|
Thankfully my kids have their own kids and they can worry about it!
Never underestimate the power of human stupidity -
RAH
I'm old. I know stuff - JSOP
|
|
|
|
|
Yes, but what chance do they have against all the propaganda ministers and indoctrinators in the world?
I have lived with several Zen masters - all of them were cats.
His last invention was an evil Lasagna. It didn't kill anyone, and it actually tasted pretty good.
|
|
|
|
|
Like me they are teaching their grommets to be cynical and question everything. It is the law makers that they worry about.
Never underestimate the power of human stupidity -
RAH
I'm old. I know stuff - JSOP
|
|
|
|
|
It was about a week back.
|
|
|
|
|
Brilliant !  
|
|
|
|
|
I searched and didn't find it either. You'd best put it behind you.
|
|
|
|
|
PIEBALDconsult wrote: You'd best put it behind you.
He said chiropractor, not proctologist. 
|
|
|
|
|
I think that response is beneath you.
|
|
|
|
|
If this had been a phish test at work, I would have failed š
|
|
|
|
|
|
lol,
schadenfreude.
CI/CD = Continuous Impediment/Continuous Despair
|
|
|
|
|
I have been unable to understand the attraction, but this finally nudged it.
Somewhere the act of digging for gold has become as valuable as the gold you expected to find, but didn't.
Someone dreamed up a "virtual" gold mine, of limited reserves, for which you get to expend real world energy chasing an algorithm.
And you pretend it's real somehow.
It was only in wine that he laid down no limit for himself, but he did not allow himself to be confused by it.
ā Confucian Analects: Rules of Confucius about his food
|
|
|
|
|
I think that was the whole idea behind the Ponzi Scheme ...
"I have no idea what I did, but I'm taking full credit for it." - ThisOldTony
"Common sense is so rare these days, it should be classified as a super power" - Random T-shirt
AntiTwitter: @DalekDave is now a follower!
|
|
|
|
|
I think cryptocurrency requires a bigger leap of faith. Or bigger lack of something.
It was only in wine that he laid down no limit for himself, but he did not allow himself to be confused by it.
ā Confucian Analects: Rules of Confucius about his food
|
|
|
|
|
Iād say a major lack of brainpower is at play here.
What do you get when you cross a joke with a rhetorical question?
The metaphorical solid rear-end expulsions have impacted the metaphorical motorized bladed rotating air movement mechanism.
Do questions with multiple question marks annoy you???
|
|
|
|
|
It's a scammers' game. It can be profitable but you have to stay on top of thing, usually in the back channels that have info before cryptocoins are deployed on the market, buy as early as you can and sell shortly after, when prices have picked up but still far from reaching the set crash level or the plateau.
That's why there are new craptocoins every day, lure the newcomers or the slow learners with a small investment then run away.
GCS d--(d-) s-/++ a C++++ U+++ P- L+@ E-- W++ N+ o+ K- w+++ O? M-- V? PS+ PE- Y+ PGP t+ 5? X R+++ tv-- b+(+++) DI+++ D++ G e++ h--- r+++ y+++* Weapons extension: ma- k++ F+2 X
|
|
|
|
|
I wonder how many times this scam has to be pulled before everyone side-eyes the next scam in the same way they do three card monte dealers.
|
|
|
|
|
A scam that uses cryptocurrency is not evidence of anything except that scams can use any currency they choose and that there is a sucker born every minute.
|
|
|
|
|
It's not just the crypto issuers either. The fees they charge make those crypto exchange apps super profitable. My friend bought a couple hundred of some crypto and paid more in fees than what he bought.
|
|
|
|
|
Similar things said about the internet.
About NOBODY will pay $400 for a PHONE!
yes, there are sh!t coins out there. Avoid them.
go to https://hope.com/ to learn the basics, and how to view it.
In the end, it's the inverse of a ponzi scheme (our Fractional Reserve Banking is an actual
Ponzi Scheme). [Think about it this way, briefly: if our govt charged banks 1% each time they
LEVERED up (most banks lever 15-30 times. That is they BORROW 1500%-3000% of their assets.
