The ramifications of blockchain technology?

Anything that doesn't fit anywhere else.

Moderators: Blip, The_Metatron

Re: The ramifications of blockchain technology?

#861  Postby Hermit » Dec 17, 2020 7:20 am

jamest wrote:For the record, my predictions about high inflation and death rates were medium term predictions. Come back in [say] 2 years and take the piss.

Speaking about the record, you posted this on the 18th of March:
jamest wrote:We'll be in the realms of a 4-figure percentage hike within a year, is my prediction./quote]
So, four-digit inflation rate within the next three months? Hardly a medium term prediction, agreed?

On the same day you wrote in this post:
the economical crisis resulting from this particular virus will kill more than half of us.

I guess you could now argue that the four-digit inflation rate resulting from this particular virus, which is about to come upon us within the next three months is not the economical (sic) crisis you were talking about. ;)
God is the mysterious veil under which we hide our ignorance of the cause. - Léo Errera


God created the universe
God just exists
User avatar
Hermit
 
Name: Cantankerous grump
Posts: 4337
Age: 67
Male

Print view this post

Ads by Google


Re: The ramifications of blockchain technology?

#862  Postby jamest » Dec 17, 2020 12:40 pm

Hermit wrote:
jamest wrote:For the record, my predictions about high inflation and death rates were medium term predictions. Come back in [say] 2 years and take the piss.

Speaking about the record, you posted this on the 18th of March:
jamest wrote:We'll be in the realms of a 4-figure percentage hike within a year, is my prediction./quote]
So, four-digit inflation rate within the next three months? Hardly a medium term prediction, agreed?

On the same day you wrote in this post:
the economical crisis resulting from this particular virus will kill more than half of us.

I guess you could now argue that the four-digit inflation rate resulting from this particular virus, which is about to come upon us within the next three months is not the economical (sic) crisis you were talking about. ;)

It certainly doesn't look likely that hyperinflation will be here by March so that was a bum prediction, but I'm still convinced that hyperinflation is going to happen fairly soon. Of course the dire consequences of poverty upon the world's population would come after that.

At the end of the day it doesn't really matter whether this all happens next March or within the next 5 years. The bottom-line is that it's looking very gloomy from my perspective. Everything I've witnessed this year has only added fuel to that perspective. And guess what, I don't even want to be right. I mean, I'd rather be here looking like a tit and apologising to you all in a couple of years
than see the world endure that nightmare.
Il messaggero non e importante.
Ora non e importante.
Il resultato futuro e importante.
Quindi, persisto.
jamest
THREAD STARTER
 
Posts: 18528
Male

Country: England
Jolly Roger (arr)
Print view this post

Re: The ramifications of blockchain technology?

#863  Postby Hermit » Dec 17, 2020 1:51 pm

jamest wrote:
Hermit wrote:
jamest wrote:For the record, my predictions about high inflation and death rates were medium term predictions. Come back in [say] 2 years and take the piss.

Speaking about the record, you posted this on the 18th of March:
jamest wrote:We'll be in the realms of a 4-figure percentage hike within a year, is my prediction./quote]
So, four-digit inflation rate within the next three months? Hardly a medium term prediction, agreed?

On the same day you wrote in this post:
the economical crisis resulting from this particular virus will kill more than half of us.

I guess you could now argue that the four-digit inflation rate resulting from this particular virus, which is about to come upon us within the next three months is not the economical (sic) crisis you were talking about. ;)

It certainly doesn't look likely that hyperinflation will be here by March so that was a bum prediction, but I'm still convinced that hyperinflation is going to happen fairly soon.

Your revised prediction reminds me of Harold Camping's.
God is the mysterious veil under which we hide our ignorance of the cause. - Léo Errera


God created the universe
God just exists
User avatar
Hermit
 
Name: Cantankerous grump
Posts: 4337
Age: 67
Male

Print view this post

Re: The ramifications of blockchain technology?

#864  Postby Thommo » Dec 17, 2020 2:52 pm

Congratulations to everyone, especially jamest, whose bitcoin investments are doing well!

