Satoshi has offer us a change of life or lifestyle he set up a chance for each and everyone of us to be a millionaire and enjoy a life that the government can not control, but yes this is something that banks and government would not want because they don't have control over it, but all of that company and products that you have talk about Amazon, Microsoft, and Apple are selling us their goods, services to make life easier so they can profit from us, but Satoshi had given us a chance to profit for our self that is the biggest difference that I see from all that company and Satoshi did for us,
Good points. Your right, Profit is not bad as those that can make profit are utilizing services and usually wisely reinvest those profits. Government and banks have avoided competition to the extent that they lack discipline, and we all suffer....until now. |
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Another way of looking a things
Amazon sells us depreciating crapplastic
Microsoft sell every one a word processor and and os to connect it to a printer and run the printer
Apple sells us something nice to listen to out music on and hold to look at the internet on.
Satoshi gives us an entire financial system, government in code, records repository, financial sovereignty, powers of the state.
Take a step back and consider the orders of magnitude of the value proposition as against what most are familiar with.
It's a good part of the combined sum of sovereign wealth, which makes the whole .com boom look like a rounding error.
Only if there is mass adoption and use of bitcoin as a financial system etc etc. If it's just used for speculative trading in a pozi fashion, it's literally useless. BTC does not need mass adoption...for I would estimate to meet 70% of the value proposition as the masses of transnactions though a long tail are small. The bulk of the value is in derivatives, currency, hedges, sovereign wealth, registers, operation of govt. A lot of this value that was held by the few can now be carved out and spread more widely as well as increased through blockchain and BTC tech. It's not a ponzi, becuase it does not promise any return to any one it only promises a necessary (and if you have sufficient fees) access to block space, by which you can show market signal to the world, and increment some one elses ledger. I have a thread on why it's not). |
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Another way of looking a things
Amazon sells us depreciating crapplastic
Microsoft sell every one a word processor and and os to connect it to a printer and run the printer
Apple sells us something nice to listen to out music on and hold to look at the internet on.
Satoshi gives us an entire financial system, government in code, records repository, financial sovereignty, powers of the state.
Take a step back and consider the orders of magnitude of the value proposition as against what most are familiar with.
It's a good part of the combined sum of sovereign wealth, which makes the whole .com boom look like a rounding error.
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Our country have a large segment of its population living and working abroad and since we can hardly be called industrialized, all those remittances form a large part of our income (10.2% of GDP according to World Bank figures of 2015). So it probably did not escape the BSP's attention that people have started to use bitcoins to send money back to the Philippines. That they recognized it as a legitimate form of money transfer is a good thing since this will encourage Filipinos abroad to look up Bitcoin. Once they see how cheaper it is (and still faster despite the backlog) they might be sending more remittance in bitcoins, further increasing adoption in the country. Since all those remittances fuel consumption here, it could result to more businesses accepting bitcoin as payment.
I think there's also a more pragmatic reason for this. Ever since the money hacked from Bangladesh's central bank wound up here in the Philippines (the Chinese who encashed it promptly disappeared) there has been fears that workers abroad would find it harder to send money back home should we get a downgrade from international bodies. Should that ever happen, I believe they can still use bitcoins.
I would honestly use BCH if there is a good exchange, fees are going to be way lower. |
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In the next five years, there will be a lot of Bitcoin forks, a soft forks, a hard forks, a networks splits ans a chain split but because of this the Bitcoin's value is still high it could reach as high as 50k USD, but it will take a lot of struggles, up and downs. There will be more banning, bashing, take-downs,regulation and any other anti-bitcoin activities but if we are still optimistic bitcoin will still stay strong and keep standing still through the test of times Bitcoin is the king after all.
Recently I have become more skeptical about Bitcoin. Not the technology of the blockchain, obviously, but the actual currency itself. See, it is so easy to create a new coin/token these days that almost anyone can do it. Will Bitcoin persevere despite others making better coins already? I mean there are countless coins with better technology than Bitcoin, and it is only getting more so like this by the day. I just don't see how Bitcoin would be able to continue dominating all other coins when it lags behind in practical use. This is a fairly correct observation, however, the network effect is hard to get. Eg who will dev your chain....? will there be as many top devs interested in your chain as BTC? Will exchanges decide to implements it? Past a certain point like BCH, or ETH where the uptake has been, every exchange, then ok. Where you coins offers little new....well...its kinda a dead end. |
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The desperation from the current system
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This is why you hold the BCH and other coin splits and not sell them....just in case.
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What you say is reasonable....its just hard to say where is the top and what is the bottom.....you just don't know with BTC and there is no precedent.
Also I feel that the people whole sell out are less with every cycle, as their HODL is rewarded and the HODL are selected for.
New entrants can buy a lot less BTC now for a Lot more $$$, and so can dump not so much.
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Nothing will happen to Bitcoin, because banks are already working with virtual currencies using encryption right now. They will never issue a crypto currency, that
a. is confirming transactions completely decentralized
b. people can mine with their computers
c. has a public ledger
d. has a limited amount
e. is open source
f. ...
