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Is This How The Dollar Gets Replaced?
Submitted by Chris via CapitalistExploits.at,
I’m sitting here at my desk, laptop open, 7 browser tabs open, a half dozen documents open, emails popping in every few minutes, Skype messages coming in, and bunch of PDF reports open for review. A smartphone collects calls and texts coming in, and next to this is a Kindle with 3 books I’m reading at the moment. That’s just the technology.
Then I have a fly buzzing around, annoying the dog sitting at my feet. And as I look outside the window, a jasmine bush in full flower attracts bees collecting nectar from it.
Taking it all in it struck me why we are wired for narrow-minded thinking. Why the majority misses some of the biggest changes that have taken place. Changes that have taken place right under our noses.
You see, in order to make sense of everything around us our brain has to simplify it. Thousands of auditory, tactile and visual inputs every minute bombard us. In order to survive we have to narrow down and focus on what’s important. It’s a human trait which ensures survival and it’s been around ever since our grubby-looking ancestors were to be found running from lions in the savannah.
Our brain has to quickly categorize, file, and trash information. It sure is an efficient search and retrieval system. But in its search for efficiency the brain looks at a particular piece of information, goes and rummages around in the back and retrieves anything similar as a reference point.
The more instances of our brain coming up with such reference points, the greater our reinforcement of that particular item or topic. If we’re staring at a strange round-shaped object trying to figure out what it is, our brain searches diligently for information on round shaped objects – baseball, cricket ball, tennis ball… you get the picture. It then attempts to match those retrieved pieces of data with what we’re looking at.
The default in our brain is therefore to something which already exists, or something which looks like something which already exists. It is far easier for our brain to compute this and takes far less work.
Remember the brain is an absolute energy hog, consuming a quarter of your body’s energy even while it accounts for barely 2% of your body weight and it therefore is constantly attempting to conserve energy.
This explains why drastic, revolutionary, disruptive answers to existing problems very rarely come from existing channels or are identified by those who are embedded in the particular sector experiencing the problem.
To prove my point consider that Uber wasn’t conceived of by a taxi driver. Paypal wasn’t birthed by a banker. Airbnb wasn’t the product of hoteliers, and Instagram wasn’t the brainchild of a photographer. All have disrupted industries in their own right and yet none look remotely like the industry which they disrupt.
What Does All This Have to Do With the Dollar and Currencies?
Ask nearly anybody what will replace the mighty greenback and you’ll get a mishmash of politically inspired views. The Chinese renminbi, gold, or an SDR currency are all popular. I’m sure you’ve heard the arguments before.
I submit to you that the future of currency will be none of the above. It will not be a centralized currency. In fact, it may not be one currency at all. It will not be coercive, and it will be transacted on the blockchain and will be market driven.
The dollar will be replaced by asset transfers sitting on the blockchain protocol. This is the world’s largest distributed computing project on Earth. It’s a global payment platform which doesn’t require any centralized authority for its functionality, and it’s as close to incorruptible as anything the world’s ever seen, including Mother Theresa.
New technology is often misunderstood. Anything new and different is initially going to be misunderstood. Well-meaning critics dismiss it together with self-interested critics whose profit stream is connected in some way.
This is true of Bitcoin and its underlying architecture – the blockchain.
Ask yourself why today we use fiat currency and I think there are essentially two main reasons:
- We trust it long enough to hold it for periods of time, and
- The alternatives aren’t as liquid.
What happens when alternatives start rearing their heads and they don’t require trust. Note: I said DON’T require trust not that are trustworthy. There is a difference. Certain fiat currencies have been trustworthy for brief periods of time but the blockchain provides a trustless system. That solves the first reason why fiat currencies are used.
What happens when you add liquidity to alternatives?
The answer is that market forces take hold and the consumer makes the decision to transact based on what’s best for him. Couple that with frictionless transactions and liquidity can explode faster than Uber grabbing market share of the taxi industry.
I’ve not even mentioned the fact that you can stand in the Sahara desert and transfer an asset to Hong Kong on your smart phone for free, in seconds, and far more securely than any transaction you’ve ever conducted. I’ve not mentioned that the functions of authentication, validation, escrow and delivery are handled seamlessly and for close to zero cost.
I’ve not mentioned that the blockchain is asset agnostic. What this means, and this is important for the dollar, is that if you wish you can trade your 1965 Ford Mustang on the blockchain; and you should, because quite frankly, old cars are horrible, noisy, uncomfortable and bring down the neighborhood. I know, I’ve got a neighbour who stores a gazillion of these horrible things.
Why is this important for the dollar?
In case it isn’t obvious. A world where money is decentralized means a world where nothing you’ve ever seen before will become the new norm and the new norm is unlikely to include a scrap of paper issued by a bankrupt government.
I very much look forward to it.
“We want a whole sequence of companies: digital title, digital media assets, digital stocks and bonds, digital crowdfunding, digital insurance. If you have online trust like the blockchain provides, you can reinvent field after field after field.” – Marc Andreeson
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"The dollar will be replaced by asset transfers sitting on the blockchain protocol. This is the world’s largest distributed computing project on Earth. It’s a global payment platform which doesn’t require any centralized authority for its functionality, and it’s as close to incorruptible as anything the world’s ever seen, including Mother Theresa."
I wish I could be so optimistic. The USSA Banksters will create laws to terrorize anyone trying to opt out of their central banking fiat scam.
BTW Chris (Author), if you are reading this, you have already moved up the list for targeted assassination by the CIA/bankster elite.
They'll shut down the internet before they'll allow the existing financial system to be replaced.
The only way it gets replaced is via its destruction -- through collapse, or via more kinetic means.
Here's a quick reality check on bitcoin guys.
Good one. Crypto-currencies are a black hole. All that energy should be used to hang corrupt politicians and bankers, and to tear down the immoral hegemony; not chase unicorns and rainbows.
This effete guy and his old car hate. That's what is killing the USA. Bunch of effeminate turds
The bankers will be replaced at some point according to The Protocols...
6. The people, under our guidance, have annihilated the aristocracy, who were their one
and only defense and foster-mother for the sake of their own advantage which is
inseparably bound up with the well-being of the people. Nowadays, with the destruction
of the aristocracy, the people have fallen into the grips of merciless money-grinding
scoundrels who have laid a pitiless and cruel yoke upon the necks of the workers.
7. We appear on the scene as alleged saviours of the worker from this oppression when
we propose to him to enter the ranks of our fighting forces - Socialists, Anarchists,
Communists - to whom we always give support in accordance with an alleged brotherly
rule (of the solidarity of all humanity) of our SOCIAL MASONRY. The aristocracy,
which enjoyed by law the labor of the workers, was interested in seeing that the workers
were well fed, healthy, and strong. We are interested in just the opposite - in the
diminution, the KILLING OUT OF THE GOYIM. Our power is in the chronic shortness
of food and physical weakness of the worker because by all that this implies he is made
the slave of our will, and he will not find in his own authorities either strength or energy
to set against our will. Hunger creates the right of capital to rule the worker more surely
than it was given to the aristocracy by the legal authority of kings.
8. By want and the envy and hatred which it engenders we shall move the mobs and with
their hands we shall wipe out all those who hinder us on our way.
“Bitcoin reality check”
That is the attitude of a card-carrying sheep.
It's fascinating how some like to complain about the system, then as soon as a legitimate alternative arises, they refuse to use it out of fear and ignorance, just like the scared sheep they so disdain.
Don't bitch about fiat currency or the banking system if you don't have the balls or intellectual curiosity to even investigate a new potential alternative.
Also, Bernanke even mentioned not long before he left the Fed that Bitcoin represents about 0.1% of all transactions. So, it's not even on the establishment's radar yet. And by the time it is....there will be no stopping it.
Dollar will be replaced by the Shekel. Stop kidding yourselves. Juws however will transact with one another using gold.
Oy, I would rather have rubles.
I have a better one....
The dollar will be replaced by....
Gold! Why?
Because the dollar took its place, and gold will regain its rightful crown.
How?
Because gold is a tangible asset, can be used as means of exchange, can be broken up into small and large amounts, and is accepted as payment.
Why do those four requirements matter?
