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Author Topic: [TEK] TEKcoin Hi-PoS hybrid pos/pow no premine/ipo/ico  (Read 429653 times)
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Biomech
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October 12, 2014, 04:39:46 AM
 #2681

I would like to second the point about the economy and the US dollar tanking. I believe that it is very close now. With Fed continuing to print money which is artificially holding up the market its only a matter of time before the dollar drops in value big time and the economy and market come crashing down. The best place to be is holding cryptocurrency. Bitcoin and alt coins are going to climb in value when it all comes apart.

The expert manipulators of the Fed and other central banks are pretty good at holding that off.  I wouldn't hold your breath.  What you are talking about is the collapse of the dollar/super-inflation or even hyper-inflation.  So even if the the dollar collapses to the point where 1 BTC is worth $100,000 then when you cash out you end up in the same boat as everybody else since a cheeseburger will cost $600.

You're only looking at a piece of the picture. If it goes down that hard, then people will cease to ACCEPT dollars. Then your 600 dollar cheeseburger, using your figures, would be worth .006 bitcoin, or, at current cryptsy exchange rates, 45.89 TEK.

Of course these figures are ad-hoc, but the point holds. When currencies collapse, it's not just that their value drops, it's that people cease to view them as valuable. If that happens, there is likely to be a mass exodus to gold, silver, and probably bitcoin and possibly alts. For quick transactions, most alts present a better platform than BTC, because it takes for bloody ever. TEK don't have that problem. It confirms quickly. It also has the advantage of POS for those who hold it.

I could list more technical reasons why it's superiour in some ways to BTC, but that's really beyond the scope of this discussion. Suffice it to say that, from my arrogant point of view, blockchain based coins will likely be more accepted than anything but precious metals in the event of a monetary collapse.

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October 12, 2014, 12:41:46 PM
 #2682

I would like to second the point about the economy and the US dollar tanking. I believe that it is very close now. With Fed continuing to print money which is artificially holding up the market its only a matter of time before the dollar drops in value big time and the economy and market come crashing down. The best place to be is holding cryptocurrency. Bitcoin and alt coins are going to climb in value when it all comes apart.

The expert manipulators of the Fed and other central banks are pretty good at holding that off.  I wouldn't hold your breath.  What you are talking about is the collapse of the dollar/super-inflation or even hyper-inflation.  So even if the the dollar collapses to the point where 1 BTC is worth $100,000 then when you cash out you end up in the same boat as everybody else since a cheeseburger will cost $600.

I agree; it's not happening tomorrow. And I don't believe it will be a sudden collapse of USD value either; it will be more a slow erosion as other countries lose faith in USD and turn to more attractive currencies/investment opportunities. As a result, our standard of living can only go down. I guess my point is, while a hamburger could eventually cost $600, at least I'll have the means to buy one because I'm holding valuable cryptos. In my mind investing in cryptos is not so much a get-rich-quick scheme, though I'd welcome it, it's more about diversifying and protecting my wealth.
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October 12, 2014, 02:19:05 PM
 #2683

I'm playing Devil's advocate, but only slightly.  Keep in mind that it may be a long time before crypto is available as payment in a usefully diverse way.  What I mean is that if BTC retains a good buying power relative to food, consumer goods, rent, bills, etc, it will only keep you in your lifestyle if it is widely accepted.  There is much, much more to be considered in an economic meltdown than the value of crypto if we're to hope to maintain our quality of life.  I don't know if a gradual decline would be worse or not.  Anyway, let's not turn this forum into a geopolitical conspiracy session.  That topic can grow exponentially complex and speculative.
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October 12, 2014, 03:26:49 PM
 #2684

As so far as hyper inflation and economic collapse its not a matter if... It is a matter of when. Our government continues to perform irresponsibly and there is only so much that can be manipulated before the system crumbles like a poorly constructed house of cards. History is filled with hundreds of stories about collapsed empires. They collapsed because of corruption and apathy and sadly our society is following along the same track. This is not something any of us wants. It is just the most likely scenario under the conditions we are now living under. I am not one who suffers from normalcy bias. It is always a good idea to be prepared for the worst and pray for the best.

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October 12, 2014, 03:44:58 PM
 #2685

As so far as hyper inflation and economic collapse its not a matter if... It is a matter of when. Our government continues to perform irresponsibly and there is only so much that can be manipulated before the system crumbles like a poorly constructed house of cards. History is filled with hundreds of stories about collapsed empires. They collapsed because of corruption and apathy and sadly our society is following along the same track. This is not something any of us wants. It is just the most likely scenario under the conditions we are now living under. I am not one who suffers from normalcy bias. It is always a good idea to be prepared for the worst and pray for the best.

