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1081  Bitcoin / Press / Re: [2014-01-31] FE - To grow, Bitcoin may need to shed its world of intrigue on: February 02, 2014, 08:45:41 PM
Yeah, because Open Source software is such a labrythine "world of intrigue" ... sheesh  Roll Eyes is that the best hit phrase they can come up with?
1082  Bitcoin / Press / Re: [2014-2-1] USA Today: Hedge fund boss: Bitcoin over gold? Are you kidding? on: February 02, 2014, 02:36:19 AM
Also I think he might fail to realize that bitcoin most likely will be accepted at a lot more places than gold can or will ever be, giving bitcoin some extra value imo.

This is what goldbugs need to address squarely and fairly. Gold is effectively being demonetised because of Gresham's Law.

Bitcoin, as a P2P transaction network with ease of use and implementation, can turn Gresham's Law on its head and inside out.

If your money is not accepted many places it loses it's 'moneyness'.
1083  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: February 02, 2014, 01:17:55 AM
This quote came from the summary of last week's FOMC meeting. I don't really understand how it works or how often it will be used but it implies another non-QE way to keep stoking the markets.

"The Fed also extended an experimental program which it could someday use to manage short-term interest rates. Known as a "reverse repo" facility, the program uses the Fed's portfolio of bonds as collateral for loans to market participants and uses the rate on those loans to influence market rates. The experiment was set to expire Wednesday, but the Fed extended it for a year until Jan. 2015. They increased caps on the size of trades the Fed can make to $5 billion per counterparty from $3 billion"

i.e. we'll taper by $10B but we'll pump that and more back into the markets by any means possible.

Good catch. I did not know anything about that stinky little program ... actually not that little by the sound of it.

Gawd whatta mess. The Fed is now sitting on a pile of debt (some of it unmarketable, i.e. worthless except when using the right 'model') that it bought off busted-ass banks to get it off their books ... now it turns around and posts those bonds as collateral for loans to 'market participants' i.e. probably the same busted-ass banks it bought them off ... it's just lunatic asylum stuff. How many more times can they chase the same crappy debt around the circle and still fool the markets it is worth anything whatsoever?
1084  Bitcoin / Press / Re: 2014-01-24 - This is What it’s Like to Be a Woman at a Bitcoin Meetup on: February 02, 2014, 01:08:25 AM

... has anybody said "She was asking for it" yet?

Can't we let this thread die already?
1085  Bitcoin / Press / Re: [2014-2-1] USA Today: Hedge fund boss: Bitcoin over gold? Are you kidding? on: February 01, 2014, 08:31:31 PM

... i mean really ...  Roll Eyes
1086  Bitcoin / Press / Re: [2014 01 31] The Conversation -For Bitcoin, regulation may kill the golden goose on: February 01, 2014, 08:09:15 AM
So, a man who prints millions of dollars a day to bail out his country and a banker, don't like BTC....who'd a thunk?

Technically, the Treasury secretary is not printing the $65 billion per month, that is Janet Yellen, Federal Reserve Chairwoman's responsibility.

The US Treasury Secretary just makes sure that the ever growing pile of debt notes issued by the Government keeps flowing so that the Fed. has something to buy with all that freshly printed e-money. E.g. unpayable debt obligations of the now bonded tax-paying US 'free' citizens.
1087  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 31, 2014, 11:56:40 PM
We are in a currency war and China has us by the balls. The Fed might be taking orders from China and not really giving a fuck about the domestic situation.

China wants the USA to have a strong dollar.

Everyone wants the USA to have a strong dollar to enable exports, not just China. But I completely disagree that China has us by the balls, if at the same time they want a strong dollar.

The US has already exported manufacturing and borrowed to the hilt, so there is only one direction for the US dollar and that is down. What we are seeing now are competitive devaluations by every central bank around the world. Japan is printing like crazy, China has tons and tons of debt that will have to be bailed out, and now the US gov has decided there has been enough mercantilism by China and they will print like never before to stop it.

All currencies are on a downward path now, and central banks are fighting to keep up with the others. This is a first for humanity and will not end pretty.

Every nation wants to devalue their currency, to soften their self-inflicted economic blows.

Only the Bitcoin supra-national currency can handle the kind of deflation that is needed by the capital markets to begin functioning healthily again ....
1088  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: January 31, 2014, 11:21:34 PM
Sure is slow lately =/

its the calm b4 the storm.

feels like short term trend is reversing, this is a slow process.

i think as long as we don't have any bad news confirmed, things are going to get real interesting, real soon.

hang in there.

I agree. Price is generally sticky, it is due to human psychology, people are most happy to pay today what they paid yesterday. It was sticky at $1, $10, $20, $100 and now here, but the pressures building beneath remain relentless coinbase now at 10,000 wallets per day and ~6,000 per day

Eventually the building demand pressure overwhelms the stickiness and demand outstrips supply at the margin and then we need to re-adjust price to reflect the new reality that has built up in the time that the price has been stuck, hence the volatility. It is not going to be smooth climb up to to saturation level pricing because humans are human.
1089  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 31, 2014, 11:09:33 PM
Gold adoption rates saturated ... that's it's biggest problem right now.
1090  Bitcoin / Bitcoin Discussion / Re: Bitcoin as a catalyst for Health Care (Worldwide) on: January 31, 2014, 02:44:33 AM
For what it's worth I am a doctor.
The other day I was considering how open source has created complex computing and financial structures that we might have previously thought needed big business.