BECAUSE THEY AMOUNT TO THE EXACT DEFINITION OF MONEY. THOSE FOUR RULES ARE IN EVERY DICTIONARY AND ECONOMIC BOOK IN REGARDS TO THE DEFINITION OF MONEY AND ONLY GOLD (PRECIOUS METAL) MEETS THOSE REQUIREMENTS.
Money is:
A) A Store of Value
B) A Unit of Account
C) A Medium of Exchange
Gold is all these, PLUS:
1) Untraceable
2) Easily Transportable (1/4 $Million weighes ~16 pounds)
3) Effectively Counterfeit-Proof (Fakes are easy to detect)
4) Cannot be created by keystrokes
unlike gold, bitcoin is:
- easy, cheap and fast to transfer, secure, verify and granulate
- predictable, limited supply
- efficient and easily exchangeable store of value that is trusted and decentralized
also you can say goodbye to gold as a reliable store of value once:
- we get to asteroid mining, millions of tons of precious metals just lie out there in asteroid belt, talk about unlimited supply
- we get cheap energy source = you can create unlimited amounts of gold using particle accelerators
lol asteriod mining
educate yourself, you will sound less stupid that way
http://www.planetaryresources.com/asteroids/
A website does not equal an astroid mining operation. If we are mining for water and gold on an astroid belt we will be largly fucked as a race. You are a tool.
How many billions does it take to send a CAMERA into space? Tell you what, send me an X-type astriod when they become so common that it causes the price to plumment platinum.
Just because math makes Bitcoin "tough" to mine doesn't give those 0's and 1's any more value in my book.
The cost of sourcing gold other than on earth will be higher and if pursued will just confirm gold's genuine increasing value.
lets see
- few billions needed to get the equipment there
- gets paid off by harvesting a single 500m asteroid
- rake in initial profits
- then oversupply sets in, demand dies, value craters
Gold is a superior store of value. Bitcoin is a superior medium of exchange. That's all there is to understand. That and FOFOA's Freegold.
Bitgold
WTF!
FFS man, you're a fucking idiot. You need to do the rest of the bitcoin community a favour and STFU.
money can retain its definition even as innovation provides an improvement
i trust gold way more than i trust bitcoin. but i gotta admit, gold needs another medium/function to buy some shit in hong kong from the sahara
And further, some smart guy will figure out a way of ensuring 2/3 o 5/6 or whatever independent verification sites all support the claim that a picture of a gold coin is owned by X, in the physical posession of Y, and was last certified on such and such adate by such and such an auditor. You can buy levels and levels and levels of certainty and security.
That is the next level above this clever idea :
https://thinkpatriot.wordpress.com/2015/07/09/pictures-of-gold-as-a-script/
That allows you to avoid all kind of scams. Needs some crypto and substitutes databases of cenralized trust organization for overhead of a block chain. The trick is that individual coins are suddenly not anonymous, which makes accounting fraud harder. You can track every individiual coin. Those may be owned via blockchain, with lower-cost security at lower levels. The hash of a speckle pattern associated with the coin, full speckle pattern photo in a file.
Trust will be the resource in shortest supply when things get hard. Start building your supplies now.
WWBD
(What Would Blythe do?)
Captain Debtcrash, good article, discussing the probability of blockchain currency being outlawed, a necessary discussion.
However, outside the scope of the article but also necessary to consider, is the effect of outlawing. How effective is it? Does it lead to outcomes the lawmakers predict?
What effect did the outlawing of alcohol have? What effect is the incremental outlawing of guns having, now and over the past few years? What effect does the outlawing of drugs have? The outlawing of prostitution? The outlawing of 'terrorism'? Marijuana? Smoking? Speeding? Even the outlawing of entertainment downloading? How have populations such as the Chinese responded to 'intellectual property' protection laws? How successful have various governments in, say, Quebec, been in attempts to outlaw English, for example?
You are correct that if the government makes a rule, people probably could not use the blockchain at Wal-Mart or any huge conglomerate, but would that cause the technology to suffer, or the conglomerate? A growing number of people are changing their habits in order to avoid Wal-Mart (and big media, big pharma, big banks, big food, big energy, etc.) already. Would outlawing blockchain reverse this trend, or accelerate it? Would it cause more people to shop at Wal-Mart, or would it be another reason for people to reject Wal-Mart? Is outlawing a chaotic technology going to cause more people to turn toward central control, or away from it?
If banksters cannot find a way to skim and siphon, would this cause more or fewer people to risk using bitcoin? How would populations outside the control of 'western' governments respond to such regulation? (See, for example, the growing momentum of alternative systems to SWIFT and currencies alternative to the USD, which are spearheaded by non-'western' governments. The momentum of these alternatives grows with every regulatory burden imposed by 'western' governments, such as FATCA.)
You could discuss this for years and not come to a conclusion, but I think it's safe to say that the outlawing of anything is going to be unpredictable, and could certainly serve to make the outlawed thing spread farther and faster than before; and that's not even considering the high cost of enforcement, on bankrupt governments already stretched by farflung invasions and massive surveillance.
Finally, drastic means could be employed to stop the blockchain ('shutting down' the internet), but even that would be only a temporary solution. The government and banks depend on the internet, just as much as the population does. It is far too simplistic to wave away this technology with 'the government can make a rule and that will stop it for good'. The government cannot stop technology by creating new rules - government rules are rarely effective at stopping anything, although they certainly can change things in unpredictable ways.
All this to say, a reality check is fine to begin the discussion, but the article only begins it. That reality check might turn out more optimistically for bitcoin than the article implies. As a new technology spreads and evolves, simplistic pros and cons become ever less useful.
PS: I'm still agnostic on bitcoin until it's been around longer and is in wider use, to decide whether I can trust it or not. But I don't see gov regulation as a strong argument pro or con b/c that could go either way.
Renfield,
You make some good points on prohibition not working in many cases. I do believe that prohibition works in some cases and not at all in others. For Alcohol, and marijuana it doesn't work at all. for the most part it does not work for prostitution, and I believe it would only be partially effective for guns. But for money, and the phycological reaction around money, prohibition absolutely does work and is the basis for Greshams law. In the absence of government intervention good money will drive out bad money, with strict intervention bad money drives out good. Time will only tell if prohibition will be effective with bitcoin, but I'm fairly sure it is coming. Also remember that the value of bitcoin, even more so than precious metals, lies in its utility as a medium of exchange and if it loses that usefulness, it's value will likely drop.
I do own bitcoin, but mostly as a trade. Bitcoin has done spectacularly well and has been very correlated with monetary and banking crisis throughout the world. If you believe. as I do. that the mother of all currency/banking/financial crisis will occur over the next decade there may be a window after which bitcoin has skyrocketed in response to that crisis, but before governments move to outlaw it, to sell part of a position making huge profits. I will try to take advantage of this window, but I am expecting to hold a portion past it, in case the believers are right, and prohibition is ineffective. Good luck!
I agree that this is exactly how they will shut down Bitcoin. It is the same way they'll ban and confiscate guns. They'll make a few high-profile examples out of people, and then the rest will be forced to choose to "voluntarily" turn their stuff in or switch to the underground.
Many will switch to the underground, but the vast majority will comply. They'll weigh their life situations (got a family, got some life savings saved up that they can't let go of, addictions, or a lifestyle they won't sacrifice) and choose to comply.
But at the least the gun-owning patriots have a chance at hiding their guns. A home gunsmith can build a zip gun or a stamped-receiver gun fairly easily and hide it away without anyone ever knowing. Bitcoin has that damned PUBLICLY-VISIBLE blockchain. The gov't can eventually track down every single participant if they are willing to put in the effort. But they don't have to track everybody down--they just have to pick a handful of people to make an example out of.
Remember, the gov't doesn't have to have perfect control. They merely need "good enough" control for certain ruling persons. If a dictator can rule for his lifetime and die of natural causes, he got it good even if there were numerous rebels plotting his assassination all his life.
Think of it like a Ponzi scheme. Chavez got it good. Maduro is going to eat the consequences of Chavez' dictatorship. So Chavez won. The Chinese Communist Party is the same way. Earlier party leaders got it good. Later party leaders will suffer when their control falls completely apart. China's so large they could never attain any real measure of control anyway, but they can each do well enough by their own standards. The local Communist Party official, while only one step above the peons, is still happy to be one step above the peons.
