Crypto Currency Thread
Discussion
wisbech said:
coyft said:
The US managed to pump almost $2 trillion into the economy without causing inflation.
Considerable asset inflation though. coyft said:
The US managed to pump almost $2 trillion into the economy without causing inflation.
Really? So the massive increase in the US stock market and low yield of US treasury bonds has nothing to do with QE?
Of course it does. The fact that the consumer hasnt seen inflation is that wages have been depressed and the very shaky bedrock of the recovery post 2008 has not lead to increased consumer prices. Now, as a result of various policies, inflation is starting to rise. One of the very ironies about QE is that all the money being pumped into the economy has done little for the average Joe, but has vastly increased the wealth of those who already owned assets, and who arguably needed the support the least. (And yes, I know it was done to support the economy rather than the individual, but it has still led to a greater division of wealth which in the long run is not healthy).
Today is the 10th anniversary of Bitcoin's birth.
https://twitter.com/BitMEXResearch/status/10805904...
For a bit of software released to utter indifference by a no one from nowhere it's done rather well overall.
https://twitter.com/BitMEXResearch/status/10805904...
For a bit of software released to utter indifference by a no one from nowhere it's done rather well overall.
bloomen said:
Today is the 10th anniversary of Bitcoin's birth.
https://twitter.com/BitMEXResearch/status/10805904...
For a bit of software released to utter indifference by a no one from nowhere it's done rather well overall.
In terms of what exactly? https://twitter.com/BitMEXResearch/status/10805904...
For a bit of software released to utter indifference by a no one from nowhere it's done rather well overall.
coyft said:
Condi said:
Really?
So the massive increase in the US stock market and low yield of US treasury bonds has nothing to do with QE?
Of course it does. The fact that the consumer hasnt seen inflation is that wages have been depressed and the very shaky bedrock of the recovery post 2008 has not lead to increased consumer prices. Now, as a result of various policies, inflation is starting to rise. One of the very ironies about QE is that all the money being pumped into the economy has done little for the average Joe, but has vastly increased the wealth of those who already owned assets, and who arguably needed the support the least. (And yes, I know it was done to support the economy rather than the individual, but it has still led to a greater division of wealth which in the long run is not healthy).
The real irony is that Government’s could have issued it debt free.So the massive increase in the US stock market and low yield of US treasury bonds has nothing to do with QE?
Of course it does. The fact that the consumer hasnt seen inflation is that wages have been depressed and the very shaky bedrock of the recovery post 2008 has not lead to increased consumer prices. Now, as a result of various policies, inflation is starting to rise. One of the very ironies about QE is that all the money being pumped into the economy has done little for the average Joe, but has vastly increased the wealth of those who already owned assets, and who arguably needed the support the least. (And yes, I know it was done to support the economy rather than the individual, but it has still led to a greater division of wealth which in the long run is not healthy).
coyft said:
Money is purely a man made concept, it doesn’t cost anything to create, isn’t backed by anything, and is in limitless supply.
All money is issued as debt, so it can never be repaid anyway. Inflation is the mechanism which makes the debt sustainable. It can only be reset through default/bankruptcy. I’m suggesting there is an alternative which is to issue debt free money.
You are on the money here (see what I did there?) but in a capitalist state of continual growth the system works.All money is issued as debt, so it can never be repaid anyway. Inflation is the mechanism which makes the debt sustainable. It can only be reset through default/bankruptcy. I’m suggesting there is an alternative which is to issue debt free money.
It is interesting to note also that the developed world's birth rate is falling, which brings into question how long capitalism is sustainable in its existing form and what our post or new capitalism might look like. Saifedean Ammous talks about this in some detail.
Thanks for being there when we most need you bitcoin
Edited by dimots on Thursday 3rd January 10:09
coyft said:
Money is purely a man made concept
So is religion. Religion has been around for a very long time and there's no sign it's going to go out of fashion any time soon.On the other hand crazy sects come and go on a regular basis, despite the advocacy of their most fervent evangelists.
bloomen said:
Today is the 10th anniversary of Bitcoin's birth.
https://twitter.com/BitMEXResearch/status/10805904...
For a bit of software released to utter indifference by a no one from nowhere it's done rather well overall.
Its done very well. https://twitter.com/BitMEXResearch/status/10805904...
For a bit of software released to utter indifference by a no one from nowhere it's done rather well overall.
In 20 or 30 years time academic papers will be written about how human psychology meant so many people bought into something they didnt have a hope of understanding. Were people desperate, or simply greedy? Was it an example of how weak humans are, that 'hope' rather than rational thought prevailed? Did people really take out debt in Sterling to buy, what exactly? What were they buying? A piece of computer code? Some made up numbers on a screen? Something someone literally just created for free, and sold for millions of dollars?