Means, that everything a bank will issue might even be called "Cryptocurrency", but it will definitely not replace the idea of Bitcoin.
This can be true. Governments via their central banks can issue their own version of cryptocurrency and can even be backed by the government but they can never be cryptocurrency in the strict definition of the term because of the embedded control which the government can yield on the currency. Well, they can impose order for people to patronize it in place of the fiat money but it does not mean that Bitcoin can be gone. Bitcoin has the ability to evolve and transform itself if there is a need it sees. Plus it can take many years before any government can be able to perfect their own version of cryptocurrency. Exactly, crytpo is resistant to how legacy centralized systems work. You have to give up control to be trusted. Banks could make a crypto, but then they would have to give up all control of it. Also when we get to the x Trillion mark, banks just wont have the money anymore. I am not saying banks or fiat is intrinsically bad, as they can bring capital and energy Labour, although if I can say they have become massively sub optimal due to lack of competition which then translates to massive and systematic miss allocations of wealth driven by gov policy (via issuance of licenses) and total lack of market discipline. I don't think there is any part of the economy that remains untouched by quant easing, bad loans, bad allocations of wealth. Essentially the face value of money is completely delinked to work value, and we are in hyper inflation at near record low interest levels. Look at cost of living and property costs, both types of commodities that are hard to rig going up massively. BTC is the only un-rigged asset left. |
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Haveing used a few clients the nem client is pretty good, but people need to be very aware of using the message system to credit account at say exchanges
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All this talk of adoption but Bitcoin can't even scale yet. It would be hard to gain any serious type of adoption if something isn't technically capable to accomodate the demand. I could imagine the fees could go sky high in the current fee market system.
I guess wouldn't need that much scaling to deal with these type of transactions. In high finances like those, speed is not an issue, certainty is, and bitcoin solves certainty. Maybe at some point fees are high even for this end too. But in any case, the problem I see with this theory is, why would governments want to participate in bitcoin when big chunks of the supply are controlled by random people they can't control? I don't think governments would like that. So unless they start buying a lot, they will never have enough BTC for them to be profitable to legitimize Bitcoin at that level. i don't think that random people with BTC is an issue to the premise of proof of credit worthiness. Excepting as an actor trying to crash the market or making large fluctuations,but with btc you only get to do this once each per large actor of which there are not many and its over, so really its not going to happen that many times, and the volume are fairly ok to soak up cheap coins |
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some GI iota lost???
I checked my iota today....and it seemed to log into the wrong address.
ALSO I CHECKED THE TANGLE ADDRESS and it comes up AS INVALID.
THIS IS THE ADDRESS I WITHDREW FROM FINNEX SO I AM NOT MAKING A MISTAKE WHAT GIVES HOW TO FIX THIS?
"Invalid Hash!"
on IOTASear.ch Tangle Explorer
yet I have seen it on this address before.
here is the txid message
Iota Transaction Info
9999999999999999999999999999999999999999999999999999999999999999999999999999999 99
Address 9999999999999999999999999999999999999999999999999999999999999999999999999999999 99
Amount 0 i
Time 1970-Jan-01 00:00:00 (17456 days 8 hrs ago)
Tag
Nonce 999999999999999999999999999
Signature (Raw) 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 9999999999999999999999999999999999999999999999999999999999999999999999999999999 999999999999999999999999999999999999999999999999999999
Weight Magnitude 243
Index 0 / 0
Branch 9999999999999999999999999999999999999999999999999999999999999999999999999999999 99
Trunk 9999999999999999999999999999999999999999999999999999999999999999999999999999999 99
Bundle 9999999999999999999999999999999999999999999999999999999999999999999999999999999 99
Status Failed - Invalid
ok tried the transition 2.4.0 could and not find balance , do i have to point to a legacy node?
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I guess this is another "Bitcoin should be the new world reserve currency" thread.
I think it`s more possible to return the gold standard instead of adopting btc as a reserve currency.
The USA would never lose it`s monetary advantage and will never let some other national currecny to dominate the world.
And by the way,bitcoin can be destroyed.
good luck with destroying the 1000's of alts each with better and evolving tech out there......you would merely hasten the evolution to a better more powerful solution than BTC. In fact I think this is the exact reason gov's will not try to destory BTC itself as they see the tidal waves or alts ready to go. In-fact BTC is giving them time to get a position. So no crypto won't be destroyed at this point. |
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At some point nations will have to prove their reserves and credit worth via BTC held, and so attract investment capital in FIAT or whatever.
Why? because the credit risk of a country with BTC will be much much lower and more transparent than any alternative.
Do you realize how delusional your statement is? Yeah maybe in 10 - 20 years from now, but not any time soon. Equating Zimbabwe’s (or even China’s) relatively shallow liquidity currency and Treasury bond market, to the USA dollar and US Treasuries is not a cogent analysis of reality. China to Open Bond Market to Foreign Investors
Without a viable bond market, no currency can become the reserve currency and compete against the dollar. It does not matter what you price in yuan, it still requires a trustworthy place to park your money. This is basis fundamental international economics 101. Schools teach domestic economics and are generally ignorant of international economics.