Thus, the war on drugs, guns, alcohol, prostitution, whatever doesn't have to succeed. It just has to be believable enough of a war that they stay in power and are supported by enough taxpayers to live the good life.
Far more likely than a successful world wide ban of Bitcoin, is that some ongoing equilibrium is achieved. A point where the diminishing returns of the costs of supressing Bitcoin outweigh the damage it could do to the entrenched interests.
That would leave Bitcoin as minor currency in the world, with attributes that are very useful in some circumstances. Useful to the oligachs too....
How large is that 'minor' role? - an interesting question. That will determine the eventual stable exchange rate that is used.
One point to consider is that the 'pricing' of the exchange rate should probably mimic the way we think about gold. We do not normally think about gold in 'USD per tonne'. We use 'USD per Toz' as a human centric practical approximation for daily use.
I suspect we will stop talking about 'USD per Bitcoin' ... more likely 'USD per bit' (bit is the new term for uBTC).
"They'll shut down the internet before they'll allow the existing financial system to be replaced."
I thought that too, but doesn't much or even most of the existing financial system depened on that same internet?
If they shut down the internet, everything will come to a screeching halt. Not having access to Bitcoin will be the least of your worry at that point!
It depends on banks (and banking terminals) being able to talk to banks. A relatively small set of firewall rules distributed nationally/globally would let that happen while preventing other traffic.
As well, plenty of banks have private connections -- hell, HFT is dependent upon completely private low-latency networks in order to exist.
I am in full agreement with the 2 replies above me.
It is an additional argument why they can't tie down the net if there is any component outside of it. An internet circuit is an ephemeral thing. The light-wave it rides on is a variable, and the sequence of switches yet another. Add in a FO or radio link over our back fence and hard dries couriered from town to town (Google for the NKorean examples, enlightening) by kid's bicycles, it will be pretty hard to shut down a modern communications system, once people expect better.
Every step to do so has cut our Status Quo's authority and legitimacy in half. How many halvings do they think their reign can endure.
Israeli-Neocons are the existential threat to America. Patriot II was their Enabling Act.
They have begun a coup. Join or die, will be our choice.
Recall the videos of the Tsunami waves rolling in? Events have momentums. Who knows.
But better talk up 9/11, the False Flag Operation. Ask anyone who challenges you why they would believe the very entity that we all distrust? If MSM says "Crazy conspiricy theory, only nutcases believe", ask why they believe anything MSM says. MSM learly abandoned ordinary America long ago, consider the treatment of Sarah Palin. and what I predict to happen again :
https://thinkpatriot.wordpress.com/2015/12/19/a-third-prediction/
In fact, 9/11 is the best case for a rather major conspiracy in our government, the Deep State, by definition. The Architects and Engineers for 9/11 Truth are a good place to start, anyone who watches is convinced. If they aren't fade away, there is a problem. Measuring people against reality is a good security check.
Be proud, the evidence validates us and discredits them.
One of the big and important things we see in these many examples is how controlled our minds were, just a bit ago. Wrong questions, wrong focus, wrong people imposing the wrong solutions. We have to stop doing that to ourselves.
The other side to what we all see on this side ot the information flow, must be a lot of elites getting nervous. I bet Obama's "I am the only thing that stands between you and pitchforks" was a good line, I bet it got repeated a lot at future fundraisers.
It would explain the continuous buildup of police state and formal powers of a police state. Every new "Hate Those Other" campaign, another schism in the body politic. By our hatreds, they divide us.
Arm your neighbor.
https://thinkpatriot.wordpress.com/2015/12/17/of-course-we-want-syrian-r...
Play negative sum games and risk loss, or positive-sum and everyone at least not-lose? How hard is this?
Israeli-Neocons are the existential threat to America.
America is lost. The juden are a threat to the all of humanity.
U.S was just a vehicle to build and nurture Israel. The U.S/European juws will move on to Israel but they will not leave the U.S intact.... too much of a threat to Israel when the populace realise what has been done to them. U.S will be stripped down and split up to resemble the middle east as Israel rises to take it's place as the only superpower in the world. Then it's just a wait for the anti-christ.
You should not allow yourself to have opinions, I think. I cannot see how that opinion can do anyoye any good. Your opinions should improve your prospets for a happy family, not decrease them.
seek, They'll shut down the internet......
Without the “Global Reserve Currency” dollar Americans couldn’t afford what they have.
American workers couldn’t buy what they produce.
You are right: Kinetic means. Then, dollar collapse.
But, others will go down first. Perhaps, Euro.
I think Japanese yen will stand.
Nothing will stand. For heaven's sakes, this is not a mere very major market correction, this Tsunami coming at us.
No, No. This is the end of an era, those once-in-a-thousand-years events that happen every fw hundred years. Things are accelerated in modern history, we must infer. Our scum of society have reached its highest powers in much less time than the last cycle.
The side-effects of historical processes are interesting, don't you find?
Everyone better figure out we are all, every one of us, deeply the same human, or the people who so want to own us, will.
The very < long list of words denoting sly-of-the-sly, leader-of-sewer-rats, and other marvelous ethnic expressions of great evil > will burn down the world rather than lose. That is their final negotiating position in any evolutionary power game, you know, the 'no limit' raises kind of games?
How about we nip this game in the bud on some fall weekend soon? Plan on getting the crops in, etc. I bet they would run. All we need are web sites with "petition-like devices", for example "My signature to this document signifies that I have puzzled through a very plausible attack on < insert critical infrastruce, crucial to modern civilizatiion here >. I am not telling you or anyone else what it is, we all want our own secret to suprize you. Preapparedly yours, X"
How many million signatures would it take to convince them that thier various critical infrastructures would not likely survive, and that understanding to leaking into the world's understanding, and we correct the course of the political class toward our ruin?
I don't want to be a rabble-rouser, but events force me. our position is still weak, so do no harm to people's persons. We must make our takeover gentle. That is a powerful goal, and I think we should think about it. I think we are being herded.to violence. We are the powerful side, here in anti-gov land, we can wait a bit. But keep preparing, they have been able to up the decibel level on the propaganda in every one of the previous breakouts of public opinion.
I think they are losing in too many dimensions, and so something big has to happen, or Israeli-Neocons are toast and Israel is seriously scorched and the name Jew no longer so lustrous, very bad for everyone, make no mistake.
So how do we think our way out of this, oh rational elders of our world's village? Tell us your sagest councils, the cautions you have lived by.
As we all love our civilization so much, we individually agree to live and let live, and love thy neighbor as thyself. Self-discipline always turns out to be such a small price to pay for our recent levels of civilizaiton, in historical retrospect.
We could short-cut the standard historical evolution, not being bound in time and space as populations were before, bereft of information but wha our rulers told us.
Smart folks. In our intrests, and no BS about special kinds of people in any direction at all. We are all just people, and if you can't get that, you really should distrust your own opinion, so many differenrt cultures have agreed on a few base wisdoms. Oh, you don't know that ?
If we don't start thinking and fixing this in our minds, they will eat us alive, one social grouping at a time. COINTELPRO within the media. What else reason is there for all of the craziness? Really, the reasons can't be as stupid as they appear, Americans are not that dumb.
"...shut down the internet"
Here are a couple of pointers:
self routing
http://www.eecs.wsu.edu/~hauser/teaching/CS555-S02/LectureNotes/9-24-4up...
packet radio:
https://www.tapr.org/pr_intro.html
The dollar will collapse as soon as we run out of zeros.
That bit about transferring money in the middle of the Sahara with your SmartPhone...I don't have a smartphone, I have a taliphone. A pay by the minute, toss away, flipphone that's one step up from the previous one with a dial.
I don't understand bitcoin, or the blockchain, I think it's due to my era that I'm not mentally flexible. Nor do I understand how it would withstand a simple EMP or Government edict. How can an electronic fiat surpass an 'in your hand' fiat, any more than I can understand how an 'in your hand fiat' can surpass an 'in your hand' solid metal asset. (Unless it's full faith and credit in all debt public or private.)
I'm not a wealthy guy (at least in dollars available). I can purchase a pound or so of silver fairly easily, and could probably start to convert silver into gold now. Those three tenth of an ounce gold eagles seem so insignificant next to a full ounce of silver eagles. And that tenth of an ounce platinum eagle mocks me everytime I see it. My funding simply precludes any significant gold or platinum purchase.
