Crypto Currency Thread

[anonymous-user]

197. said:

Apologies if it has already been covered, but what do people on here think about Omisego?

some key backers but other coins are already there, pluton for example.

[Condi]

Behemoth said:

Condi said:

Behemoth said:

therefore don't realise blockchains are only useful if you need secure uncensored transfer of value.

Ironically not something required for currency but more useful for contracts, information, ownership etc. 'Value' is far more than Pounds, Shillings and Pence.

Absolutely incorrect. Currency transfer of value is constantly under the threat of censor. Maybe you don't understand the term censor in this context. It means permission. You have to have permission to move your own money and that permission is granted or refused by third parties.

Ultimately, money is information of course. And it is also contractual. And it certainly has ownership.

Yet again we agree to disagree.

While you may dream of some utopia using crpto coins to do what you want with your money, the realities are going to be somewhat different even if they do fall into common usage. The financial regulators - there to ensure the safety and stability of the whole financial system - will need oversight and permissions in the same way they do with fiat currencies.

[Behemoth]

Condi said:

While you may dream of some utopia using crpto coins to do what you want with your money, the realities are going to be somewhat different even if they do fall into common usage. The financial regulators - there to ensure the safety and stability of the whole financial system - will need oversight and permissions in the same way they do with fiat currencies.

Your financial regulators were there to ensure safety and stability of the whole financial system in 2008. They catastrophically failed at this singular task and they will certainly fail again.

This is not going to be a utopia for anybody, it's simply an inevitable evolution in the history of money.

Your oversight & permissions can only be accomplished via a central authority. A blockchain is completely unnecessary and unwieldy in such a currency system. You are describing what fiat money already is.

[Behemoth]

Best crypto explainer of the year so far:

https://youtu.be/YHjYt6Jm5j8

[anonymous-user]

Well my lucky dip stcoin is doing well, campus coin..

[bongtom]

“Your financial regulators”

I think you simply mean “financial regulators”, unless you’ve somehow gone off-grid.

Even if crypto is adopted with no control, which is unlikely, it’ll be a long time before our daily lives are not controlled financially - tax, bill payments, shipping etc.

It’s impossible to go off-grid even with just using crypto because at some point you’ll need a bank account.

[Behemoth]

bongtom said:

Even if crypto is adopted with no control, which is unlikely, it’ll be a long time before our daily lives are not controlled financially - tax, bill payments, shipping etc.

It’s impossible to go off-grid even with just using crypto because at some point you’ll need a bank account.

This is nothing to do with going off grid. The grid itself will evolve in ways we can't foresee and it will happen over a relatively long period. The emergence of crypto is just the beginning.

[bongtom]

What grid are you referring to?

[Behemoth]

bongtom said:

What grid are you referring to?

It was your terminology, not mine

[NickCQ]

Behemoth said:

Your financial regulators were there to ensure safety and stability of the whole financial system in 2008.

The regulators certainly did ensure the safety and stability of the financial system in 2008... by engineering a bailout of systemic institutions.
It was from (?) 1979 - 2007 that they failed

[bongtom]

Behemoth said:

bongtom said:

What grid are you referring to?

It was your terminology, not mine

I think you’re talking about another grid that is only in crypto nerds minds.

[Behemoth]

NickCQ said:

The regulators certainly did ensure the safety and stability of the financial system in 2008... by engineering a bailout of systemic institutions.
It was from (?) 1979 - 2007 that they failed

The rescue was orchestrated by Gordon Brown by phoning round the world's leaders at the 11th hour It's amazing he's thanked so little for managing a pull back from the brink of world fiscal disaster. The bailout had nothing to do with the regulator's controls and processes & I agree they'd been failing at their task for years. By all accounts they appear to be repeating their mistakes.

[NickCQ]

Behemoth said:

The rescue was orchestrated by Gordon Brown by phoning round the world's leaders at the 11th hour It's amazing he's thanked so little for managing a pull back from the brink of world fiscal disaster.

'Not only did we save the world... I mean.. save the banks'

I think you overstate GB's role in the matter. Not sure he had much to do with the US packages which were many times greater than the ones in the UK.

[Guvernator]

Behemoth said:

The rescue was orchestrated by Gordon Brown by phoning round the world's leaders at the 11th hour It's amazing he's thanked so little for managing a pull back from the brink of world fiscal disaster. The bailout had nothing to do with the regulator's controls and processes & I agree they'd been failing at their task for years. By all accounts they appear to be repeating their mistakes.

I'd argue that it was the governments failure to reign the banks in that lead to disaster in the first place. Plus GB managed to run up a huge deficit during one of the UK's most economically stable periods. Personally I think he should be brought up on charges for ruining the UK's economy.

[Behemoth]

NickCQ said:

'Not only did we save the world... I mean.. save the banks'

I think you overstate GB's role in the matter. Not sure he had much to do with the US packages which were many times greater than the ones in the UK.

The UK bailout followed US TARP in 08, but it was the crucial Spring 09 G20 emergency all-nighter in London that set the course. The global economy was still in full meltdown. Sarkozy complained there was no plan but Obama pointed out GB had a plan. it was the only one on the table and they followed it. GB got world leaders to sign up to an emergency liquidity rescue programme, but didn't get structural problems addressed.

[Behemoth]

NickCQ said:

I think you overstate GB's role in the matter. Not sure he had much to do with the US packages

Actually, according to Krugman, he was there at the very beginning. No reason to disbelieve a "Nobel" Prize winning economist

https://www.nytimes.com/2008/10/13/opinion/13krugm...

[NickCQ]

Behemoth said:

"Nobel" Prize winning economist

haha, "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel" doesn't quite have the same ring to it

but of course around these parts Krugman is just a butthurt old eceonomy nocoiner spreading FUD, amirite?

http://uk.businessinsider.com/paul-krugman-says-bi...

[Behemoth]

NickCQ said:

haha, "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel" doesn't quite have the same ring to it

but of course around these parts Krugman is just a butthurt old eceonomy nocoiner spreading FUD, amirite?

http://uk.businessinsider.com/paul-krugman-says-bi...

Correct on all counts, but that doesn't invalidate his reporting of 08/09 factual events.

[Daaaveee]

Any of you guys know about RavenCoin (RVN)? I've been looking for something new to mine and the x16r algorithm looks great for us GPU miners due to its ASIC resistance. Price has been climbing for the past week since I started mining so fingers crossed for good things.

[Guvernator]

Still in free fall and can't see any sign of recovery at this point.