Yakamoto
Legendary
Offline
Activity: 1218
Merit: 1007
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 01:30:55 AM |
|
...neat idea, but things aren't quite working out as well they might have done, back to the drawing board perhaps?
You don't understand what you quoted. Any recursive, closed loop system (PoS) is not a decentralized currency, it's a permissioned ledger. So to create an actual decentralized currency, you require an open entropy system (PoW mining - a permanent decentralized exchange peg), and those externalities that connect it to the real world will have the real world problems leak back into the Bitcoin system. China trade imbalance is a REAL WORLD problem, not a Bitcoin problem. The problem just leaks back into Bitcoin because the problem exists in our world. As I said, all nations adopting Bitcoin would actually eliminate the problem since no nation can operate currency wars then to form the trade imbalance in the first place. It doesn't matter if Bitcoin exists or not, you would still have to deal with the China trade imbalance regardless, either through war, tariffs, or each nation adopting the same currency to prevent currency wars from creating the imbalance. Tariffs and war are likely a synonym for each other, so the end result is, you can likely either all die in WW3 or adopt the same settlement currency. The only viable candidates are Bitcoin and gold, but both could obviously be used at the same time to make up for the deficiencies of one another and everything would just be a BTC/Gold trading pair. I think a Bitcoin/gold trading pair would actually be a really good idea for a lot of the world's economies and trading systems, but I think allowing for each country to maintain their own currency and just trade into whatever store of value is chosen would be a better idea than our current system, that being the US having the primary currency used as a medium of trade, along with it being used domestically in their country. Rather than have everyone use Bitcoin, maybe keep everything the same and just have Bitcoin be the trade currency, along with gold? Give people the option to own Bitcoin but allow for everything to work the same way it does currently? That would bring its own questions, though; what would happen to the currency exchange markets?
|
|
|
|
MatTheCat (OP)
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 01:31:47 AM |
|
It doesn't matter if Bitcoin exists or not, you would still have to deal with the China trade imbalance regardless, either through war, tariffs, or each nation adopting the same currency to prevent currency wars from creating the imbalance. Tariffs and war are likely a synonym for each other, so the end result is, you can likely either all die in WW3 or adopt the same settlement currency. The only viable candidates are Bitcoin and gold, but both could obviously be used at the same time to make up for the deficiencies of one another and everything would just be a BTC/Gold trading pair.
If I were the head of the Rothschild JIDF financial cabal, and I controlled half of the worlds real wealth, had various governments across the globe dangling from my finger, and was capable of sending them to war with each other in order to satisfy my own geo-political or profit seeking objectives........why would I allow my great wealth and power, to be priced in Bitcoin, which is owned and controlled by a bunch of grubby little Chinamen? Crypto is in it's infancy r0ach, and whilst I can forsee some digitial based crypto coming to dominate global finance, Bitcoin just aint gonna be it. Bitcoin is a prototype. Furthermore, if humanity ever gets to the point where some crypto is the global digital currency, then humanity will come to despise that digital currency, as it will be a tool of global enslavement. A centrally controlled one world currency, all transactions traceable, with the central authority capable of 'hard forking' any wallet (contained within an implanted RFiD chip?) belonging to any individual or group that they do not like. All sounds a bit New World Order to me.
|
|
|
|
r0ach
Legendary
Offline
Activity: 1260
Merit: 1000
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 02:15:44 AM |
|
If the government tried to force people to use a cryptocurrency to enslave people, it would be a federated chain, not Bitcoin. Assuming the government didn't have diabolical motives, a government issued coin would probably be better than the system we already have. You could delete the entire tax system and IRS, and transaction fees would be your tax that gets transported back to the govt. The only problem is, they would eventually hyperinflate the currency anyway, so a government issued crypto serves no real purpose and couldn't compete with Bitcoin.
|
|
|
|
PorkUsher
Newbie
Offline
Activity: 27
Merit: 0
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 02:31:48 AM |
|
Any recursive, closed loop system (PoS) is not a decentralized currency
While sounding smart to idiots, that acrually makes zero sense. 1.Any closed-loop system is recursive, pretty much by definition. A system without recursion, i.e. one in which the input state is fully independent of its output state, is called an open-loop system. 2. PoS coins are less centralized than Bitcoin, which is mined by a handful of guys in China. Now, what were you trying to say? This time, say it in words you actually understand. You could delete the entire tax system and IRS, and transaction fees would be your tax that gets transported back to the govt.
