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Zero Hedge had an article on this same subject. One of the comments calculated that the BofC would have severe problems about mid-summer.
What cannot be sustained, will not be sustained.
Do I hear flocks of big birds taking off in the distance? Would they be swans? Black Swans?
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jaysabi
China has been buying a lot of hard assets worldwide (esp. in the USA). Perhaps, like the Japanese in the 1980s, they are overpaying...
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I am going to stay with old one.I think it is enough to use old version But best is to write to his support
notify about bugs or tweet
yes, we should stick to the old version until it becomes stable. I am taking the same approach and staying with the legacy/old wallet for now. I think the problems are coming from people who upgrade and then decide they don’t like it and want to downgrade to the legacy wallet which it seems you can’t do. You could sign up for a new legacy wallet and send your BTC back to it but eventually everyone will have to upgrade. Yep, yep, and yep. I never use the "beta" releases. Too dangerous, too many bugs. Betas are for highly-skilled people who really know what they are getting into and know what they are doing (I do not). "Pioneers are the ones with arrows in the back." |
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My guess is that the reason merchants ("brick & mortar" selling to the public) don't use BTC is that it is too complicated! Too complicated for the Average Joe to get BTC and to use it. And the merchants themselves would have to get set-up.
franky1 wtote above that there are some 1,000,000 users of Bitcoin. There are 320,000,000 or so living in the USA.
I think it is going to take a while...
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Will this help now when we have economic disaster?
Gold is the only actual value that it can do a monetary reset. thaht's why all countries want buy gold (or retrieve it from other country). monetary reset is already plan. Do you know any ranking of gold reserves by country? The top 40 countries with the largest gold (2015) reserves are here: https://en.wikipedia.org/wiki/Gold_reserveSource: World Gold Council. Note that some of those gold reserves may be double-counted or otherwise in error. China, for example, is rumored to have much higher reserves (in secret) than is accounted for on this list. |
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Maybe silver and gold coins can do better job than paper?
I also like this idea returning to gold coins..
All Precious metals can be involved.
Unless they made the value of gold coins very, very high, they would not circulate. For example, were I running the monetary system of the USA, I might make a gold coin the size of the old (pre-1933) $10 gold piece (0.48 oz of actual gold, and some copper to harden the coin) worth, say, $1000 (vs. actual gold value of about $575 or so). A silver coin the size of a US quarter I would have it worth some $15 perhaps. Or make it a little smaller and stamp "$10" on it. Even doing the above (fiat value WAY above metal value) might still not be enough to prevent hoarding of such coins ("Gresham's Law": bad money chases out the good). So, IMO, best not to use gold as "money". Silver might work better as a "Monetary Metal". And how would this help anything? We've already come off a precious metal standard and we've already been in a position where Gresham's Law has been violated. It isn't going to happen. We are moving so far away from a gold standard it's not even funny. Look at the success of bitcoin, which is backed by nothing and need not be backed by anything. We don't need money to be backed by metal.The Pharmacist Hey, I basically AGREE with you, a Gold Standard (or even Silver) is not that good, see second post (#25) of mine above. I think that "letting gold go", merely allowing it to its best role of Store of Value is the way to go. A Gold Standard (or PM coins) is a less satisfactory solution, but better than the one we have now. I quite agree: "We don't need money to be backed by metal." Indeed, Bitcoin is a great example, touché! fofoa.blogspot.com has it all, but it is a HUGE amount of information and logical argument laying out the case of a huge revaluation of gold coming.... |
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This would fit in with Armstrong's debt crisis phase transition call ; he says a collapse in confidence in govt or some event that shocks this bond market will see a rush out of govt bonds and into the private realm of stocks. I presume this would also lead to the moonshot for gold etc as well.
Yep and MA is thinking May before any such crack. With it really picking up steam in 2017 and governments go bezerk with capital controls, hot wars, and possible a pandemic as icing on the "we are fucked" cake. He always had predicted there would be one more hooray in bonds first which is why he is seeing a capitulation low in gold first before the blast off. And eventually capital heads to the USD and USA stocks because the dollar is the reserve currency and for example China and Hong Kong had pegged their currencies to the dollar thus effectively borrowing dollars to the tune of $34 trillion. The entire developing world is short the dollar in dollar debt (either explicit debt and/or a currency peg). Thus unwinding of the carry trade is going to send the dollar skyrocketing and capital will follow like a herd. sloanf get fuck off our lawn you imbecile. Yes, TPTB, I would agree that is a plausible prediction, it makes a lot of sense. The world flees to the dollar in 2016. CHINA is in big trouble, debts, unpaid workers, pollution, alienating its neighbors. RUSSIA too is in trouble, oil economy does not work so well when no one wants your oil. EUROPE has got their psychotic "Migrant" problems that their leaders are at a loss to resolve, see this on demonstrations (ominous pictures from six countries in Europe, also some from Australia) all over Europe, the Hard Right is now on the march: http://www.dailymail.co.uk/news/article-3435093/A-world-divided-Violent-clashes-break-globe-thousands-streets-anti-Islam-protests-organised-far-right-group-PEGIDA.html* * * The next few months (I agree it will not be long now) will be of great interest. .govs all start going broke & berzerk. Actually this will be an excellent prediction to help judge Armstrong's predictions and ideas. We can watch in near real time, we are ready to see the evidence close up and without ambiguity. |
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altcoinUK
Yes, Armstrong does have Shillary!'s number alright. A liar is just the start. Moneygrubber would be a close second.
