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3841  Economy / Economics / Re: Deflation and Bitcoin, the last word on this forum on: September 19, 2011, 07:12:54 PM

I'm not talking specifically about deflation in bitcoin. I'm just here to remove the "deflation is good/innocuous" dogma. Deflation is very bad for the health of the financial market. I expect the dollar to hyperinflate soon.


We are likely to have some pretty strong price inflation in the next couple of years, if the economy actually starts to recover and people go back to work and pay off those debts without defaulting.  Then there will be a large increase of currency in the market due to QE1 & QE2.  However, hyperinflation is something altogether different.  A currency can, and many have, suffered very large annual inflation rates for a couple of years without imploding; but hyperinflation is always and everywhere a political event.  The Federal Reserve exists for the benefit of the member banks, not for the benefit of the US government or the public.  So long as the Fed exists, and continues to manage monetary policy independently of Congress, then hyperinflation simply isn't in the cards.  That would destroy the golden goose, as far as the bankers are concerned.  The banks would rather see an inflation rate of 20% for a few years and crush the market economy than surrender the power of control over monetary policy.  Congress will have to take it by force, and it won't prove easy.  Still, things don't look secure for the Fed's charter considering how well Ron Paul's retoric has infultrated the Republican base this year.  If Congress cancels the Fed's charter, or takes over monetary policy in some other manner, then hyperinflation is a possibility.  Otherwise, forget it.  And even as bad as inflation could get in the US, it's likely to not be as bad as inflation might be under the Euro or in China.  The US FRN is the safe haven of soverign wealth funds and unscrupulous political officials the world over, and any net influx of captial to the US FRN is going to support it's buying power until such time as the influx tapers off.  But sooner or later, significant price inflation in the US is already a certainty.

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Anyway, do we agree that deflation discourages real capital investment?


No, we do not agree.  Monetary base deflation discourages imprudent capital investments.  Capital investments that deserve funding will always find it.
3842  Bitcoin / Pools / Re: inquiry about a spherical pool in vacuum - how many "bicoin nodes" does it need on: September 18, 2011, 10:37:21 PM
are we seriously more paranoid an environment than torrenter / KAD crowd ?

Some of us, yes.  Bear in mind, we are dealing with real value here; the value of intellectual property is theoretical and not relevant to the torrentors themselves.
3843  Bitcoin / Pools / Re: inquiry about a spherical pool in vacuum - how many "bicoin nodes" does it need on: September 17, 2011, 01:37:48 AM

If you can't manually force persistent connections to the top mining pools (which you probably can't),

You can try with the -connect flag.  If you know the pool's ip address and they are accepting inbound connections.
3844  Economy / Goods / Re: Selling the Hottest Pepper in the world! Cheap! on: September 16, 2011, 04:47:29 AM

The product I offer you today are Naga Jalokia (Ghost) peppers from India,

When I was a Junior in high school, I had a friend of mine who was notorious for bad ideas.  His father traveled for his work, and brought some of these bastards home with him.  My friend brought them to school, and tried to tell everyone that they were "only a little hotter than a halapeno".  Everyone else just said, "I'll try one after you do".  However, I was a bit crazier.

So I grabbed one, popped it into my mouth and started chewing it before he had a chance to stop me.  I chewed it up, and swallowed it.  I then looked at his shocked face, shrugged my shoulders and said, "it's sweet".  Then it hits me, and I screamed like a little girl.  It was oilly, and sticks to the inside surfaces so that once it got going I could literally feel my mouth and all the way down into my stomach.  I ended up comandeering a water fountain, and the principal forced my buddy to go down to the cafeteria and buy me every milk that he could afford.  I slowly drank about a half gallon of milk over the next two hours, and I had blisters on the inside of my mouth for a week.  And I still suspect that I lost some hearing in my left ear that day.

On the plus side, my head cold was gone.
3845  Bitcoin / Bitcoin Discussion / Re: Bitcoin mentioned at congressional hearing. on: September 16, 2011, 04:34:08 AM
Did he really meant Bitcoin, or was it just "bit coins" as a generic term for digital currencies without him even knowing about Bitcoin itself?

I think he meant our good old Bitcoin.


Yes, he did - Larry White is very familiar with Bitcoin.  Ron Paul, on the other hand, may not be as familiar.

The Pauls may not be as familiar with Bitcoin as some, but they are aware of it.  But they don't need to really grok it, they have aides for that stuff.  They don't update their own blogs, either; and I seriously doubt that either one tweets.
3846  Bitcoin / Bitcoin Discussion / Re: Bitcoin mentioned at congressional hearing. on: September 16, 2011, 04:26:56 AM
like 2033 or something check the graph ^^^

When talking about a peak in X commodity it means a peak in the extraction rate, not depletion. Also depletion will be around year ~2144, not 2033.