If you ever made enough money to file a tax return in your life, you'd understand why that also makes zero sense.
|
|
|
|
Ibian
Legendary
Offline
Activity: 2268
Merit: 1278
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 04:08:16 AM |
|
Taxation is theft. We don't wanna find new and innovative ways to pay it, we wanna get rid of it.
|
Look inside yourself, and you will see that you are the bubble.
|
|
|
r0ach
Legendary
Offline
Activity: 1260
Merit: 1000
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 06:05:22 AM |
|
You could delete the entire tax system and IRS, and transaction fees would be your tax that gets transported back to the govt.
If you ever made enough money to file a tax return in your life, you'd understand why that also makes zero sense. It's called a consumption tax you buffoon (or in this case, more of a commerce tax). I did not invent the consumption tax idea, but it's been floated as a replacement by many. If you don't feel a consumption tax would work, take it up with whoever invented the idea. 2. PoS coins are less centralized than Bitcoin, which is mined by a handful of guys in China.
Completely wrong. Nothing in the blockchain actually solves the Byzantine generals problem, so the only way confirmations are useful at all (1 is completely arbitrary and meaningless) is the fact that they're unbounded, while cost to attack is high and can't be done over an extended time. This means your open entropy system tends to trend towards some form of objective state of consensus when the block validators can't really be monopolized over an extended period of time, while your recursive systems can just go into permanent preemption at any second, making them completely useless. The fact that they utilize interest on top of that to force them into perma-centralization is also fail. Miners come and go. Interest garnering slumlords whose take is always vastly higher than overhead are forever. Any other comments from your freshly created banking shill and/or Israeli intelligence account that should know far better than to try and screw with me by now? Hows your Ethereum scamcoin doing that you attempted to hijack Bitcoin with? Yea, that's what I thought. Enjoy your millions of dollars in losses.
|
|
|
|
tabnloz
Legendary
Offline
Activity: 961
Merit: 1000
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 07:15:32 AM |
|
You could delete the entire tax system and IRS, and transaction fees would be your tax that gets transported back to the govt.
If you ever made enough money to file a tax return in your life, you'd understand why that also makes zero sense. It's called a consumption tax you buffoon (or in this case, more of a commerce tax). I did not invent the consumption tax idea, but it's been floated as a replacement by many. If you don't feel a consumption tax would work, take it up with whoever invented the idea. 2. PoS coins are less centralized than Bitcoin, which is mined by a handful of guys in China.
Completely wrong. Nothing in the blockchain actually solves the Byzantine generals problem, so the only way confirmations are useful at all (1 is completely arbitrary and meaningless) is the fact that they're unbounded, while cost to attack is high and can't be done over an extended time. This means your open entropy system tends to trend towards some form of objective state of consensus when the block validators can't really be monopolized over an extended period of time, while your recursive systems can just go into permanent preemption at any second, making them completely useless. The fact that they utilize interest on top of that to force them into perma-centralization is also fail. Miners come and go. Interest garnering slumlords whose take is always vastly higher than overhead are forever. Any other comments from your freshly created banking shill and/or Israeli intelligence account that should know far better than to try and screw with me by now? Hows your Ethereum scamcoin doing that you attempted to hijack Bitcoin with? Yea, that's what I thought. Enjoy your millions of dollars in losses. Pretty sure Israeli intelligence has a shitload more to worry about than bitcoin forums, given the ongoing situations in the middle east.
|
|
|
|
r0ach
Legendary
Offline
Activity: 1260
Merit: 1000
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 07:27:38 AM |
|
Pretty sure Israeli intelligence has a shitload more to worry about than bitcoin forums, given the ongoing situations in the middle east.
