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5141  Economy / Economics / Re: If Bitcoin goes up very high should i buy a house? on: February 22, 2017, 06:40:08 PM
The cheapest & most affordable method to finance a house is to purchase land and assemble a prefabricated home kit on top of it.

They're are prefabricated kits that cost $5,000 - $30,000 for a full size house. In some cases that will include labor & the cost of assembling the prefabricated kit.

That could be a decent alternative to consider rather than buying an existing house outright which could carry a 200%+ price markup over what it cost to build originally.

I couldn't say whether you should buy a house or not. Only you can decide that.

This thread is from 2015. I hope things went well for you.
5142  Economy / Economics / Re: What if? Just asking opinion on: February 22, 2017, 11:36:00 AM
If russia and the united states went to war, I think the world economy would bankrupt itself.

Waging war in the middle east has inflicted trillions of dollars of damage to the economies of many nations with no tangible positive returns to show for the funds and unfortunate lives expended.

A larger war with russia would likely be orders of magnitude worse for everyone.

War is too expensive. Its not cost effective. There is nothing to be gained from it.

I don't know if the internet being destroyed would stop cryptocurrencies.

Bitcoin could operate on tablets, cell phones and portable devices via satellite communications if the main internet went down.

War seems like a bad prospect. It is confusing why anyone pursues it.
5143  Economy / Economics / Re: What if the ETF is or not aproved on: February 22, 2017, 11:30:23 AM
If the ETF is not approved by the SEC (Securities Exchange Commission) in the united states.

It is possible another countries stock market regulatory body would approve it.

If it doesn't happen in the united states, it may happen in another country.
5144  Economy / Economics / Re: The $1 Million Dollar Bitcoin on: February 21, 2017, 03:47:47 PM
If the dollar was subject to hyperinflation where $1 million dollars were worth what $1,000 is worth now.

That could be the most likely scenario for 1 btc being worth $1 million.

Germans needing a wheelbarrow of paper money to buy a loaf of bread during their era of hyperinflation in the 1920's comes to mind.

How probable or improbable it is that something similar could happen in the united states is anyone's guess.

5145  Economy / Speculation / Re: Bitcoin prices could leap to $2000 in 2017? on: February 21, 2017, 03:40:31 PM
Today i went through an article published on a website claiming that a report published by a Denmark-based Saxo bank has forecasted the bitcoin price to leap upto 165% or $2000 in 2017 beacause of economic stimulus and aggressive fiscal spendings by Newly elected U.S President Donald Trump. What does you guys think?

I wouldn't be surprised if bitcoin is valued @ $2,000 per btc by the end of 2017.

If Trump succeeds in reducing taxes on poor to middle class income brackets, that will cause an economic spending boom.

It would give americans substantially more disposable income & that could translate to the largest consumer market in the world buying up bitcoins on increased demand..
5146  Economy / Trading Discussion / Re: Any opinion of trading cryptocurrencies vs penny stock? on: February 21, 2017, 03:35:15 PM
Penny stocks and gambling are both higher risk ventures than trading cryptocurrencies.

The higher risk translates to there being a larger percentage chance of losing everything invested.

The higher risk also translates to higher potential profits if the investment is successful.

Trading crypto is the opposite. It carries less risk, with generally a lower potential to profit.

The relationship between risk and profit, where increased risk carries greater potential for profits(& the opposite is also true) accurately describes many investment opportunities.
5147  Bitcoin / Legal / Re: UAE Bank will not Ban Bitcoin Usage on: February 21, 2017, 02:23:00 PM
The UAE focuses on building real estate, trade and tourism. Their focus is building industries oil rich arabs can rely on should the day come when oil wells run dry.

It makes sense for them to allow/regulate bitcoin. Anything that attracts long term business gels well with their mission plan.
5148  Economy / Gambling discussion / Re: UFC 209: Woodley vs Thompson Info and Prediction Thread on: February 21, 2017, 12:39:25 PM
Bellator 173 is scheduled for friday february 24th, 2017.

Liam McGeary   vs.   Vladimir Filipovic            
James Gallagher   vs.   Kirill Medvedovsky            
Sinead Kavanagh   vs.   Iony Razafiarison   

I think that's the next big mixed martial arts card.

 Huh

Hope they reschedule Matt Mitrione vs Fedor Emelianenko soon!
5149  Economy / Economics / Re: US Debt at $19,959,943,400,000 will $20 trillion make the news? on: February 20, 2017, 02:16:48 PM
If the united states economy collapses, it won't only affect america, the entire world economy will be brought down.

The deficit is very important.

It makes me happy to see many are concerned with it.

A marked and improved contrast to only a few years ago when everyone was convinced the deficit was irrelevent.
5150  Economy / Economics / Re: Reason why you should Buy bitcoin now on: February 20, 2017, 02:09:34 PM
Quote
Reason why you should Buy bitcoin now

Collectively, people in many nations appear to be losing faith and confidence in world leaders to manage economies and currencies.