Thank God!  A forum member who actually takes the time to completely understand a subject before answering questions!  As oppossed to the majority that takes a look at a truncated visual aid, never noticing that it's truncated.
3847  Bitcoin / Bitcoin Discussion / Re: Bitcoin mentioned at congressional hearing. on: September 14, 2011, 01:21:45 PM
This "Free competition in currency act" will never pass.

Although it would be good for Bitcoin in some ways, it is a preposterous idea that would never work.

U.S. Federal Reserve Notes are backed more on our economics than on anything else, and if our government allows other "Free competition" it would basically make our money worthless. Our money is worth what it is because it is our money, and it does not take a genius to see that this kind of thing is really not in our country's best interest. Ron Paul only mentioned Bitcoin because it fits into his fundamentalist agenda. He is an extremist and although his small group of supporters are really loud and good at making themselves look big, when it comes down to it, they are a small group who carry little votes.



It will never pass because it would work.  It wouldn't make the US FRN worthless, it would simply expose the present reality.  The US FRN is already worthless.  It wouldn't be chosen by a market economy once the threat of force that 'legal tender' laws imply are removed.  Bitcoin would not likely be the dominate alternative, however.  Bitcoin exists in a niche because of coercive legal tender laws.  Digital gold or silver certs would almost certainly dominate.  There would be no practical reason for Bitcoin to exist.
3848  Bitcoin / Bitcoin Discussion / Re: Why Don't Black People Use Bitcoins? on: September 13, 2011, 05:06:05 AM


PS: Hockey should be banned. And NASCAR. And boycott Lord of the Rings. And no conventions in Argentina unless there are 50% blacks in the audience. And don't watch the Jetsons. And quit reading the Watchtower and Awake.

NOW YOU'VE GONE TOO FAR!
3849  Bitcoin / Bitcoin Discussion / Re: Why Don't Black People Use Bitcoins? on: September 12, 2011, 10:57:13 PM
The title of this thread is akin to asking, "why don't Jews us the Internet?"

If you just thought, "Wait, What!?  How the hell would you know that?" then you just got my point.
3850  Other / Off-topic / Re: I Manufacture machines that generate free electricity. A match made in heaven? on: September 09, 2011, 08:32:55 PM
Wow Moonshadow you just upped this thread to a whole 'nother level.  What is your opinion on these theories:

1) Mars had intelligent life on it, millions of years ago, that reached an advanced stage of civilization far beyond our own.  Much metal was mined and brought to the surface.  But science destroyed the magnetic field of Mars that protected it from the Sun.  The atmosphere and life on that planet was destroyed without the magnetic field to protect it.  All turned to rust and eroded to dust, leaving no trace.


I'd bet that Mars had life on it at one point, but I have no opinion about the intelligent part.  I'm still not sure that there is intelligent life on Earth.  As a aside, what if humanity evolved on Mars, and we are refugees.  That would explain the missing link issue.  I have no idea, just speculating.

The atmosphere of Mars was most likely lost because the molten (reactor) core failed criticality, and thus plate technonics failed.  The Earth wouldn't have an atmostphere to speak of either without the replacement effects of volcanos.  Given enough time, the vast majority of gases would be absorbed into chemical molecules until the pressure was no longer sufficient to maintain liquid water, at which point the oceans would slowly boil away into near space.  This would have occurred over millinia, and can't reasonablely be called a catastrophe, as it would have been long forseeable by intelligent creatures.  Can't be stopped, can be avoided.  It's possible that the life cycles plants and animals could slow down this process of atmostphere loss, but I'd doubt it.
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2) Tesla was trying to build a power generation/storeage device that used the entire planet earth as the resonator, essentially turning earth into a tesla coil.  Not only did he cause an explosion at his Wizard Tower lab while doing experiments on this project, but he also caused a giant explosion in siberia when the huge electrical currents exploded underground fuel deposits.


To say that Tesla was a mad genius was an understatement.  The idea of turning the entire Earth into a tesla coil begs the question, what then is your low-energy sink?  In the case of a normal Tesla coil, it's the Earth and the energy source is the ambiant electromagnetic spectrum.  As far as the Earth as a whole, there is a substantial ambiant electromagnetic specturm to draw from, but where then would it go?  You still need a flow of energy in order to draw useful work.

