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Thread: RIP Bitcoin

  1. #301
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    Quote Originally Posted by jabir View Post
    Can't see it being a Ponzi, which demands an unsustainable number of subscribers to fuel growth. Basically, there are only so many BTC in existence, a specified number 'mined' each year and when it reaches 21 million in 2140 the 'plates' will auto self-destruct to prevent further mining. It's far more complicated than that and way beyond me, but the concept and processes seem to be so well considered that this may be why it took off in the first place.

    As one writer put it: I am skeptical that there will only ever be 21 million coins. I don't know of many instances in history when money could be created out of thin air and wasn't. It is foolish to ignore history. Whether or not there will be more than 21 million coins depends on whether or not "the people" demand it, and history is our guide."

    Paraphrasing another: The 21 million limit is game theory. If say a group of miners used code to increase the limit or rate of production, this would harm the integrity of bitcoin and crash the price. So if any group could do it this is the motivation not to do so unless their aim is to crash the price or destroy the currency.

    7 years ago you could stock up at $0.08; now $8k. No science, it's value is rising much like any supply/demand market, because more people are chasing a finite supply.
    Hardly a ponzi scheme, quite the opposite, there is a transparent accountability factor along with the inherent security which comes from the high level military cryptography.
    It is cheaper to mine bitcoins honestly than to try a hack of the system, interesting paradox hey. Completely contrary to current fraudster government controled central banking.
    Bitcoin represents a true social revolution. The decentralized currrency aspects are what make it possible and Bitcoin is simply the foundation of many innovations currently being developed.
    This is actually bigger than the internet in terms of future applications.

  2. #302
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    Mark Dixon is not one to miss out...

  3. #303
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    Quote Originally Posted by Pattaya Plies View Post
    Mark Dixon is not one to miss out...
    Gay porn star, Mark Dixon?

  4. #304
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    Quote Originally Posted by Mr Earl View Post
    It is obvious ya really don't understand what is going on, on many levels it seems.

    Here's a link to give you a clue about the global distribution of Bitcoin nodes and how it works.
    https://bitnodes.earn.com
    it's obvious you do not understand monetary policies and the role of money,

    which proves exactly my point, the whole thing attracts the wrong people, with little or no education, dreamers, scammers etc...

  5. #305
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    Quote Originally Posted by jabir View Post

    Paraphrasing another: The 21 million limit is game theory. If say a group of miners used code to increase the limit or rate of production, this would harm the integrity of bitcoin and crash the price. So if any group could do it this is the motivation not to do so unless their aim is to crash the price or destroy the currency.

    7 years ago you could stock up at $0.08; now $8k. No science, it's value is rising much like any supply/demand market, because more people are chasing a finite supply.
    it's exactly what it is, it's a game

    coins and objects in online RPGs will see value of their coins and "virtual" money take off and become expensive in real currency terms

    that is until the game ends, and then it's all worthless

    I am sure most of the guys in Bitcoin were D&G fans and would exchange or buy overpriced items to fuel their interests in the game

    50 years later, same same but different

  6. #306
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    Quote Originally Posted by Mr Earl View Post
    Gay porn star, Mark Dixon?
    IWG PLC

  7. #307
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    Quote Originally Posted by Dragonfly View Post
    it's obvious you do not understand monetary policies and the role of money,

    .
    I only understand the obvious scam of the US government to print irresponsibly 20 trillion USD to fund out of control government spending. Effectively devaluating the currency and robbing people of their savings. And place every household of 4 into one million dollars of debt.
    Since 1913 the Federal Reserve has devaluated the USD 98%. In addition to funding global war for the past 100 years!

    And you are trying to tell me bitcoin is a scam!

  8. #308
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    It’s a case of Jesus Heist Almighty as the shine is taken from what should have been a golden week for bitcoin.
    Bitcoin reached a landmark valuation of $8,000 for the first time but that achievement has been mired by revelations that hackers stole more than $30m worth of bitcoin from digital currency start-up Tether.
    The development also casts shade on the rise of ICOs as a legitimate funding mechanism.
    Tether’s cryptocurrency is USDT, which is linked to the US dollar. On its website, Tether confirmed that $30,950,010 worth of USDT was stolen from its core treasury wallet.
    “$30,950,010 USDT was removed from the Tether treasury wallet on 19 November 2017 and sent to an unauthorised bitcoin address. As Tether is the issuer of the USDT managed asset, we will not redeem any of the stolen tokens, and we are in the process of attempting token recovery to prevent them from entering the broader ecosystem.”
    It warned users that not to accept the tokens if they are offered them, as they have been flagged and will not be redeemable by Tether.
    Bitcoin bitten