And make a few percent off of each lever)... if they paid 1% (actually a scaled percent that
increased would cause them to offer better savings rates)... Then the GOVT would actually COLLECT ~15% interest on the MONEY THEY BORROW from the Fed at 3-5%. And they could pay down the debt quickly.
But bankers don't like Govts who are NOT IN DEBT to them].
So, with block-chain. It's HARD to lever the money. it's hard to play shell games or kite checks.
There is a public record of your account(s) [anonymously not tied to you, but they can be. Blockchain for crimes is STUPID, it's permanent, and the flow of money is perfectly traceable].
Anyways, it's a store of value. What value? Well, MINING for new coins takes REAL resources. It's better than break-even so lots of mining. But there is a FINITE NUMBER of BTC (~22 million)... No more after they are all mined.
But it can store value. it's easy to move/transact.
It is the DIGITIZATION (or dematerialiation) of money. Just like EMAIL was the digitization of inter office mail, and the internet dematerialized photos (along with phones). When was the last time you printed all of your photos?
So, no one country can control it. (SWIFT system is used to PUNISH countries, it's how they enforce embargoes).
Where else could we use a PERFECT, NEAR REAL-TIME Chain of Custody, with strong Encryption?
The fact that the VERY BANKERS downplaying this have been paying KEY DEVELOPERS for 4-6 YEARS should tell you something.
Also, for you STRONG Programmers out there. if you want a job with a raise. You should STRONGLY consider looking into the space. They are growing quickly, and hiring...
It's the internet, all over again. And yes, SOME Sh!t Coins (Doge, Shiba) will probably not last. But I imagine BTC, ETH, LTC and many stable coins will be here for the rest of our lives.
There will be LITTLE reason to use a bank. Think about it. Right now, a DEBIT card is the closest thing to compare a BlockChain wallet to. So, suggesting blockchain will just fall apart, to me, is like suggesting that Credit and Debit Cards would NEVER catch on, because the PLASTIC CARD has NO VALUE!!!
HTH
|
|
|
|
|
The fact that mining for cryptocurrency takes real resources doesn't make it a "store" of value. You take a whole bunch of electrical energy and turn it into bitcoin and entropy. You can't get that electrical energy back, and you're stuck with the massive amount of emissions that it causes.
I also wouldn't view ordinary currency as a "store" of value - more an agreed representation of value. But where bitcoin pretty much only represents an amount of dollars agreed amongst people who buy bitcoin, ordinary currency (since it is generally used to purchase actual stuff) is a representation agreed amongst pretty much all the consumers and producers in the country or on the planet.
Is there anyone that actually buys bitcoin for any other reason than the expectation that it's price will go up and they can make money (ie. actual dollars) on it?
|
|
|
|
|
There is something wrong with blockchain, you make a transaction, and it is written in a block and whole world has to verify this block and store it forever. This makes transactions slow and expensive, albeit secure. Then you have to invent L2 solutions, and they are getting expensive too. You might say SWIFT transactions are expensive, but at least they're predictable.
|
|
|
|
|
The whole world doesn't have to agree. The majority of the blockchain has to confirm or make consensus.
And this is because VERY smart hackers/people will transact the SAME $ in china and in the USA at the same time. ONLY ONE of those transactions can succeed. The other one has to be stopped, or you have a duplicate spend.
Banks, for years (Decades), have dealt with bad checks and bouncing them. Or Kiting. These are the same problems in a TRUSTLESS environment.
The part you are leaving out is TRUSTLESS (Decentralized). We are living in a new Era where one misstep and YOUR credit cards can be turned off, your access to banking systems can be turned off. I know people who have had their bank accounts frozen. Private WALLETS prevent those actions, and the govt HATES that. (now, via KYC, they get this back at Coinbase, etc (on/off ramps).