Perhaps of even greater interest, we may soon see if she broke any laws re classified intelligence. If I had been so casual with above Top Secret material when I worked for .gov in the early 1980s, I would just be getting out of jail now.
tabnloz
Wow, I would really like to see the 200 names in Stockman's piece. Name them and shame them.
$6 trillion in negative rates on sovereign debt. This will end very poorly once rates go back up. And they will at some ugly point.
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stop buying chocolate.
most of it comes from african child slave labors.
high tech stuff mostly incorporates exploitation of valuable ressources which usually are located in 3rd world countries.
companies working there give a shit about people and enviroment - all in the name of the holy profit.
hail capitalism.
Then perhaps you should get off of your computer, and especially your cellphone. Tantalum, most of which comes from Zaire (Democratic Republic of the Congo, whichever name is more current), is used in capacitors. No tantalum, no hi-tech.World commerce IS sometimes very dirty. Prove any allegations, and try to make things better (as Apple is trying to re Tantalum). Or stand by your convictions to not participate... <=== You will find that very hard. |
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Basically.....Do You Have A Moral Responsibility When Buying Things?
On a smaller scale if you buy a certain product more of that product will get produced as a result, does that imprison other people or does it depend on the product? How do we know what products are moral to buy?
In general, people ought to buy things that ADD VALUE to their lives, as long as they do not impinge on others. If the guy BOUGHT the yacht, there were workers who were PAID to build it. Products made by slave labor? I wouldn't buy. Buy cigarettes or tobacco company stock? Ah, no., profits off the addicted... * * * OP writes: "How do we know what products are moral to buy?"That is a problem. But, as it so complex, don't spend your time worrying about every Made in China T-Shirt, electronic widget, etc. There are bigger problems to worry about. |
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Maybe silver and gold coins can do better job than paper?
I also like this idea returning to gold coins..
All Precious metals can be involved.
Unless they made the value of gold coins very, very high, they would not circulate. For example, were I running the monetary system of the USA, I might make a gold coin the size of the old (pre-1933) $10 gold piece (0.48 oz of actual gold, and some copper to harden the coin) worth, say, $1000 (vs. actual gold value of about $575 or so). A silver coin the size of a US quarter I would have it worth some $15 perhaps. Or make it a little smaller and stamp "$10" on it. Even doing the above (fiat value WAY above metal value) might still not be enough to prevent hoarding of such coins ("Gresham's Law": bad money chases out the good). So, IMO, best not to use gold as "money". Silver might work better as a "Monetary Metal". |
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I am in FOFOA's "Freegold" school of thought re the yellow metal. Do not tie gold to currency, just let gold go.
Even under a gold standard (which WOULD be better than the current one), there was currency debasement. Debasement is a standard practice among governments, very few currencies last more than 150 - 200 years. The most successful money/currency that I know of was the Byzantine's, they kept their gold coins in circulation for hundreds of years because they did not devalue them (until the end).
Recall that gold's best and highest use is as a Store of Value. Currency is best used as a Medium of Exchange and an Account of Value (price). "Triffin's Dilemma" (wiki it!), and especially "FOFOA's Dilemma" shows what happens when a currency is used for all three functions, ESPECIALLY as a reserve currency.
The current system does not work well. A Gold Standard would be better, but not even close to a cure-all.
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laosai and bargainbin
500 euro notes would be useful in paying hotel bills for tourists. Tourists MIGHT be able to convince some hotel owners to charge them less by offering to pay in cash (no 3% CC charges).
Illegal crimes? Crack down on the criminals! Put them in jail (ahh, how many "Rapefugees" are now in jail, hmm?). Criminals commit crimes? Catch them and lock 'em up.
Don't restrict our freedom.
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Anyone offering a good cloudmining service would likely get LOTS of customers, as apparently few or NONE of the current services that I read about here offer a positive ROI.
Is OregonMines up and running now?
You might want to spell out more clearly your offers, and what kinds of ROI people could expect. And exactly how people would start with you.
Transparency...
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Have any readers here gone with OregonMines? Many of us would like to read any reviews.
