Are you sick of bitcoin yet?

Oh, and the storage medium is called a "card".

That would be a card. The article actually talks about cardboard. Remember the old credit card? Cardboard.

The storage medium is commonly called memory in the computer world. The memory is a piece of printed paper, or a plastic card with an embedded memory chip, a USB thumb drive, a large hard drive inside your computer or a portable USB enclosure, a spot in the cloud or a memory in your smart phone. Or your smart toaster. Or smart car. Or refrigerator.

These "bitcoin" types are working a large world computer for authentication and transaction like chains on a slave block. This here chain says I own you. This here block says you're for sale.

Crypto is staging a rally now don't it. Why?

Is there anything to trade on?

Any news, report, product, revenue, expense or purpose?

Just up and down.

originally posted by: intrptr

originally posted by: ttobban
a reply to: intrptr

Good points, and we also need to factor in the costs of mining/block chain. Currently, it costs thousands of dollars in electricity to mine a single bitcoin... that factor alone means that bitcoin now is undervalued... even at $20k. It surely doesn't cost $1,000's of dollars to print more notes...

Mining of bitcoin is along the same principle as mining real gold. Math is used instead of shovels.

Another parallel with the precious metal is that there’s a limited amount of Bitcoins that can ever be mined: no more than 21 mln coins. As of 2017, nearly 17 mln Bitcoins have already been mined.

cointelegraph

Thats the beauty of bit coin. The supply is capped. The only thing that can inflate is the value.

People keep saying this and it's extremely cute. "But BC has a fixed cap!!!"

Yeah, but it doesn't. It's literally the exact same as fiat paper. Instead of exceeding 21 million, we just break it into more pieces. 1$ is 1$, but 1$ is 0.000061 BC. The reason they print more money instead of break it into smaller pieces is because you can hold it in your hand. There is no tangible difference between breaking 21 million into 17 billion pieces, or allowing 17 billion coins to be mined.

Get it?

It's the exact same thing presented in a different manner. Just like you can add to infinite, you can fractionalize to infinite also.

Fiat paper is 1,2,3->infinite. BC is 0.01, 0.001, 0.0001->infinite.

Literally no difference.

21 million coins can't work with 6 billion people. You have to break it into more than 6 billion pieces or there will always be people with 0. This doesn't work as an economy, so the solution is inflation (printing more money) which is just converting your 1$ into 0.1$.

See?

a reply to: SRPrime

It is bizarre how Bitcoin can send money no matter what the "price" of Bitcoin.

Bitcoin is 1000. I send you a hundred dollars with 0.10 BTC.
Bitcoin is 1. I send you a hundred dollars with 100.00 BTC.

You get $100.

Complete lunacy.

a reply to: SRPrime

Thanks for the clarity.

You're correct. They figured out how to draw people another way. Instead of Quantitative Easing (printing fiat paper), its quantitative division...

Edit: Have you seen this thread?

www.abovetopsecret.com...

a reply to: intrptr

It is not. There is a limit up to eight places past the decimal. It is limited. Other coins are limited at much higher insane high numbers.

How much money needs to be sent?

At any one moment?

A million?

2.7 billion?

it can happen. Wallet to wallet. Witcoin network.

How many coins are necessary for YOU to transact? How much do YOU earn per week? Spend? Save? How much do YOU need at any one moment?

This is how to challenge the banker.

It is absolutely mind twisting.

originally posted by: Generation9
a reply to: intrptr

It is not. There is a limit up to eight places past the decimal. It is limited. Other coins are limited at much higher insane high numbers.

Okay, I thought you said the supply is capped but they can divide it infinitely.

People keep saying this and it's extremely cute. "But BC has a fixed cap!!!"

Yeah, but it doesn't. It's literally the exact same as fiat paper. Instead of exceeding 21 million, we just break it into more pieces. 1$ is 1$, but 1$ is 0.000061 BC. The reason they print more money instead of break it into smaller pieces is because you can hold it in your hand. There is no tangible difference between breaking 21 million into 17 billion pieces, or allowing 17 billion coins to be mined.

Get it?

It's the exact same thing presented in a different manner. Just like you can add to infinite, you can fractionalize to infinite also.

Fiat paper is 1,2,3->infinite. BC is 0.01, 0.001, 0.0001->infinite.

Literally no difference.

originally posted by: Generation9
How many coins are necessary for YOU to transact? How much do YOU earn per week? Spend? Save? How much do YOU need at any one moment?

This is how to challenge the banker.

It is absolutely mind twisting.

Digital coin is intangible, experiencing a huge bubble, eventually its going to burst.

Prefer to hold tangible, intrinsic assets.

a reply to: intrptr

Digital coin wiggles up and down drawing in money. It works. Some win. Some lose. Same as every other game going.

a reply to: Generation9

I count money in pieces of paper. Or digits in a bank account. It is all the same. Crypto just doesn't have a real tangible reason. It is purely mental. And it is a powerful way of computing and accounting and tracking. It really is too much.

a reply to: Generation9

But in the end I want the pieces of paper that are so popular in MY COUNTRY.