Perhaps there is some way a blockchain reward based system could be used to crowdfund future medical research. Not sure how yet though.

Block chains could be used for mutual assistance savings schemes where members would vote on treatments covered in an efficient, representative way without having to reveal the identity of the individuals and their illnesses to others int the group.


... redeemable for private health care.
1091  Bitcoin / Bitcoin Discussion / Re: Is Gavin Andresen Sincere when he says he cares deeply about privacy in Bitcoin? on: January 31, 2014, 02:35:43 AM
Better clients will get adopted by the majority of the network ... you are essentially concerned with a centralisation of the software development (and it could be a valid one). But if it proves to be a long term problem the ecosystem will react accordingly in an emergent way.

E.g. if you are given the choice between free client software that includes privacy tools and free client software that doesn't, which will you choose to install?
1092  Other / Politics & Society / Re: Former CIA chief: Snowden should be “hanged by the neck until dead” on: January 30, 2014, 10:39:05 PM
You mean the military that bombs civilians, rapes/assaults its female members, discriminates against homosexuals, loses extremely expensive military hardware and is losing to a bunch of men wearing turbans who are using weapons that still have wood as the crafting material for its stock?

That U.S military?

Oh, I forgot the NSA is the military ... hmmm, send in the People's militia?
1093  Bitcoin / Press / Re: 2014-01-30 Bloomberg - Bitcoin Needs Tighter Rules Than Banks, Say Prosecutors on: January 30, 2014, 10:37:41 PM
Yawn ...

... wouldn't it be great if people had to actually know what they were talking about before being asked to speak publicly? BTW what does it mean when someone puts "Jr." after their name, Jerk?
1094  Other / Politics & Society / Re: Former CIA chief: Snowden should be “hanged by the neck until dead” on: January 30, 2014, 08:23:17 PM
Why hasn't Clapper been charged or arrested yet?

Congress is just as corrupt as these guys, if Congress did anything the intelligence agencies and contractors would turn on them and vice versa so they work together out of convenience and try to cover their tracks, except of course everybody knows better now and doesn't believe a word any of them say.

Sounds like time to send in the Military Smiley
1095  Other / Politics & Society / Re: Clapper: Snowden and media “accomplices” should return our documents on: January 30, 2014, 07:45:43 PM
Director of National Intelligence James Clapper isn't the most popular guy in Washington these days. Support for reforming bulk surveillance continues to grow. More lawmakers are becoming convinced of the point of view of US Senator Ron Wyden: that Clapper lied to Congress when he denied that "any type of data at all" was being collected "on millions or hundreds of millions of Americans." On Monday, Rep. Darrel Issa (R-CA) and five other lawmakers sent a letter to President Obama saying Clapper should be fired.

It's unlikely that Clapper's comments today at a hearing of the US Senate Intelligence Committee will quiet things down at all. Clapper reiterated his position that the leaks by former NSA contractor Edward Snowden are continuing to cause "profound damage" to the US security.

"Snowden claims that he’s won and that his mission is accomplished," said Clapper, according to a transcript of today's hearing published by The Washington Post. "If that is so, I call on him and his accomplices to facilitate the return of the remaining stolen documents that have not yet been exposed, to prevent even more damage to US security... The nation is less safe and its people less secure."

The use of the phrase "accomplices" caused several journalists to question who, exactly, Clapper was referring to. "I guess he means us?" tweeted Spencer Ackerman, national security editor at The Guardian.

Isn't lying to congress perjury?

Why hasn't Clapper been charged or arrested yet?

These guys are operating in criminal territory, and have been for a long time I believe, all they do each time they get caught is to hoodwink Congress into passing new laws that cover up their previous crimes.
1096  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: January 29, 2014, 08:09:17 PM
How they managed to get all the stupidest people talking about bitcoin in one room in NY amazes me.

I haven't heard a whisper about fungibility or censorship-resistance as being great properties of good money .... you know, like things people like and want for their money to have.

They are really stuck in this "State knows best" intellectual cul-de-sac ... cluster-feck for the mini-minds. Good luck NY, you're fecked.
1097  Bitcoin / Press / Re: 2014-01-28 Will Canada Become 'The Silicon Valley Of Bitcoins?' on: January 29, 2014, 08:02:15 PM
It'll be either Canada or Switzerland. Most of the other nations have declared themselves anti-Bitcoin.

Yep, these are the places to be for Western bitcoin start-ups.

Prepare accordingly.
1098  Bitcoin / Press / Re: [2013-01-28] REUTERS New York may offer virtual currency regulations this year on: January 29, 2014, 08:01:15 PM
So has anybody attempted enlightening this jumped up Lawsky about fungibility and censorship-resistance being desirable properties of money?

He's the regulator of money right? Shouldn't he know what is good money and bad money? Why does he want bad money, that is broken and doesn't work properly?
1099  Economy / Economics / Re: Why do bank IT systems keep failing? on: January 29, 2014, 06:09:41 AM
... these massively centralised systems are doomed to failure, it is a mathematical surety.

We just have to prepare for the ultimate collapse when the failures cascade from one megabank to another, and finally the interlinked SWIFT, SEPA and FedWire settlement systems crash simultaneously.
1100  Economy / Economics / Re: Which "Economist" did you followed and made money...? on: January 29, 2014, 06:06:33 AM
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