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16th January 2018, 07:59 AM | #1601 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th January 2018, 08:02 AM | #1602 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th January 2018, 08:12 AM | #1603 |
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16th January 2018, 08:42 AM | #1604 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th January 2018, 08:43 AM | #1605 |
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16th January 2018, 08:49 AM | #1606 |
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It is you who is personalizing this discussion. If somebody else doesn't reference their work properly then I am not the one to blame for pointing this out.
Of course, if you agree with the other person's POV and disagree with mine then that would explain your motivation perfectly. |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th January 2018, 08:52 AM | #1607 |
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16th January 2018, 08:55 AM | #1608 |
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I don't think Bitcoin has commodity qualities in terms of commodities. A better system would be if gold is to be used for balance payments in international transactions it must be linked to basic raw materials so that it oscillates in price with these selected raw materials.
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16th January 2018, 09:00 AM | #1609 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th January 2018, 09:05 AM | #1610 |
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One of the advantages of a crypto currency is that you don't have to invest effort into securely storing a hard medium or trust somebody else to do so while you carry an IOU instead.
Otherwise, I'm not sure that "oscillates in price with these selected raw materials" applies only to physical media and not virtual ones. |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th January 2018, 09:05 AM | #1611 |
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16th January 2018, 09:07 AM | #1612 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th January 2018, 09:36 AM | #1613 |
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16th January 2018, 10:10 AM | #1614 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th January 2018, 10:14 AM | #1615 |
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16th January 2018, 10:18 AM | #1616 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th January 2018, 10:23 AM | #1617 |
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You were under no obligation to do so, and PS should've done it in the first place. But then you automatically assumed they made it up rather than putting in the effort of a 5 second search to confirm that the article existed. Again, no obligation, but the accusation makes your lack of search look very lazy. And then you decide to make it personal once I decide to step in and clarify things, only to downright become dishonest and claim that I made it personal first.
It's clear that you're simply being confrontational out of principle. |
16th January 2018, 10:25 AM | #1618 |
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So what do you have that's more secure than these things?
Quote:
At first the gold:silver value to weight ratio at the mint was changed from 15:1 to 15,5:1, but that couldn't be held either, so silver was demonetised, and after 1873 it appeared only in small quantities as token loose change, like US dimes, French twenty-centime pieces, and so on. |
16th January 2018, 11:16 AM | #1619 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th January 2018, 11:43 AM | #1620 |
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16th January 2018, 11:47 AM | #1621 |
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And that password will guarantee you what? Food, gasoline, maybe even fiat currency. Gold, if you demand it? Which exchange is going to pay you out when they are faced with a "run" where investors want payment, and not in crypto? Which merchant will sell you goods when the price is dropping? |
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16th January 2018, 11:55 AM | #1622 |
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16th January 2018, 12:10 PM | #1623 |
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Somebody shoulda told these guys. https://www.coindesk.com/nicehash-ce...th-78-million/
Quote:
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16th January 2018, 12:14 PM | #1624 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th January 2018, 12:30 PM | #1625 |
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I trust the Santander Bank with access to my account. If they set passwords I would therefore trust them with that information. I trust the Clydesdale Bank and the Bank of Scotland and the Royal Bank of Scotland enough to use the banknotes they circulate. I don't think they'll default on them.
I trust these people not because bankers are essentially honest, but because they're regulated effectively, as far as such activities are concerned, by a government in a democratic country. |
16th January 2018, 01:06 PM | #1626 |
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Good for you.
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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16th January 2018, 01:10 PM | #1627 |
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This drop is technically and fundamentally completely different to the previous in the above 1000 era. I see no chance of ever getting to 20k again, the fundamental reason being the explosion of clones.
These all do the identical job. Meanwhile at last count the periodic table stops at about 100, this is a permanent state. I just hope small investors are cashing out, making hay while the sun shines. I am interested to hear any theory that describes a difference between one crypto and the next other than the label on the bottle. |
16th January 2018, 01:33 PM | #1628 |
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16th January 2018, 11:20 PM | #1629 |
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Different cryptocurrencies use different algorithms, leading to different difficulties in mining, different speed of transactions etc.
