Bitcoins

[stan.distortion]

That's making profit, not money creation. Once upon a time money was backed by precious metal, if a country added to its gold reserves it could create more money but those days are long gone. Here's how it works today, a bank approves a loan and enters the amount into their accounts. Boom, they just created that amount of money. That's how around 98% of the money in circulation is created, debt.

 

[Dauntless]

Again, you over complicate. The house remains $100k it sold for, not the $50k used to create it. Where did the additional $50k come from? Net worth is money. Creating the profit by creating the money, which is never BACKED by precious metal as currency is, but the metals themselves are money. As are gems, real estate, etc.

The rise and fall of the currency in circulation is a more interesting manner. New cash is released by the purchase of government bonds, which drops the net worth of the government by increasing its' debt. But when a bank approves a loan, it's for 90% of deposits, the other 10% is held as a reserve. The days of a bank in maybe Missouri creating an account to pay for the land it bought from the bank are long gone. The issuing of the Dix banknote, of 'I wish I was in Dixie' fame, I feel pretty sure that too is long gone. But it was those banknotes that made up for the lack of currency, the incompatibility of currency, the Kentucky dollar that nobody wanted and there was no point in taking it outside Kentucky because you'd be lucky to get 50 cents on the dollar, etc. Dixie was honored most everywhere.

Creating a profit is when you turn gold and diamonds into jewelry. A value added activity. That stuff is like a new car, never again worth what you pay for it. (Except in some instances.) But real estate retains value, goes up in value. You're creating money. I'm just curious if the crypto can ever reach the levels the banknote once achieved. I doubt it, probably more like shares in the Mississippi Company, or tulip bulbs. We'll see.

 

[Dauntless]

https://www.cnn.com/2020/06/19/tech/wirecard-fraud-tech-accounting/index.html

We've discussed the guy who died and was buried in a foreign company and all the Bitcoin info vanished. Well, I guess crypto isn't the only thing that can happen to. Oh, the CEO resigned and walks into the sunset with billions missing. Riiiiiiiiiiiight!

 

[TheBeastie]

Twitter hacked! Major profile twitter accounts used to send message claiming they will send u double the bitcoin you send them, apparently some ppl feel for it and it's estimated the hackers netted over $100k in bitcoin.

https://twitter.com/breaking911/status/1283523035534852096

https://nymag.com/intelligencer/2020/07/major-twitter-accounts-hacked-in-bitcoin-scam.html
https://news.bitcoin.com/twitter-apple-joe-biden-elon-musk-bill-gates-jeff-bezos-uber-bitcoin-giveaway-scam/

:lol:

 

[Dauntless]

https://www.cnn.com/2020/07/17/tech/former-twitter-employees-sleuthing/index.html

 

[markz]

People will fall for anything, including Nigerian Kings that cant get access to bank accounts or wills and email messages about going to prison if you dont pay your taxes in gift cards. Well, its got to be the 1% or could it be more falling for it, with the increase in Dementia and alzheimer's and more and more chemicals in our foods and enviroment, people are only going to get richer and richer with those types of scams. Spoofing telephone numbers, robo calls and yet the tele-co's do nothing, email providers do nothing either.

 

[Dauntless]

[youtube]dXNISuTnnuo[/youtube]

 

[Dauntless]

[youtube]mRAdyiYDwYI[/youtube]

 

[TheBeastie]

https://youtu.be/mRAdyiYDwYI

Interesting...
RedIceTV who are I guess "mildly edgy", have been banned from YouTube/PayPal for a while now, but now banks and credit card facilities have banned them as well, they lost their final credit card processing merchant account the other day.
RedIceTV seem to really annoy very powerful people, I guess because RedIceTV are quite professional/clinical over typical YouTubers, and this scares the powerful?
https://www.bitchute.com/video/gVFj7ZRLT9OB/

So paying for their special WeekendWarrior TV show can now only be bought via crypto coin.
You can see all their other shows on BitChute https://www.bitchute.com/channel/vioTr8bGOlJi/
And recent major shows on dlive https://dlive.tv/RedIceTV

The world really has gone crazy in terms of repressed opinions, censorship and political correctness.
In Australia they are getting rid of Coon cheese, it was never ment to be racist cheese, it was named after the cheese's creator "Edward William Coon"
https://www.news.com.au/finance/business/retail/coon-cheese-to-dump-racist-name-after-complaint-from-aboriginal-activist/news-story/a4e3ad0907111138bb3a39e7a705458f
https://www.abc.net.au/news/2020-07-24/coon-cheese-to-change-name-after-campaign/12489734

It's always been my favorite cheese so I will be sorry to see it go, as far as I am concerned Edward William Coon was a cheese genius.