When people lose faith in their local currency and economy, they look for alternatives.

It could lead to increased demand in bitcoin. Higher demand could translate to price increase as global banks overprinting of currency and overindulgence in deficit reach unsustainable proportions and begin to assert themselves.
5151  Economy / Economics / Re: Make money from money on: February 20, 2017, 01:56:24 PM
What are the features that a good investor should have? What are the characteristics of people who have enough capital and earn money from money?

What are the factors that make these people successful in their investments?

This is just my opinion. I think the main feature of being a successful investor is spending years doing it and failing in a bad way that makes them feel like giving up. Until finally they get to a point where they can do it successfully.

 Smiley
5152  Economy / Gambling discussion / Re: How to create a Bitcoin gambling site? on: February 20, 2017, 01:46:02 PM
What kind of knowledge do you need to create a gambling site? I assume many sites are written in Javascript? Or PHP? I am not saying that I think I could create a gambling site, but I find the topic interesting and wonder if some people here can share their knowledge about it, like how they got into it.

Some of the basics would be.

  • SQL (structured query language): backend database for storing of raw data.
  • Dynamic language for the front end asynchronous interface: AJAX, javascript or html 5.
  • CSS (cascading style sheets) for clean interface design.
  • PHP, python, ASP or other server side language to bridge the gap between interface and backend. And handle things like sessions, etc.
  • HTML, XML, HTMLX or HTML5: for the page markup language.
  • HTTPS: for encryption between website pages and end users.
  • Bitcoin knowledge to implement the automated deposit and withdrawal features.
  • Security knowledge to prevent your site from being hacked or having btc stolen.

There are probably code examples available online.
5153  Economy / Economics / Re: Is China’s Credit Bubble on the Brink of Bursting? on: February 20, 2017, 01:31:17 PM
It has been documented that china constructs "ghost cities" no one lives in or visits to artificially boost their GDP.

If that mentality extends to their economic and financial policy, circumstances are likely worse than they appear.

For years there have been concerns over china imploding from rampant state corruption by politicians and beaureaucrats.

It happened to the soviet union under Gorbachev. It may not be very surprising if history repeats itself.
5154  Bitcoin / Bitcoin Discussion / Re: Bitcoin "The end of inheritance tax" on: February 20, 2017, 01:12:21 PM
The poor don’t pay a lot in taxes and sometimes they can even get money out of the government, the rich can hide their money, the ones that suffer are the middle class since they have money to be taxed but not the means to protect their assets.

In the united states, the poor pay around 30% in income and social security taxes. Factoring in sales tax, property tax, road tax, gas tax, telecommunications tax & all the other assorted taxes the average person pays it could go as high as 40%-50% collective taxation. If they drink alcohol or smoke cigarettes regularly and have alcohol/tobacco excise taxes stacked on the cost of their addiction, they could be taxed @ higher than 50% of income.

By contrast multi billionaires like Warren Buffett who don't use tax loopholes are documented paying 17% income taxes. Billionaires who take advantage of tax loopholes pay less than 17%.

Best case scenario: the poor pay twice or three times the percentage rate of taxes the super wealthy pay.

While there are social welfare programs to help the poor, there are also programs which benefit mainly the wealthy. Many subsidy, defense and economic stimulus programs benefit only the rich. An example of this is the F-35 defense contract which costs over $1 trillion. Another example the TARP bank bailout bill.

You're right that the middle class is taxed the highest and suffers the most. The poor are not taxed much lower than them, unfortunately.
5155  Economy / Economics / Re: Washington Post declares Bitcoin dead - R.I.P. on: February 19, 2017, 08:55:00 AM
These fake news stories remind me of Saruman the White from the Lord of the Rings books.

Saruman had the ability to make people believe the things he said were true.

But his power was broken when he tried too hard to make too many believe in his lies.

CNN, WaPo and many other "fake news" outlets could fit that profile.

 Smiley
5156  Economy / Economics / Re: Economic Devastation on: February 19, 2017, 08:47:05 AM
I think this quotation from Lewis Mumford summarizes many key points in regard to current era economic policy.

I wish current era education made more of an effort to be honest with students rather than teaching blind faith in consumerism & the state.

Quote
The dogma of ‘increasing wants’ as an indispensible basis for further industrial progress. Instead of the duty to work, we now have the duty to consume. To ensure rapid absorbtion of its immense productivity, megatechnics resorts to a score of different devices: consumer credit, installment buying, multiple packaging, non-functional designs, meretricious novelties, shoddy materials, defective workmanship, built-in fragility.

