BldSwtTrs
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December 08, 2014, 02:01:23 PM |
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Agree that those are valid criticisms, but did you catch where he called bitcoin a "Neanderthal" currency that will "go extinct the way Neanderthals did"?
I don't know if he (or you) knows much about the "extinction" of neanderthals. Unless you are purebred African, you have neanderthal DNA. Most Europeans and Asians have between 1-4% neanderthal. It tends to lend a strong hybrid vigor, longer life is a result. Neanderthals disappeared because they became part of everyone that ventured out. They disappeared through love, interbreeding, not so much through war. I am not entirely sure "extinction" is the proper term. If bitcoin becomes part of everything, it will "go extinct in the way that neanderthals did". So that quote is somewhat sublime, but I don't know if it is intentional. That's very interesting but I am not sure there is a dichotomy between interbreeding and war. At the time, a big part of war goals was probably the access to other tribes' female.
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NotLambchop
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December 08, 2014, 02:31:10 PM |
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...Unless you are purebred African, you have neanderthal DNA. Most Europeans and Asians have between 1-4% neanderthal...
Fun fact: Stay sharp, Bitcoiners!
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NewLiberty
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Gresham's Lawyer
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December 08, 2014, 03:09:46 PM |
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Agree that those are valid criticisms, but did you catch where he called bitcoin a "Neanderthal" currency that will "go extinct the way Neanderthals did"?
I don't know if he (or you) knows much about the "extinction" of neanderthals. Unless you are purebred African, you have neanderthal DNA. Most Europeans and Asians have between 1-4% neanderthal. It tends to lend a strong hybrid vigor, longer life is a result. Neanderthals disappeared because they became part of everyone that ventured out. They disappeared through love, interbreeding, not so much through war. I am not entirely sure "extinction" is the proper term. If bitcoin becomes part of everything, it will "go extinct in the way that neanderthals did". So that quote is somewhat sublime, but I don't know if it is intentional. That's very interesting but I am not sure there is a dichotomy between interbreeding and war. At the time, a big part of war goals was probably the access to other tribes' female. https://genographic.nationalgeographic.com/neanderthal/
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BldSwtTrs
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December 08, 2014, 03:49:13 PM Last edit: December 08, 2014, 04:02:40 PM by BldSwtTrs |
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Agree that those are valid criticisms, but did you catch where he called bitcoin a "Neanderthal" currency that will "go extinct the way Neanderthals did"?
I don't know if he (or you) knows much about the "extinction" of neanderthals. Unless you are purebred African, you have neanderthal DNA. Most Europeans and Asians have between 1-4% neanderthal. It tends to lend a strong hybrid vigor, longer life is a result. Neanderthals disappeared because they became part of everyone that ventured out. They disappeared through love, interbreeding, not so much through war. I am not entirely sure "extinction" is the proper term. If bitcoin becomes part of everything, it will "go extinct in the way that neanderthals did". So that quote is somewhat sublime, but I don't know if it is intentional. That's very interesting but I am not sure there is a dichotomy between interbreeding and war. At the time, a big part of war goals was probably the access to other tribes' female. https://genographic.nationalgeographic.com/neanderthal/It still doesn't explain why this should be love which determined the interbreeding instead of sheer force and darwinian competition. If Homo Sapiens consistenly outcompeted Neanderthal in war, they surely used Neanderthal female for sex and reproductive purposes, thus prevented the Neandarthal's genes to be transmitted to their species members, while introducing some Neanderthal genes in Homo Sapiens' gene pool. My point is that the fact that Homo Sapiens has some Neanderthal genes doesn't implies that it's love which determined the Neanderthals extinction, it could still be just darwinian fitness and rape.
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justusranvier
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December 08, 2014, 04:43:52 PM |
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My point is that the fact that Homo Sapiens has some Neanderthal genes doesn't implies that it's love which determined the Neanderthals extinction, it could still be just darwinian fitness and rape. I'd guess that it's unlikely that the modern concept of love existed that far back in history. Rape probably also isn't a valid concept for pre-ethics protohumans, any more than it really makes sense to describe duck reproduction as rape.