 

[Dauntless]

Interesting...
RedIceTV who are I guess "mildly edgy",

I don't think "Mildly Edgy" could come close to covering Red Ice. I think more like 'Fascinating, in their own weird, scary way.'

So you could post a link to a pagan neonazi ritual and I'm sure much of the board here would look at it. They may deny it later, but so many would just have to look. I'm a compulsive researcher, I gotta know. I would assume they're actually also neopagan, I mean they weren't born in pagan families, right?

But I guess I'm making them sound more interesting than you did. Obviously your dark web implications are relevant, but the discussion has already gone beyond just the Red Ice situation. My god, the sheer terror of promoting the idea of beautiful people having children together.

But are you sure that this Coon guy wasn't so incredibly backward and foolish that it was being his name that made the word sound bad in the first place? When Prince first made a name for himself, Prince Spaghetti ran a commercial with a package onstage with a properly licensed Prince song playing, telling how they'd been around over 100 years, etc. And immediately got a cease and desist letter from attorneys telling them to stop using their clients' name. . . .

https://www.forbes.com/sites/billybambrough/2019/05/30/how-billionaires-are-buying-up-bitcoin/

https://fee.org/articles/in-defense-of-bitcoin-hoarding/

https://news.ycombinator.com/item?id=17029418

 

[Dauntless]

https://www.cnn.com/2020/08/13/politics/justice-department-cryptocurrency-terror-groups/index.html

 

[TheBeastie]

https://youtu.be/mRAdyiYDwYI

On the topic of that video again, I was thinking how much of a "pain in the ass" it is to buy crypto locally, as I already joined a local crypto service that exchanges AUD to crypto a few years ago, but after giving them a high res photo of my passport/drivers licence a few years ago they now want a new set of IDs refreshed due to changes in law/regulations/TOC etc.

I am just sick of it, originally I only bought a bit of crypto to play with, now I only want to get a bit to buy a new subscription to RedIce TV etc because the ADL/SPLC etc got the banks to ban all credit card/PayPal on their website.
RED ICE BLACKLISTED BY BANKERS, THEY WANT US CANCELLED
https://www.bitchute.com/video/gVFj7ZRLT9OB/

I really find RedIce TV a great service because you can see how many lies mainstream-media spew out each week, even though I spend a lot of time on BitChute etc I still can't keep up with the cheeky lies that go on out there...

Here is a clear and easily absorbable one for folks who live in the Matrix...
https://www.youtube.com/watch?v=cY3CTKlI7KA

I was actually thinking the easiest way to get some Ethereum/Ripple coin etc to buy a new subscription to RedIce TV etc is to merely mine some.
I figure the electricity used is not much more expensive than the fees of buying some crypto-coin locally (which is at least 10% of the coin you buy for my local crypto-coin exchange).
I don't need a lot of crypto money to buy a new Redice TV subscription and also doing a tiny bit of mining might actually be fun.
GOES WITHOUT SAYING MINING BITCOIN IS TOTALLY NOT WORTH WHILE DUE TO ASIC MINERS/ELECTRICITY.
As far as I am concerned no one really uses Bitcoin anymore anyway. Example is RedIce TV already say they will accept any crypto-coin in reason if you give them notification of it.

As this article reports, crypto-coin currency algo controllers can change their mining-code to wreck ASICs, since they are chip-hardwired to mine the crypto in the specific original way.
In his Reddit post, Vorick broached the possibility that the Siacoin community could implement a change to the mining code so that the Bitmain ASICs would be unusable.
https://www.vice.com/en_us/article/ev59dz/bitmain-siacoin-obelisk-asic-vorick

I been thinking of buying the new NVIDIA RTX 3070 or 3080, mainly because I love playing video games and I also want AV1 decoder support. Can't stress it enough the last reason I am going to get an RTX 30XX is for crypto-mining, but I might try it.