Very well said!

Cryptos seem a good hedge to me, even if I weren't a geek. They solve a number of problems that other currencies, including gold, have.

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October 12, 2014, 03:49:28 PM
 #2686

I'm playing Devil's advocate, but only slightly.  Keep in mind that it may be a long time before crypto is available as payment in a usefully diverse way.  What I mean is that if BTC retains a good buying power relative to food, consumer goods, rent, bills, etc, it will only keep you in your lifestyle if it is widely accepted.  There is much, much more to be considered in an economic meltdown than the value of crypto if we're to hope to maintain our quality of life.  I don't know if a gradual decline would be worse or not.  Anyway, let's not turn this forum into a geopolitical conspiracy session.  That topic can grow exponentially complex and speculative.

I trust you were replying to me. I think the geopolitical situation is very relevant to the thread, if somewhat speculative. People want to know if investing in cryptos, TEK in particular, is wise and will profit them. Viewing the current global economic situation, I think it is. But I would be remiss if I didn't offer reasons.

Currently, economic growth is constrained by available energy and resources. Non-renewable energy is becoming scarce and expensive, as are raw materials with which to manufacture goods. Hence, growth is stagnating despite technological and productivity gains, and expanding debt. We'll never experience the gains of the past unless we solve these 2 fundamental constraints in a sustainable and environmentally sound way. In fact, since we've borrowed so much against this non-existent growth to mask these problems, we face a severe global economic depression. That's not speculation; I think we've been experiencing obvious symptoms since 2008. It could take decades to perfect the necessary clean energy and recycling technology that will allow us to grow our economy again. Why it's not the #1 priority of civilization is beyond me.
 
So, what's a common Joe to do? 1st order of business is to protect the wealth you have. Diversify! USD is highly leveraged and must either be curtailed or devalued to maintain relevance. It's obvious the government and bankers can't tolerate deflation, so inflation will be the order. How much is anyone's guess. But you can be guaranteed to lose if you hold dollars or said denominated assets. I don't think bonds and t-bills will fair much better. At some point in the future, the government must restructure it's debt and obligations and I can only speculate how that will play out. I don't think it will be in your favour.

Anyway, a diverse portfolio of relevant cryptocoins is a good hedge against the inevitable economic storms that lay ahead.  As long as blockchain technology remains secure and useful, and trading is unhindered, interest and value will grow. TEK is an interesting coin because of its rarity, durability and attractive stake reward. I don't think it's absolutely necessary to achieve ubiquity to retain value, but we should as a community be encouraging innovation and growth where appropriate.
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October 12, 2014, 04:31:52 PM
 #2687

I don't think any "currency" that is not backed by something tangible AND useful are safe investments.  In today's world, a gold-backed currency is, contrary to popular opinion, non-sensical. Indeed the fractional reserves of gold backing currencies were, more or less, the genesis of the modern fiat economic systems.  The only thing that is really safe is money backed by oil, water, staple foods, coal, firewood, lumber, steel, etc.  On that note, it would be safer.to have the actual commodity since greed would probably result in fractional reservation of the under-lying goods backing such currency.  Barter, in the end, will be the preferred transaction.
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October 12, 2014, 04:51:01 PM
 #2688

Thanks Biomech... I believe that Bitcoins and alt coins like Tek play an important role in a new emerging financial system that is independent hopefully of government  bureaucracy. Crytpocurrency can truly be a currency of the people for the people. It is important that this experiment in currency continue to grow and prosper. More acceptance and greater fluidity are essential for success. Those goals are slowly being accomplished over time. At some point I would like to see the communities of all the altcoins and bitcoins combine in some way to form a unified system of currency. That is what I am working on and I have found a way to accomplish such a goal. You and I have discussed this somewhat already. I am now beginning a white paper to lay out the details. The coins need to be unified and yet still be able to keep their independent and unique traits. It will be success by means of the unification of a diversified eco-system.

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October 12, 2014, 04:53:09 PM
 #2689

I have bought and mined a lot of Tek Coin and now it generates a great steady income for me every day. Even at the low price it generates good income. I usually by a lot when the price is low like this. People will eventually turn to high POS coins as mining is becoming harder and harder to do. The smart play is too buy low and trickle sell when it is high.
With such a low volume, I'm puzzled to see how you could generate a "great steady income". Or maybe you are talking of "potential income". Because as we saw it recently, actually cashing out a lot of TEK ("exiting a large position" as tokyoghetto said) is close to impossible.