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JimboToronto
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You're never too old to think young.
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December 08, 2014, 04:48:18 PM |
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Lol: LOL There are a lot of people in the White House. Any guess who?
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cypherdoc (OP)
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December 08, 2014, 04:48:43 PM |
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oil? who the hell needs oil?: for that matter, who the hell needs gold?: continuing to fail? this one is important, as continued "value" production would go hand in hand with increased transportation costs/utilization. which is why a Dow Theory non-conf would be a big deal:
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cypherdoc (OP)
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December 08, 2014, 04:51:00 PM |
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still a no-go here for us plebes. is our destiny going to involve only big business?:
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BldSwtTrs
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December 08, 2014, 05:03:00 PM |
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My point is that the fact that Homo Sapiens has some Neanderthal genes doesn't implies that it's love which determined the Neanderthals extinction, it could still be just darwinian fitness and rape. I'd guess that it's unlikely that the modern concept of love existed that far back in history. Rape probably also isn't a valid concept for pre-ethics protohumans, any more than it really makes sense to describe duck reproduction as rape. Well, love is biological. It's a chemical reaction which quite possibly was already evolved back in those days. Our modern concept of love is a cultural meme which is built upon that biological phenomenon. With regards to ethics, there definitely were ruled specifics to each tribe, and it's quite probable that forced sex, as murder, was prohibited very early in most. Because otherwise the tribe would lack cohesion and therefore would have a very low survival probabilities.
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cypherdoc (OP)
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December 08, 2014, 05:11:54 PM |
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the Black Hole vortex continues to suck in all things valued:
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cypherdoc (OP)
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December 08, 2014, 05:47:54 PM |
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it's starting: JPMorgan Chase & Co. (JPM) and Citigroup Inc. are among at least five banks urging big clients in the U.S. to park cash elsewhere as new rules make it onerous to hold certain deposits, the Wall Street Journal reported.
HSBC Holdings Plc (HSBA), Deutsche Bank AG and Bank of America Corp. expressed similar concerns in private talks with customers in past months, the newspaper said, citing unidentified people familiar with the conversations. In some cases, banks told clients -- including corporations, hedge funds, insurers and smaller lenders -- that fees may be added to accounts that have been free, it said. Banks, struggling to balance rising costs for certain deposits, already have begun charging customers for holding large amounts of euros, passing on fees imposed by the European Central Bank. Bank of New York Mellon Corp., which holds money for institutional investors, began charging for euro deposits on Oct. 1, Chief Financial Officer Todd Gibbons said that month, joining peers in passing along so-called negative interest rates. http://www.bloomberg.com/news/2014-12-08/banks-urge-big-u-s-clients-to-move-deposits-wsj-reports.html
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rocks
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December 08, 2014, 06:15:02 PM |
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His criticisms in this piece are essentially: 1) We haven't seen it during an economic downturn. 2) Government's are causing problems for it. Both are irrefutably true.
We don't see these as insurmountable barriers, however most people do. The market has bitcoin currently priced at about a 1% chance of success or less at its current valuations. We are betting on the long-shot to win, and while I think we are in the right, it is rational to bet against us.
More importantly, if we do not recognize the valid criticisms against our position, we are both (a) insane and (b) unable to adequately overcome them.
This is important because it often feels that bitcoiners believe full adoption of Bitcoin is inevitable and it's eventual success is guaranteed, and as a result do not want to acknowledge real world barriers to wide spread adoption that are outside concepts of what is money. The taxation issue he raises is a massive problem (which I tried to discuss last week). Having to report every coffee purchase to the IRS is simply unworkable at many levels. Maybe people excited for Bitcoin will do so, but most see it as too much of a hassle to bother. Incidentally taxation is one factor that broke gold's role as money. Under the gold standard using gold as money in transactions was not a taxable event, today it is. And taxation is just an example of the government applying existing laws to bitcoins. The government has a multitude of addition tools in it's tool belt to maintain dollar superiority, from regulations (Bitlicense) to new laws to co-opting functionality the public demonstrates preferences for (the USDollarCoin example last week). These current and future barriers could very much force Bitcoin to take a black market economy route towards larger adoption, which is a much slower path. I am much more bullish than Richards on bitcoin's possibilities, but his concerns are all valid and it essentially comes down to opinions on how things will play out. My personal belief is what gives bitcoin a possible chance is the fact that the existing financial system is on it's last legs (NIRP is a perfect example), and as it slowly breaks down an alternative will have to be found. Bitcoin offers the global public an apolitical and non-government option, which would be ideal in a dollar breakdown scenario.