I have a deep seated feeling that Goobermint is going to kill bitcoin, one way or another. Andthen go after those that had it and those that traded with it.
There is no fucking way our war criminal government is going to allow a competing currency within it's borders. At present, bitcoin is small potaters. It's an annoyance, and so far, has amounted to little more than hype. But the moment it becomes even a hint of a threat is when it's completely shut down.
Just a quick question. If money is decentralized and pretty much everyone comes up with their own blockchain, how do you intend to back the value of your coin, and what sort of exchange mechanism will this require? Will there be a reference coin? Will it be a tangible asset underlying the coins? Bitcoin type currencies are just a fad, the moment you look under the hood, they are just a toy for impressionable kids. Now sit back and wait for all the Fonestars to come out lecturing us about their techno lala land.
The markets you are asking questions about already exist in the alt-coin universe
Smart phones are government spy equipment. Why would I want to use these to execute a payment transaction let alone own one. I use cash without the constant distraction of the glowing attention capture screen. I'm not on call. Where I go and what I buy is my own private affair unless I pay by check. All these electronic devices are expensive.
Why would I trust a system I can't touch that is under the whim of electron behavior and hackers.
You can certainly use "smart phones" as a way to pay for something with Bitcoin but you have to remember that paying by "smart phone" is not the only way. Besides, it's kind of hard crossing borders with a bunch of CASH all over your pants. Might draw attention if you know what I mean...
it's backed by it's hashing power.
it's like an online computer army defending the blockchain.
do you have such an army?
With over 100 elements on the period table why has man throughout history choosen gold and silver to act as money? Because it has the values that make it best suited for it. It is the same in cryptocurrencies but instead the value is derived from the economics, security and other aspects of the computer code that enforce the rules of how it works not the physical characteristics. Maybe you will find one that interests you, maybe not...but its still an option not available before to not use debt based filthy government fiat.
Things have atttibutes not values. People place the idea of value (to them personally) on these various attributes. That leads to different people having different views on the value of anything.
Gold, Silver, Bitcoin (food) etc all have attributes, and for PM's and Bitcoin, some of the attributes overlap. The differences lead to each being better for different use cases.
Gold - great for long term (centuries) store of value - not useful (in the West) for most trading transactions.
Silver - long term store of value too, but also useful for medical and engineering applications
Bitcoin - better than Silver and Gold for long distance transactions... not as good for store of value
See? differing attributes lead to differing suitablity as tools for different tasks.
But a good tradesman learns how to use many tools, and which is best for each task at hand.
Diversify your currency and monetary tools.
The CIA/bankster elite couldn't give a shit about someone so uninformed as to claim the functions of authentication, validation, escrow and delivery are handled seamlessly and for close to zero cost by a blockchain. I guess the window in his parent's has a jasmine bush planted near it.
OK a 1965 Mustang isn't exactly my cup of tea, but I can appreciate it. I almost bought a Mustang 1968 Boss 429 years ago - I really FU because I could have made the deal on a rotissere car for $27K but I wanted to pay $25K. WTF, does the author drive? A 2013 Ford Taurus? Sure, that is a great car. Starts up, inexpensive, gets you to work. But where is the fun? Has the author ever been in a big block Camaro? Buick GSX? 442? Chevelle with a 4-speed? Jag XKE? Does he have any idea what a locking differential is? Has he ever heard of Baldwin Motion, Copo, Shelby, Lakewood, Cherry Bomb, Lengenfelter, Shelby, real Hemi's, Keith Black, Falconer, Don Aronow and 100 more?
Are these cars old, noisy and uncomfortable? So what? They have passion, style and fun. I have a 1968 Camaro with a twin supercharged intercooled (20 PSI) 540 CI motor with a dual disk centrifugal clutch going through a Lenco 5 Speed trans with a Ford Detroit Locker differential with coil overs, full roll cage, EFI, traction control, parachute and, yes, street legal plates. Impractical? Of course! Fun? Hell, yeah. Not my daily driver, but that's another story.
Yeah, well, in full mid-life crisis I got the last Trans-Am produced (in silver - called it the Silver Bullet). Loads of fun the summer I lived in St Louis - but when I moved back to Montreal, there was this little problem with snow! So after the Trans Am got stolen from work (was there in the mornng when I parked it - gone in the afternoon when I left work), I got a Subaru WRX (4 wheel drive - a blast to drive and good in winter). On a business trip, I left it at the airport, and it was gone when I got back. So on to boring cars I am afraid as I don't have the funds (nor the parking space for toys).
Re the article, yes, Bitcoin is an interesting alternative, but it IS DEPENDENT ON THE INTERNET! And that is one of the easiest things to have shut down/controlled. Gold on the other hand is tangible, hideable, relatively scarce....
And countries OTHER than the first world seem to be buying up a lot of it. The signs are there I think (as the price continues to drop....). I have roughly 5% of my investments in gold bars at this point....
You certianly would have fucked up buying a '68 Boss 429 because Ford didn't make a Boss 429 in '68.
Personally I think vintage cars are a lousy investment. Very fickle market. As the years go on the people interested in these smog bombs will drop off and one day someone's going to be left holding the bag on a $300k 1970 Dodge Challange R/T convertible. Camel jockeys aren't blowing their allowance on these things, they'd rather lease a Bugatti Veyron for a week and over-rev the shit out of it in a Beverly Hills street race and drop it off at the dealer still smoking on the way outta town.
To compare the "incorruptibility" of the blockchain to Mother Therese's is faint praise indeed. For her to use the vehicle of the Catholic Church to dispense her charity is tantamount to providing those benefits while driving or being chaffeured around in a stolen car. It is very close to the illusion of Statism's "altruistic" motives.
Hey, that's a soon to be Saint you are dissen' there.
As an Agnostic, I still say back it down, Hoser.
It will be replaced with a digital currency/credits which will only be accessible via RFID chip, probably implanted in your hand. They will then make it impossible for you to operate in society without it!
More on the agenda here......
http://beforeitsnews.com/conspiracy-theories/2015/12/as-events-spiral-ou...
Never happen. Thermo Nuclear War will happen before the Dollar is replaced.
Reading all the comments is interesting, but yours is the closest to simple truth. The dollar is an effective, if not great means for the elite to transfer wealth. The dollar is defended by war, the "military might of the US, the secret society (CIA), and NATO" as we now witnessing in the Middle East, Africa and Ukraine.
Will the elite defend 'their perceived 'right' to transfer wealth and labor of the masses to themselves with nuclear force...it might well come to that...or perhaps that was what Fukashima was all about......
http://www.jimstonefreelance.com/fukureport1b.pdf
The dollar will not be replaced by the blockchain because it gets harder and harder to create new coins. The Fed wants to print as much as it wants and as fast as it wants arbitrarily, hence the blockchain has more or less the same limitations as gold. So don't expect CBs to adopt it, and if you really want something everyone understands there is always gold.
The problem with gold is it's heavy and must be guarded constantly. I'm not currently lobbying for the blockchain, butt (and it's a big BUTT) some sort of digital currency will evolve in time. Right now, PMs are the only "real" money on the planet. That's why TPTB are trying to crush them. Unfortunately for those bastards, when the bullshit bankster fraud comes to a screeching (the Cankle in Chief comes to mind here) halt, PMs are going to come roaring back big time.
Eventually, a cryptocurrency will arise...
Kalo Kristomenna,
Spoctor Din
I have tons of digital currency and credit now, cared for by Mastercard.
Not blockchain secure, but useable in exchange for goods and services where ever there is some sort of card reader.
It does Dollars to local currency, albeit at not a favorable rate.
Other than it's speculative nature and security, and it's manufacturers have it wrapped up in their own wallets, i'm not seeing any advantage to the crypto currencies.
I agree, Gold is not universally liquid at this time.
There is one advantage. Blockchain transactions are fully traceable. Governments love this shit.
Oh you meant advantages for you? Never mind.
it sounds like you haven't heard of dash (darkcoin), you can convert bitcoin to dash and back at many exchanges, if you don't want the funds to be traced.
bitcoin can be anonymous, if you so choose and are willing to take the proper measures
advantages for you? sure, here's a few bitcoin advantages i can think of, off the top of my head:unlike the USD it is limited in number (only 21m bitcoins ever in existence), can be transferred anywhere in the world without restrictions of capital controls, can be easily hidden and stored and transported.