If folks are clueless about AV1 video decoder support, it basically gives you the same quality video streams at HALF the bandwidth usage.
Or double the video quality at the SAME bandwidth stream usage. Because it's basically created by Google's YouTube its fully supported and just awaiting folks to get supported hardware.
https://endless-sphere.com/forums/viewtopic.php?f=26&t=103622&start=75#p1565310

The war on free speech is getting crazy and it's probably only just started, information is power and the rich and powerful don't want information in the general publics hands.
I think this video is quite telling if the everyday madness that is going on out there.
https://www.youtube.com/watch?v=aeSQfo3iZcE
[youtube]aeSQfo3iZcE[/youtube]

I saw this in the news today The First Part of Ethereum 2.0 Is Formally Submitted
https://decrypt.co/42022/the-first-part-of-ethereum-2-0-is-formally-submitted
The KEY thing I am hoping is that next gen crypto coin developers are smart enough to understand that if they want the general public to take up their crypto-coin then the KEY thing to do is support mining via everyday people with regular hardware instead of big ASIC giants in China etc.

As far as I understand it Ethereum/Ripple etc better support regular everyday miners because the mining giants don't find making ASIC chips dedicated to alt-crypto worth their while but of course that slowly changes with time.

The key to keeping everyday-folk miners in the game and thus keeping their flavor of crypto coin popular is to change the crypto mining algorithms frequently enough so that it ruins the ASIC miners from taking over like with Bitcoin.

If the smaller crypto coins don't understand that the key to a popular crypto-coin is keeping regular folk small miners happy/in the game, then they are obviously retarded and doomed to fail.

 

[stan.distortion]

Mining is only worth getting into with dedicated hardware (ASICs), big operations ran 10s of millions of dollars worth of GPUs and that hardware is still out there, the latest cutting edge hardware will give an advantage but only 10x at most. That said, the key point with mining isn't what hardware, which coin, what algo etc. it's electricity cost. If you're getting your electricity for free then old hardware can be profitable. Do the maths and it often works out last gen hardware can pay for both its self and a solar or micro hydro installation within a few years.

 

[Dauntless]

I think I remember a few of the regulars here were talking about their mining activities and weren't sure it had been worth it, but I assume that meant they were mining when the price was close to $20k each, if they'd mined cheap bitcoin several an hour I'm sure they'd be retired by now.

So you can buy bitcoin at the coinstar machine in the grocerystore, the thing that charges you to cash in the coins which that very store would be thrilled to have you simply spend it with them in coin form right now. Haven't bought it myself, don't think I ever will.

 

[markz]

https://time.com/5896775/john-mcafee-arrested-tax-evasion/

McAfee is accused of failing to file U.S. tax returns from 2014 to 2018 and hiding assets including real estate, a vehicle and a yacht in the name of others, prosecutors said. An indictment returned in June was unsealed on Tuesday after he was taken into custody. He’s being held pending extradition, the Justice Department said.

He was arrested on Oct. 3 at Barcelona airport while traveling to Istanbul, according to an official at Spain’s national police force, who can’t be identified under internal policies.

U.S. prosecutors claim McAfee earned millions of dollars through the promotion of cryptocurrencies, speaking engagements, consulting jobs and the sale of the rights to his life story for a documentary, but never filed tax returns. Instead, his income was paid into accounts held in the names of others, prosecutors claim. He faces as long as five years in prison if convicted of tax evasion and a year if found guilty of failing to file taxes.

The commission claims McAfee recommended at least seven initial coin offerings to his Twitter followers from at least November 2017 to February 2018 without revealing that he earned more than $23 million to boost them. He’s also accused of denying that he was being paid when asked by investors.

The SEC is seeking to force McAfee to disgorge all his ill-gotten gains, and to prohibit him from taking part in the issuance, purchase or sale of any digital asset securities and unspecified monetary penalties.

 

[Dauntless]

https://www.cnn.com/2020/12/27/investing/bitcoin-record-trnd/index.html

 

[TheBeastie]

Saw this article.
Guy in Las Vagas bought a stack of the latest NVIDIA RTX 3080 video cards to mine ETH..
I bought an RTX 3080 for gaming, and yeah it was hard to get one as they keep going out of stock, I had to pre-order online and wait 1 month. There was one report from NVIDIA CEO claiming that stock is low partly due to crypto miners as well as gamers wanting them but I thought it was BS, but I guess it was somewhat true.