On the subject of predictions, a quick look seems to indicate the following covers most of what's outstanding:
jamest wrote:A year from now, I predict that the $£ etc. will have a significant fraction of its present value. We'll be in the realms of a 4-figure percentage hike within a year, is my prediction.

...

Beware, the world is going tits-up. You still have several days/weeks to minimise your suffering. That's my only message.

jamest wrote:I am certain though, that the financial crisis I've been prediciting for over a year now, has started.

...

This virus is going to destroy the world as we know it. In my opinion, history will view it more significantly than any of the world wars of the previous century. Why? Because of the economic and political consequences. They will combine to kill most of us and will subsequently drastically alter the political status quo.

...

You have a short time to prepare yourselves. That is all I want to convey.

jamest wrote:So, either the banks are going to crash and/or money is soon going to become worthless. I.e., inflation is going to rocket, either way. My advice is still to withdraw your pensions, if you can; and move the bulk of your funds from your banks.

For the time being, your savings will be safer under your mattress. Only keep the bare minimum in the bank to pay your bills. However, with hyperinflation on the horizon I still advise you to invest in alternative assets such as the precious metals and cryptocurrency, which will rocket during times of hyperinflation.

...

I also still advise "growing your own" if you can. In the northern hemisphere, March is the perfect time to start doing that. I'm in the process of doing that now: potatoes, tomatoes, etc..

I'm also in the process of seeking to acquire half a dozen hens for the purpose of guaranteeing some protein in our diet via their eggs. Not sure how that's going to pan out yet, but these are the measures I'm preparing to take.

...

My best guess is that there's only days/weeks left to save yourselves from it, so do what you can.

jamest wrote:If I was in Donald Trump's position now, I'd spare you all the bullshit and tell you the actual truth, which is that the economical crisis resulting from this particular virus will kill more than half of us.

jamest wrote:...we're all here faced with being imprisoned within our homes for the rest of the year.

...

I've stated my doubts elsewhere, but what I do know is that the global economy has never been under such a threat as this; plus that the demise of the global economy will have FAR MORE detrimental effects upon the population than coved-19.

Here's what I 'predict' will happen over the course of this year+, here and elsewhere:

1) More and more social distancing constraints imposed upon the populace to the point of martial law.
2) More and more realisation that this has all been done for the sake of less than 5% of the people, to the point that if there is no improvement in the living standards of the rest, great social upheavals will begin. Either here or elsewhere.
3) Assuming no vaccine, the epidemic will end naturally before the summer of 2021, similar to the longevity of [say] the Spanish flu.

...

This is something that will change history/culture, even if a cure is found tomorrow, which unfortunately will not be the case.

My prediction of the global economy being destroyed by this has already been narrated...


The timescales on many of these are expressed qualitatively rather than quantitatively, so readers will have to form their own view in many cases as to the precise implication for accuracy. I've tried to mark in red places where a timescale for this catastrophic sequence of events is vaguely or clearly implied.

Personally, I cannot see how something that might start within the next six years is equivalent to something that requires action in less than a month. Which is not to say that an open and honest revising of opinions is necessarily a problem. This probably does not affect predictions like a monodirectional ramping of covid restrictions and the declaration of martial law.
User avatar
Thommo
 
Posts: 27174

Print view this post

Re: The ramifications of blockchain technology?

#865  Postby felltoearth » Dec 17, 2020 3:18 pm

Still wondering if Jamest is OK with the fact that his decentralized currency is primarily centralized in China.


Sent from my iPad using Tapatalk
"Walla Walla Bonga!" — Witticism
User avatar
felltoearth
 
Posts: 14011
Age: 53

Canada (ca)
Print view this post

Re: The ramifications of blockchain technology?

#866  Postby jamest » Dec 27, 2020 2:17 am

felltoearth wrote:Still wondering if Jamest is OK with the fact that his decentralized currency is primarily centralized in China.


Sent from my iPad using Tapatalk

After the debacle with XRP (Ripple) this week (basically, a lawsuit brought by the SEC against a centralised crypto, resulting in a 50ish% crash in its price already), I have naturally been doing a bit of reading on the matter. The bottom-line is that the SEC - the US Securities and Exchange Commission - are only able to sue Ripple because they are an actual public entity (with an address), which bitcoin is not.

