Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[adamstgBit]

EDIT: to elaborate further, the problem is that exclusive storage of FIAT on a data structure isn't possible

can you please explain why it wouldn't be possible?

Because fiat is backed by gold, and gold can't be stored as a series of 0's & 1's as data. maybe?

This is really bullish news for fiat 

this explains why the USD has been doing so well past few months.

[grappa_barricata]

EDIT: to elaborate further, the problem is that exclusive storage of FIAT on a data structure isn't possible

can you please explain why it wouldn't be possible?

i can imagine a blockchain system where generating blocks is actually transfering "fiat" into "blockchain-fiat", withdrawal could mean sending the "blockchain-fiat" to a genesis block which would destroy it.

can you please explain why it wouldn't be possible?

Sure, no problem.

generating blocks is actually transfering "fiat" into "blockchain-fiat"

At that moment you have the same 'wealth' in both FIAT (that isn't destroyed) and BLOCKCHAIN-FIAT.

withdrawal could mean sending the "blockchain-fiat" to a genesis block which would destroy it

Then you need an issuer to give you the FIAT back.

[empowering]

EDIT: to elaborate further, the problem is that exclusive storage of FIAT on a data structure isn't possible

can you please explain why it wouldn't be possible?

Because fiat is backed by gold, and gold can't be stored as a series of 0's & 1's as data. maybe?

sorry but, wut?

[criptix]

EDIT: to elaborate further, the problem is that exclusive storage of FIAT on a data structure isn't possible

can you please explain why it wouldn't be possible?

i can imagine a blockchain system where generating blocks is actually transfering "fiat" into "blockchain-fiat", withdrawal could mean sending the "blockchain-fiat" to a genesis block which would destroy it.

can you please explain why it wouldn't be possible?

Sure, no problem.

generating blocks is actually transfering "fiat" into "blockchain-fiat"

At that moment you have the same 'wealth' in both FIAT (that isn't destroyed) and BLOCKCHAIN-FIAT.

withdrawal could mean sending the "blockchain-fiat" to a genesis block which would destroy it

Then you need an issuer to give you the FIAT back.

yeah thats what banks are experimenting with right now.

atleast if they say "experimenting with blockchain technology" i guess it would be not to far from what i think

[jonoiv]

EDIT: to elaborate further, the problem is that exclusive storage of FIAT on a data structure isn't possible

can you please explain why it wouldn't be possible?

Because fiat is backed by gold, and gold can't be stored as a series of 0's & 1's as data. maybe?

sorry but, wut?

You can't store gold backed fiat electronically.

[aminorex]

Because fiat is backed by gold, and gold can't be stored as a series of 0's & 1's as data. maybe?

sorry but, wut?

I think you misspelled "wat?"

[empowering]

EDIT: to elaborate further, the problem is that exclusive storage of FIAT on a data structure isn't possible

can you please explain why it wouldn't be possible?

Because fiat is backed by gold, and gold can't be stored as a series of 0's & 1's as data. maybe?

sorry but, wut?

You can't store gold backed fiat electronically.

Please tell me you are joking?

[jonoiv]

EDIT: to elaborate further, the problem is that exclusive storage of FIAT on a data structure isn't possible

can you please explain why it wouldn't be possible?

Because fiat is backed by gold, and gold can't be stored as a series of 0's & 1's as data. maybe?

sorry but, wut?

You can't store gold backed fiat electronically.

Please tell me you are joking?

 Fiat is just a promise of gold and it's value is assumed by the creditworthiness of the issuing country (in theory).  In practise the forex markets choose.

[lyth0s]

EDIT: to elaborate further, the problem is that exclusive storage of FIAT on a data structure isn't possible

can you please explain why it wouldn't be possible?

Because fiat is backed by gold, and gold can't be stored as a series of 0's & 1's as data. maybe?

sorry but, wut?

You can't store gold backed fiat electronically.

Everyone is laughing at you because fiat is not backed by gold. The gold window was closed by Nixon back in 1971ish. It is just printed at will now, not backed by anything at all. This also applies to the other countries such as china, russia, Euro etc.

They should educate you instead of jesting

[grappa_barricata]

@jonoiv
Gold has nothing to do with this, and FYI fiat isn't backed by gold or any tangible assets since 40 years. Some currencies are 'defended' by a certain amount of gold in currencies wars, but that is the extend of it 'backing' anything these days.

[jonoiv]

EDIT: to elaborate further, the problem is that exclusive storage of FIAT on a data structure isn't possible

can you please explain why it wouldn't be possible?

Because fiat is backed by gold, and gold can't be stored as a series of 0's & 1's as data. maybe?

sorry but, wut?

You can't store gold backed fiat electronically.

Everyone is laughing at you because fiat is not backed by gold. The gold window was closed by Nixon back in 1971ish. It is just printed at will now, not backed by anything at all. This also applies to the other countries such as china, russia, Euro etc.

They should educate you instead of jesting

Well, strictly speaking the gold standard is no longer used, but the forex markets decide on the credit worthiness of the country the ability to pay it's debts which is still very much counted in gold.

[DaRude]

thanks to DPR's stupidity browsing his Silk Road admin panel in a public library and not encrypting his Bitcoin wallets.

The FBI says that they got to him because SilkRoad used a captcha link in a way that exposed its real IP.   After that, I would guess that they followed him for a while, and haced into his computers, until they felt that they had enough evidence.  They got his email, for instance, where he allegedly discusses the murder of some blackmailer.  So, even if he encrypted the wallet, they may have captured the password.  The library may not have been a mistake, it may have been just the place that the FBI chose for the arrest. 