Isn't it the same for you?

originally posted by: Generation9
a reply to: Generation9

But in the end I want the pieces of paper that are so popular in MY COUNTRY.

Isn't it the same for you?

One day you may be able to purchase a head of lettuce for ten thousand paper dollars, or one pre 64 uS silver quarter.

originally posted by: intrptr

originally posted by: Generation9
a reply to: Generation9

But in the end I want the pieces of paper that are so popular in MY COUNTRY.

Isn't it the same for you?

One day you may be able to purchase a head of lettuce for ten thousand paper dollars, or one pre 64 uS silver quarter.

No.

That won't happen.

MY paper dollars, the USD, are very valuable. Head of lettuce? I can buy a car or a business with ten thousand USD. The central bank makes sure my paper dollars keep buying stuff at a low low price. I only challenge the bankers in the sense that I can earn more using my money than they can pay me for holding the money. Their interest rate is too low. They can do everyday banking all day every year. I can earn money in the magic money market. The barriers to entry have never been so low. You or I can start a business with cheap money and cause even more cheapening of everything.

I am starting to think that the idea of communism is actually extremely capitalistic. Like capitalists would really dig communism, but communists would always be complaining and making excuses.

Crypto is mind bending.

originally posted by: Generation9
a reply to: intrptr

It is not. There is a limit up to eight places past the decimal. It is limited. Other coins are limited at much higher insane high numbers.

How much money needs to be sent?

At any one moment?

A million?

2.7 billion?

it can happen. Wallet to wallet. Witcoin network.

And when 8 decimals isn't enough they'll add a ninth. No different than the Fed.

6 0's is a million, 7 tens of millions, 8 hundreds of millions, 9 billions.

It's the same thing just with division.

They are just using decimals instead of commas. The only difference is in presentation. This is the sole reason money isn't backed by a gold standard anymore, because a flake of gold would be a fortune artificially.

Put it this way;

A US dollar can only be broken down into 2 decimal places, $0.01, and can go up to infinite. A bitcoin can be broken down into $0.00000001 and can go up to $21,000,000.00000000.

It's 8 either side of the decimal, which is 16 0's. $21,000,000.00000000 is closer to $21,000,000,000,000,000.

They can at anytime add a ninth decimal place, or a 9th whole number place. If they did it, they would add both a whole number and a decimal. This is 16bit money.

What people fail to understand is, the reason why Paper money isn't back by gold, and it has nothing to do with thievery or TPTB or anything nefarious, it has everything to do with artificially raising the price of one of the best conductors on the planet. Inflation is caused by population expansion. The more hands that are force to eat from the same pie, the more subdivisions of that pie there need to be, with a finite amount of gold on the planet, this would then make flakes of gold into millions. FLAKES. No more gold plated connectors for your sound system or printed circuit boards.

The only difference between Dollars and Bitcoin is that Dollars are stable, because they don't grow exponentially, and Bitcoin is volatile because it's growth and it's shrink is also exponential. This is why Bitcoin CANNOT be a replacement and is actually tangibly worse than fiat.

I.E.

There is no interest in Bitcoin, because it's built in. For instance, early adopters were mining entire coins, those have no inflated in price [interest] with exponential growth instead of a flat interest rate. The later and later you get into bitcoin, the poorer and poorer you get. The more you have will exponentially grow with the more people interacting with it. I.E. I have 20 coins when there are only 10 people using it, those 20 coins can't buy a dollar note. I have 20 coins when there are 6.5 billion people using it, I now have an unimaginable fortune.

Second thing to note; Circulation. Bitcoins can be lost and removed from circulation, but the generation of new bitcoins isn't permitted. So if I have a hard drive that's holding 7,000 bit coins, and it dies and/or my computer gets stolen, those coins are out of circulation, which will make the total pie smaller, which will inflate the price more. Eventually they will need to allow reproduction of coins lost from circulation -- but then what happens when say, I find that hard drive that was stolen, or I'm able to salvage the data off of it, now we have duplicate coins????


So bitcoin is just a hedge that rich people are using to become SUPER SUPER SUPER rich, and once they sell it off, it'll come crashing down in an instant. People who do business with BC will be put out of business and into incredible debts.[Valve, the company that owns Steam's digital store stop accepting BTC as tender because of this, just a few weeks ago.] The only non-rich people who benefit from Bitcoin were early adopters who have already cashed out and are now Million or Billionaires.

Crypto's are a scam, by nature they will always be volatile because they cannot be stabilized, because they do not use additive function, they use divisive function, which means growth is multiplicative, i.e. Exponential. Exponential is Volatile, period -- the end.

Bitcoin is not here to stay, it's here to rob you for going all in, or to redistribute wealth. That's it. Donezo.

originally posted by: Generation9
a reply to: SRPrime

It is bizarre how Bitcoin can send money no matter what the "price" of Bitcoin.

Bitcoin is 1000. I send you a hundred dollars with 0.10 BTC.
Bitcoin is 1. I send you a hundred dollars with 100.00 BTC.

You get $100.

Complete lunacy.

No lunacy at all there; that's called an "exchange rate" and is the same with converting US dollars into lets says English Pounds.

originally posted by: Generation9

originally posted by: intrptr

originally posted by: Generation9
a reply to: Generation9

But in the end I want the pieces of paper that are so popular in MY COUNTRY.