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so they can cash out and crash the price? i dont think so
How could they cash out, they are far from having a bank account. Only thing they really need is a smart phone + wallet. And I hear even the poor just have that. Poor people may have smart phone but do you thing they know how to use all of its function and also what about their accessibility to internet? Even lots of ngos and ingos donating millions of fund to poor people from the decades haven't changed life of those poor so i don't think it is some interesting necessary concept. Yes, that's right. How do the poor (at least the stupid ones) actually turn their BTC into anything of benefit to them? And then if they just spend their newly arrived BTC on something, how does that improve their lives over the long-run? The poor will always be with us. NorrisK has it right: should all wealth be "distributed equally", 10 years later (or less), the wealth would again be concentrated into the same hands, more-or-less, as now. RealBitcoin is aware of this too. Work, especially intelligent work, is the route out of poverty. |
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bargainbin
Let's say you want to buy an ounce of gold, that would cost some $1270 at your local coin shop. Two $500s and some more vs. 13 $100s. Pay by credit card? They won't take it (risk of chargebacks), and even if they did, that would be 3% MOAR you would have to pay.
What if you wanted to buy $10,000 worth of gold? That would be $300 extra for using your CC, or counting out a lot of $100s.
Screw that. I would like to have the OPTION of using $500s or even $1000s, just like we had those options 80 years ago.
Freedom and privacy go very well together.
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What I find interesting about the Russian government's distaste for Bitcoin is the matter of Putin being the world's richest man! I do not have a handy reference to pass along, but I have read a couple of accounts over the past several weeks of the huge amount of money he has apparently made (scammed, stolen) in the ultra-corrupt Russia of today.
Putin as a Russian patriot, my ass. The people running Russia are at least as corrupt as anywhere else (probably more so), I write as an American well aware of our corruption here.
Russia's government does not want anyone else competing with them, nor to make it easy for Russian citizens to protect their own money as they may choose.
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Bitcoin is lacking capacity (remove Blockstream guys and let it grow)
Wrong. Stop posting nonsense. Bitcoin is lacking instant transactions (I know it's hard to make but market really wants it)
Transactions are near instant. Confirmation times aren't; you've mixed those two up. Bitcoin is lacking anonimity (no one even talks about it)
A fully anonymous coin would most likely be labeled illegal pretty much anywhere. Bitcoin is pseudo-anonymous; besides we might see confidential transactions one day. the biggest fault of bitcoin right now is the bitcoin development team. they can not even reach a consensus among themselves which is tearing bitcoin into two groups and scaring everybody for its future.
This is not a flaw inherent to Bitcoin. Bitcoin works without a development team. Besides, if you exclude Gavin and Garzik there is consensus (a roadmap has been signed). Lauda Thank you for correcting my remarks (last page). And for correcting various other comments since. But, what I was really trying to communicate was the problems I have in the who Bitcoin Ecosystem, things we would like to see made better. Sure, developer's coding issues are different than other parts of the Ecosystem, but it all has to work fairly seamlessly in order for Bitcoin to gain Major League acceptance. I hope that the various problems re block size (including the "next time" the issue comes up) get resolved through a professional consensus. Acrimony about "hard forks" and other scary-sounding matters will NOT help normal people look with favor on Bitcoin. My opinion only, I am not a programmer. |
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It's about convenience when having to deal with larger sums. Also if you want to stash some money for emergencies, you just hide your 500 euro bill and you're done. Or you can, of course, have a jar full of 1 euro coins. Also practical.
Why is it so many people here are concerned about stashing statist toilet paper scrip for emergencies? I'm from US, so no dog in this fight, but the last time I wished there were $500 bills was ...well, never. I would be very happy to see a US $500 bill. I like paying with cash on occasion, and a $500 would be of use to me. Remember, they used to print $10,000 FRNs (1930s, IIRC), so a $500 is really nothing, especially at (dollar) deflated 2016 levels... I do not see why .gov should prohibit anything that people find useful. A €500 banknote is a great way for tourists in Europe to carry around a lot of "value" without having to use their credit cards (and there ARE credit card scammers in Europe, we got taken once in Naples, Italy). And if Bitcoin were to get big in Europe, whoa. Put me on the next flight! |
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Economic Totalitarianism And The War Against Cash. As a result of global low interest rate policies, traditional savings vehicles, especially savings accounts, have become less and less attractive.
Yes. We are now arriving at the point where CA$H at home is safer than being left as electrons at the bank (risk of "bail-ins" and/or bank failures) as well as more profitable ("NIRP" means that CA$H earns "more" than bank deposits minus the fees). These are very peculiar times in the financial markets. Often when things get weird, it means something BAD may happen. Only this time, .gov may be an active enemy...The "War on Cash" is a perfect example of how .gov is working hard to screw us out of our money. Beware. |
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