The ramifications of blockchain technology?

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Re: The ramifications of blockchain technology?

#301  Postby jamest » Jun 20, 2019 9:59 pm

Scot Dutchy wrote:When Facebook come in on the act you really know it is a big con:

What is Libra? All you need to know about Facebook's new cryptocurrency

Facebook claims it wants to reach people without access to a bank account, and that Libra is the best way

On Tuesday, Facebook announced a digital currency called Libra that will roll out for use in 2020 and allow the platform’s billions of users across the globe to make financial transactions online.

The new technology threatens to change the landscape of banking and is already the subject of scrutiny, as Facebook faces increasing calls for regulation and antitrust measures.

But regulatory questions aside – how soon can you use Facebook’s new digital coin to buy coffee? Here’s what you need to know.


You need a bank account here. You cant live without one.


https://www.youtube.com/watch?v=e7qQ6_R ... VQ&index=1
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Re: The ramifications of blockchain technology?

#302  Postby jamest » Jun 20, 2019 11:30 pm

The Facebook coin is a fucking joke. If anyone wants to know why, just ask.
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Re: The ramifications of blockchain technology?

#303  Postby Scot Dutchy » Jun 21, 2019 4:43 am

And Bitcoin is not? Feel threatened by another fantasy?
Myths in islam Women and islam Musilm opinion polls


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Re: The ramifications of blockchain technology?

#304  Postby Svartalf » Jun 21, 2019 9:04 am

Actually, they intend the libra to be more stable than the bitcoin, but I just wonder how they'll get that effect.
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Re: The ramifications of blockchain technology?

#305  Postby tuco » Jun 21, 2019 1:52 pm

jamest wrote:The Facebook coin is a fucking joke. If anyone wants to know why, just ask.


I would like to ask. Seriously.
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Re: The ramifications of blockchain technology?

#306  Postby jamest » Jun 21, 2019 11:08 pm

Svartalf wrote:Actually, they intend the libra to be more stable than the bitcoin, but I just wonder how they'll get that effect.

Because its value will be pegged mainly to fiat currencies. Stablecoins already exist within the crypto world, such as Tether (USDT), which is pegged to the US dollar, meaning that 1 Tether = 1 US dollar (always). A similar situation will exist with Libra though from what I understand its value will be pegged to 'a basket' of prominent currencies and other such securities/monies (aimed at maintaining stability due to any fluctuations in the values of the currencies involved). In effect, the aim will be to maintain the initial basket price.

What this means is that the Libra, just like Tether, will not be an asset you can invest in with the hope of making any money. Indeed, given that the value of fiat depreciates over time due to inflation, the longer you have it the poorer you'll become.
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Re: The ramifications of blockchain technology?

#307  Postby jamest » Jun 21, 2019 11:59 pm

tuco wrote:
jamest wrote:The Facebook coin is a fucking joke. If anyone wants to know why, just ask.


I would like to ask. Seriously.

Okay, well firstly read my previous post: the Libra is not an investable asset. It's sole purpose is to serve as an alternative digital currency enabling borderless transactions which will eliminate/minimise the fees that most banks often charge. Facebook will even reward holders with discounts (and probably free coins) as an alternative to bank interest rates rewards. The bottom-line though is that you aren't going to get rich by acquiring it with your Euros, unlike say bitcoin (or numerous other
altcoins).

There are other problems too. Firstly, this coin, although pegged to a basket of prominent fiat currencies as a whole, is not pegged to any of them specifically. How that pans out when one or two of them take a nosedive, especially the US dollar, is anyone's guess.
Secondly, there's nothing decentralised about this at all, from the company (Facebook) to the coin. Indeed, given that Libra threatens to undermine the banks (by people moving their savings into Libra to save fees), and given the importance of banks (mortgages, pensions, stocks) in maintaining the economical status quo, the longevity of this exercise is very questionable. I mean, as a centralised project, it will be very easy for governments to regulate and/or curtail it.

So, whilst there are many people out there who might buy Libra, those people won't be holders of cryptocurrencies, because people who invest in cryptocurrencies do so for two main reasons:

1) To make money.
2) To make money in a realm which they feel is relatively safe from government control.

When your government is in dire need, it will screw you over. They will rob your assets, fact, read your history. Given the precipice upon which our current economic system resides, I predict theft of epic proportions within the next handful of years. My advice: buy crypto, gold/silver (delivered to your home), or perhaps property. Whatever you do, don't trust your wealth with the banks/stockmarket/government. If you've got any kind of pension or savings etc., gain as much control of it as you can asap. I.e., give your government/bank the least control over your wealth as you can.
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Re: The ramifications of blockchain technology?

