The ramifications of blockchain technology?

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Re: The ramifications of blockchain technology?

#81  Postby Hermit » Feb 23, 2019 6:17 am

jamest wrote:There is no intrinsic value in any fiat currency

As opposed to...?

If or when fiat currencies go down the gurgler, cryptocurrencies will not be worth the paper they're written on either. Certainly less than the money you paid for the thumb drive or other memory chip you use as a wallet for your digital hoard.

If the situation gets bad enough, gold will be no use for you either. You can't eat it. Unlike with a dollar, pound, mark, lira or yen note, you can't even wipe your bum with it. Only people with food security and a food supply that exceeds their current and future needs might just swap one of their eggs for an ounce of your gold.

A better contingency plan for ameliorating the effects of a catastrophic collapse of the economic system is to invest in items such as guns, bullets, batteries and toilet paper.

Most of my assets are tied up in the shape of my home. I have owned my homes outright since about 2002 and have no intention of selling my current abode, so I basically don't give a fuck what its market value is.
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Re: The ramifications of blockchain technology?

#82  Postby Macdoc » Feb 23, 2019 8:16 am

You sure you are not from Utah?

Not many places are good for civilization collapse tho we are in one of them in Cairns with or without power. One reason the hippies moved to Kuranda.



Warm enough. grows anything and constant fresh water.

We have solar in elec and hot water in the house and both fresh water lakes and a stream just near by.

Rain water tanks would be useful, partner a rainforest biologist so that's useful as well as a nurse We have cyclone kits but that would not go far.-

Renewables take some of the melt down risk away by reducing reliance on the grid and Australia is one of the better places to ride out any extensive collapse.....it's fun to speculate ....not so much to be in Venezuala just now
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Re: The ramifications of blockchain technology?

#83  Postby newolder » Feb 24, 2019 8:12 pm

More "ramifications".
Once hailed as unhackable, blockchains are now getting hacked

More and more security holes are appearing in cryptocurrency and smart contract platforms, and some are fundamental to the way they were built.

by Mike Orcutt February 19, 2019

Early last month, the security team at Coinbase noticed something strange going on in Ethereum Classic, one of the cryptocurrencies people can buy and sell using Coinbase’s popular exchange platform. Its blockchain, the history of all its transactions, was under attack.

An attacker had somehow gained control of more than half of the network’s computing power and was using it to rewrite the transaction history. That made it possible to spend the same cryptocurrency more than once—known as “double spends.” The attacker was spotted pulling this off to the tune of $1.1 million. Coinbase claims that no currency was actually stolen from any of its accounts. But a second popular exchange, Gate.io, has admitted it wasn’t so lucky, losing around $200,000 to the attacker (who, strangely, returned half of it days later).

...


More @ technologyreview link
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Re: The ramifications of blockchain technology?

#84  Postby Thommo » Feb 24, 2019 9:11 pm

Interesting, I'll give the whole thing a read. Thanks Newolder.
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Re: The ramifications of blockchain technology?

#85  Postby jamest » Feb 25, 2019 2:15 am

Hermit wrote:
jamest wrote:There is no intrinsic value in any fiat currency

As opposed to...?

If or when fiat currencies go down the gurgler, cryptocurrencies will not be worth the paper they're written on either. Certainly less than the money you paid for the thumb drive or other memory chip you use as a wallet for your digital hoard.

If the situation gets bad enough, gold will be no use for you either. You can't eat it. Unlike with a dollar, pound, mark, lira or yen note, you can't even wipe your bum with it. Only people with food security and a food supply that exceeds their current and future needs might just swap one of their eggs for an ounce of your gold.

A better contingency plan for ameliorating the effects of a catastrophic collapse of the economic system is to invest in items such as guns, bullets, batteries and toilet paper.

Most of my assets are tied up in the shape of my home. I have owned my homes outright since about 2002 and have no intention of selling my current abode, so I basically don't give a fuck what its market value is.

In a world where trading occurs and work is rewarded, a currency is required to facilitate those events. The argument here is that ALL fiat will eventually sink into oblivion (Again, as per the links I provided, no unbacked fiat has ever lasted more than handful of decades, ever! Given the shit the US and global economy is in then there's no reason to suppose that the outlook for the dollar is rosey).

The reasons why bitcoin is being declared 'digital gold' in some circles:

1) For the most part of history, physical gold underpinned the value of all major currencies. In the future, when the market cap of bitcoin reaches a certain high, governments may revert to backing their currencies with its digital equivalent: bitcoin. Not just for a laugh, but because the aforementioned negative statistics of unbacked fiat will eventually demand such a change. Especially once the dollar loses all intrinsic value. That scenario is fast approaching, given US debt etc. (as per info detailed within the links provided).

