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91
Discussions - Public / Re: The Fatal Mistake Crypto Investors are Making Now
« Last post by unix on January 13, 2018, 11:23:55 AM »
My very uninformed opinion on mining is this (at the BlockChain) level....

As I understand it, "mining" is the term used for all the (worldwide) compute power to do the processing of the blockchain processes.  Since there isn't a centralized processor for this, it appears the overall / distributed concept is that everyone that's set up a "miner" earns minuscule amounts of "things" (bitcoins, ethereium, etc) in exchange for this compute processing.

I think BlockChain shows some long term possibilities, but don't know if BitCoin, Etherium, etc. is "it".

Jim

I see. So you are not "mining" anything. You are offering a service, for which you get paid, correct?

92
Discussions - Public / Re: Damore's Class Action Lawsuit Against Google
« Last post by unix on January 13, 2018, 11:23:04 AM »
I applaud him.
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Interesting.

What I don't get it, why don't people use gold coins, if they want to evade taxes or move large amounts of currency?

0.1 oz gold coin  is dime-sized, even smaller and is worth almost $200.
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Unix wrote:
Quote
At least Federal Reserve Notes were created using some valuable natural resources, like trees and cotton and ink.

The overwhelming majority of dollars are numbers in computers, not pieces of paper.  Worse yet, governments around the world are in the process of ending all paper money, thereby forcing all people to keep all their money in big corporation computers that governments, campaign contributing cronies and hackers can all plunder at will.

Denmark is already in the process of doing away with all their paper money, and many Danish banks no longer accept paper cash.  There, the buying and selling of anything requires a bank debit card or credit card.  Here are some links to articles on the coming abolition of paper money.


Time running out for billions of old Swedish kronor (excerpts below)
Quote
Eleven billion kronor of old Swedish coins and banknotes are still in circulation despite the Riksbank central bank's warning that they need to be handed in by the end of June.
Sweden's major money changeover, which began in 2015 and has grabbed headlines around the world, has entered its final phase, meaning that old 1-, 2- and 5-kronor coins, as well as 100-kronor and 500-kronor bank notes, will become invalid after June 30th.

But according to the Riksbank's latest estimate, 9.2 billion kronor's worth of old notes and 1.9 billion kronor coins are still hiding in Swedes' wallets, piggy banks and mattresses.
https://www.thelocal.se/20170531/time-running-out-for-billions-of-old-swedish-kronor



Should the U.S. move to a cashless society?

A very interesting debate.

Ken Rogoff says YES.

James J. McAndrews says NO.

http://www.marketwatch.com/story/should-the-us-move-to-a-cashless-society-2017-10-02





In China, cash is all but dead thanks to more convenient options.

http://www.businessinsider.com/china-cashless-alipay-wechat-2017-10




Michael Pento - Crazy Stock Market Will Crash

He actually talks at great length about the inevitable default on government bonds — maybe explicit default, maybe implicit (inflation), especially as interest rates begin to rise.

Pento says that paper cash must be eliminated to make sure that negative interest rates will work.

https://www.youtube.com/watch?v=WOFWq3Cau2c






The War On Cash (excerpts below)
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Nations around the world are taking large denomination bills out of circulation.
The European Central Bank announced in May of last year that its 500-euro note would be gone by the end of 2018.
Now, there’s talk about doing away with $100 bills.

India’s Prime Minister Narendra Modi did away with 1000-rupee banknotes (worth about $15.32) and 500-rupee notes (worth $7.66), although he set redemption deadlines to give people time to deposit them in banks.

The problem with cash is it’s not traceable.

The real reason for the war on cash is taxation. But governments don’t admit that. They use other excuses like national security, that free-flowing cash is feeding terrorist groups, financing the drug trade, that all kinds of illegal activities are cash-driven, and that cash can be counterfeited.

One reason Prime Minister Modi killed the 1000-rupee and 500-rupee notes is tax evasion. Those notes, together, account for 86.4% of the value of all rupee bills in circulation. By forcing the population to exchange expiring notes for new notes, authorities can ask where the money came from, if a tax has been paid on it, and if depositors can prove it. If they can’t, the tax will be taken from it, and a fine totaling as much as 200% of the tax owed will be levied and taken.

Breaking the back of corruption where bribes are paid in cash, and being able to collect income and transaction taxes could only be accomplished by attacking the old cash economy.

The war on cash across Europe is heating up even faster than in the U.S.

Sooner rather than later, we will all need to deposit our cash somewhere or buy hard assets, because one day your cash won’t be nothin’ but trash.
https://wallstreetinsightsandindictments.com/2017/10/your-cash-aint-nothin-but-trash/




How "Fedcoin" Will Spearhead the War on Cash (excerpts  below)
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While hypothetical for now, there's good reason to believe the Federal Reserve is seriously considering the creation of a Fedcoin.

Jim Cunha said:
"Right now, I can tell you categorically, there is no plan to issue a Fedcoin at any specific date or time”.

