" (and interested), then HODLING BTC is great. But traditional assets are OK with me because of proven historical value. Everyone should hold some traditional assets because we may not have a financial disaster...
Stocks are good, because of their traditional growth that has been higher than most other investments (so HODL of up to some 25% in stocks if you are wealthy).
Bonds are not so good now, but have been OK for those through history needing income. There are lots of types of bonds and other income-producing investments of various kinds and qualities.
Real estate apparently has made more Americans wealthy than any other investment (inc. technology and energy). Real estate is priced high now... Holding real estate via too much borrowed money is dangerous!
"Alternative investments" (which depending on definition may include gold) are OK up to (say) 5% of new wealth according to many money managers. Other alternative investments include fine art, hedge funds, foreign investments, etc.
What balance would constitute a diversified (diversified enough) portfolio? That depends on each person's own situation, knowledge, and comfort levels (eg with risk).
In my opinion, financial safety would include all sorts of legitimate investments, and a good balance (not too concentrated into any one investment) is most appropriate.
(Edited various times)
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BobK71
That is a fantastic post, I will need to re-read it tomorrow. As well as comment in more detail later.
Most of us who closely follow what government and the banks are up to would agree with your analyses.
Briefly:
Re bank accounts, both printing money and bail-ins are "solutions" that could be imposed. My guess is that in a crunch there would be some small bail-in (say 20%) while the Fed (B of E, etc.) scrambles to print baby print.
Re government bonds and the Debt, this can go on and on (as you write). Note also that several writers also claim (probably correctly) that the national debt was never meant to be paid of (doing so would shrink the money supply). My *take* is that it is GROWTH of debt that is the problem.
Re money, I like to think of "money" as having three attributes: Means of Exchange (a way to pay for something), Unit of Account (so we can determine a proper price) and Store of Value (an expectation that the value of each unit of money will be worth the same for a reasonable period). I learned from FOFOA that no single type of "money" can fill all three roles. And so it won't. The most likely end game (again, as you write) is hyperinflation.
* * *
Yep, all investments are a gamble, they all have their different kinds of risk. In my opinion, probably the best that can be done for anyone with "investable assets" would be to:
1) Keep debt levels very low
2) Diversify! That includes gold and Bitcoin.
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Platinum is the "third" precious metal (gold and silver are much more popular). Yet there are reasons to consider buying and holding Pt.
It is rare, yet priced at some 20% less than gold (historically Pt is typically some 5% - 30% higher than Au).
The "fundamentals" are different than either gold or silver.
Gold has essentially no industrial use, and the stock:flow ratio is extremely high (highest of all commodities I believe). Gold has a long and storied history (valued by man for over 6000 years).
Silver has been valued by man almost as long as gold, and has been used as MONEY (circulating coins) in much larger volume than gold. About 50% of silver (more?) is used by industry, most of that NOT recycled...
Platinum is also used in industry (but as catalysts in cars and chemical plants), but is also a precious metal.
Thoughts? [I have traded thoughts on Pt over at Zero Hedge and PMBug, but would like comments from BTC-ers]
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Paper wallet. (Plastic, Steel, Wood, Whatever.)
Put in bank safe deposit box. Only you can open it, together with the bank employee.
I would probably split the coins into chunks of 50 or 25 or 10.
Yes, that was what I was thinking as I clicked onto this thread. Unless you are RICH (and so not hurt much by losing them), I would split my hoard of BTC into different wallets, and carefully store them. Paper wallets are more bother for me, so I would store them on at least three hardware devices. And at least two "brands" (example: two Ledgers and a Trezor), as these hardware wallet guys always want to update their firmware (which makes me uncomfortable). |
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I had often wondered about a couple of things, but it was only just now that my question has gelled into a concrete thought:
Who actually makes money here in Bitcoinistan?
-- It does not look like HODLers do (at least since BTC price went from the $700s when I started then to $200, now $650)...
-- The "Cloud Miners" sure as hell don't (except for the scams that take money from investors)...
-- I would *guess* that mining pools, and probably most miners w/ equipment do not...
-- *Maybe* electricity vendors (ex. China), warehouse landlords, etc. might?
-- Exchanges?
-- Hard wallet (Trezor, Ledger) manufacturers?
-- Gambling sites would seem to probably NOT make money (most anyway), too easy for talented programmers to set up one...
-- Mining equipment makers (Bitmain, Bitfury)?
The only outfit that I have read about that DOES seem to make lots of money would be these guys (their service works great!)
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