2) Physical gold itself has played a major part in underpinning currencies, yet this scenario also failed on the whole which is why the concept of unbacked fiat emerged and has been repeated.

3) The major problem with physical gold is that its value was ascertained and controlled throughout history by centralised powers. As such, only a privileged minority of the population has ever had access to more than a miniscule of it, even though (relatively speaking) there's not much of it (I've heard somewhere that you can store all the gold in the world in a large swimming pool).

4) Bitcoin/crypto is fundamentally a decentralised and uncontrollable asset, being intangible. Indeed, the whole point of the ever-improving blockchain technology (POW, at least) is to enable privacy and evade most transaction fees. The important point to note here is that no single government has the power to undermine cryptocurrency. It would take unification on a global scale to eradicate it!!!!!!!!

5) As discussed, there's now less than 20 million bitcoin. Value finds high reward within short supply and high demand. Exactly the same with physical gold itself.


The bottom-line is that fiat going "down the gurgler" will not earmark the end of crypto, but rather will earmark the onset of the new asset undermining/backing banknotes.

There HAS to be some fundamental unit of global trade/wealth, otherwise it cannot occur (other than on a local scale of say swapping your potatoes for carrots). Plenty of ignorance has been on show here, not least from Thommo, but the bottom-line here is that bitcoin will eventually (within a handful of decades, at most) be the fundamental unit of wealth/trade. Hence, given its limited supply, its vast potential to make you rich before mass adoption.

The clowns who are calling me a naive gambler have done a vast disservice to the reading I've given to this subject for the last 6 months. Indeed, given that the average unbacked fiat has lasted less than 3 decades since Roman times (!!!!!), how much of a clown do YOU have to be these days to leave all of your eggs stored in the dollar basket?

As I said earlier, a HUGE financial revolution is upon us. Protect yourselves, protect your wealth, and move one or two of your eggs before it's too late.
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Re: The ramifications of blockchain technology?

#86  Postby jamest » Feb 25, 2019 2:30 am

newolder wrote:More "ramifications".
Once hailed as unhackable, blockchains are now getting hacked

More and more security holes are appearing in cryptocurrency and smart contract platforms, and some are fundamental to the way they were built.

by Mike Orcutt February 19, 2019

Early last month, the security team at Coinbase noticed something strange going on in Ethereum Classic, one of the cryptocurrencies people can buy and sell using Coinbase’s popular exchange platform. Its blockchain, the history of all its transactions, was under attack.

An attacker had somehow gained control of more than half of the network’s computing power and was using it to rewrite the transaction history. That made it possible to spend the same cryptocurrency more than once—known as “double spends.” The attacker was spotted pulling this off to the tune of $1.1 million. Coinbase claims that no currency was actually stolen from any of its accounts. But a second popular exchange, Gate.io, has admitted it wasn’t so lucky, losing around $200,000 to the attacker (who, strangely, returned half of it days later).

...


More @ technologyreview link

Of course crypto is not immune to crime, but crypto will surely become more immune to crime as the technology improves. We're talking about a technology born a decade+ ago!!!

You're making it sound as though gold and banknotes have been immune to crime. Wtf!!! :nono:
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Re: The ramifications of blockchain technology?

#87  Postby Macdoc » Feb 25, 2019 7:14 am

You might indeed have "read a lot" ....your resultant understanding however is indeed in the clown category.

Cryptocurrencies
What happens when your bitcoin banker dies?
Apparently you can take it with you after all


https://www.economist.com/finance-and-e ... anker-dies

You claim all this reading - perhaps then you can provide a scholarly bibliography to support your

Image

premise. :popcorn:
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Re: The ramifications of blockchain technology?

#88  Postby newolder » Feb 25, 2019 8:34 am

jamest wrote:...
Of course crypto is not immune to crime, but crypto will surely become more immune to crime as the technology improves. We're talking about a technology born a decade+ ago!!!

You're making it sound as though gold and banknotes have been immune to crime. Wtf!!! :nono:

It does not surprise me that you have things barse ackwards again since this seems to be your MO in your posting history hereabouts. If you expect an old technology based idea to become harder to hack as technology improves then I have several pyramids... This way, bring cash... :lol:
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Re: The ramifications of blockchain technology?

#89  Postby Scot Dutchy » Feb 25, 2019 9:31 am

Everything James writes it sounds as if he is selling the con to himself the whole time.
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Re: The ramifications of blockchain technology?

#90  Postby Hermit » Feb 25, 2019 9:38 am

Scot Dutchy wrote:Everything James writes it sounds as if he is selling the con to himself the whole time.

He will argue that he researched the topic with an open mind and that his posts reflect his conclusions.
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Re: The ramifications of blockchain technology?

#91  Postby Fallible » Feb 25, 2019 9:39 am

What does God need gold for anyway?
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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Get out of your head and spend less time alone.
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Re: The ramifications of blockchain technology?