This 78 x GeForce RTX 3080 crypto mining rig makes $128,000 per year
Read more: https://www.tweaktown.com/news/76979/this-78-geforce-rtx-3080-crypto-mining-rig-makes-128-000-per-year/index.html
https://www.tweaktown.com/news/76979/this-78-geforce-rtx-3080-crypto-mining-rig-makes-128-000-per-year/index.html

https://www.youtube.com/watch?v=l1B-xsSeoCM

 

[markz]

This is a very interesting article, refering to private ATM's called White Label which is very popular in Canada since 1996 when they proliferated. Just goes to show the lengths big banks will go to to squash alternative methods of using monitary funds.

https://www.msn.com/en-ca/news/canada/ian-mulgrew-fear-mongering-at-the-money-laundering-inquiry/ar-BB1cRWLO?li=AAggNb9

 

[Dauntless]

Not even directly through the national bank/ note issuer? Our countries have fairly similar institutions and in the UK you can exchange any withdrawn bank note going right back to 1694...

But are those collectors items too valuable to do so? Solves the bank problem right there.

In the U.S. people find the occasional buffalo nickel in their change and rush to the coin collector store, to be told it's usually still only a nickel. The bills they used in the Lindbergh ransom had been replaced and worthless at the time, (That's how they caught the guy they hanged, who may or may not have been guilty) now just one is worth a bundle.

American money of 1694. Won't be a U.S. dollar for close to a century, but there's Boston coins, various colonial dollars and wampum of their own, etc. What that stuff must be worth if it's legit.

You won't ever be able to collect Bitcoin, will you?

I'm still waiting for them to exhume the body of Gerald Cotten and confirm it's really him. If there really was hundreds of millions of dollars in Bitcoin purchases the company can't locate, wouldn't there be records elsewhere?

 

[markz]

https://www.coindesk.com/10-physical-bitcoins-good-bad-ugly

You won't ever be able to collect Bitcoin, will you?

 

[Dauntless]

20% of all Bitcoin issued has gone missing? This just gets worse and worse.

[youtube]_HHVgrlCXoQ[/youtube]

 

[TheBeastie]

20% of all Bitcoin issued has gone missing? This just gets worse and worse.

Apparently, if you send bitcoin to a bitcoin address and omit the last character, the bitcoin is sent into oblivion.
This is one of the many reasons why BitCoin can only really go up (as long as it remains popular) because its a basic issue of "supply and demand law", and the more BitCoin that is lost the less there is out there generally available.
There are tons of ways to lose BitCoin.

So BitCoin by math logic is the easiest thing to push upwards until the general public decide BitCoin is a crap coin technology-wise and move to ETH/EOS/XRP and the other coins which are at least a bit less error-prone.

https://en.wikipedia.org/wiki/Bitcoin_scalability_problem
https://theblockstalk.medium.com/the-biggest-problems-of-bitcoin-that-people-are-not-speaking-about-8ce2493e9609

• cannot scale well enough to be used as a global currency

• consumes a huge amount of energy, about the same amount as the country of Chile, and with the effective carbon footprint of New Zealand

• is extremely slow at processing transactions, degrading usability

• has account names in the form of cryptographic keys which are difficult to understand

• expect users to be solely responsible for their account management, making the loss of funds and key management difficult

• has high transaction fees, which would be even higher if it were to be more adopted

• has large price volatility making it too unpredictable to be used as a currency (that most people in the industry do not think that Bitcoin is/can be a day-to-day currency)

 

[stan.distortion]

20% of all Bitcoin issued has gone missing? This just gets worse and worse.

Apparently, if you send bitcoin to a bitcoin address and omit the last character, the bitcoin is sent into oblivion.
This is one of the many reasons why BitCoin can only really go up (as long as it remains popular) because its a basic issue of "supply and demand law", and the more BitCoin that is lost the less there is out there generally available.
There are tons of ways to lose BitCoin.

Addresses are checked for viability, the client wouldn't accept the address if a character was left out. Valid addresses can be created without a wallet that would send them to a black hole but it's not easy to do with a simple typo, check the "bitcoineater" address for an example of what's involved.

So BitCoin by math logic is the easiest thing to push upwards until the general public decide BitCoin is a crap coin technology-wise and move to ETH/EOS/XRP and the other coins which are at least a bit less error-prone.