Isn't it the same for you?

One day you may be able to purchase a head of lettuce for ten thousand paper dollars, or one pre 64 uS silver quarter.

No.

That won't happen.

MY paper dollars, the USD, are very valuable. Head of lettuce? I can buy a car or a business with ten thousand USD. The central bank makes sure my paper dollars keep buying stuff at a low low price. I only challenge the bankers in the sense that I can earn more using my money than they can pay me for holding the money. Their interest rate is too low. They can do everyday banking all day every year. I can earn money in the magic money market. The barriers to entry have never been so low. You or I can start a business with cheap money and cause even more cheapening of everything.

I am starting to think that the idea of communism is actually extremely capitalistic. Like capitalists would really dig communism, but communists would always be complaining and making excuses.

Crypto is mind bending.

There is nobody on the planet that understands how economics work who doesn't realize that Communism is the future. Communism is fantastic when employed during the right circumstance. That circumstance however, has NEVER existed, and MAY never exist, and can only exist once the supply of every good on the planet exceeds the demand. This is why Star Trek doesn't use money, it's because they are communist, because they have replicators that make any item out of molecules in the air. Need a new shirt? Push the shirt button, need a coffee, hit the coffee button.

The rest of your post proves to me, that you really don't understand economics or what the fed does. They aren't keeping anything cheap, all they are doing is controlling the rate of inflation so it's slow and steady and you don't "feel" it happening.

You can see how much it's happened though, in 1975 a $345,000,000 home in 2018 would have cost ~$7,800. A movie ticket was $2.13 In 1976 it would have cost you $11.04 to take 4 people to the movies, and about $20 with concession. In 2018, it cost 40$ for two tickets and another 20 in concession for half the drinks and candies/popcorns. Think about that; 20$ for a family of 4 in 1976, 58$ for two people in 2018.

Milk used to be under a dollar and be delivered to your door fresh, now it's almost 5$ a gallon and it's pasteurized and you have to pick it up from the store yourself.

The fed isn't keeping anything cheap. By the way; inflation is necessary, there is nothing you can do about it; it's not some kind of scam to keep people poor. As the population increases, so does inflation. More people need slices of the same pie. That's all quantitative easing is. Subdividing your dollars so more people can have dollars. If you want the dollar to be worth more, you need the population of people using the dollar to decrease.

Population of the world in 1976 was 4.1 billion.
Population of the world in 2018 is 7.6 billion.

This is the problem. Over population isn't a problem because of space, or available goods, it's a problem because of economics.

Think about it; when movies made millions they did excellent, today they need to make billions. The cost of making films has gone up, not down. The cost of building homes has gone up, not down. The cost to eat even cheap garbage McDonald's has gone UP not down. Remember the Dollar menu? It's now called the "Value" menu, because everything on it is over a dollar now?

Nothing is cheaper today, everything is more expensive with the exception of Gasoline, and that's because we have SO MUCH CRUDE that we don't use, and the world trades crude in OUR money, effectively the world is subsidizing our gasoline. This is why it cost around 25$ a gallon in Japan, but around $2.40 a gallon in the US.

a reply to: Generation9

No.

That won't happen.

Collapse of Fiat currency is the desired result. It always happens in the end.

How many trillions of debt overburden before theres a reset / adjustment / crash?
I linked you to that other thread about the worlds gubments becoming disillusioned. They already are.

The US can't conquer the whole world, it doesn't have enough ammunition.

originally posted by: intrptr
a reply to: Generation9

No.

That won't happen.

Collapse of Fiat currency is the desired result. It always happens in the end.

How many trillions of debt overburden before theres a reset / adjustment / crash?
I linked you to that other thread about the worlds gubments becoming disillusioned. They already are.

The US can't conquer the whole world, it doesn't have enough ammunition.

I wouldn't go as far to say it's the desired result, it is the inevitable result though. Be it Fiat, be it backed by commodity standard, it doesn't matter. If the population keeps expanding, you have to keep subdividing, the subdivisions are inflation, eventually inflation is so high that the poor can't afford basic goods and then you do a money swap; in which early adopters become rich, and late adopters become the new poor.

It's a problem with economics. There is no economic policy that can scale infinitely to a growing population, especially one with exponential expansion. The amount of living people on the entire earth doubled in 41 years. This is a gigantic economic problem.

If it wasn't fiat, and the USD was still backed by gold, the amount of gold you'd get for a dollar would be so infinitesimally small today that you may not even believe there was any gold at all -- this is why the gold standard was done away with. All it would have done was make it so Gold's value was artificially inflated. Gold didn't change the value of the dollar, the amount of dollars changed the value of gold.

In other words; every money system is fiat except trade and barter.

Having looked into this a bit, it's truly mind boggling. If I had put $20 into Ethereum (another crypto currency) last year, today, it would be worth about $2300.

Are you kidding me?

If, a year ago, you bought a bitcoin for $802, a year later, today, it would be worth over $14,500 (and that's WITH the "crash" that happened).

Seriously?

This is just...insane isn't even the word.