    As the heist from Tether’s wallet became known overnight, bitcoin dropped as much as 5.4pc – the most it has dropped since 13 November.
    Little detail on how the hackers succeeded in taking the USDT was revealed but Tether said it is releasing a new version of the Omni Core software client to lock up the tokens that were stolen.
    “Tether issuances have not been affected by this attack, and all Tether tokens remain fully backed by assets in the Tether reserve. The only tokens that will not be redeemed are the ones that were stolen from Tether treasury yesterday.
    “Those tokens will be returned to treasury once the Omni Layer protocol enhancements are in place,” Tether said.

    https://www.siliconrepublic.com/ente...ackers-bitcoin

  9. #309
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    Quote Originally Posted by Mr Earl View Post
    I only understand the obvious scam of the US government to print irresponsibly 20 trillion USD to fund out of control government spending. Effectively devaluating the currency and robbing people of their savings. And place every household of 4 into one million dollars of debt.
    Since 1913 the Federal Reserve has devaluated the USD 98%. In addition to funding global war for the past 100 years!

    And you are trying to tell me bitcoin is a scam!
    That is the price for an education.

  10. #310
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    Quote Originally Posted by Mr Earl View Post
    I only understand the obvious scam of the US government to print irresponsibly 20 trillion USD to fund out of control government spending. Effectively devaluating the currency and robbing people of their savings. And place every household of 4 into one million dollars of debt.
    You do realize that US Treasury debt has more to do with money supply than government deficit

    and government funding and deficit can actually play a positive role, by building schools, hospitals etc...

    not sure your private BitCoin holders would finance such nice assets even for a low interest rate

  11. #311
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    let's entertain for a minute the dreams of the Bitcoin fans,

    let's imagine a world with no more money, it's all Bitcoin, hard cash bitcoins, all held privately by citizens of the world

    how does a government function then ? let's say they need to borrow money, but no more bitcoins available, so they ask to borrow Bitcoins on the "market", what do you think the interest rates would be ? 2% for 20 years ? of course not, more like 200% per year

    a world of bitcoin is a world with no more functioning public services, a dream come true for Libertarians, Anarchists, and right wing lunatics

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    Quote Originally Posted by harrybarracuda View Post
    It’s a case of Jesus Heist Almighty as the shine is taken from what should have been a golden week for bitcoin.
    Bitcoin reached a landmark valuation of $8,000 for the first time but that achievement has been mired by revelations that hackers stole more than $30m worth of bitcoin from digital currency start-up Tether.
    The development also casts shade on the rise of ICOs as a legitimate funding mechanism.
    Tether’s cryptocurrency is USDT, which is linked to the US dollar. On its website, Tether confirmed that $30,950,010 worth of USDT was stolen from its core treasury wallet.
    “$30,950,010 USDT was removed from the Tether treasury wallet on 19 November 2017 and sent to an unauthorised bitcoin address. As Tether is the issuer of the USDT managed asset, we will not redeem any of the stolen tokens, and we are in the process of attempting token recovery to prevent them from entering the broader ecosystem.”
    It warned users that not to accept the tokens if they are offered them, as they have been flagged and will not be redeemable by Tether.
    Bitcoin bitten

    As the heist from Tether’s wallet became known overnight, bitcoin dropped as much as 5.4pc – the most it has dropped since 13 November.
    Little detail on how the hackers succeeded in taking the USDT was revealed but Tether said it is releasing a new version of the Omni Core software client to lock up the tokens that were stolen.
    “Tether issuances have not been affected by this attack, and all Tether tokens remain fully backed by assets in the Tether reserve. The only tokens that will not be redeemed are the ones that were stolen from Tether treasury yesterday.
    “Those tokens will be returned to treasury once the Omni Layer protocol enhancements are in place,” Tether said.

    https://www.siliconrepublic.com/ente...ackers-bitcoin
    so much for being a secure technology, giving back control of money to the citizens of the world

    more like a honey pit for all kinds of criminals

  13. #313
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    Quote Originally Posted by harrybarracuda View Post
    It’s a case of Jesus Heist Almighty as the shine is taken from what should have been a golden week for bitcoin.
    Blah blah blah
    This has precious little to do with actual bitcoin.
    The price of bitcoin will rise and fall 10% during the course of a day normaly.

    There are dozens if not hundreds of dodgy ICO's out there, while bitcoin itself is quite secure and inpenetrable security wise. Individual wallets and exchanges not always and are sometimes, albeit rarely hacked.

  14. #314
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    Quote Originally Posted by Mr Earl View Post
    Effectively devaluating the currency and robbing people of their savings.
    that's partially true, but think that we had a great recession in 2008 and we have large cycles of growth and trough, the price of aggressive economic development. It's a valid question. Should we stop it all and return to the middle age ? some would like to, others don't.