XRP is possibly the very worst example, Ripple is a company pretending to be a cryptocurrency, it's whole ecosystem is centralised and would be better served with a conventional database than a blockchain. It's low hanging fruit for regulators, a single point of failure (Ripple labs), very unlikely to get widespread adoption without conforming to countless regulatory requirements.

https://en.wikipedia.org/wiki/Bitcoin_scalability_problem
https://theblockstalk.medium.com/the-biggest-problems-of-bitcoin-that-people-are-not-speaking-about-8ce2493e9609
cannot scale well enough to be used as a global currency

Bitcoin cant scale well without 3rd party solutions but that doesn't mean blockchain can't scale. Cryptos like Dash use incentivised nodes (masternodes) to guarantee minimum hardware specifications and can scale to Visa levels with existing tech and much higher with further development, this is still very early in blockchain techs evolution.

consumes a huge amount of energy, about the same amount as the country of Chile, and with the effective carbon footprint of New Zealand

This is the same kind of narrow-view media reporting that's had the world convinced we can't supply our power needs with renewables, only true for a very limited set of circumstances. Cryptocurrency mining is extremely competitive, if they're not getting electricity for free then they're out of the game. Mining companies are investing hundreds of millions in renewable installations and over time their business will turn from primarily crypto mining to primarily electricity supply, selling electricity when there's demand and mining when they've got a surplus. Check Iceland and aluminium smelting for a parallel example.

is extremely slow at processing transactions, degrading usability

Again, incentivised nodes allow capabilities to be expanded way beyond bitcoin's voluntary nodes. For example, Dash transactions are settled in less than a second and are immediately re-spendable, the second tier allows them to be locked until they're included in a block. Criticisms of the tech based solely on bitcoin are pretty much obsolete at this stage, bitcoin paved the way for blockchain tech but it's getting old now, more than a decade and other chains have expanded greatly on the initial development.

has account names in the form of cryptographic keys which are difficult to understand.

Again, Dash is a perfect example of how the tech is evolving, Dash Platform is due for release later this year and one of its features is usernames. Easily on par with PayPal to use, the worlds first decentralised API is at the heart of it and opens up countless ways to use crypto and secure data with little more than a few lines of extra code in a webpage.

expect users to be solely responsible for their account management, making the loss of funds and key management difficult

Can't argue with that, we don't realise how much cotton wool the financial system wraps us up in until the wrapping comes off, the most shocking part of the cryptocurrency experience imo. Dedicated devices are a big step forward in that regard, hardware wallets are the most common today but they're making their way into phones now. Useable for much more than just crypto, the same tech does self-managed digital ID's and they're going to be a big thing in the future.

has high transaction fees, which would be even higher if it were to be more adopted

Again, only a problem if only bitcoin is considered. Dash can scale to Visa levels at $0.01 for any amount to anywhere in the world and that's just one alternative. Crypto is extremely simple to exchange, something called "atomic swaps" even makes it integral so a few dozen blockchains that can handle the same levels of transactions easily exceeds what our existing financial systems capabilities at a tiny fraction of the cost.

has large price volatility making it too unpredictable to be used as a currency (that most people in the industry do not think that Bitcoin is/can be a day-to-day currency)

Yep, crypto is pretty much unusably volatile at the mo. A lot argue as the market grows volatility will reduce but I'm not one of them, just look at oil, an almost unimaginably huge market yet its charts look like a mountain range and most of those moves have more to do with politics than supply and demand. That's just the nature of markets and the only solution imo is to cut them out of the loop. In the next 10 years you're going to see practically everything electronically tradable moving to blockchains and that will include many things not traded today. How about being able to use guaranteed reserves of unexploited minerals for savings? Easily done and a lot more stable than our currencies today.

 

[Dauntless]

https://economictimes.indiatimes.com/markets/stocks/news/elon-musk-loses-15-billion-in-a-day-after-bitcoin-warning/articleshow/81163729.cms

He just had to say 'Yep, we overpaid' when they shelled out $1.5 billion.

 

[neptronix]

• cannot scale well enough to be used as a global currency

• consumes a huge amount of energy, about the same amount as the country of Chile, and with the effective carbon footprint of New Zealand

• is extremely slow at processing transactions, degrading usability

• has account names in the form of cryptographic keys which are difficult to understand

• expect users to be solely responsible for their account management, making the loss of funds and key management difficult

• has high transaction fees, which would be even higher if it were to be more adopted

• has large price volatility making it too unpredictable to be used as a currency (that most people in the industry do not think that Bitcoin is/can be a day-to-day currency)

You hit the nail on the head. It's why i don't support crypto. These problems are also not a priority to solve for many cryptocurrency development teams. Otherwise they would have been solved in 2018.

It's good for buying gray market LSD analogues on the darkweb though :lol:

The only real good application for cryptocurrency is to subvert the control of large banking cartels and governments. Or an investment vehicle.