Some crypto currencies e.g. Ripple, are not technically cryptocurrencies as the 'control' over them is not as decentralised as something like Bitcoin. Some cryptocurrencies, like Monero, do not store complete transaction history like Bitcoin, making them virtually untraceable. (Hence why they are used by many Ransomware creators). I'm not commenting on the legality, sustainability or investment opportunity inherent in cryptocurrencies, just the fact that there are underlying differences between them. Of course there are clones that use a similar algorithm underneath and in that case the difference, within the cryptos that use that algorithm, are largely cosmetic. |
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17th January 2018, 01:17 AM | #1630 |
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Bitcoin is the A-brand. The original. The Coca-Cola. The iPhone of Cryptocurrency. it has a brain position with the public. The Uber drivers and shoeshine boys that are now investing in that stuff talk about Bitcoin, not Crypto Currency, and Blockchain is a buzzword to them.
Having said that. Unlike Coca-Cola and iPhone, the product is flawed and some competitors seem to have solved these problems of massive energy consumption, high commissions and torturously slow transactions taking days while dolar-value veers up-and-down by the thousands every day. So, unless they fix that (and theoretically, they can through the democratic mechanism of the decentralised organisation), I predict Bitcoin will lose that prominent position eventually. |
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17th January 2018, 01:26 AM | #1631 |
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Monero seems to be doing relatively OK.
https://www.worldcoinindex.com/coin/monero I hate to say this, but I suspect that Monero actually has a practical use, mostly for illegal activities and is thus less vulnerable to speculation. At least until the multi-billion-dollar hacker armies of several nations turn their attention to it and digitally carpet-bomb it to death. |
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17th January 2018, 01:27 AM | #1632 |
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17th January 2018, 02:58 AM | #1633 |
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17th January 2018, 03:38 AM | #1634 |
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Death to Videodrome! Long live the new flesh! |
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17th January 2018, 03:53 AM | #1635 |
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The "explosion of clones" happened long before the most recent price peak of bitcoin so you are barking up the wrong tree.
Tippit gave a good reason which he called the "network effect" (http://www.internationalskeptics.com...postcount=1558). People who are currently holding a fortune in bitcoins are unlikely to switch to another (probably more uncertain) crypto without a good reason. Limited transaction volumes and high transaction fees are the current problems with bitcoin so any "replacement" crypto would have to provably overcome this. If we want a crypto that people are encouraged to transact with then at least part of one's holdings would have to be subject to inflation or demurrage (and that is a hard thing to sell). Whether that happens or not (regardless of the time frame) has no bearing on the next price peak. One erstwhile poster predicted that bitcoin would fall to $150 and never reach its "unprecedented" peak of $500 again. Needless to say, that poster (like countless other soothsayers) has never been heard from again. |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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17th January 2018, 03:57 AM | #1636 |
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$10.243 on GDAX
I'm interested to see if dipping under $10.000 triggers buying or selling. EDIT: it was already $9928 earlier |
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Death to Videodrome! Long live the new flesh! |
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17th January 2018, 04:05 AM | #1637 |
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BTC/USD is around $9500 now.
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1. He'd never do that. 2. Okay but he's not currently doing it. 3. Okay but he's not currently technically doing it. 4. Okay but everyone does it. 5. He's doing it, we can't stop him, no point in complaining about it. 6. We all knew he was going to do it which... makes it okay somehow. 7. It's perfectly fine that's he's doing it. |
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17th January 2018, 04:05 AM | #1638 |
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17th January 2018, 04:12 AM | #1639 |
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Another flashback to bubbles of old was Warren Buffet being negative about the newest thing and not investing in it. And people proclaiming that he's getting old and doesn't understand that it is different this time.
This is an exact replay of 1998 when Buffet scoffed at buying companies that were blowing the horn about their 'burn rate'. It's like a dream scene where you walk out of your apartment building and there is literally a shoeshine boy telling you to buy stocks. But, to be honest, I thought the bubble would continue much longer. I thought $50.000 was in the cards. |
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17th January 2018, 05:07 AM | #1640 |
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