However, your question reaches beyond that, so when I read [the following] tonight I remembered your question and decided to share:

Despite the problem of mining centralization described above*, Bitcoin remains the most practically decentralized network in the world. Even large mining pools wouldn’t be able to exercise control over the Bitcoin network. The main reason economic incentives and the network size. It’s still by far the largest network in the world with a large number of miners.

Moreover, the number of nodes (devices running Bitcoin client) on the Bitcoin network is estimated by more than 10 thousand. It makes the Bitcoin network harder to takeover and solid enough to be called architecturally decentralized.

One fundamental problem with decentralized networks is the idea of a 51% attack. It refers to one entity gaining control of 51% mining power of the network.

If this happened, the attacker could, in theory, do all kinds of things, including giving themselves funds, censoring transactions etc. A 51% attack is the key vulnerability of any distributed network. If it’s relatively easy to conduct a 51% attack and take control of a network (as it works in the case with many smaller cryptocurrency networks), then the network isn’t decentralized.

With Bitcoin, it would almost be impossible for anyone to conduct such an attack. There wouldn’t be enough spare ASIC mining hardware and electricity availability to conduct a 51% attack, even for a short amount of time. The sheer size of the Bitcoin network makes it more robust to centralization.


https://blog.coincodecap.com/most-decen ... rency-list

* About China, similar to your own input.


I don't expect that many if any readers here will even know what Ripple/XRP is, but it's actually the Company and digital currency with the 4th highest market cap after bitcoin (3rd if you ignore the stable coin that is Tether USDT). So what's happened this week with the SEC trying to smack their arse with a sledgehammer is quite a big event in the digital currency world. But it could only have happened to a centralised/public crypto such as Ripple. This may have negative repercussions for quite a few cryptocurrencies, especially if the SEC are successful in their endeavour, so if you are actually thinking about investing in the crypto space, make sure that decentralisation is a key concept in your research.

On the plus side, though XRP plunged 50ish% this week and many other altcoins failed to shine, this news has thus far done nothing to dampen the rise of bitcoin. Another all-time-high achieved today I believe, of about $26,800 (as I speak). Though please don't buy it NOW as a significant correction is almost certain in the short-term.

It's been a crap year for many and I suspect that 2021 will be worse for most, but I'll wish you ALL the best whilst I'm here. That includes the cunts who want to get rid of me. :tongue:
Il messaggero non e importante.
Ora non e importante.
Il resultato futuro e importante.
Quindi, persisto.
jamest
THREAD STARTER
 
Posts: 18528
Male

Country: England
Jolly Roger (arr)
Print view this post

Re: The ramifications of blockchain technology?

#867  Postby jamest » Feb 09, 2021 12:55 am

Elon Musk has just announced that he's invested $1.5 billion into bitcoin. Oh, and that you will even be able to buy his products with it. Enough said?
Il messaggero non e importante.
Ora non e importante.
Il resultato futuro e importante.
Quindi, persisto.
jamest
THREAD STARTER
 
Posts: 18528
Male

Country: England
Jolly Roger (arr)
Print view this post

Ads by Google


Re: The ramifications of blockchain technology?

#868  Postby Hermit » Feb 09, 2021 1:41 am

Yes.
God is the mysterious veil under which we hide our ignorance of the cause. - Léo Errera


God created the universe
God just exists
User avatar
Hermit
 
Name: Cantankerous grump
Posts: 4337
Age: 67
Male

Print view this post

Re: The ramifications of blockchain technology?

#869  Postby jamest » Feb 09, 2021 3:06 am

Hermit wrote:Yes.

You said yes. Assuming that you weren't taking the piss, which I suppose you might be, does this mean that you're now positive about the crypto space?

It's difficult for me personally to be positive in this space, since you've all taken the piss from the onset of my prediction for 50 to 100 thousand US dollars early in 2019 when it was less than 4K.

I guess I'm just used to people taking the piss. Regardless, whichever way you cut it, I got this one right.
Il messaggero non e importante.
Ora non e importante.
Il resultato futuro e importante.
Quindi, persisto.
jamest
THREAD STARTER
 
Posts: 18528
Male

Country: England
Jolly Roger (arr)
Print view this post

Re: The ramifications of blockchain technology?