Good luck with your potential thousands of dollars :/

More than interest, TEK needs volume. I' hate to see people hoping to get some great returns only to see their money cannot be returned because of low volume.

I could list more technical reasons why it's superiour in some ways to BTC, but that's really beyond the scope of this discussion. Suffice it to say that, from my arrogant point of view, blockchain based coins will likely be more accepted than anything but precious metals in the event of a monetary collapse.
Biomech related to this discussion and also because you are interested in economy:
United we stand, divided we fall - the coming rise of cryptofiat

Banks had not yet had their final say. Even Risto Pietila agrees.

Monero: the first crytocurrency to bring bank secrecy and net neutrality to the blockchain.HyperStake: pushing the limits of staking.
Reputation threadFree bitcoins: reviews, hints…: freebitco.in, freedoge.co.in, qoinpro
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October 12, 2014, 04:59:35 PM
 #2690

Thanks Biomech... I believe that Bitcoins and alt coins like Tek play an important role in a new emerging financial system that is independent hopefully of government  bureaucracy. Crytpocurrency can truly be a currency of the people for the people. It is important that this experiment in currency continue to grow and prosper. More acceptance and greater fluidity are essential for success. Those goals are slowly being accomplished over time. At some point I would like to see the communities of all the altcoins and bitcoins combine in some way to form a unified system of currency. That is what I am working on and I have found a way to accomplish such a goal. You and I have discussed this somewhat already. I am now beginning a white paper to lay out the details. The coins need to be unified and yet still be able to keep their independent and unique traits. It will be success by means of the unification of a diversified eco-system.

I've thought for some time that a basket of currencies backing a single denomination might be an interesting experiment. Just not sure how to implement it.

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October 12, 2014, 05:03:42 PM
 #2691

@ eSmallChild..

Your point is well taken. Consider this, no currency or commodity is really a safe investment. None of them even currencies backed by something have true intrinsic value. We as humans just propose the illusion of value by agreeing to place faith in something like dollars or bitcoins and agree to use them to purchase things of a higher value like goods and services. In my mind the thing of highest value is time. You only get so much and that is it. Then after that is food and shelter. If we all agree that cryptocurrency has value for whatever reasons we may use then they have value. Does gold really have value? Can you eat it to survive? It has value because it is rare and people agree to assign to it a value. In reality its just an element like lead or copper or sodium.

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October 12, 2014, 05:24:38 PM
 #2692

Currently, economic growth is constrained by available energy and resources. Non-renewable energy is becoming scarce and expensive, as are raw materials with which to manufacture goods.

"Go outer space, young boy".
The Trinity is Virgin+Bigelow+Planetary (Virgin Galactic for going to space, Bigelow Aerospace for living there, Planetary Ressources to work there)

Our economy is what I called an "empty world economy". Geographers (I hold a bachelors of geography) define our world as a "fully-exploited world" ("monde plein" in French, could not find an accepted translation). We need to go to outer space (or, in the interim, deep sea) to go back to a working economy - or else to change our economy, but inertia has it that the former is much easier than the latter.

Empty-world: when you picked up all the berries, hunted all the boars or drilled all the oil in the area, you just move to the next area.
Fully-exploited world: there is no more such a thing as a "next area". Now what?

Biology at the "rescue": in the food cycle, apex predators are predators with no one hunting them. They are so powerful that they are the king of the castle (hyena, wolves, eagles... humans). Barring natural catastrophes (volcanoes, meteorites...) no one can regulate them except themselves, which happens in two ways: infightings (such as mating season or wars) and... ressources depletion. That it, they grow so large that they shoot themselves in the foot. They starve to death. And in the case of animals smart enough to have a conscience of time and future, just before starving to deaht, they try one last desperate attemps: they kill the golden goose and borrow from the future: for finance, it means accepting loans and for natural resources, slash-and-burn (overfishing, exhausting soil with agressive fertilizer and killing the so-called "parasites" to have a short-term increases in productivity.

Connect the dots: humans are apex predators and, despite being intelligent enough to know it, cannot fight their own nature (environmentalism doesn't work that well, at least not fast enough) and are depleting their own ressources. What happens in a fully-exploited world with unstoppable apex predators? Ask the Pascuans (Eastern Island - yes, I know Jared Diamond's hypothesis is controverted, but that doesn't change the problem of suicidal apex predators and fully-exploited world).

And crypto-currencies have nothing to do with it.

@ eSmallChild..