    But what about the alternative ? let's say the Fed didn't intervene in 2008, where would be now ? interest rates would be around 25%, no business for anyone, complete collapse of economic activity. With no income, there is no savings, that's you fucked in your savings too. You need to eat so you spend it all on food.

    At 25% interest rates, public services would collapse, it would be complete cahos out there. Think Zimbabwe as a modern example of it. Next to be a reality for the UK after Brexit.

    So yes, it's not great, but the alternative was far worst. And bitcoins would make Zimbabwe hyper inflation feels like the good old days.

    You and you bitcoin fans have no fucking clue how the complex banking system works and how useful it is in everyday purchases. You assume a lot of things and think you have it all figure it out simply on your "superficial" knowledge of money and how it circulate in our system.

    Look at the damage Lehman brothers did as a mini-central bank of its own, think of this if you multiply it by 100. There will be nothing left. No even electricity to mine your precious bitcoin, let alone to exchange it on the fucking Internet

  15. #315
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    Quote Originally Posted by Mr Earl View Post
    The price of bitcoin will rise and fall 10% during the course of a day normaly.
    that just prove how unstable it is, and you want to bet your entire life functioning around that currency ?

  16. #316
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    ^ no electricity, then we would be having much bigger problems than worrying about crypto currency.

    Like food, water, medicine, though if you knew how to survive for weeks or months with no food or water you would have an advantage.

  17. #317
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    Quote Originally Posted by Dragonfly View Post
    that just prove how unstable it is, and you want to bet your entire life functioning around that currency ?
    Nope it just proves that a free market is functional..

    Remember we are just in the very early days of bitcoin, the growing pains are making it stronger.

    Quite unlike the USD which grows weaker day by day, with out of control money supply and crooked bankster/fraudster accounting

  18. #318
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    Quote Originally Posted by Mr Earl View Post
    bitcoin itself is quite secure and inpenetrable security wise.
    It's a bit like your spelling. There is bound to be a vulnerability somewhere, and someone (probably organised crime) will find it and exploit it.


  19. #319
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    Quote Originally Posted by jabir View Post
    7 years ago you could stock up at $0.08; now $8k. No science, it's value is rising much like any supply/demand market, because more people are chasing a finite supply.
    It is not a "finite supply". The digital tokens are being conjured up on a daily basis and the conjurors are paying their own/ citizens wealth/money to create more and more and more tokens of "value" every day.

    This "new" technology, IMHO, started because some wanted a way to pay for everything and anything inside a hidden/secret/black hole. Untraceable and mysteriously. The second surge was when an person of mystic suggested he/she would create a system of digital tokens of value, which had a numerically set amount of tokens.

    Surge No.1

    The secrets and opaqueness has now disappeared, all token owners and exchanges can be and will be recorded. Try registering at an "exchange" without supplying multiple, personal information. Some legislators are already suggesting if the owner of the tokens cannot explain how they obtained their tokens they will be taxed. If one tax jurisdiction can actually achieve this then all the others can.

    Surge No.2

    The limited number of tokens would have, if continued as a fixed number, increased the value of the individual tokens due to increasing demand/defined supply. Unfortunately not only has the original token now be made devisable. One can purchase a 0.1, 0.001 and even 0.0001 of a token it seems. The number of purchasable tokens has been multiplied xxx time. In addition there are now multiple tokens avaailable, all with alleged superiority in some way. There are "forks" and other types of "splits", all with new curious names, which no render the advertised "Limited/numerically defined supply the "token of value" limitless.

    Lastly there is the current pressure by governments, world wide, to ensure less and less citizens actually handle real paper or coin tokens of money. This leads to the acceptance of citizens to become immune from the budget restraint of having any paper or coins in their real wallets. We have also seen the actual losses of people of their allegedly own money stored in banks, taken from them at a time of government/financial crisis, never to be returned.

    If you are happy accepting that your bank can just turn off your debit/credit card in an instant, that government departments can tax or confiscate your money held in a bank account to pay for fines, fees or taxes in an instant and your only recourse is to try, constantly being revised, legal route to gain access your are welcome to it. Anyone who has had any dealings with their government funded taxation department knows how costly, long and tedious that can be before any "discrepancy" resolution.

    Some here have seen throughout history where politicians, bankers and religious leaders have stolen citizens wealth by using illegal actions or have decided to change long standing agreements with their citizens in favour of the chosen ones.