The story about the explosion in siberia that destroyed his massive attempt to build a tesla coil, although plausible considering we now know that there is a great deal of natural gas in Siberia, still sounds like a cover story to myself.  The tower was destroyed, but it was more likely that it was destroyed by actual explosives.  There were many people who were afraid of Tesla actually succeeding, in much the same way that people today are afraid of the supercollider succeeding in creating a naked singularity.  Silly, to be sure, but fear of the unknown is a powerful motivator; and Tesla had some well heeled enemies anyway.  Not the least of which was the founder of General Electic.

And natural gas doesn't explode while in the ground, because there is no oxygen.  If there were enough oxygen to burn it, then the natural gas wouldn't have formed as it did.
3851  Other / Off-topic / Re: I Manufacture machines that generate free electricity. A match made in heaven? on: September 09, 2011, 07:19:56 PM
Wow, sounds great!!!!!! Don't sell machines at $5000. Sell the license to GE at $1 billion please!!!!!!!!!!! Write a paper about your invention and you will get a nobel prize!!!!!!!!You will be named as a hero of mankind!!!!!!!!!!!

I'm about to burst the bubble of both the original poster and of those who are trolling the original poster due to the abject impossibility of conservation of energy.  If this is what I think that it is, 1) it's not a 'free energy' or over parity device and 2) it's already patented, but the details of how to do it is considered so dangerous that it's been redacted long ago.  Hardcore government types, who wouldn't give a moments thought to the risks involved with global warming, will be more than happy to burn you at the stake should  they discover you know how this device works.  This is because, once I explain the device, the risks to life on Earth should be obvious to any rational person.

As the scientificly educated here have already pointed out, a closed system cannot produce more energy than it requires to operate.  These are the two laws of thermodynamics that prohibit 'free energy' devices from working, as there must be a higher energy state to lower energy state even occuring in order for (useful) energy to be harnessed.  Said another way, there must be an energy flow from a condition of high energy into a lower energy state sink.  Once the two states are of equal potential, the ability to harness useful energy is lost.

So, in general, let me explain how this device "works".  (Full disclaimer, I've never seen this device actually produce over parity, only the credible theory on how it could, and why it would be bad even if it never achieves over parity)  The device is basicly a magneticly levitated flywheel, of mostly non-ferrous construction, with an array of magnets embedded into it's outer ring.  The array of magnets are aligned in all three axis.  Some of these magnets are used to keep the device leviated and centered, while others are used as an inverted brushless motor armature.  The entire device needs to be in a near total vacuum to reduce friction, for it needs to spin very fast.  Now, I've just described a magneticly levitated energy storage device, and one that has been invented and reinvented by multiple people, but has not and will not ever reach mass production.  Not because it doesn't work well for that use, but because of the (largely unintentional, and theoretical) side effects of large number of these fast spinning magnetic disks on the surface of the Earth. 

Here's the problem in a nutshell, the only way to build such a maglev flywheel is to have it spinning parrallel with the surface of the Earth, as there are many reason why any other oriantation is difficult to build.  The disk, being basicly a flat, spinning magnet can and does, however small the effect might be, interact with the magnesphere of the Earth itself.  This fact, taken alone, means that the magnetic field of the Earth is a drag on the motion of the spinning disk, as the disk is a moving magnet inside another stationary magnetic field.  Relative motion is what creates electomagnetic current.  This is how most people would look at this.

However, the magnesphere isn't the only magnetic field of concern.  The Sun also produces a magnesphere, which interacts with the Earth's.  It is thus theoreticly possible for such a disk, of the perfect set of size and rpm's, at an unknown resonate frequency, to draw an incrediblely small amount of momentum from the relative motion of the Earth's field spinning inside of the Sun's, even while itself sitting on the face of the Earth and not in any real motion relative to that field from a macro viewpoint.  This would be akin to those quantum level 'eddys' that plague researchers trying to develop room temp superconductors.  This would be a rare and unlikely event if the device was not tuned specifily to do so, but if tens of thousands were built for electic vehicles, or any other reason, the odds that someone will, by accident or intent, stumble across the perfect resonate frequency required to draw off large amounts of 'free energy' from unkonw sources increases.  That source would then be the spinning of the Earth itself.  Obviously, this occurs naturally, and the spinning of the Earth does gradually slow down on it's own.  Ever wonder how the Earth's spin could slow, even though it's an object spinning in open vacuum?  This is how.  The observation is known as the Corrillus (sp?) effect.  Taken to it's logical conclusion, such magnetic objects spinning in open space eventually 'lock' their spin to their orbit, thus presenting only one face to their host object.  We have a number of celestial examples of 'locked' moons in our solar system, not limited to out own.