Your point is well taken. Consider this, no currency or commodity is really a safe investment. None of them even currencies backed by something have true intrinsic value. We as humans just propose the illusion of value by agreeing to place faith in something like dollars or bitcoins and agree to use them to purchase things of a higher value like goods and services. In my mind the thing of highest value is time. You only get so much and that is it. Then after that is food and shelter. If we all agree that cryptocurrency has value for whatever reasons we may use then they have value. Does gold really have value? Can you eat it to survive? It has value because it is rare and people agree to assign to it a value. In reality its just an element like lead or copper or sodium.
Completely agree. Even so-called "commodity money" is nothing more than just another consensus - commodity money doesn't make more sense than fiat money (fiat: not the bitcointalk definition, but the actual definition, that is a money whose value is enforced by a central body). Dioxygen is one of the most precious ressources and it is extremely cheap.

Time (and its corollary, attention) is one of the few non-disputable currency. As a French TV magnate infamously said "what we actually are doing is selling attention span to Coca-Cola" (a.k.a. ads).

Monero: the first crytocurrency to bring bank secrecy and net neutrality to the blockchain.HyperStake: pushing the limits of staking.
Reputation threadFree bitcoins: reviews, hints…: freebitco.in, freedoge.co.in, qoinpro
aSmallChild666
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October 12, 2014, 06:55:28 PM
 #2693

@ eSmallChild..

Your point is well taken. Consider this, no currency or commodity is really a safe investment. None of them even currencies backed by something have true intrinsic value. We as humans just propose the illusion of value by agreeing to place faith in something like dollars or bitcoins and agree to use them to purchase things of a higher value like goods and services. In my mind the thing of highest value is time. You only get so much and that is it. Then after that is food and shelter. If we all agree that cryptocurrency has value for whatever reasons we may use then they have value. Does gold really have value? Can you eat it to survive? It has value because it is rare and people agree to assign to it a value. In reality its just an element like lead or copper or sodium.

Exactly.  Gold has minimal true value; catalyst for some chemical reactions and a great (but mechanically very weak) electrical conductor.  I believe something like 90% or more of gold consumption is for bling if you don't include what is simply hoarded as bullion.  That stuff isn't be used.  I totally agree to push crypto as it is, for now, decentralized.  The problem is that if there were a sudden economic apocalypse tomorrow, I have doubts that crypto would be that useful.  There aren't enough places to spend it.  Vendors may get greedy and want to much for their goods, if you wanted conventional currency from the exchanges, I would bet they wouldn't have enough in their vaults or bank accounts. How much would electricity cost to sustain the infrastructure for crypto.  You might be better of buying bullets than crypto at that point.  Need more widespread adoption.
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October 12, 2014, 07:47:20 PM
 #2694

Yes, I agree, give Cryptos enough time for adoption and technological integration and once that is achieved then the evolution of money will be complete. We are all trying to do our part as early adopters hopefully blazing a trail for mainstream usage in the years to come. Ultimately I am an optimist and I like to see innovation and evolution.

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Elite2TheMax
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October 13, 2014, 09:06:36 AM
 #2695

Quite an interesting read over the past two pages. Agree with a lot of things that have been said. As with the liquidity issue with Tek, yea, been trying to buy quite a bit of Tek, but no trades as yet. Seen quite a lot of selling in the past week for obvious reasons, but never had the trades in to buy at the time. If someone is looking to sell massive chunks of Tek, pm me, and we can talk.
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October 13, 2014, 04:20:41 PM
 #2696

TEKcoin has tweeted at other exchanges recently. Also submitted a new add request to Poloniex, of course active chat supporting Tek would be great if anyone trades and chats there.
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October 14, 2014, 06:43:02 PM
 #2697

Poloniex wants to add TEK i can feel it!  Proven stable and fast for over 1+ year TEK will keep growing steady. Support the cause in their chatbox or,

drop them a line here https://www.poloniex.com/coinRequest or tweet at them https://twitter.com/poloniex

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October 15, 2014, 01:14:27 AM
 #2698

Poloniex wants to add TEK i can feel it!  Proven stable and fast for over 1+ year TEK will keep growing steady. Support the cause in their chatbox or,

drop them a line here https://www.poloniex.com/coinRequest or tweet at them https://twitter.com/poloniex




Sent my support! Hope others join in as well.  Smiley
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October 15, 2014, 02:25:19 PM
 #2699

Just staked at 40%
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October 15, 2014, 02:45:49 PM
 #2700

Fairly new to it, but keen to keep minting
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