    What token you choose to be your own "measure of value" is your choice. A number in an electronic wallet, a number on your paper monthly bank statement. a number of old masters in your mansion, a list of your victims you can blackmail or the size/quality/expertise/age profile of you Issan rental harem.....

    But the "coins" have gone up today - digital ones, green USD federal notes and others have gone down today - golden shiny ones, red and purple GBP BOE notes notes.... Tomorrow they may reverse.

    Some are being amused at the dogs scrabbling for a morsel or two. Don't play their game.
    Last edited by OhOh; 21-11-2017 at 06:08 PM.
    A tray full of GOLD is not worth a moment in time.

  20. #320
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    Quote Originally Posted by harrybarracuda View Post
    It’s a case of Jesus Heist Almighty as the shine is taken from what should have been a golden week for bitcoin.
    Bitcoin reached a landmark valuation of $8,000 for the first time but that achievement has been mired by revelations that hackers stole more than $30m worth of bitcoin from digital currency start-up Tether.
    The development also casts shade on the rise of ICOs as a legitimate funding mechanism.
    Tether’s cryptocurrency is USDT, which is linked to the US dollar. On its website, Tether confirmed that $30,950,010 worth of USDT was stolen from its core treasury wallet.
    “$30,950,010 USDT was removed from the Tether treasury wallet on 19 November 2017 and sent to an unauthorised bitcoin address. As Tether is the issuer of the USDT managed asset, we will not redeem any of the stolen tokens, and we are in the process of attempting token recovery to prevent them from entering the broader ecosystem.”
    It warned users that not to accept the tokens if they are offered them, as they have been flagged and will not be redeemable by Tether.
    Bitcoin bitten

    As the heist from Tether’s wallet became known overnight, bitcoin dropped as much as 5.4pc – the most it has dropped since 13 November.
    Little detail on how the hackers succeeded in taking the USDT was revealed but Tether said it is releasing a new version of the Omni Core software client to lock up the tokens that were stolen.
    “Tether issuances have not been affected by this attack, and all Tether tokens remain fully backed by assets in the Tether reserve. The only tokens that will not be redeemed are the ones that were stolen from Tether treasury yesterday.
    “Those tokens will be returned to treasury once the Omni Layer protocol enhancements are in place,” Tether said.

    https://www.siliconrepublic.com/ente...ackers-bitcoin
    Biggest known heist in history and it drops 5% only to recover and hit new highs.

    In the case of stolen bitcoins they should be easier to identify and render worthless than cash stolen from or by a bank.

  21. #321
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    Quote Originally Posted by Mr Earl View Post
    Nope it just proves that a free market is functional..

    Remember we are just in the very early days of bitcoin, the growing pains are making it stronger.

    Quite unlike the USD which grows weaker day by day, with out of control money supply and crooked bankster/fraudster accounting
    if it was functional, it wouldn't need to make 10% a day swings

    free market is a myth, you should know that by now

    everytime the word "free" is somewhere, someone will be there to exploit it or steal it

    just like your precious bitcoins

  22. #322
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    Quote Originally Posted by jabir View Post
    Biggest known heist in history and it drops 5% only to recover and hit new highs.
    which just prove that the bitcoin market is irrational and drinking the Kool Aid, and their participants have no clue what they have or bought

    a big event like that should be a like stone in a quiet lake, but no not here in the teletubie world of bitcoins

  23. #323
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    Quote Originally Posted by Dragonfly View Post
    which just prove that the bitcoin market is irrational and drinking the Kool Aid, and their participants have no clue what they have or bought

    a big event like that should be a like stone in a quiet lake, but no not here in the teletubie world of bitcoins
    That's because it hasn't any relation to bitcoin other than it was bitcoin stolen from a dodgy ICO.

    If someone steals $500 cash from you, is the $500's fault?

    Seems like bitcoin's detractors are getting stupider by the minute.

  24. #324
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    I would appreciate it if butters let the forum know when he starts to buy bitcoin, it will serve as my signal to sell.

  25. #325
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    Quote Originally Posted by jabir View Post
    Biggest known heist in history
    whaaaa .... are you too young to have heard of MtGOX ?

    anyway - the bitfinex / USDT saga is highly suspucious - there has been criticism of them for the past few months and they were supposed to have their finances audited and published - but the results were not very transparent
    many people think this "hack" is an inside job to hide something

    the onther main story over the last 24hours is a scam coin called confido , where the main man has disappered and it has been confirmed that the identity he was using was stolen

    the USDT issue may cause some dive ( it did cause a small one last lnight , since recovered ) in the BTC price as people run away - will have to see how far the USDT thing unravels - though the hard fork should have made the USDT's stolen worthless , but if there is any underlying malfeasance exposed it should cause a shock to all the alts

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