Now, obviously, drawing momentum off of the rotation of the Earth itself would be a very bad thing, if it were to ever to occur as a matter of course.  A collection of tens of thousands of such devices, used over generations, and the slowing of the Earth could become considerable.  Granted, the momentum of the Earth is astronomical compared to the energy needs of humankind, but once this kind of tech were loose, there is no way to know for certain if it can be used to spin up the Earth later on.  The long term effects on terrestial life would be unpredictable at best.

Then again, an extra hour each day might help me to get things done.
3852  Bitcoin / Bitcoin Discussion / Re: Arduino Library to interface with Bitcoin on: September 09, 2011, 06:16:14 PM
http://www.raspberrypi.org/

I think that a raspberry pi is a better platform for a dedicated wallet device.  Add wifi, Dash7, NFC and (maybe) a 3/4G radio to the device; a touchscreen, and a secured wallet.dat.  Allow it to use Dash7 continuously to locate both wifi hotspots to automaticly use by turning on and off the wifi radio at it's own need as well as locate other such devices to either sync blockchains with or to perform wireless transactions with in meatspace.

Even without the ability to use Bitcoin, a Raspberry Pi in a portable format with a Dash7 radio and either wifi or 3/4G would be a wicked mobile pc.  I can think of a half dozen things that I would do with it right now.
3853  Bitcoin / Bitcoin Discussion / Re: Bitcoin blackholes as a solution to unfettered inflation? on: September 08, 2011, 08:19:25 PM
No.
3854  Other / Beginners & Help / Re: Will governments attack bitcoin? on: September 08, 2011, 08:05:09 PM
Its use is so wide spread already that it would be impossible for them to stamp out but government may use it to help them pay off their debts.

lol how hilarious would it be if the USA government and most citizens amassed huge debts in USD, then Bitcoin "wins" and the USD crashes, and they effortlessly pay off their now-meaningless debt. Ha HA shoulda lent in GOLD, bitches! Thanks for all the consumer goods!

Yeah, real funny.  Right up until the point that, at best, all the factories in China that make our consumer products are nationalized and retooled for products never intended to come to the US.  What then, once your Iphone breaks?  And that is assuming that they don't decide to invade to take whatever they can find in payment.  Wars have started for much less.  And there is no case in history wherein the national monetary system collapsing did not result in civil unrest or a civil war, or fascism.  Be very careful what you wish for, young man.  You might just get it.

Sorry, I didn't mean to offend with my crude gallows humor. I agree with your analysis, but this wouldn't happen overnight - surely the powers that be would work something out in the meantime.

Don't count on that.  Those powers are the same that continue to deny the problem exists.
3855  Economy / Speculation / Re: Paul Krugman Effect on: September 08, 2011, 02:13:56 PM
If by stability you mean that QE avoided the re-structuration of the economy and prolonged the crisis, then yes. It did that.

I don't deny that central banks are putting out a fire with blowtorches. I'm just pointing out the 2009 was deflationary at least according to the Fed's own CPI and that QE1 most likely did reflate prices, likewise with 2010 and QE2 to the 2008 average.

There is the key piece of data right there.  The Fed's own statistics confirm that the Fed was doing the right thing!  Ever consider the possibility that those stats are intentionally manipulated to make the government/federal reserve look like they know what they are doing?  If the CPI were calculated in the same manner that it was in 1970's, the CPI would be over 6% right now and would never have shown a negative number.  But it's not calculated the same way.  M1 isn't even reported anymore, and has to be guessed.  Shadowstats.com, which does have it's own biases and issues I admit up front, does a much better job producing metrics that compare to those that we used to use.  For example, if we were still using the unemployment metrics that we still use in history books for the Great Depression, U6 would be the closest number to that metric.  Last I checked, U6 was over 16%; and that is even with the lowest participation rate in the recorded history of the US labor force.
3856  Other / Beginners & Help / Re: Will governments attack bitcoin? on: September 08, 2011, 02:06:32 PM
Its use is so wide spread already that it would be impossible for them to stamp out but government may use it to help them pay off their debts.

lol how hilarious would it be if the USA government and most citizens amassed huge debts in USD, then Bitcoin "wins" and the USD crashes, and they effortlessly pay off their now-meaningless debt. Ha HA shoulda lent in GOLD, bitches! Thanks for all the consumer goods!