Cunha's denial is extraordinarily narrow. Just because no Fedcoin launch date is set doesn't mean the Fed isn't working on the project behind closed doors.

A lot of technical issues will need to be resolved to make fiat cryptocurrencies work. For example, many cryptocurrencies, like Bitcoin, are decentralized. A Fedcoin would be totally controlled by the Federal Reserve (and, by extension, the U.S. banking system).

If Fedcoin is introduced and all the dollars have been exchanged for Fedcoin, Americans will get a rude shock.

A cashless society would cripple, if not destroy outright, the underground economy. And the government would rake in billions of additional tax revenue with the bonus of making a lot of common crimes much more difficult.

Fedcoin would become a tool for imposing negative interest rates. You'd have to pay the government interest on your money — unless you spend it all fast.
If everyone spent all their Fedcoin, the resulting stimulus to the U.S. economy would dwarf everything the Fed tried in the years following the 2008 financial crisis.
https://moneymorning.com/2017/09/28/how-fedcoin-will-spearhead-the-war-on-cash/
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Discussions - Public / Re: The Fatal Mistake Crypto Investors are Making Now
« Last post by ArnoldW2 on January 12, 2018, 06:41:00 PM »
Unix wrote:
Quote
... I need assurance that [BitCoin] won't suddenly crash to zero.

The inventor of BitCoin made sure that there are only 21 million Bitcoins available to be mined.  There will be no more Bitcoins after they've all been mined.  This makes the chance of BitCoin falling to a price of zero much less likely, but it COULD still happen.  If it does, I think it will be because other crypto-currencies displaced it.

I hasten to point out that there is no guarantee that the dollar or the Euro or any other government fiat currency won't crash to zero either.

Unix wrote:
Quote
What is the point of "mining"?  Why is that necessary, I don't get it?

I had to read Satoshi Nakamoto's original paper to find out the answer.
His mining process prevents counterfeiting of BitCoins.
No matter how many computers participate, that process is the source of all BitCoins.
Verifying that each BitCoin came from that process is the first step in its blockchain.

Read sections 6 and 12 of Nakamoto's paper for more details.  Here's a link to the pdf:
     https://bitcoin.org/bitcoin.pdf
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Discussions - Public / Re: Damore's Class Action Lawsuit Against Google
« Last post by JoFrance on January 12, 2018, 03:45:40 PM »
I am so glad that James Damore didn't let this go.  I haven't read his entire lawsuit but I have read some things that make it clear that you need to be re-educated if you don't agree with their liberal dogma.  Google is disgusting and its a shame that the company has become so powerful that it can do whatever it wants.

We the People, have a lot of work to do to take down these out of control enterprises.  They are a threat to us all.

http://www.breitbart.com/tech/2018/01/08/damore-complaint-shows-allegedly-widespread-intimidation-of-conservatives-at-google/
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Discussions - Public / Re: The Fatal Mistake Crypto Investors are Making Now
« Last post by jbucks on January 12, 2018, 07:01:20 AM »
My very uninformed opinion on mining is this (at the BlockChain) level....

As I understand it, "mining" is the term used for all the (worldwide) compute power to do the processing of the blockchain processes.  Since there isn't a centralized processor for this, it appears the overall / distributed concept is that everyone that's set up a "miner" earns minuscule amounts of "things" (bitcoins, ethereium, etc) in exchange for this compute processing.

I think BlockChain shows some long term possibilities, but don't know if BitCoin, Etherium, etc. is "it".

Jim
98
Discussions - Public / Re: Damore's Class Action Lawsuit Against Google
« Last post by unix on January 11, 2018, 05:42:16 PM »


Gulag is such a hypocrite.. switch to an encrypted search page like duckduckgo or startpage
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Discussions - Public / Re: The Fatal Mistake Crypto Investors are Making Now
« Last post by unix on January 11, 2018, 05:41:36 PM »

That maybe so, but I need assurance that it won't suddenly crash to zero.

I could have that assurance with say precious metals, they fluctuate but won't head to the bit bucket in a few nanoseconds.

What is the point of "mining"?  Why is that necessary, I don't get it?
100
Discussions - Public / Re: The truth about BitCoin and the world economy
« Last post by unix on January 11, 2018, 05:39:38 PM »
I would jump on the BTC bandwagon *if* the rules were such that it could never be expanded. If they agreed on a fixed amount of currency and that was it. 10 million or 5 thousand.

Here is an economic truth #999 *drumroll*

The quantity is irrelevant. Any amount of currency will do, because each individual unit of currency, crypto, gold, paper or seashells will adjust its purchasing power to reflect the quantity.  It's not necessary to grow the currency at all to have a functioning economy.

e.g. you can make 1 bitcoin per month or 1 dollar per month if a car costs 5 dollars and a meal 1/4 cent.

The fatal flaw in this cryptocurrency, as I see it, is all this mining bullshyt.   this means someone can run a mining farm and constantly devalue the currency at my expense. they make coins at the expense of non-mining members.
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