Nah, this forum is filled to the brim with banking shills and JIDF dirtbags.
|
|
|
|
PorkUsher
Newbie
Offline
Activity: 27
Merit: 0
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 10:06:58 AM Last edit: July 05, 2016, 11:07:06 AM by PorkUsher |
|
You could delete the entire tax system and IRS, and transaction fees would be your tax that gets transported back to the govt.
If you ever made enough money to file a tax return in your life, you'd understand why that also makes zero sense. It's called a consumption tax you buffoon (or in this case, more of a commerce tax). I did not invent the consumption tax idea, but it's been floated as a replacement by many. If you don't feel a consumption tax would work, take it up with whoever invented the idea. While consumption tax works just fine with fiat (that's what sales tax is), consumption tax is not income tax. Which is what you would file tax returns for if you actually made any money, and what the grownups at IRS deal with when they come to work. Since Common Body of Tax Law is somewhat more complicated than collecting flat consumption tax, replacing IRS with tx fees makes as much sense as replacing our transport infrastructure with a pogo stick. I'm trying to use small words you may actually understand. Any recursive, closed loop system (PoS) is not a decentralized currency
While sounding smart to idiots, that actually makes zero sense. 1.Any closed-loop system is recursive, pretty much by definition. A system without recursion, i.e. one in which the input state is fully independent of its output state, is called an open-loop system. 2. PoS coins are less centralized than Bitcoin, which is mined by a handful of guys in China. Now, what were you trying to say? This time, say it in words you actually understand. Completely wrong. Nothing in the blockchain actually solves the Byzantine generals problem, so the only way confirmations are useful at all (1 is completely arbitrary and meaningless) is the fact that they're unbounded, while cost to attack is high and can't be done over an extended time. This means your open entropy system tends to trend towards some form of objective state of consensus when the block validators can't really be monopolized over an extended period of time, while your recursive systems can just go into permanent preemption at any second, making them completely useless. The fact that they utilize interest on top of that to force them into perma-centralization is also fail. Miners come and go. Interest garnering slumlords whose take is always vastly higher than overhead are forever. Any other comments from your freshly created banking shill and/or Israeli intelligence account that should know far better than to try and screw with me by now? Hows your Ethereum scamcoin doing that you attempted to hijack Bitcoin with? Yea, that's what I thought. Enjoy your millions of dollars in losses. None of the above is relevant to either of the two points which I have raised. Even if it did make sense, which it doesn't. All kidding aside, stop trying to sound all grown up, figure out what you're trying to say, and try to say it without using a bunch of buzzwords that you read on reddit/stormfront/zerohedge & liked the sound of. K?
|
|
|
|
Ibian
Legendary
Offline
Activity: 2268
Merit: 1278
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 04:40:11 PM |
|
Stormfronters are good people.
|
Look inside yourself, and you will see that you are the bubble.
|
|
|
PorkUsher
Newbie
Offline
Activity: 27
Merit: 0
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 04:45:36 PM |
|
Stormfronters are good people.
Some are, some aren't. I'm sure you can find some good people an reddit and zerohedge too. What's your point?
|
|
|
|
MatTheCat (OP)
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 06:57:22 PM |
|
Too early to say for sure at the moment, but if Bitcoin dumps, support is a damn long way down and strong support, is even further down. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fnew.tradingview.com%2Fx%2FoVSC49II%2F&t=665&c=JBf7Yi-s2rbLmw) Supporting the bearish thesis, is the sheer volume of margin long positions open at the moment. Everyone expects that they will just be able to sit in their margin longs and simply cash at some whale pumpers expense, during the 'inevitable' Halving Pump. Well, 'everyone' is the majority, and the majority are always wrong. If they weren't, Smart Money wouldn't get paid, and Smart Money always gets paid.