#870  Postby Hermit » Feb 09, 2021 5:01 am

jamest wrote:Regardless, whichever way you cut it, I got this one right.

You got what right? At this point there appears to be a need to remind you of your prophesies, of which there are three.
As a consequence of shutting businesses down in order to fight the Coronavirus pandemic

    1) The inflation rate will go into four-digit territory.
    2) Half, or more of the global population will die.
    3) Cryptocurrency will be the only remaining means of economic activity.
The first two have not happened yet, and it doesn't look as though they will. If they did, the third will be dead in the water. With half the global population dead there won't be half the internet left. We'd be back to telephones at best, more likely back to the dark ages and a barter economy. I'll trade three of my emu eggs for half a wheel of your cheddar cheese. Or maybe not. There'll be a problem with transport.

As for Elon Musk, how would his $1.5 billion bitcoin investment, or his announcement that you'll be able to buy his products with it come even close to proving any of your prophesies right?
God is the mysterious veil under which we hide our ignorance of the cause. - Léo Errera


God created the universe
God just exists
User avatar
Hermit
 
Name: Cantankerous grump
Posts: 4337
Age: 67
Male

Print view this post

Re: The ramifications of blockchain technology?

#871  Postby jamest » Feb 09, 2021 7:23 am

The other 'prophesies' were an after-thought, because of covid, which we only knew about last year. I'm expecrting them to be right also, even if not this year.
Il messaggero non e importante.
Ora non e importante.
Il resultato futuro e importante.
Quindi, persisto.
jamest
THREAD STARTER
 
Posts: 18528
Male

Country: England
Jolly Roger (arr)
Print view this post

Re: The ramifications of blockchain technology?

#872  Postby Hermit » Feb 09, 2021 7:38 am

jamest wrote:The other 'prophesies'...

...were way more than an afterthought. They also are the only ones I have ever commented on.
God is the mysterious veil under which we hide our ignorance of the cause. - Léo Errera


God created the universe
God just exists
User avatar
Hermit
 
Name: Cantankerous grump
Posts: 4337
Age: 67
Male

Print view this post

Re: The ramifications of blockchain technology?

#873  Postby felltoearth » Feb 09, 2021 2:13 pm

The love of snake oil is strong in this one.


Sent from my iPad using Tapatalk
"Walla Walla Bonga!" — Witticism
User avatar
felltoearth
 
Posts: 14011
Age: 53

Canada (ca)
Print view this post

Re: The ramifications of blockchain technology?

#874  Postby gobshite » Feb 15, 2021 10:40 am

Half the global population will die. You've just got to give it enough time. Downside of being an old person.
gobshite
 
Posts: 224

Print view this post

Re: The ramifications of blockchain technology?

#875  Postby jamest » Feb 20, 2021 12:08 am

Posted February 16th 2019 when bitcoin was about $3.6+K :

jamest wrote:
Thommo wrote:
How much increase, and on what date are you forecasting?

I'm anticipating a high of 50-150K after the next bull run, which I think will begin within the next year and peak around 18 months later.

Putting my cards on the table, I think bitcoin is a terrible investment with almost no underlying value. It's incredibly volatile and risky.

Of course it's risky and volatile. So is your fiat. I did consider buying some actual gold and I still may do so, given it's VAT free and exempt from CGT within the UK. I don't envisage any great profits from that though. Still, it's a safe option I suppose.

I know my decision to buy some bitcoin is risky, but the potential rewards means that I'm playing the game.


So, for the record, I was correct. Bitcoin has been trading at $50+K for the last couple of days (currently at $56K). It doesn't even matter if the bear-cycle starts tonight and bitcoin crashes to zero, my prediction can no longer be utterly ridiculed as it was back in 2019.