#92  Postby Scot Dutchy » Feb 25, 2019 9:41 am

He would of course; got to keep selling.
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Re: The ramifications of blockchain technology?

#93  Postby Macdoc » Feb 25, 2019 1:50 pm

It's not a "con" in the normal use of the word as a criminal activity.
Bitcoin is a speculative instrument that can be tracked and people buy and sell it.

It may be illegal in some jurisdictions as currencies are normally exclusive to a nation state.

The underlying blockchain technology has developing uses.
Bit coin is a means of speculation and transferring imputed value anonymously outside the regulated financial system.

It is a hedge as a result but because of the speculative swings is less effective than say the Swiss franc but all these techniques are speculative and not wealth building.

In Jamest world the only actual wealth hedge will be mild weather, rich soil and a good seed bank.....and even that is speculative given our changing climate.
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Re: The ramifications of blockchain technology?

#94  Postby Thommo » Feb 25, 2019 3:11 pm

Fallible wrote:What does God need gold for anyway?


To store his spare l.
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Re: The ramifications of blockchain technology?

#95  Postby newolder » Feb 25, 2019 3:28 pm

Thommo wrote:
Fallible wrote:What does God need gold for anyway?


To store his spare l.


God's observed l would be an l in itself? jamest disproves his own foundational premise. :tehe:
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Re: The ramifications of blockchain technology?

#96  Postby Thommo » Feb 25, 2019 3:31 pm

newolder wrote:God's observed l would be an l in itself?


:lol:
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Re: The ramifications of blockchain technology?

#97  Postby minininja » Feb 25, 2019 9:08 pm

Macdoc wrote:It's not a "con" in the normal use of the word as a criminal activity.

Door to door catalogue sales are not technically a con either, but people who are led into buying stock on the belief that they can recruit other salespeople in an ever growing pyramid beneath them, are being conned. Like James though, they're terribly enthusiastic about it all.
[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?

#98  Postby Macdoc » Feb 26, 2019 1:33 pm

You are confusing fraudulent or predatory activity with a medium of exchange based on block change technology. There is nothing inherently illegal at all ....

Ever read https://www.amazon.com/Born-Steal-When- ... 0446528579

State lotteries "con" poor people every day.
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Re: The ramifications of blockchain technology?

#99  Postby jamest » Feb 26, 2019 11:36 pm

I have nothing to prove here except that fiat currency is shite (read the links I provided) and that the US dollar is on the brink. Indeed, the whole capitalist enterprise is upon the brink. Remember 2008? Well, guess what, nothing has changed fundamentally since then and government debt has increased also. The same house of cards was merely rebuilt upon a massive taxpayer bailout.

You people can take the piss all that you like, but the bottom-line is that the system which led to 2008 is still in place. Take heed also, especially, of the fact that NO fiat has survived independently of any other asset/currency for more than a handful of decades in THE WHOLE OF HUMAN HISTORY. This is FACT!!!

The near future looks very grim. For those of you with assets associated with and controlled by your government/banks (centralised assets), be aware that when the shit hits the fan that history shows governments/banks will fuck you over if they have to by necessity. The links I provided give ample evidence for this throughout history, even for the last century.

Your options to hedge against your government shafting you in the event of financial crisis are very slim. Many people have tried buying gold as a hedge against fiat, but in times of dire need history shows that you will still lose your wealth.

Currently, the only way to protect your wealth from centralised burglary is to invest it in decentralised assets. I.e., cryptocurrency.
For your own sakes, I am giving you this heads-up. I have nothing at all to gain from doing so. Neither does God.

Cryptocurrency is not going away unless the totality of the world's governments agree to destroy it. Since the totality of the world's governments cannot agree to fuck all, then rest assured that investing some of your wealth into it is a WISE move given the present financial state of things.

I strongly suspect that if it were not 'me' typing these words that some of you would be taking them more seriously, but at least now I've done what was the honourable thing to do, which was to warn you all:

There's a hurricane coming.
Last edited by jamest on Feb 27, 2019 12:05 am, edited 1 time in total.
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Re: The ramifications of blockchain technology?

#100  Postby jamest » Feb 26, 2019 11:46 pm

Fallible wrote:What does God need gold for anyway?

Proving that God exists is (for me) for a reason: to put an end to everything that amounts to suffering.

Since you don't give two fucks about God, then watch your assets wisely, for in the demise of them you will find much suffering.

In spite of all the hate towards me, I still have your best interests at heart. Do yourself a favour, lady, and go and buy a bitcoin whilst you can still afford one. No need to thank me, just do it.

Just hang onto it for a few years. You'll see.
Last edited by jamest on Feb 27, 2019 12:02 am, edited 1 time in total.
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