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cypherdoc (OP)
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December 08, 2014, 06:41:06 PM |
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time for heads up:
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cypherdoc (OP)
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December 08, 2014, 06:44:27 PM |
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the creeping VIX:
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cypherdoc (OP)
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December 08, 2014, 08:07:36 PM |
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solex
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100 satoshis -> ISO code
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December 08, 2014, 08:37:08 PM Last edit: December 09, 2014, 08:49:07 PM by solex |
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The Cyprus bail-in was certainly merely coincidental with the April 2013 bitcoin run-up. But what happened to their stockmarket since the credit crisis began? 100 euros invested at the peak becomes 29 cents. The Greatest Crash in History RevisitedLet us briefly ponder the mathematics of this wipe-out: when the market was down by 90%, it fell by another 50% at which point it was down 95% from the high. Thereafter, it fell by another 50%, ending down 97.5% from the high. Then it fell by another 50%, at which point it was down 98.75% from the high. Then it fell by 50% again and was down 99.375%. Surely this was bad enough? Nope…it then fell by yet another 50%, landing at 99.6875% down from its 2007 high. Unfortunately, the low was still not quite in yet at that juncture.
http://www.acting-man.com/?p=34594#more-34594
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cypherdoc (OP)
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December 08, 2014, 08:58:31 PM |
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The Cyrpus bail-in was certainly merely coincidental with the April 2013 bitcoin run-up. But what happened to their stockmarket since the credit crisis began? 100 euros invested at the peak becomes 29 cents. The Greatest Crash in History RevisitedLet us briefly ponder the mathematics of this wipe-out: when the market was down by 90%, it fell by another 50% at which point it was down 95% from the high. Thereafter, it fell by another 50%, ending down 97.5% from the high. Then it fell by another 50%, at which point it was down 98.75% from the high. Then it fell by 50% again and was down 99.375%. Surely this was bad enough? Nope…it then fell by yet another 50%, landing at 99.6875% down from its 2007 high. Unfortunately, the low was still not quite in yet at that juncture.
http://www.acting-man.com/?p=34594#more-34594Wow, what a great read.
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solex
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100 satoshis -> ISO code
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December 08, 2014, 09:08:14 PM |
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The Cyrpus bail-in was certainly merely coincidental with the April 2013 bitcoin run-up. But what happened to their stockmarket since the credit crisis began? 100 euros invested at the peak becomes 29 cents. The Greatest Crash in History RevisitedLet us briefly ponder the mathematics of this wipe-out: when the market was down by 90%, it fell by another 50% at which point it was down 95% from the high. Thereafter, it fell by another 50%, ending down 97.5% from the high. Then it fell by another 50%, at which point it was down 98.75% from the high. Then it fell by 50% again and was down 99.375%. Surely this was bad enough? Nope…it then fell by yet another 50%, landing at 99.6875% down from its 2007 high. Unfortunately, the low was still not quite in yet at that juncture.
http://www.acting-man.com/?p=34594#more-34594Wow, what a great read. This is really instructive because, for a small country like Cyprus, the euro is effectively a gold-standard. Normally a country will hyperinflate in great crisis and the equity market will look good. Zimbabwe's stock market was the best performer in 2007 (in local currency terms). The obliteration of the Cypriot equity market began as painful medicine for years of over-exuberance, but the government seizure of private savings, capital flight and rigid capital controls made good money scarce and destroyed confidence - hence the knife-catchers got stabbed.
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cypherdoc (OP)
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December 08, 2014, 09:19:04 PM |
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cypherdoc (OP)
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December 08, 2014, 10:07:37 PM |
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@pmarca:
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