Anyway, as others pointed out, he made a deal with the gov to have the coins auctioned now.

Not encrypting wallet that has around BTC200k is as stupid as you can get. Emailing password to BTC200k wallets is just as stupid. Guy was an idiot

[empowering]

Because fiat is backed by gold, and gold can't be stored as a series of 0's & 1's as data. maybe?

sorry but, wut?

I think you misspelled "wat?"

  I think it is where my eyes and brain fell out after reading ^^   

What I meant was "what the absolute fuck are you smoking talking about Jonoiv"

@Jonoiv =  Fiat references specifically money that is not backed by go...... oh nevermind ...  Let it be done.

[NotLambchop]

ITT:  Bitcoiners bitch about the evols of fiat.  Don't know what "fiat" means.

[jonoiv]

@jonoiv
Gold has nothing to do with this, and FYI fiat isn't backed by gold or any tangible assets since 40 years. Some currencies are 'defended' by a certain amount of gold in currencies wars, but that is the extend of it 'backing' anything these days.

It's backed by the ability to prove a debt can be ultimately paid in gold as assumed by the credit agencies.  

Currency is backed by assets, at least my currency is (GBP).  our QE was backed by the purchase of assets.  When called to pay debts they are settled in gold.

[grappa_barricata]

@jonoiv
Gold has nothing to do with this, and FYI fiat isn't backed by gold or any tangible assets since 40 years. Some currencies are 'defended' by a certain amount of gold in currencies wars, but that is the extend of it 'backing' anything these days.

It's backed by the ability to prove a debt can be ultimately paid in gold as assumed by the credit agencies.  

Currency is backed by assets, at least my currency is (GBP).  our QE was backed by the purchase of assets.  When called to pay debts they are settled in gold.

You are mixing a lot of stuff together... FIAT isn't backed by anything (once, it had 1-1 parity with some amount of gold). International trading do use gold, and national currencies (not backed by gold anymore) are used in non-intuitive ways when nations trade with each other (because any nation can print its own currency at will). So gold is still the big thing in international trade, even bigger than in the past. But it is more used as a weapon 'in-being' now (like a fleet that doesn't leave harbor). Once, gold flowed among nations on a daily basis (for example, the City of London was born with the role of gold-exchange hub for the nations). Now it is stored deep underground, like a nuclear bomb.

[adamstgBit]

wake up poeple if your "payment" isn't recorded on the blockchain you didn't get paid at all!

fiat payments... Pffff what a joke.

 

[lyth0s]

@jonoiv
Gold has nothing to do with this, and FYI fiat isn't backed by gold or any tangible assets since 40 years. Some currencies are 'defended' by a certain amount of gold in currencies wars, but that is the extend of it 'backing' anything these days.

It's backed by the ability to prove a debt can be ultimately paid in gold as assumed by the credit agencies.  

Currency is backed by assets, at least my currency is (GBP).  our QE was backed by the purchase of assets.  When called to pay debts they are settled in gold.

Don't be silly. The small amount of assets that central banks have is nothing compared to the fiat they print. Most assets in central banks are leveraged at 30-40:1 (and usually by shitty assets), and the leverages are going up little by little. Only the IMF has a small leverage of about 3:1 and we dont use SDR's in personal settlements.

Fiat has nothing to do with paying a debt back in gold and IF a country were to go bankrupt, gold would be the 1 thing that the country tries to keep. Can a debt be paid in gold? --sure, but there is absolutely nothing that implies that if a country defaults that it will pay its debts in gold or that it even retains enough gold to cover its debts.

As far as QE goes, the purpose of it is usually to buy bad assets that are tanking the market and then injecting new currency in exchange for those bad assets.

[ChartBuddy]

Explanation

[jonoiv]

@jonoiv
Gold has nothing to do with this, and FYI fiat isn't backed by gold or any tangible assets since 40 years. Some currencies are 'defended' by a certain amount of gold in currencies wars, but that is the extend of it 'backing' anything these days.

It's backed by the ability to prove a debt can be ultimately paid in gold as assumed by the credit agencies.  

Currency is backed by assets, at least my currency is (GBP).  our QE was backed by the purchase of assets.  When called to pay debts they are settled in gold.

You are mixing a lot of stuff together... FIAT isn't backed by anything (once, it had 1-1 parity with some amount of gold). International trading do use gold, and national currencies (not backed by gold anymore) are used in non-intuitive ways when nations trade with each other (because any nation can print its own currency at will). So gold is still the big thing in international trade, even bigger than in the past. But it is more used as a weapon 'in-being' now (like a fleet that doesn't leave harbor). Once, gold flowed among nations on a daily basis (for example, the City of London was born with the role of gold-exchange hub for the nations). Now it is stored deep underground, like a nuclear bomb.

Yes, I get that to a point, they can print a currency at will, and produce as much as they want.  But, I strongly disagree, that fiat is not backed by anything, the value will be reached by the market based on the creditworthiness of the country.  I'm not suggesting barclays bank has xxx pounds sterling, and can back it with xxx pounds of gold. However, the assets of the bank or the country for that matter should balance.  QE don't create more money, it's like having a large pizza and cutting it into 10 slices instead of 8 slices.  There may have been billions of extra £'s made out of thin air, but each pound almost overnight lost value.

Im not suggesting gold moves in tankers between states.  I am saying that the value of a currency is backed by the bank or country ability to produce assets in the form of gold if required.  

And going back to the crytpo / fiat discussion, fiat can't be stored digitally.  Because fiat stored in a bank account is just a ledger, of a promise of an asset (gold).

Guess we will need to agree to disagree.