I'm not here to gloat. Rather, many of you mocked and took the piss for a long time and - given that I had previously promised to come back here and apologise for making a huge tit of myself if it all went pear-shaped - I think that you all (those who mocked) owe myself and the general readership/membership an apology for not taking me seriously, not least for putting people off the idea of investing at that time when subsequently such investments would have yielded profits of 1500% within 2 years (as I speak). :nono:

So, what next for bitcoin/crypto? How high can it go? Well, with significantly less confidence than I had in February of 2019 I would say that it has a very good chance of hitting a low six-figure target ($100 - 250K) before the next cycle (the bear market) kicks-in. I'd back this up with chart analysis and corporation fomo discussion, if I thought anyone was going to take me seriously, but nobody ever has, so fuck it.

For my own part, I plan to sell-off at a certain figure which isn't too far off the present value. Buy a modest house outright and have enough to retire. But it's a pipe dream until it happens. Que sera sera.
Il messaggero non e importante.
Ora non e importante.
Il resultato futuro e importante.
Quindi, persisto.
jamest
THREAD STARTER
 
Posts: 18528
Male

Country: England
Jolly Roger (arr)
Print view this post

Ads by Google


Re: The ramifications of blockchain technology?

#876  Postby minininja » Feb 20, 2021 3:21 pm

Congratulations on your win. But you're still referring to it as investing when it is pure speculation. Its rise in price is not based on any socially or economically useful or productive activity. How high will it go? Nobody knows. Will it one day suddenly drop to zero? Nobody knows. That's the point.
[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]
User avatar
minininja
 
Posts: 1536

United Kingdom (uk)
Print view this post

Re: The ramifications of blockchain technology?

#877  Postby jamest » Feb 23, 2021 2:04 am

minininja wrote:Congratulations on your win. But you're still referring to it as investing when it is pure speculation. Its rise in price is not based on any socially or economically useful or productive activity. How high will it go? Nobody knows. Will it one day suddenly drop to zero? Nobody knows. That's the point.

It was never 'pure speculation'. I was predicting gains of 1500% back in February of 2019, which is why I invested almost ALL I had into it.

Anyone with a brain could have 'read' what I read, back then, and realised that the only way was up, at that time. I was just lucky to have discovered crypto at a time when I had some money to invest into it and it was 'at bottom'.

I tried my best to inform you all of this 'discovery', but was rejected almost unanimously. My best was obviously not good enough. If only I'd have been an intelligent atheist, perhaps I could have helped someone. :nono:
Il messaggero non e importante.
Ora non e importante.
Il resultato futuro e importante.
Quindi, persisto.
jamest
THREAD STARTER
 
Posts: 18528
Male

Country: England
Jolly Roger (arr)
Print view this post

Re: The ramifications of blockchain technology?

#878  Postby felltoearth » Feb 23, 2021 2:17 am

I’m ok with this and not gambling away my investments.

You did well. Congratulations.


Sent from my iPad using Tapatalk
"Walla Walla Bonga!" — Witticism
User avatar
felltoearth
 
Posts: 14011
Age: 53

Canada (ca)
Print view this post

Re: The ramifications of blockchain technology?

#879  Postby jamest » Feb 23, 2021 3:00 am

felltoearth wrote:I’m ok with this and not gambling away my investments.

You did well. Congratulations.


Sent from my iPad using Tapatalk

Thanks, but YET AGAIN let me reiterate that my INVESTMENT back in early 2019 was no less than a gamble than your own. Presumably, you had researched your investments prior to investing? Well, guess what, so did I.
Il messaggero non e importante.
Ora non e importante.
Il resultato futuro e importante.
Quindi, persisto.
jamest
THREAD STARTER
 
Posts: 18528
Male

Country: England
Jolly Roger (arr)
Print view this post

Re: The ramifications of blockchain technology?

#880  Postby The_Metatron » Feb 23, 2021 3:15 am

I do own my house, and I am retired. None of that was accidental or lucky. It took planning and execution.

Jamest, what is the value added in the thing of which you hold shares? Why should I want that thing?
I AM Skepdickus!

Check out Hack's blog, too. He writes good.
User avatar
The_Metatron
Moderator
 
Name: Jesse
Posts: 21066
Age: 57
Male

Country: United States
United States (us)
Print view this post

PreviousNext

Return to General Discussion

Who is online

Users viewing this topic: No registered users and 1 guest