Do you remember how expensive SLOW internet used to be? How unstable it was. Blockchain is going through it's growing pains. It is being figured out. Side chains (L2/L3) will be a key answer. Also, realize that Credit cards work by using "CREDIT" and charging 2%-3% against the seller on EVERY transaction. That's way too high to move money.
So, Credit Cards are Side chains, run by multiple companies (semi-decentralized), for your current banking account. And you settle once a month.
Do you remember TeleCheck? Do you remember the PAPER CC# books before the electronic? The carbon Paper copies of signed receipts, used to steal credit card numbers all the time...
No... because we moved on. We got better.
Blockchain is simply workings it's way through similar hurdles.
But also a FAILURE of our education system to explain that the Federal Reserve is NEITHER Federal, nor do they have ANY Reserves (and hence, had to be bailed out by the govt, and got to STEAL the stock of good banks that did not go bankrupt, to bolster themselves back up).
For me, ALL Govt Transactions should be through the blockchain. Then we would know if money was LITERALLY going from the USA, to Ukraine, to specific companies, to specific individuals... But we could SEE ALL OF IT, and KNOW WHEN it happened.
Also, unlike the stock exchanges, who publish the true volume of trades at EOD, so big players are allowed to trade with market makers, so they don't "Move" the market (ie, tip their hands).
These transactions are public.
Finally, realized that JPM has their own Coin. The banks are coming into this. The local banks will be squeezed out the same way Google squeezed out advertisers.
SWIFT transactions are CENTRALLY Controlled. Wanna send money to someone in a blocked country. Start explaining yourself, or risk indictment. China and Russia are moving away from SWIFT for their transactions.
Money and Economy should not be controlled for "strangers" or "Governments", especially "Foreign Governments". It's private property (Individually Owned).
When the average person realizes they do NOT OWN the money in their bank accounts, and that the FDIC has barely enough money to save the banks in a SINGLE CITY... Much less the whole country or even a full state. Furthermore less than 1% of our Total Available Dollars are IN PRINTED FORM. Meaning they have levered up 99% of the money digitally, and that's why 99% of our original buying power is gone.
SWIFT, FWIW, is predictable by about the 2nd or 3rd Attempt. Having sent a FEW HUNDRED Wires, the first time you send a wire, especially out of country, through multiple intermediary banks, is a NIGHTMARE. With Blockchain, I need the ADDRESS and the AMOUNT. The network figures it out.
But it is a bit slow, and too expensive for normal transactions. But I see a world coming where your credit card only gives you the credit you can prove you have (ie, more like a debit card), where if you are actually using the CREDIT side, you are charged interested like a cash transaction).
Furthermore, it will get to the point that the SELLER will have a choice. Pay 0.35 + 1%-2%, or pay a very nominal blockchain fee (Lightning), and even less if you setup a Node in your store, or a node across your many stores... (When they get to 1/10th of the CC fees, they will RAPIDLY be adopted, IMO)
Let's see how this post ages 
|
|
|
|
|
Ability to print money might seem evil, but alternatives, like gold, sliver, etc. lead to deflation which is 100 times worse for economy than inflation. I agree all crypto is in it's nappies, many problems but I can't see how they will be solved.
|
|
|
|
|
When you realized that SAVINGS are stored Calories (or stored prior work effort).
Deflation is the NATURAL Evolution of a growing Society.
Everything gets cheaper, over time, because we learn more efficient ways, over time.
Deflation is GREAT for savers. Inflation is only good for the Bankers and Debtors.
Fun fact. The more people we bring out of poverty, the larger the wealth gap becomes.
It's mathematical tautology. (The distance from the top to the middle expands as the bottom expands).
But I would MUCH PREFER Deflation. I could actually retire now.
But calculate what you need to retire at your current living standard. For 30 years.
Now do it with
-5%, 0%, 5%, 10% annual inflation.
and YES they lie about the inflation being lower than it really is. ENERGY and FOOD are 2 things WE MUST purchase to live.
|
|
|
|
|
General 
News 
Suggestion 
Question 
Bug 
Answer 
Joke 
Praise 
Rant 
Admin 
Submit an article or tip