The aim of industry is not primarily to satisfy essential human needs with a minimal productive effort, but to multiply the number of needs, factitious and fictitious, and accommodate them to the maximum mechanical capacity to produce profits. These are the sacred principle of the power complex. Not the least effort of this system is that of replacing selectivity and quantitative restriction by indiscriminate and incontinent consumption.

Thus the shorter working day promised by this system is already turning into a cheat. In order to achieve the higher level of consumption required, the members of the family must take on extra jobs. […] The effect, ironically, is to turn the newly won six- or seven-hour day to twelve or fourteen hours; so in effect, the worker is back where he started, with more material goods than ever before, but with less time to enjoy them or the promised leisure.

If all these goods are in themselves sound and individually desirable, on what grounds can we condemn the system that totalizes them? So say the official spokesmen. All these goods remain valuable if more important human concerns are not overlooked or eradicated. Unqualified successes in over-quantification.

When a scientist in good repute, like Dr. Lee du Bridge, can defend the wholesale immediate use of pesticides, bactericides, and possibly equally dangerous pharmaceuticals, by saying that it would take ten years to test them sufficiently to certify their value and innocuousness and that ‘industry cannot wait’ – it is obvious that his rational commitments to science are secondary to financial pressures, and that the safeguarding of human life is for industry not a matter of major concern.

The ironic effect of quantification is that many of the most desirable gifts of modern technics disappear when distributed en masse, or when – as with the television – they are used too constantly and too automatically. No umbilical cord attached man to nature: neiter ‘security’ nor ‘adjustment’ were the guidelines to human development.

Patrick Geddes: Conditions of degeneration in the organic world are approximately known. These conditions are often of two distinct kinds, deprivation of food, light, etc. so leading to imperfect nutrition and enervation; the other, a life of repose, with abundant supply of food and decreased exposure to the dangers of the environment. It is noteworthy that while the former only depresses, or at most distinguishes the specific type, the latter, through the disuse of the nervous and other structures etc. which such a simplification of life involves, brings about that far more insidious and through degeneration seen in the life history of myriads of parasites.

THE PENTAGON OF POWER, Lewis Mumford, 1970
5157  Economy / Gambling discussion / Re: UFC FN 105: Lewis vs Browne Info and Prediction Thread on: February 19, 2017, 08:30:51 AM
This is who I think will win & lose.

Let's see how many I can get right or wrong.  Cool

Derrick Lewis > Travis Browne            
Johny Hendricks > Hector Lombard            
Sam Sicilia > Gavin Tucker            
Elias Theodorou > Cezar Ferreira            
Sara McMann > Gina Mazany            
Alessandro Ricci < Paul Felder      

Nordine Taleb > Santiago Ponzinibbio            
Carla Esparza > Randa Markos            
Aiemann Zahabi < Reginaldo Vieira            
Jack Marshman < Thiago Santos         

Gerald Meerschaert > Ryan Janes

...

Also, too bad Fedor vs Mitrione was cancelled. I was looking forward to that one.
5158  Economy / Economics / Re: You should never trust banks on: February 19, 2017, 08:20:32 AM
There are documented cases of banks closing accounts without legitimate reasons.

Chase Bank targeted pornstars and sex cam models, closing their accounts back in 2014.

Quote
JPMorgan Chase to Porn Stars: You’re Not Welcome

The adult movie business in the United States, as NBC News reported earlier this year, is grappling with tough times “because of piracy and an abundance of free content on the Internet.” CNBC noted in March:

Income in the adult film industry is down by 50 percent from about a decade ago due to shrinking profits. Only a few performers are lucky enough to be on the A-list. . . . The rest, on average, earn a yearly salary of just around $50,000—a few thousand dollars shy of the national median household income—and, of course, have no pension plan or 401(k) plan.

Now, it’s just gotten a whole lot harder for some of those performers to find a bank to park their cash. As if to add further financial insult to an already injured and consolidating industry, the leading adult trade publications in Southern California, AVN and XBIZ, reported in late April that JPMorgan Chase is sending letters to performers terminating their bank accounts. According to VICE News, word is “surfacing that shows the US Department of Justice may be strong-arming banks into banning porn stars” as part of Operation Choke Point. As The Huffington Post reported, that operation “attempts to curb money laundering by scrutinizing banks and payment processors that facilitate transactions with illegal businesses — petty fraudsters running payday lending scams, sham telemarketing operations and other shady groups.”

Well, it now seems that adult stars are being lumped together with “shady groups,” despite the fact that their business is perfectly legal. Of course, it’s hard for some people, based upon their moral or religious grounds, to feel any sympathy for people who make their living on their backs and knees. But the current actions taken by JPMorgan Chase fit a larger pattern, according to Mark Kernes, senior editor for legal affairs for AVN Media Network and AVN.com.