The psychology of trading, gambling and investing is a fascinating subject.
Condi said:
Its done very well.
In 20 or 30 years time academic papers will be written about how human psychology meant so many people bought into something they didnt have a hope of understanding. Were people desperate, or simply greedy? Was it an example of how weak humans are, that 'hope' rather than rational thought prevailed? Did people really take out debt in Sterling to buy, what exactly? What were they buying? A piece of computer code? Some made up numbers on a screen? Something someone literally just created for free, and sold for millions of dollars?
The psychology of trading, gambling and investing is a fascinating subject.
So people should only buy things if they understand how they work? Do people understand how most of the things they own or use work?In 20 or 30 years time academic papers will be written about how human psychology meant so many people bought into something they didnt have a hope of understanding. Were people desperate, or simply greedy? Was it an example of how weak humans are, that 'hope' rather than rational thought prevailed? Did people really take out debt in Sterling to buy, what exactly? What were they buying? A piece of computer code? Some made up numbers on a screen? Something someone literally just created for free, and sold for millions of dollars?
The psychology of trading, gambling and investing is a fascinating subject.
People create domain names for nothing, they are pixels on a screen, yet some go for millions. All those virtual assets on Entropia (the VR game) combined are worth $442 million - and they literally do not exist, only as pixels.
I can give you many such examples of frivolous and expensive nonsense, its a crazy mixed up world, yet Bitcoin, I'd suggest, may have much more uses
Mousem40 said:
51% Attack and reorg on Ethereum Classic, lots of double spending and money stolen. Oh dear. Is only BTC safe from this?
This is worth a read: https://www.theverge.com/2019/1/9/18174407/ethereu...It briefly discusses the hacking of wallets but mostly the disruption of blockchain.
Given an earlier subject heavily discussed on here which was the geographic location of mining operations and that where electricity tends to be cheapest and laws laxest are typically utterly corrupt nations then its worth considering why that would add to the security.
DonkeyApple said:
Mousem40 said:
51% Attack and reorg on Ethereum Classic, lots of double spending and money stolen. Oh dear. Is only BTC safe from this?
This is worth a read: https://www.theverge.com/2019/1/9/18174407/ethereu...It briefly discusses the hacking of wallets but mostly the disruption of blockchain.
Given an earlier subject heavily discussed on here which was the geographic location of mining operations and that where electricity tends to be cheapest and laws laxest are typically utterly corrupt nations then its worth considering why that would add to the security.
Behemoth said:
Mousem40 said:
Forget about cheap phones in Africa for the moment.
There is a post fork hash war going on at BCH at the moment, costing both sides a reported $200k a day in electricity costs to try and win the battle
It's an existential risk to the currency, with the possibility of the resulting fork BCHSV being run by 'bad agents'
If this can happen to a currency with one of the largest hashrates in all of crypto, then what hope do any of the rest of CryptoCurrencies have in being utilised for anything serious, let alone an actual currency? None of them can be trusted. This marks a watershed moment IMO - people are waking up to the reality.
Then you have the whole Bitfinex/Tether issue. If that implodes, then the whole space will crater.
BCH hash has always been extremely centralised, hence the high likelihood of a 51% attack coming up in this fork. It's a sideshow, albeit a fascinating one for those understanding the game theory being played out.There is a post fork hash war going on at BCH at the moment, costing both sides a reported $200k a day in electricity costs to try and win the battle
It's an existential risk to the currency, with the possibility of the resulting fork BCHSV being run by 'bad agents'
If this can happen to a currency with one of the largest hashrates in all of crypto, then what hope do any of the rest of CryptoCurrencies have in being utilised for anything serious, let alone an actual currency? None of them can be trusted. This marks a watershed moment IMO - people are waking up to the reality.
Then you have the whole Bitfinex/Tether issue. If that implodes, then the whole space will crater.
Mousem40 said:
I did mention this risk when the BCH fork took place and I stated that IMO it was a watershed moment, only to be told it was BCH specific and just a fascinating sideshow
The sideshow comment refers to the BCH hashwar, not 51% attacks.51% attacks are a feature of PoW chains. It's pure survival of the fittest. I look forwards to a bunch more of these happening in 2019.
On the other comment concerning mining, Bitcoin is amoral & will go to wherever electricity is cheapest, whether that's due to corruption or innovative use of stranded energy that would otherwise be dumped. Most Bitcoin energy use is now renewable (because it's cheap and Bitcoin mining is highly mobile). There's also clear evidence it's because of curtailment, not corruption. I linked to a research doc about this a while back.
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