#308  Postby jamest » Jun 22, 2019 12:30 am

It's a special night for me, as I've just seen that bitcoin has gone above the $10000 mark. Of course a major correction could occur any moment now, but in my wildest dreams I didn't see this happening just 4 months after my initial investment at close to the 3.5K level.

It's a fairly large community here. I'm quite convinced that in a world in which bitcoin is now one of the largest currencies in the world*, that quite a few of you are quietly celebrating too. Let's hope it holds! :cheers:

* https://bitcoinist.com/bitcoin-russia-monetary-base/
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Re: The ramifications of blockchain technology?

#309  Postby tuco » Jun 22, 2019 12:35 am

Alright, thanks. So if it's pegged to fiat, it can be used to make money just like fiat or? Fiat goes up and down .. not as big profits/losses like with more volatile commodities/currencies but nevertheless. Personally, I do not quite get why should I trust (with my money if I had any that is:) FB but not the US government(?) or bank but I admit am I ignorant about these matters.
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Re: The ramifications of blockchain technology?

#310  Postby jamest » Jun 22, 2019 1:09 am

tuco wrote:Alright, thanks. So if it's pegged to fiat, it can be used to make money just like fiat or?

Well, you can make money in fiat from investing it in stocks/property or a business, but the major problem for all digital assets at the moment is one of mass adoption, or the lack thereof. For instance, I'm not aware of any houses for sale in terms of bitcoin's price. Nor can I buy shares in Facebook, or any company, with bitcoin. This issue of adoption is improving every year with more and more people/companies accepting crypto as a means of payment, but until mass adoption occurs making money from digital assets will be confined to trading on the instability of the value of those assets. Except for stablecoins, of course, like Libra.

Fiat goes up and down .. not as big profits/losses like with more volatile commodities/currencies but nevertheless.

That's all relative to other countries. The value of the US $ has diminished (relative to itself) approximately 95% in just over a century, but there are currencies out there where such nosedives can and do happen overnight. Venezuela, for instance. The problem is that with the current state of the US economy (its debt), that the US dollar itself is poised to be the next Venezuela.

Personally, I do not quite get why should I trust (with my money if I had any that is:) FB but not the US government(?) or bank but I admit am I ignorant about these matters.

Well that was my point: that Facebook and Libra, being centralised, are no better. Indeed, being centralised and a threat to the banking/economic status-quo, you'd be a fool to do so anyway.

I've specifically advised everyone here to divert their wealth away from centralised control.
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Re: The ramifications of blockchain technology?

#311  Postby minininja » Jun 22, 2019 7:43 am

jamest wrote:
When your government is in dire need, it will screw you over. They will rob your assets, fact, read your history. Given the precipice upon which our current economic system resides, I predict theft of epic proportions within the next handful of years. My advice: buy crypto, gold/silver (delivered to your home), or perhaps property. Whatever you do, don't trust your wealth with the banks/stockmarket/government. If you've got any kind of pension or savings etc., gain as much control of it as you can asap. I.e., give your government/bank the least control over your wealth as you can.

Or you could buy tin. Ideally, rolled into thin sheets so it can be easily shaped into highly fashionable headwear.
[Disclaimer - if this is comes across like I think I know what I'm talking about, I want to make it clear that I don't. I'm just trying to get my thoughts down]
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Re: The ramifications of blockchain technology?

#312  Postby Cito di Pense » Jun 22, 2019 9:46 am

minininja wrote:
jamest wrote:
When your government is in dire need, it will screw you over. They will rob your assets, fact, read your history. Given the precipice upon which our current economic system resides, I predict theft of epic proportions within the next handful of years. My advice: buy crypto, gold/silver (delivered to your home), or perhaps property. Whatever you do, don't trust your wealth with the banks/stockmarket/government. If you've got any kind of pension or savings etc., gain as much control of it as you can asap. I.e., give your government/bank the least control over your wealth as you can.

Or you could buy tin. Ideally, rolled into thin sheets so it can be easily shaped into highly fashionable headwear.


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Re: The ramifications of blockchain technology?

#313  Postby jamest » Jun 24, 2019 11:32 pm

minininja wrote:
jamest wrote:
When your government is in dire need, it will screw you over. They will rob your assets, fact, read your history. Given the precipice upon which our current economic system resides, I predict theft of epic proportions within the next handful of years. My advice: buy crypto, gold/silver (delivered to your home), or perhaps property. Whatever you do, don't trust your wealth with the banks/stockmarket/government. If you've got any kind of pension or savings etc., gain as much control of it as you can asap. I.e., give your government/bank the least control over your wealth as you can.

Or you could buy tin. Ideally, rolled into thin sheets so it can be easily shaped into highly fashionable headwear.

I expect you all to take the piss. Been like that for me online for about two decades now. But presently, wrt this issue, anyone who does is looking like a giant tit.