I believe that some kind of universal electronic exchange mechanism will evolve for small to medium size transactions but large anonymous transactions without traceability will not succeed.
"A world where money is decentralized means a world where nothing you’ve ever seen before will become the new norm and the new norm is unlikely to include a scrap of paper issued by a bankrupt government....I very much look forward to it."
Be careful what you wish for Chris. Specially around Christmas.
How does one recognize one BTC or LTC or DOGE or PPC or NXT et cetera from any other BTC or LTC or PPC or NXT ? And if the answer to that question is immaterial to the topic, please explain why it is.
It's got 666 on it.
Oh sure, because stuff on the Interents is "good as Gold".
Which means that the author has no clue about what blockchain really is and how it works.
1. Blockchain is not anonymous. Cash, gold, silver or diamonds are anonymous in a face to face transaction. We can't say the same about bitcoin.
2. What happens if the media that supports your digital wallet goes bad? You lose your bitcoins. Yes, you can lose a banknote or a once of gold, but computers, memory sticks, etc. crash quite often. The alternative, of course, is to store your money in the cloud, but do you trust a provider that is not regulated to keep your money? I don't.
3. Blockchain is based on the SHA2 algorithm, which WAS INVENTED BY THE NSA. Yes, so far, it hasn't been officially compromised, but do I want to put my money in a system designed by an intelligence agency? How can I be sure that the algorithm doesn't have a backdoor created by the NSA? Furthermore, no hashing algorithm has remained cryptographically secure for more than 2 decades. Do I want to put my money in a system that will be cryptographically broken in 1 or 2 decades?
4. To perform a transaction with blockchain, you need a third party which will "mine" bitcoins. Sounds very strange. Yes, if I transfer money from one bank to another one, the money goes through a clearing house, but they don't need to mine anything.
So, yes, like a transaction protocol, it's a very good alternative for sending and receiving small amounts of money. As a store of value, I'd rather have gold or silver.
deleted.
Whoever said that anonymity would be guaranteed with a payment system? Perhaps there are people out there who don't want there to be any anonymity!
Just imagine a blockchain style system combined with chipping people.
Interesting, but raises two questions for me.
Why did the NSA make blockchain technology and why did they unleash it into the world
heh, I've had the same 2 questions about why the US Dept. of Defense originated and unleashed the internet.
Well, the NSA created the hashing algorithm, but it didn't create it for blockchain, but for all sort of uses. It is used in SSL, TSL and many other technologies.
The problem is that blockchain is tied to SHA256. If this algorithm is broken, protocol like SSL, TSL and so on, can switch more or less easily to another hashing algorithm. This is not the case with blockchain, since it is tied to SHA256. You would have to invent a new blockchain technology, and then migrate the old bitcoins to the new technology. The problem is, if SHA256 is broken, do you trust that the bitcoins you are moving to the new system are "real", or are fake bitcoins of people who cheated the old systema dn created money out of thin air?
Now, regarding the hashing algorithms, it is not a conspiracy theory. Basically, in mathematics, the only way to guarantee that a crypto system won't be broken is to have a key as long as the text you and cyphering, which is always impossible to have. So, cryptosystems are always based on the idea that you can secure a text (or whatever, in this case a bitcoin), for enough time until the text becomes useless to the "enemy". If the russian decrypt the 1970s ICBM launch codes now, it will be pretty much useless, since those systems were phased out a long time ago. This technique of securing a system for a some time until the text becomes useless, is good for most things, but certainly not for storing your money and passing it on to your children.
Bitcoin Kills Banking - How It Happens, And Why It Will Happen... https://annrhefn.wordpress.com/2015/12/06/bitcoin-kills-banking-how-it-h...
Delusions. Banks handle tens of millions of transactions per day. Bitcoin can't handle more than 100k.
to suggest that bitcoin will never handle that many transactions is shortsighted
there are competing solutions in the works, such as segregated witness
when banking was 6 years old, did it handle that many transactions?
it is still very early in the game for bitcoin
666? Really? How old are you dude?
Lol...the blockchain that came out of the NSA lab....good luck, i think its great technology, but if you think they don't have a backdoor into it, i have property on mars really cheap....
Gold and silver work just fine...reinventing shit for no reason...use blockchain for transaction fine, but settle out in physical....goddamn 1 & 0s have NO intrinsic value....it's called digital for a reason
Bitcoin is too complex for people to adopt, it's that simple. Then you need a mobile phone, a password, then a user name and then you get hacked, then you need to check that the price isn't collapsing and buy cash to do a transaction, find an ATM 100 miles from where you live, without forgetting your mobile phone otherwise you can't check the verification code, buy from a pizza restaurant you don't like, hope your bank will accept bitcoin transactions, check there is no mount gox ponzi scheme involved, check that governments aren't pestering you with roadblocks. No, give me my fine gold under the mattress instead.
Its funny you mention that...2 years ago i was trying to buy some....EVERY exchange required 10 steps, my passport info and or my banking info....i think a mortgage required less work
Right I almost forgot, then you need to create a photo and send your water bill with address to the exchange and sign forms, which don't get approved because they are not readable enough. And once you get approved you get a warning that your bitcoins are stuck with the exchange and you don't get your money back while you desperately need it to pay your bills only to hear a month later your money is stolen.
if "you desperately need it to pay your bills" you shouldn't be dabbling in bitcoin, it's highly speculative.
if you have a solid base of PMs and cash in savings, it might not hurt to speculate in bitcoin with maybe 1% of your assets.
i haven't bought btc in a long time, but when i did, it wasn't all that onerous, just linking a bank account for funding basically.
if you don't want the ID aspect of it, you can mine your own bitcoins or else buy it on localbitcoins.com for cash.
the most interesting thing about bitcoins though, is not as a trade to gain some $USD, but rather the potential it has to rid society of the banksters and other unneccessary rent-seekers.
And when the electricity that powers such a system is lost???
http://olduvai.ca
Here's an idea for all the guys here who keep warning of EMPs, grid failure, "Internet shutdowns", etc.
If you believe this is a sufficiently probable scenario you can put your money where your mouth is and do this: Invest in a resilient power source, a little bitcoin mining equipment, some ham radio equipment, hedge your bitcoin revenue at the current rates of production, and in the event that a large portion of the mining infrastructure globally is knocked down your own rate of production will go up greatly in bitcoin terms, because the mining difficulty will readjust lower (this is a peculiarity of Bitcoin mining). Your exposure to BTC volatility is hedged, but if a catastrophic scenario materializes you have that extra BTC income. For this trade to work there only need be a relatively small number of surviving and connected Bitcoin nodes somewhere around the planet (so any scenario below a extinction level event). If you have only one of a few surviving Bitcoin mining operations globally you will be rich.
It's been replaced in all but name with only the money-whores clinging on for dear life.
If only Saddam and Khaddafi (visionaries ) had held out for a few more years they could've gone down in folklore.
How does the dollar get replaced? By force would be my guess. Lots and lots of force.
The good ideas dont need force to work. They simply do.
Yet no matter the platform Bitcoin only has the value as quoted priced in DOLLARS! It also has been hacked, found to be a Ponzi and is no better a store of value than the dollars it is priced in.
It also does NOT serve as a unit of account without being trnslated into dollars first. Money has to be portible, but electronic money is too portible, you can never hold it in your hand. What about payment to parties that either do not have an account of refuse to have one? Better a sinking dollar than a fiat that has no value at all sinking or otherwise.
The blockchain is also not decentralised. It is centralised.
In order to transact on the blockchain the transaction has to be distributed to all of the processing servers worldwide. This distribution process is limted by the speed of light and is slow. Very slow. Very Very slow. In fact, it's so slow that it's of no practical use. In order to make use of it, you would have to centralise the blockchain to a small number of servers. Only then can it be fast enough to process more than 3 transactions per second.
Did a Fonestar groupie write this?
You don't have a clue what bitcoin is, do you? Ca'mon, you can admit it.
Gold vs Bitcoin (Sorry about the Hulu ad, I hate the ads, too.)
https://www.youtube.com/watch?v=a2VmLCEistg
Everything has gotten too fancy.
I admit it, I don't care, hope that helps
It does, BOR. Proves your ignorance. We need MEN not windbags. Good Day.