“The adult industry has a long history of being discriminated against by banks and credit card companies. Several years ago, American Express canceled the billing services it had previously been providing to adult retailers and webmasters, and I believe some other credit card companies have followed suit. And last year at about this time, City National Bank canceled the checking account of, and denied a home loan to, popular actress Chanel Preston without providing a legitimate reason,” Kernes told me in a recent email.

Kernes, who has reported for more than 20 years on legal issues facing the adult entertainment industry, pointed out in that email that the Federal Deposit Insurance Corporation lists pornography as “merchant categories that have been associated with high-risk activity.” In an April 28 article on AVN, Kernes elaborates that “from the few industry members who’ve had their bank accounts closed who were willing to speak to AVN, the most common excuse given to them for the closures has been ‘risk management,’ the exact reason cited in the FDIC memo for why banks should avoid doing business with any type of company on the FDIC’s ‘blacklist.’”

Although Kernes said he is “unclear how much government pressure is being brought to bear on” JPMorgan Chase, he stresses that “for the banks to claim that the government wants them to cancel adult industry members’ accounts as part of the ‘risk management’ mandated by Operation Choke Point is absurd, and certainly a type of class discrimination on the banks’ part.”

For now, the letters are coming to some to porn stars. After receiving a notice from JPMorgan Chase, performer Teagan Presley called the bank and, according to XBIZ, was told “that because I am, I guess, public and am recognizable in the adult business, they’re closing my account.” As Kernes writes on AVN, “it’s not as if the banks have necessarily experienced any problems with the porn people’s accounts; it’s apparently just that they work in the ‘pornography’ business or are related to someone who does, and ‘pornography’ appears on the FDIC’s blacklist.”

Regardless of one’s personal views about either adult movies or their performers, one must wonder whether JPMorgan Chase, which reportedly paid more than $20 billion in penalties and settlements in 2013 alone, might have more important things to do, like cleaning up its own financial house. And if the Department of Justice really is pressuring banks to target members of the adult industry, then surely its priorities might need to be recalibrated. Similarly, if it turns out the pressure is due to the FDIC’s blacklisting of pornography, then it sadly reflects a guilt-by-association mentality; if one works in the adult industry, no matter what segment of it, then one must also be blacklisted.

We’re not likely to see any politicians or lawmakers, however, coming to the defense of the adult stars and questioning JPMorgan Chase about why the performers are being targeted. After all, there aren’t too many cars on the road today, be it in the Porn Valley of San Fernando or elsewhere, sporting bumper stickers proclaiming “I Watch Porn and I Vote.”

http://www.huffingtonpost.com/clay-calvert/jpmorgan-chase-to-porn-st_b_5247668.html
5159  Bitcoin / Bitcoin Discussion / Re: Bitcoin "The end of inheritance tax" on: February 19, 2017, 07:59:07 AM
I don't know why are you mad about this. It is just normal to pay taxes since we are all getting benefited by the government in so many ways, also, the taxes that we are paying to them is the money that they are using to build roads and others structures to improve or develop our countries, so please don't be mad about this "Tax" thingy.

The super rich don't pay the estate tax.

They have their money concealed in offshore tax shelters.

Only the middle class and wealthy individuals who don't use tax shelters pay the estate tax.

It wouldn't be a problem if states spent taxes efficiently and fairly. But in many cases taxes are used as a form of wealth distribution where the middle class and poor are taxed at much higher rates than the wealthy, while the wealthy also receive an unfair amount of tax revenues, as a means of making the rich richer and poor poorer.
5160  Economy / Economics / Re: Bitcoin can only be a gold 2.0, nothing more on: February 19, 2017, 05:40:40 AM
Wire transfers will soon become obsolete

If you need instant payments you may want to use card-to-card transfers which are as instant as it gets. You may have to pay a fee but with wire transfers you have to pay almost the same fee anyway, so it doesn't make any significant difference. On the other hand, Bitcoin transaction fees are growing in dollar terms quite in line with Bitcoin price itself, therefore the fees may be quite comparable in size to fiat transfers unless you are transferring dizens of bitcoins, of course. But in the latter case the fiat fees will be likely limited as well

I question whether instant payments are mission critical issues and whether they deserve high priority status.

If it is true that people deliberately spam bitcoin transactions with low transfer fees to sabotage legitimate bitcoin transactions.

It could naturally follow that these forums are spammed by people who exaggerate the importance of instant payments to give us the false notion that instant payments are a critical issue in need of attention.

To some degree bitcoin's transaction speed could be a factor of its security features the same way encrypted wifi connections are generally slower the more secure they are.

If that is true, there could be some social engineering at work in terms of people investing a good deal of time and effort into exaggerating the need for instant bitcoin transactions, possibly to push for bitcoin's security features being relaxed in order to suit some agenda.

It makes zero difference to me if bitcoin transactions are instant or take time to confirm.

I wouldn't be surprised if the vast majority of bitcoin users were indifferent to the time it takes for btc to confirm transactions.
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