Until debt ceases to be money that simply pays interest, the dollar will not vanish as a reserve currency. There is no replacement as of yet. Even when China becomes the largest economy, that will not displace the “reserve” status of the dollar until there is a deep market to park cash. That is separate and distinct from trade being conducted in a variety of currencies. We have to revise the world monetary system. When we reach that point, then we can deal with creating an alternative for a “reserve” currency that is entirely distinct from trade currencies.
Some comments are saying that China follows every word I say. I think that is an exaggeration. Yes, before my ordeal, we entered into an arrangement with China to do the forecasting for about 1,000 government entities. Yes, I was invited to the Central Bank when the Asian Currency Crisis hit. Yes, I recommended going to the US Treasury and demanding to buy bonds directly circumventing the New York bankers. True, our services are not blocked in China.
 Hang on Hang on, did I put a time frame on this? I would have put a circa 7 ~ 10 year time frame...so not sure why you say x is delusional then say, it can happen in 10 years. I am looking from the point of view of credit risk. Alot of what a country can do eg capital raise, attract investment, keep issuing debt may come down to how well you can asses their credit risk and how well you can secure collateral, or a least stop them from benefiting politically from nationalizing your work via the many ways, tax law change, new regulations etc. BTC represents a clear option to address both of these issues. I don't agree with your characterization of equating my argument to reserve currency which is different to credit risk. thats a different proposition. A reserve currency may require different conditions and probably a much higher market cap so it has the depth to handle large transactions. Also I'm not going to say BTC will be the one to do it but some crypto will. |
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You invite countries to borrow in bitcoin? Lol. Suggest you start with yourself and lead by example. I wonder how long you will be in debt? There are a lot of third world countries that borrowed in dollars and can't give them up because their currency is depreciating faster than the dollar. Bitcoin grows in value much faster.
no to prove they have valuable reserves. Eg like gold or some other asset class. This would serve to reduce credit risk of lenders. Unlike gold certs, btc can't be faked. |
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I think you have kinda confused original vision and the effect of having the most and best devs on one coin.....
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At some point nations will have to prove their reserves and credit worth via BTC held, and so attract investment capital in FIAT or whatever.
Why? because the credit risk of a country with BTC will be much much lower and more transparent than any alternative.
Now that some of that BTC will be locked up in say a multisig, that will at least allow a lender to impinge on lenders total credit if they default.
Every other asset class can be destroyed, rigged, seized or sold and Legally if a country changes its laws.
Eventually countries will be forced to buy and hold BTC to remain attractive to investors and lenders as will business above a certain size to be good credit risks.
Banks or international banks or specialty benches such a sort of neo-Delaware Bench may arise and find themselves in a new role or perhaps a supra jurisdictional role as impartial arbiter of who get the funds in case of dispute. But then again perhaps not. It may be enough for a lender to demand multisig or more to give goods services etc
This I think will be the driver to 1M and above, when sovereign acquisition occurs in earnest and it will.
Notes:
I don't see that nations will ever trust each other enough to allow any single group of countries control the money supply.
Now I know the US$ is by far the reserve currency of the world, but by by and large this does not stop other major powers eg UK, UK, JP CNY trying to set their own internal monetary policy. Smaller counties may be dollarized due to being a the only viable alt to their devalued indigenous currency.
Putting that to one side I don't see the G20 and others ever trust each other enough and so will default to BTC.
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do while (x < infinity)
{print "Alpha " x +1 " to be released }
= maid safe
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"corrections" are never big or epic or anything, they are always logical and properly sized.
what you see is usually a dump and a lot of FUD and you can't really generalize all of the dumps the say way. each of them are different and happen under very different circumstances.
for example this last one started as a simple correction. price went down from $49xx to $4400-$4500 which was less than a 10% correction and everything was perfectly fine, then the China crap started and price went down to $3800-$4000 and they kept attacking bitcoin. and the JP Morgan "bitcoin is fraud" was the last straw.
none of this 30%+ drop ever happened in 20 minutes though you are confusing bitcoin with a pump and dump altcoin. it took a lot of FUD and a couple of weeks to reach that big a dip!
https://www.coindesk.com/price-bitcoin-drops-400-btc-e-flash-crash/though I admit it was a flash crash |
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Look at it this way
if you bailed just after gox high 2013, you could have cut you losses from say 200$ a coin versus 750$ a coin, and doubled down at the low and purchased in and held....but how would you know the timing?
if you just hodl you would be up about 3~4 times now.
So buy in now and you may be at 60K or 100K in 5~7 years time.
how do you feel about the difference of $7000 a coin, and the other $53 K you would have.
the $7000 now is insignificant.
I recall back in the day being concerned about the high percentage margin I had to pay to acquire some coins it was about 7%, where I was, concerning at the time sort of inconsequential in retrospect.
You have to step back and take the long view.
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