WW3 will happen once/if the Dollar collapses. Only alternative is for a new SDR system were the Dollar is big part of the continue Ponzi Scheme
Well.. if you wants cashless digital type currency? Be my guess..
I personally? Won't use anything that would get lost after BER's, GRB's, CME's, EMP's events.
But, i'm not asking you to change btw. It's your own choice.
How would it get lost? If you know your address and password, you will always have access to your Bitcoins.
Would this include BRICS...here's a link on concluding the dollar hegemony.
http://orientalreview.org/2014/12/25/grandmaster-putins-trap/
This dude just shit all over his credibility with that last comment about classic cars.
The tech part is only because it is new. I remember when trying to log onto the Internet was a confusing experience. Horse and buggy users probably found it confusing to transition to the automobile. There is always going to be a learning curve for things that are new to you, and as adoption increases the way is made easier by innovation to the point where "even a cave man can do it".
Coinbase already as a debit card that is, essentially, a Visa Card except that it debits your bitcoin account for purchases made in dollars. Seamless.
People here claim that bitcoin is just digits on a computer, well well well so your money you have in the bank! Just digits! Thing is, with the blockchain the record of your bitcoins cannot be erased whereas your money in the bank?
Yeah, now you're starting to get it if you are a thinking person.
Bitcoin allows you to be your own bank, free and clear of all the crap that our fiat currency is attached to.
I don't see my granny buying bitcoin and there are a lot of grannys and grandpas out there.
and they'll be gone soon, everything changes eventually
Much like the rest of us, you too will become an old fart .
I always look forward to the Ha! I told you so moments around the Holidays.
"Our brain has to quickly categorize, file, and trash information."
With the exception of stuff like weather reports and sports scores, anything I hear from the MSM goes directly from categorize to trash.
NO
As a genuine libertarian, My attitude is: "The Enemy of my Enemy* is my Ally." Unless it morphs into my enemy.
* Cartel of Private Central Bankers
There are many vehicles and ways of participating and strengthening the PARALLEL** Economy. Crypto is but one in that arsenal/ecosystem. If you're a Pragmatist, rather than a libertarian-scented ideologue, you don't have to use it, or even 'like' it. All you have to do is approve its intent and market function.
** The Economy that is separate from and works in parallel to the official economy, where the former is decentralized into many hands (>90%) and the latter is centralized into few hands (<10%). Using PR weasel words as part of their Jedi Mind-trick, the masters of the official economy and their MSM vassals use negative, derogatory or even 'criminal' sounding names on those, who legitimately (as 'Born Equal' human beings) choose to live a different lifestyle and abide by different values and code. You/we must always flag such weasel-word attempts at shifting or controlling the Narrative. Words matter. So let's use them precisely and deliberately to maintain control of the Narrative, and let's insist that TPTB and the MSM do so also. Have a nice w/e.
-K out
I truly believe that BitCoin has morphed into the enemy of Gold and Silver. Just look at the 2015 price charts. Almost Always opposite of each other.
as a libertarian you will always have enemies as selfishness is the curse of those who beget enemies. Collaborative commons are essential in society; sharing. Markets are only good for the inessential; not for the vital. the vital has to be shared. Like freedom and basics of human sustenance. Pure libertarianism leads to tribal and caveman rivalry; aka anarchy.
communication is the #1 key to success in cooperative systems
Even greenbacks have a better chance of keeping their value after World War III than bitcoins. The USD might just survive Uncle Sugar his own self.
(The Somali shilling survived the collapse of the Somali state in 1991. The disappearance of the central bank guaranteed that supply would remain limited, barring implausibly large amounts of counterfeiting. It circulates to this day, used mostly for small transactions like buying qat. Big transactions are done with USD.)
it [the brain] therefore is constantly attempting to conserve energy
That's really funny, as here you fell for simplifying too much while trying to stick with known patterns.
But for all we know the energy consumption of the brain is the same (i.e. constant), no matter if you are doing complex analysis or trying to think of nothing at all!
Why all the bitcoin pushing? Nobody uses it anyway and the only people buying them are morons who think it's a investment.
Pump and Dump?
It's like the India government's grab for gold. They want to get their hands on the real thing and give you meaningless promises. They want to steal anything of concrete value and exchange it for slight of hand illusions.
want proof?
"Craig Wright, the Sydney entrepreneur rumoured to be the creator of the Bitcoin cryptocurrency, tried to buy around $85 million worth of gold with the digital currency in 2013, according to The Australian."
the inventor of bitcoin was really just trying to find a way to rob fools of their gold. He didn't have any money but figured if he invented a new illusion of money he just might pull off the next great gold robbery.
you're mistaken about that, craig wright is not satoshi nakamoto.
bitcoin? what joke...what do u do when there is no power, no internet... pure BS.
Silver baby...
Yes we need a alternate financial system to replace the dollar. While there is not replacement, the dollar can not fail.
Yes bitcoin is a very sucessfull test, but not is a fully complete financial system.
The missing parts:
1- The local money exchanger. Then, if bitcoin is used we need to return to bankers to exchange our current money, in and out.
2- Bitcoin was early generated by geeks, now are generated by investors with big computers. ¿how this benefit the global population and not the elitist?
The failed parts of bitcoin, that can not be fixed:
1- Dont have a real value, just a digital one and zeros, that value nothing. How a seller can set price in a not stable value??. example: in the morning one box of tomatoes 1 btc, in the afternoon one box of tomatoes 1.2 btc, tomorrow 0.9 btc. No one can sell at changing prices!!
2- No goverment can accept a financial sytem that can not control in some way. because the goverment live from money control!!
3- The control of the 51% of the bitcoin computer power, give absolute discretion about double spending of bitcoins.
4- Bitcoin is financil control of population by another means. It is to remove the current oligarchy to put another one. It is to change thieves in wall street for thieves in bitcoin. Let us not forget the great scam of Mt Gox.
If you want a real change, we have a very good idea to change the financial sytem making a good profit, contact us robinsonalexander@yahoo.com
Send me your old 65 Mustang, Chris...and any useless gold too.
Excellent article, and very well-written. Like some other commenters, I do not share the author's optimism and I haven't got a single penny invested in Bitcoin. Why? Once it becomes a genuine competitor to fiat money, the bankers will do ANYTHING to destroy it. They can hire the best hackers in the world, who would rob you of your money. In fact, Bitcoin could be a deliberate trap. They can make it illegal. They can arrest each and every provider. That is why I stick to gold, silver, guns, and land. I want something tangible. Yes, they will try to confiscate gold--but they will not get mine. And best is silver, because they wil have a hard time fighting it, given its many industrial uses and because, every year, humanity is consuming more silver that it produces. Also, with silver, production is already down, so they can push the price down a bit more, but not substantially. Silver, for me, is the safest long-term investment on the planet.
The dollar would be fine if we had someone with more honesty and integrity and truly looking out of the citizens, instead of the federal reserve bank who controls the government and all the dollars.. which does the opposite. Everyone keeps talking bitcoin, or gold standard etc, but nothing will work until the ones controlling it are of doing well for humanity instead of trying to kill us. And the men who hold high places, must be the ones who start, to build a new reality, closer to the heart...
"The dollar would be fine if we had someone with more honesty and integrity and truly looking out of the citizens,"
To quote Milton Friedman, 'And where are you going to find these angels to run society for you?'.
Squid
Blockchain sounds great. But to be sound it has to be embodied in a system that works without internet.
Be sure the TPTB will surely shut down, false impersonate, duplicate or otherwise fraud would-be internet users just as soon as it suits.
Show me a bitcoin-like thing that does not use internet please!
I think I can bundle up a derivative instrument for you, availability around the end of Q12016.
Paper Certificate of Authenticity available.
here you go
https://www.getbitcoin.com.au/bitcoin-news/traceless-bitcoin-transaction...
I will start believing in Bitcoin when the ham radio people take it up.
They have an incentive after all - their erstwhile de-facto worldwide currency has been vitiated in recent years (IRC - International Reply Coupons used to be big in radio, now governments are as obstructive as possible ignoring their treaty obligations regarding IRCs).
To Coast. You are of course right--if we had honest government, all of our problems will have been solved. But we don't have such a government, and aren't going to have one, short of a very successful democratic revolution. So the question is: What to do amidst this sea of inescapable corruption? Answer: Find something that cannot be stolen and is likely to appreciate in value. That is why I prefer silver to Bitcoin.