Yeah, real funny.  Right up until the point that, at best, all the factories in China that make our consumer products are nationalized and retooled for products never intended to come to the US.  What then, once your Iphone breaks?  And that is assuming that they don't decide to invade to take whatever they can find in payment.  Wars have started for much less.  And there is no case in history wherein the national monetary system collapsing did not result in civil unrest or a civil war, or fascism.  Be very careful what you wish for, young man.  You might just get it.
3857  Economy / Economics / Re: US is getting hit with disasters. on: September 08, 2011, 03:23:11 AM
Hurricanes, floods, wildfires and tornadoes.

US getting hit hard. They were saying because of the east coast had to shutdown, 15-20% tax revenue was lost. But damn, The US is taking a toll.

What are your guy's thoughts? I think its only going to get worse, specially this is the beginning of hurricane season.


Nothing that is beyond the variation of averages, as far as storms go.  Earthquakes worldwide, however, is another issue.  Remember that tsunamis are caused by undersea earthquakes and try to remember the very first tsunami that you can remember occurring that you learned about the same day, and not in a history class.  I'd be willing to bet that it was in the past decade.  We've had half a dozen tsunamis that I can think of in the past decade, and I can't remember one occurring before that in all of the 80's and maybe one in the 90's?  When the east coast was hit by the 5.9 a week before the hurricane, there was another earthquake in the western half of the US the very same day.  Not saying that this is out of bounds for the law of averages either, but it does make one wonder....
3858  Economy / Speculation / Re: Paul Krugman Effect on: September 08, 2011, 03:12:12 AM
The poster said the bloggers actions was childish, not that he is a child. But perhaps it would be interpreted that way anyway.

This blogger is a Nobel prize winning professor of economics and international affairs at Princeton specializing in international trade and finance. He has numerous detractors, but we shouldn't expect him to suffer fools nor undue criticism. Opening with "You're being..." leads to a personal remark. Some humility is in order. Nor is Michael Suede making friends by rebuking with "Krugman is a Keynesian...also a complete lunatic"

Jimmy Carter also won the Nobel Peace prize...they are not all that selective.

They are not the same prize.  The Nobel Prize for Economics is an award granted by a bank in honor of Nobel, not by his own foundation.  The Nobel Prize for Economics is a reflection of the kind of economics that central banks respect and wish to promote.  It's not an award commonly given to real economists.  Think of it this way, if you are a scientist whose job is to study economics, and present predictions; yet a significant portion of your income is directly or indirectly the result of government and/or central bank funding, are you still impartial?

Roughly half of all Economists in America fit the above description.  It is very difficult for even the most intelligent professionals to see the truth when their paycheck depends upon their not seeing it.  Krugman is an example of cognative dissonance in academia and media.  Real economists don't teach economics, nor advise governments as a profession.  Real economists make investments and fund startups.  Peter Thiel is a real economist.  Paul Krugman is a political talking head, who happens to focus on economic issues.  Even mentioning his Nobel Prize in Economics as support for his economic theories, rather than their fundamental logic, is an 'appeal to authority' fallacy.  Krugman is a master at bullsh*tting his readership, most of whom are not thoughtful enough nor well read enough to see through the bs without outside help.  This includes many very otherwise intelligent and educated people.  I would like to see what his own investment portfolio looks like, because I'd wager that his own choices would stand to benefit grandly whenever governments follow his advice.
3859  Bitcoin / Bitcoin Discussion / Re: Is Satoshi actually Richard Stallman? on: September 08, 2011, 02:49:04 AM
Nah, he was speaking in very general terms about some way to send money, quickly, easily and anonymously to content creators. That's not far off from what he's been evangelizing for decades, so I see no significance in his mentioning it at any particular time in 2009.

Has RMS made any public comments about Bitcoin?  In light of his past commentaries, he should have something notable to say about Bitcoin.  If his public mentions of such cryptocurrency ideas cease after Bitcoin's metoric rise around October 2010, about the same time that Satoshi disappeared, this might be a significant link.
3860  Bitcoin / Bitcoin Discussion / Re: Is Satoshi actually Richard Stallman? on: September 08, 2011, 02:45:44 AM
I believe Satoshi will come back down here to save us all if things goes really bad for Bitcoins.

Actually, one of the SolidCoin people has apparently been claiming that Satoshi has dumped his bitcoins and invested in SolidCoins instead.

https://bitcointalk.org/index.php?topic=42069.msg512976#msg512976

BWAHAHAHAHAHAHAHAHA

That's typical of the guy behind SolidCoin and just goes to show how much everyone show avoid SC like the plague. He's bad news.

It's also easily checked.  Have any of the first 10 blocks moved?  The first ten are almost certainly Satoshi's, the genesis block definitely is.
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