mattboldfield, I'd like to hear your reaction to the following even if you disagree with me?
I'm obsessed because if you read
my Mad Max and CoinCube's
Economic Devastation threads, I believe we are going into a very severe, global economic implosion starting around 2016ish to worsen until 2020 and beyond, due to precisely $223 trillion in global
total debt (not including China's huge shadow debt economy backed by copper, etc and other off balance obligations in every country that are lurking) i.e. 313% of global GDP, very roughly a $quadrillion in derivatives ("weapons of mass destruction"- Buffet), and very roughly a $quadrillion of
unfunded social welfare promises made by governments. According to the IMF, this is at least a 200 year high in debt-to-GDP ratio, and I am confident it is the worst ever in recorded history since Mesopotamia when all factors mentioned above are included.
Because of the coincident and concomitant technological unemployment (predicted by the prestigious Oxford University at Cambridge, England to destroy 47% of all existing jobs before 2032), there is no way to grow GDP to pay this off.
I explained that those who argue that debt is merely an accounting ledger item and thus can be quickly erased and restarted anew are ignorant. So the only choice we have is which sector of society to charge this write-down to. The governments have made it clear with their actions of austerity, increased taxes, and depositor bail-in plans, that they intend to charge the $quadrillions of write-downs to private wealth and not to the elite who own most of the wealth who run the bankster usury system (which is also
the government via power vacuum capture of democracy). Imploding private wealth means the government won't have anything remaining to tax. Do you remember what Hitler did (and many other examples in history) when he couldn't raise revenues to pay for his universal health care system? Euthanasia. Y'all do know I hope that Hitler was printing his own money and doing massive public works programs such as the Autobahn.
This looks like it can downward spiral into a Dark Age. That affects all of us.
The only solution I see is for there to be a way for the entrepreneurs who make the world prosperous to have a way to hide their wealth from government so they can continue generating prosperity. Gold won't work, because gold can't be transacted very anonymously over distance nor without being snooped on by those you are transacting with, and this is why every move away from fractional reserves to gold always implodes the economy as the velocity of money plummets (it is down by 50% since 2007). Even the 1800s gold standard was based on fractional reserves at the private unregulated banks (and no Andrew Jackson didn't stop this and concomitant frequent bank runs which is why we ended up with a central bank later), we were not using physical gold as money.
So I devised a (as of yet unimplemented, unpublished) solution for crypto-currency that is reliably anonymous and fixes many of the other problems that I mentioned about Bitcoin.
I believe this solution might save us. And so thus I am obsessed with surviving. I hope you are too.
That makes me a troll?
P.S. On the more conspiratorial perspective, I also see that
Bitcoin's design takes us directly to a world government digital fiat which is the 666 tracking system. Not that I necessary believe the Bible's Revelation, but I don't want to live in a world where we are slaves to a top-down control from Brussels.
Given a choice between holding my spending money in a form which loses value costs me much more than does holding it in a form which gains value, regardless of whether the gains are taxed.
+1
Again I pointed out that this is not applicable to the masses.
Besides, by the time you can get the masses to adopt anything it will be owned by the government through regulation.
There is no way to get the masses to help you the millionaires. You are trapped. I am trying to help you, but you are obstinate (because you are not a polymath). And thus deserve your fate.
because of the $223 trillion debt the government is going to confiscate all the wealth it can find. And remember Bitcoin isn't anonymous so you
Why are you touting the debt as if it made some kind of justification for enslavement?
Since you are a Christian, I will explain from that perspective (I could also explain from an atheist perspective too).
Huh, your Bible in Proverbs says "borrower is slave to the lender".
Do you really think the masses can run up this huge debt which enabled them to abandon God and run abortions to 40 million a year, birth control to pervasive from age 15, and for women to no longer need men because they are supported by the state, and for there to be no enslavement?
I suggest you (re-)read carefully
1 Samuel 8 then 1 Samuel 15.
- (fiat) Money is debt. They never gave us anything valuable when we borrowed from them. The new money was just created at the moment of loan, and was deducted as inflation from everyone else. They did not give us gold, land, or real goods. We supplied them to them all the time. It is important for people to realize that this debt is a mirage, people are free, and they have received nothing that they should rightfully pay back, quite the contrary.
Simpleton mistake. Complete failure to understand economics of fitness, c.f. this post:
https://bitcointalk.org/index.php?topic=355212.msg5837161#msg5837161I have heard you bragging that you would rather die before giving them your hard earned silver? What makes you now so eager to file tax returns and claim the end of bitcoin because filing tax returns becomes so difficult? Can you only be enslaved by trickery and not by force? Can you see why it amuses me?
I am talking about what the masses will do.
If you want something only for us, then Bitcoin has the wrong design and can't protect our anonymity.
If you want to fight in the open, then you need the masses on your side. And the masses always go to the side of the banksters and the leaders of the power vacuum of democracy.
Again read 1 Samuel 8, so you can understand.
Oh God! (sic) -- the Quality TA thread is reduced to quoting scripture to show the time of BTC is not upon us.
The time of BTC is upon us if we accept that the masses will use it if offchain regulated businesses provide fixes to all the useability problems with Bitcoin onchain (e.g. 10 - 60 minute transactions, private keys stolen, etc).
But then we give up decentralization and have a global fiat- the antithesis of the idealism purported to be the reason we are investing.
And if we are investing simply to get rich, note that if the regulators can track everything, this is no solution to the coming massive confisations 2016ish as we descend into the global economic conflagrapocalpyse.
Oh I know you don't care as long as you can make a speculative buck in the meantime, who cares if it is all going to be taken from you in a couple of years any way.
Hamster much.
P.S. I know there are other possible outcomes. The global debt could just disappear. You could hide your gold deep in the forests of Finland. And all other such illogical fantasies.
http://blog.mpettis.com/2014/03/will-emerging-markets-come-back/#comment-22366What is a better solution? In the 1800s, we had unregulated private banks who took physical gold on deposit and created fractional reserves. This lead to frequent bank runs and depressions. It annealed better because the defaults were more often before growing too large, but unfortunately humanity loves debt so then eventually JP Morgan had to bail out the USA. And then they created the Fed, originally intended just to be a corporate backstop but over time it morphed into this monstrosity, because the people demand and love debt. We can't change human nature.
In 2009, Satoshi published a solution to the Byzantine General's problem (unsolved since 1975) which enables decentralized consensus without requiring any reputation nor trust. This enables a decentralized ledger (a.k.a. "block chain") of money accounts. If all transactions are done on this ledger, there can't exist fractional reserves. But once again the people instead of favoring decentralized exchanges that work on the block chain, chose to trust centralized reputation that operates offchain, e.g. Mt.Gox and look what happened a repeat of the 1800s failure. So if the masses are not smart enough to use the technology correctly, then the government will be tasked with regulation of the offchain fractional reserves and thus once again we are back to fiat and central control.
Also Bitcoin will end up losing its decentralized nature because it isn't anonymous, and the masses will demand the government given them free services and debt is always future taxation, so the government can't give up its demand for "transparency" in all financial transactions, i.e. they must know who we are at all times.
So tell me what is the solution? I said the technologists will weigh in on this matter, and note I am one of (the most astute and prolific among) them. Stay tuned...