Never say never with respect to honest government. There has been (so far) a rather big move in Canada. Sure some of the election promises were a bit too rosy, but generally a BIG move to a more honest, open and transparent government - through a generational change in our PM and a bunch of fresh faces. Mind you, it strikes that our parliamentary system is easier to move than your republic.
Hope and Change, Great White North edition, eh?
You gotta be kidding me.
I have also noticed some government changes that are positive in canada...but I just look at is a a way to placate the citizens so they dont start asking for their guns back lol...
IMO, silver over bitcoin is a no brainer. bitcoin reminds me of the stock market a bit. You might be able to make some cash if you invest/sell at the right time..the dollar would have been a great short term investment also, but I always lose at gambling. The dollar will go up and up, until coast invests in it, and it will go down down. I could control the entire economy and make millions being an investment advisor..just tell everyone to do the opposite of what I am doing lol :-) I would be gerald celente junior. Most important tho is to keep debt very low, make sure you have the basics for life such as food/water and protection, and a roof over your head would be nice. There is NOTHING better in my opinion tho that silver is the best long term investment available. Anyone in 401k or IRA will be crushed...Take the penalty for early withdrawal and buy silver. It is the only thing I will probably ever be right about, but its so obvious its like saying it will snow in alaska.
I do have to correct you on something tho....it cant be a successful democratic revolution, because people are too stupid to vote..what we need is a successful REPUBLIC revolution. I am a political atheist, but I will stick with the rules of the Constitution and the bill of rights...in a democracy, the college students would all vote for the entire planet to suck obamas cock lol
Operation Twist
If you were looking, I told you how to energize a building with no wires, and how to transfer between vertical and horizontal systems. All I did was add an AI controller. Gravity is just a tool.
All of History cuts off the leading edge and places it in back, swapping fashion. The majority can go nowhere, because it shorts its own brain into a bipolar dc machine for the sake of popularity – good and evil, rich and poor, republican and democrat. Accordingly, it devalues work and values leisure, as if they are opposites, leaving discharge as the only possible outcome, with no input.
In a relative blink of the eye, machines replaced humans running the markets, and humans are systematically being replaced across the economy, in a rigged lottery built for the purpose. America was fashioned after Rome, the irrational market of engineering leisure to feed financial engineering to feed war, for more of the same, ignoring the radiator created by the increasing vacuum.
If the Fed wanted to reboot the economy, it would simply reissue anonymous money, to reconnect labor. As you can see, bitcoin is not anonymous and is simply a path by which the corrupt seek to escape, in a positive feedback loop with only one possible outcome. There is nothing rare or inherently valuable about money, or control.
Legacy issues money to the middle class, which processes natural resources for legacy, of which legacy grants the middle class a minority share, revocable at any time. Like paper gold, fiat and now digital wealth is just leverage, slowly boiling the frogs as they say. Of course legacy breeds a middle class as stupid as possible, seeking real estate inflation, and penalizes those who do not, by placing them at the back of the line, calling it labor.
Regardless of government incorporation, it’s linked to feudalism, which is just another way of saying that it’s linked to History. Of course the majority will follow Trump or Hillary, whichever way the wind blows, because they are the temporal beneficiaries. With the entire Internet at its disposal, do you see the majority diligently working toward the future, or arguing over the past, to brand the narrative as property?
The majority in America doesn’t want to lose control with central generation any more than the majority in Russia, or any other nation/state. The only question in Cuba is who will operate the local monopoly. A robot makes no more economic sense than Amazon.
The most amusing comments are those suggesting that government, the public corporation, or its derivatives, the private and non-profit corporations, can actually do anything, other than more efficiently replace themselves with more disastrous results. If you ever calculated the relationship between a counterweight and a motor in an elevator, you would see why. If you think about it, the elevator business prints far more money than the Internet bubble.
Funny, I was talking to a customer about diagonal elevators that could change direction at any speed, and the other mechanics looked at me like an alien with multiple heads. To program an operation successfully, you have to strip away the mythology to see how it actually works, and then replace the worn-out dress, with anything the majority will accept. Like the legacy it follows back into the past, the majority says one thing and does another, doing nothing and calling it work, hoping you will do it for them, from the back of the line.
What is FANG, other than the latest and greatest dress, so threadbare it no longer serves the purpose, following IBM and others, which were just the latest and greatest dress yesterday? Of course the critters are going employ family common law feudalism to kidnap your children, and assign you debt in the exchange to compel propaganda, if they see you. Why would you expect anything else?
The moment that bug opens its mouth, you can see the bipolar axis upon which it operates. Like its derivative empire, the brain is inherently self-obsessed, insecure and fearful, until it’s not. You have to provide the imagiNATION.
Operation twist turns the subject, in a house of mirrors, a gravitron.
In the likely case you didn't know, Mother Theresa was anything but a saint. Did you look at her financials?
Or not.
Centralized virtual money that cannot be taxed will never replace fiat (or resource-backed) paper currency/coinage. If it can be taxed, then the government has a back-door which eliminates almost all of the stated security.
The idea has merit, but the function of money is a small part of the overall system that would be required to eliminate the problem I mention above. It is possible, but magnitudes harder than any digital currency.
And I'm getting sick of hearing about the blockchain. It just isn't all that. It is a single tool that needs other stuff integrated for it to produce a robust solution to anything.
What a windy article.
A block chain is just a method of maintaining syncronous journals. And it's not the only method.
But the article totally leaves out what money is in the first place ... "a promise to complete a trade". All a block chain has to do is record the promise. All the process has to do is monitor the promise for default and collect an equal amount of interest to recover the media and close out the trade.
The article says nothing about how money is created. It creates the illusion that a block chain and the bitcoin method of MOE creation are the same thing. They are not. BitCoin as a method of MOE creation is even more flawed than precious metals (wasteful digging, refining and certifying) and FRNs (suffering from 4% counterfeiting).
money is a promise to
Bullshit.
And repeating it a hundred times still doesn't make it true.
If all you offer in rebuttal is a word for bovine excrement, that doesn't make it untrue.
Correct, but (purposefully?) besides the point.
Actually your lack of a concise explanation of your concept makes it unproven. And it stays unproven no matter how often you repeat your one-line mantra.
your lack of a concise explanation of your concept makes it unproven
Prove the concept that a PM backed process for managing an MOE is superior ... concisely or otherwise. Try the same for one based on capital. I can "illustrate" the correctness of what I observe in less than 200 words. A proof of the obvious is elusive.
I would need your exact definition of "capital".
Otherwise easy:
One benchmark of any system is that it is consistent, i.e. that no party involved can change the rules mid-game without the other side at least noticing it (note I didn't say being able to prevent it, just notice it.)
Written rules of law (or the ten commandments) were an example of an attempt to create such, but as Orwell drastically laid out, the meaning of words can be changed even into the opposite.
PM [backed] medium of exchange is a great way to keep politicians and bureaucrats from meddling with the amount in circulation without anybody noticing (coins getting lighter or with lower PM content), as there is (yet) no way to produce for example gold out of thin air at a cost low enough to make sense.
Debt-based (or promise-based) money lacks that feature, so a person would be required to know at any time about all of the existing to be able to notice anything is wrong - an impossibly to fulfill requirement.
Your turn...
Your turn...
My turn? You've proved nothing! Give me an example of what you consider a proof of the superiority of a process you favor. I will use that as a model you accept and prove its inferiority.
I would need your exact definition of "capital".
My definition of capital: Fantasy. Production time, 2 years. We probably need "your" definition if you're going to use it as a premise for a superior MOE management process. One thing is evident. If trade is based on it, no trade can take place until it exists. This is a flaw on its face.
One benchmark of any system is that it is consistent,
Agreed.
Written rules of law (or the ten commandments) were an example of an attempt to create such,
More symbolic that useful. Eg. 10 commandments: 5 pertain to respect for authority. The other 5 are things you wouldn't want done to you ... and far from an exhaustive list. Yet for some reason people want them posted in our courts. Can't they remember 10 things?
Orwell drastically laid out, the meaning of words can be changed even into the opposite.
So the fewer words, the better. I personally favor a mathmatical definition and description of the process.
there is (yet) no way to produce for example gold out of thin air at a cost low enough to make sense.