|
|
|
|
marcus_of_augustus
Legendary
Offline
Activity: 3920
Merit: 2349
Eadem mutata resurgo
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 09:57:50 PM |
|
well, well, well ... this thread has taken a dark turn, it used to all be so much sweet and light fun ... the darkside has for sure infested these walls now, too bad they feel the need to haunt bitcoin at all but at least they have been banished from places that matter ... enjoy the shitfest with your new friends here Mat.
|
|
|
|
MatTheCat (OP)
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 05, 2016, 11:35:37 PM |
|
Fuck Bitcoin, here is a chart that I fucking love: ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fnew.tradingview.com%2Fx%2F9LKy1Vbn%2F&t=665&c=HU3MHPP9_V2LcA) And if all the time and energy I have put into fucking around with Bitcoin has taught me one thing, it is that at some point, it is wise to expect the totally fucking unexpected. Gold shouldn't be doing this. 'Deflation' is upon us. But the fact that gold is doing this, may suggest that the global financial system is heading towards a shitstorm of fear. When capital fears equities, and no longer trusts governments, only one place left to go. From a 'traders perspective', gold is an absolute horrible trade right now however. Entering now would be total FOMO market chasing.....mind u, I remember thinking that about Bitcoin as it broke $580 last month.
|
|
|
|
r0ach
Legendary
Offline
Activity: 1260
Merit: 1000
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 06, 2016, 01:53:58 AM |
|
consumption tax is not income tax That's the entire point, to get rid of the Jewish criminals at the Federal Reserve and IRS. We're aware you're a banking shill who's frightened your fractional reserve & IRS empire is crumbling, but that's not our problem, that's your problem. Did I mention good luck with your millions of dollars in Ethereum losses? Or I guess that would be a billion when it goes to zero?
|
|
|
|
notme
Legendary
Offline
Activity: 1904
Merit: 1002
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 06, 2016, 02:39:31 AM |
|
Fuck Bitcoin, here is a chart that I fucking love: ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fnew.tradingview.com%2Fx%2F9LKy1Vbn%2F&t=665&c=HU3MHPP9_V2LcA) And if all the time and energy I have put into fucking around with Bitcoin has taught me one thing, it is that at some point, it is wise to expect the totally fucking unexpected. Gold shouldn't be doing this. 'Deflation' is upon us. But the fact that gold is doing this, may suggest that the global financial system is heading towards a shitstorm of fear. When capital fears equities, and no longer trusts governments, only one place left to go. From a 'traders perspective', gold is an absolute horrible trade right now however. Entering now would be total FOMO market chasing.....mind u, I remember thinking that about Bitcoin as it broke $580 last month. It is quite a bit different than the last cross... That one was a gentle rise out of a stable period. This is a hard bounce after a hard fall. Gold is still in consolidation. It could go quite a bit higher in the short term, but it is not ready for a real long term rally.
|
|
|
|
tabnloz
Legendary
Offline
Activity: 961
Merit: 1000
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 06, 2016, 02:52:33 AM |
|
Fuck Bitcoin, here is a chart that I fucking love: ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fnew.tradingview.com%2Fx%2F9LKy1Vbn%2F&t=665&c=HU3MHPP9_V2LcA) And if all the time and energy I have put into fucking around with Bitcoin has taught me one thing, it is that at some point, it is wise to expect the totally fucking unexpected. Gold shouldn't be doing this. 'Deflation' is upon us. But the fact that gold is doing this, may suggest that the global financial system is heading towards a shitstorm of fear. When capital fears equities, and no longer trusts governments, only one place left to go. From a 'traders perspective', gold is an absolute horrible trade right now however. Entering now would be total FOMO market chasing.....mind u, I remember thinking that about Bitcoin as it broke $580 last month. Interesting to see the USD & Gold rising together, not in line with current thinking ["shouldnt be doing this"] ie USD up, Gold down. I'd say it is a fear trade both ways. Flee to USD / UST and out of sovereign EU bonds, flee to Gold due to uncertainty. IMF sees continued low inflation unless USD depreciates.