I mean, 300% profits in crypto since mid February and now gold (my back-up plan) is going up in price. I have to ask, at what point does the retarded behaviour and associated mantras here cease? :nono:
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Re: The ramifications of blockchain technology?

#314  Postby Fallible » Jun 25, 2019 2:41 pm

When you leave, obviously.
Sorry that you think you had it rough in the first world.
You ought to get out a map sooner than later.
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Re: The ramifications of blockchain technology?

#315  Postby jamest » Jun 25, 2019 3:16 pm

You know me by now sufficient to know that I won't be bullied out of here, so I wouldn't invest in that option.
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Re: The ramifications of blockchain technology?

#316  Postby Macdoc » Jun 25, 2019 3:21 pm

So you rolled some 7s Jamest and you want kowtows and are the savviest person on the planet????!!!. ....fugedabout :roll: ....it's gambling Jamest not investing. Gold perhaps tho that's still speculative and you can't eat it..at least it's useful metal.

When you invest in a company or technology you are providing working capital to provide infrastrucuture jobs and growth for the company which produces product that represents wealth and you expect a return on the investment as the company is successful. Even a brand name is wealth.

Speculation without producing wealth is an anathema - it is harmful to the community as a whole and diverts resources.
So don't for one second think you'll get any praise from me
...at least you are showing some financial savvy in splitting your gamble with gold.

When you admit you are gambling, take your inheritance and set it aside, and gamble only with the lucky win proceeds
....then you may get some respect. :coffee:
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Re: The ramifications of blockchain technology?

#317  Postby jamest » Jun 25, 2019 3:55 pm

Macdoc wrote:So you rolled some 7s Jamest and you want kowtows and are the savviest person on the planet????!!!. ....fugedabout :roll: ....it's gambling Jamest not investing.

Bollocks. I invested in cryptocurrency after acquiring sufficient knowledge to know that the bear market was either over or very close to being so. This has been repeatedly explained to you.

When you invest in a company or technology you are providing working capital to provide infrastrucuture jobs and growth for the company which produces product that represents wealth and you expect a return on the investment as the company is successful. Even a brand name is wealth.

Speculation without producing wealth is an anathema - it is harmful to the community as a whole and diverts resources.
So don't for one second think you'll get any praise from me

You're comparing apples with oranges. Bitcoin is a currency and investing in it is not fundamentally different from trading your dollars for [say] UK pounds with Forex. Currencies are useful as either a store of value or a means of buying/selling goods and services and with the US dollar about to fall off a precipice cryptocurrency will be a saviour for the community.

When you admit you are gambling, take your inheritance and set it aside, and gamble only with the lucky win proceeds
....then you may get some respect. :coffee:

In February I decided to help members here by advising them to invest in crypto. If they'd have heeded that advice then they'd be three times wealthier than they are with the very probable prospect of being 10+ times wealthier within the next year or so. That's the bottom-line.

So, people can either carry on listening to dinosaur philosophies about money and watch their wealth evaporate in crumbling fiat and stocks, or do as I advise. You have no right to advise people to stick with a failing system just because you're too set in your ways.
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Re: The ramifications of blockchain technology?

#318  Postby Fallible » Jun 25, 2019 6:41 pm

jamest wrote:You know me by now sufficient to know that I won't be bullied out of here, so I wouldn't invest in that option.


As expected, you completely missed the joke. Well done, sir. Astonishing quickness there.
Sorry that you think you had it rough in the first world.
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Re: The ramifications of blockchain technology?

#319  Postby jamest » Jun 25, 2019 9:31 pm

Fallible wrote:
jamest wrote:You know me by now sufficient to know that I won't be bullied out of here, so I wouldn't invest in that option.


As expected, you completely missed the joke. Well done, sir. Astonishing quickness there.

How could I ever know that you were joking when 99% of the time you're not? Never mind, it's not important.
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Re: The ramifications of blockchain technology?

#320  Postby jamest » Jun 25, 2019 11:43 pm

Bitcoin continues it's parabolic rise, currently over $11700.

Advice: there's going to be a significant dump in bitcoin's price fairly soon, definitely double-digit percent. Wait for that dip and then buy, because 20K is happening a lot sooner than expected.

Eta: don't just buy it the moment it dips by 10% (double digit). It could drop much further than that. If you don't know anything about technical analysis but are interested in investing in bitcoin/altcoins, I'll respond to any pm from anyone. I really am here in this thread to help ALL members, regardless of the past. Sincerely.

Eta: there'll be no charge/fees or any gains made for me here. None whatsoever. I'll continue to endure the piss-takes as I'm used to them, because if there's just one person I can help then I'll hold out to help them. That's always been my philosophy from day one, nearly 20 years ago.
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