But that's immaterial. If you know money is "a promise to complete a trade" and promises are produced out of thin air, all that is needed is authentication of the promiser; authority of the certifier; and accountability of delivery ... the classic three "A"'s. If I start with nothing, create something for a little while and use it in trade, and then reclaim that something returning to a state of nothing, what's the issue?
Debt-based (or promise-based) money lacks that feature,
I disagree. In the proper process, there is a cost of making the promise. It is the cost of delivering on that promise. There is a process to monitor this and mitigate failure.
so a person would be required to know at any time about all of the existing to be able to notice anything is wrong - an impossibly to fulfill requirement.
But a process to know everything is not impossible. The process is easily federated and auditable and transparent at each node.
Did you notice, you didn't reply? You implied you had proof for your concept. Deliver it.
How is a capital backed MOE process or a PM backed process superior to a record keeping backed process? A process that knows what is actually transpiring. A process the knows it is allowing trade over time and space in the most efficient way possible with a negative feedback system to mitigate abuse.
Oh, so you're one of those which I call "luxury philosphers".
They take the current situation as a given (never asking how we got here), and then conjur up wild fantasies reversing cause and effect.
Typical example are the labor unionists who claim only the achievement of decent pay made the standard of living possible. Uh, no. Only an inventor and a capitalist (maybe the same person) made the production possible at all.
Easy Test on "luxury philosophy":
If it wouldn't work if you were teleported back into the stone age, it won't work today either.
I do not see anything where you demonstrate your concept in 200 words, and you stated you are able to!
Did you notice, you didn't reply? You implied you had proof for your concept. Deliver it.
Where did I talk about my concept, directly or implied?
I am only picking up time-tested concepts, not inventing any new ones.
You are only posing bureaucratic acts as solutions, and as usual ignoring the damocles sword over all those: who certifies the certificators?
to know everything is not impossible
So maybe you should focus all your might on finding such a person!
Oh, so you're one of those which I call "luxury philosphers".
You're one of those which I call an "avoider". A red herring seems to be your only weapon in debate.
Easy Test on "luxury philosophy":
If it wouldn't work if you were teleported back into the stone age, it won't work today either.
Oh really? How did they make coins in the stone age? What did they know about capital?
I do not see anything where you demonstrate your concept in 200 words, and you stated you are able to!
Knowing money is "a promise to complete a trade" enabling simple barter trade over time and space, an MOE process that records promises and certifies them; certificates then circulating as the most valued object of simple barter trade; certificates returned and destroyed on delivery; default certificates recovered by like interest collections; (1)yields an MOE in perpetual free supply, (2)perpetual balance between supply and demand; (3) guaranteed zero inflation of the MOE; and (4)universal acceptance in simple barter trade because of attributes 1-3.
81 words. Leaves me 119 to clarify anything that isn't obvious enough to you.
Where did I talk about my concept, directly or implied?
You may not have. I've carried the dialog here among several argumentative people like yourself. They seem to fall into two camps. Those who want a commodity backed MOE and those who want a capital backed MOE. I do recall "you" asking for my definition of capital so you must be one of the capital types. You asked for my definition which I gave unambiguously ... and then you dropped it.
I am only picking up time-tested concepts, not inventing any new ones.
Picking up from where? Can you enumerate the ones pertinate to this debate?
You are only posing bureaucratic acts as solutions, and as usual ignoring the damocles sword over all those: who certifies the certificators?
It's not proper to answer a question with a question but you have me entirely flummoxed with your obstinance. So "who certifies the governor on an internal combustion engine?" An MOE management process can be defined with every bit of precision as such a governor and require no "certifier" or "certifier certifier" intervention. With your obstinance, I suspect you don't allow the use of language either ... as the cave men may not have had language ... let alone writing.
to know everything is not impossible
So maybe you should focus all your might on finding such a person!
I can't remember the context if I made that assertion. It's impossible to even know the law (with 40,000 new ones invented each year) so I can't imagine saying it's not impossible to know everything. I will say that it is not impossible to know everything about a particular trader's in-process trades and his default history.
Malek. You are making me tired. But I'll keep trying because I need to find what happens in peoples' minds that make them cling to processes that obviously don't work and fail to grasp a process that is plain simple logic and arithmetic and can be guaranteed to work splendidly.
What can I say about a capital definition of fantasy? As I said that is the premise of luxury philosophy, taken everything we have today as a given and not asking how we got here (for example how were those machines desingned/built?)
For you capital equals debt, and debt in fact quickly becomes a fantasy if there's too much in circulation.
What I don't understand is why would for your concept they need coins in the stone age? Didn't fantasies already exist during the stone age?
to know everything is not impossible
I can't remember the context if I made that assertion.
You never read your own posts again? Does this also prove you make shit up as you write it?
I need to find what happens in peoples' minds that make them cling to processes that obviously don't work
And you TRULY believe you can invent one from scratch that will work? Ignoring all of history's lessons?
I've been pointing to obvious holes or flaws in your theories - and you simply ignore them.
Or come up with more crazy complex approaches to fix them, ignoring the additional inherent problems in those overcomplex schemes.
Maybe you should customize yourself with the almost 2000 year old latin phrase, commonly translated as
"Who guards the guardians?"
which I was paraphrasing in who certifies the certificators and denotes the key problem for any system, and which will only get worse when trying to solve it with additional complexity.
Yep ... you're an avoider.
Re. capital being a fantasy (produced in two years), here's why.
Give someone the privilege of 10x leverage (we call them bankers). Capitalize with say $1M. Earn 4% spread. 40% (4% x 10) doubles in two years. The capitalist takes back his $1M and the $1M he earned through a privelege you and I don't have allows him to calim he still has $1M in the game. The "capital" he's going to back a loan to you is just two years. There's no substance to it at all. It's fantasy. A lot of hand waving signifying nothing.
Regarding my failure to remember the "know everything" comment, it wasn't part of the message I was replying to and was hidden from me as I wrote the reply. Inspection will show you that I correctly did remember what I was referring to ... that you can know "everything" about the trader and the trade.
How do people like you live with yourselves? Avoidance has to bring really lonely results.
But if you want to give it another try, rewind to the point where you say "first we need a definition of capital". You said it, I didn't. I just asserted to you the reality of the fiction of capital. Further, you've given no clue what positive roll it plays in any MOE management process. It's necessity thus remains a fiction.
I've been pointing to obvious holes or flaws in your theories - and you simply ignore them.
The only thing you've written that even remotely pertains to this comment is your comment about who "certifies the certifier". I responded to that.
Time to give this up I think Malek. You are of no use to me in figuring out why people like you can't grasp the obvious or defend your position but rather choose to just sling mud in defense of your ineptitude.
capital is a fantasy
flaw: you are redefining capital as exactly and only the stuff bankers (capitalists) lend out. Maybe you should read some Austrian theory.
And you are using the luxury philosophy approach: everything is available (bankers, $1M, spread, 10x leverage) and will magically stay available no matter how much exploited/abused. (And then if one day it disappears it will be someone else's fault, not your flawed theory's.)
that you can know "everything" about the trader and the trade
flaw: you are assuming unlimited time is available to do so
who "certifies the certifier". I responded to that.
flaw: you responded with meaningless drivel, didn't understand my paraphrasing of "Who guards the guardians?", and now avoid concise answering by brushing it off with I responded to that
you're an avoider.
Oh look, the time tried method of accusing your opponent of what you're doing yourself!
You're full of shit, have proven nothing, and aren't even interested in a detailed discussion.
You're full of shit, have proven nothing, and aren't even interested in a detailed discussion.
Maybe I am full of shit. But I am interested in a detailed discussion.
I'll leave it to each reader to decide if you're truly interested in a detailed discussion
Another star for the avoider.
No. It won't. This article is retarded.
"It will not be coercive..."
"It" may in fact not be coercive, but groups of corrupted people assembled into governing bodies, Are.
Block chain it is.
Maybe.
Before or after the cull is anyone's guess.
Counterparty risk is the concept that is exploited to create our current system of thievery where middle men are on the skim, removing wealth and productivity gains from the people who created them.
Remove counterparty risk and you remove all opportunities for surreptitious slavery. A tall order which the blockchain may or may not be able to fill in its current form.