|
|
|
|
r0ach
Legendary
Offline
Activity: 1260
Merit: 1000
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 06, 2016, 03:59:45 AM |
|
You guys are pulling a MatTheMat about gold and don't understand TA is inherently reverse looking. It gives you trading ranges assuming externalities are constant. Mat pulled his "Bitcoin can't go above $400 because the chart isn't bullish enough". I told him those cost of production fundamentals vastly dwarf anything the chart is doing, but he wanted to trade the chart instead of fundamentals. There's no reason the price of gold can't go to 2011 levels right now seeing as the real world fundamentals that favor gold are probably even better now than back then. Lately it seems like Bitcoin goes up immediately after metals move too.
The only thing that can really stop Bitcoin or gold is deflation. Without central banker intervention, deflation would occur and drive down the price of everything. This is why some people don't want to buy either metals or Bitcoin and stay in cash. The problem with that thought is, if the central bankers actually allow deflation to occur, the entire system collapses. If they let the system collapse, Bitcoin and metals win. If create wheelbarrow hyperinflation, Bitcoin and metals win also.
|
|
|
|
MatTheCat (OP)
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 06, 2016, 02:42:02 PM |
|
You guys are pulling a MatTheMat about gold and don't understand TA is inherently reverse looking. It gives you trading ranges assuming externalities are constant. Mat pulled his "Bitcoin can't go above $400 because the chart isn't bullish enough". I told him those cost of production fundamentals vastly dwarf anything the chart is doing, but he wanted to trade the chart instead of fundamentals. There's no reason the price of gold can't go to 2011 levels right now seeing as the real world fundamentals that favor gold are probably even better now than back then. Lately it seems like Bitcoin goes up immediately after metals move too.
No. I tried to short BTC on the test of the long term resistance line, back at $435. It was the very first post on this thread. I had gotten confident in using range trading tools to trade reversals in ranging market.....but it just so happened that I was shorting against a strong trend. A very strong trend as it turned out. Back then I tended not to really look at things like MAs. I have since learned my lesson. Fwiw, MAs are at the moment, are lookling decidedly undecided as to where next for BTC: The LTF MAs shown in the chart below, are mostly pushing back up against their recent bearish rainbow crosses. Only the 5min MAs have crossed bullishly, but ideally, if this trend was going to continue upwards, then all of these MAs on the lower time frames (LTFs), would be consolidating, in a post bullish cross state. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fnew.tradingview.com%2Fx%2FpFkZYYrV%2F&t=665&c=7B7v-ZgchrO1Cg) I reckon the market will continue to corkscrew, until sometime around the Halving, by which point some of those $40 million leveraged longs on BFX alone ($5M below ATH established last month on that exchnage), are going to want to start tip toeing out of their positions. But of course, what starts as a tip toe, can soon pick up pace to a brisk walk, and then to a stampede. The Bitcoin whales aren't here to make you or anyone else rich. They are here to enrich themselves at your, and everyone else's expense. Of course, there are still vast profits to be made in this game, if one is able to both read their game, and have the nerve, confidence, and prescience, to strike when the iron is hot. Can you read their games? Or are you just a retard holder who is on the verge if witnessing dazzling profits being wiped out very very quickly? I have been there and done it all before with BTC. No point in riding the bull like a pro, only to knocked out like a stupid prick when the bear comes into the ring.
|
|
|
|
Ibian
Legendary
Offline
Activity: 2268
Merit: 1278
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 06, 2016, 07:43:03 PM |
|
When you start to use terms like rainbow crosses, it might be worth taking a step back to reexamine your life.
|
Look inside yourself, and you will see that you are the bubble.
|
|
|
|