Blockchain and Bitcoin

[biohazard]

I found my wallet on the old drive, it started synchronizing the last 2 years and when it ended it filled my entire HDD, the Bitcoin folder has 90GB, wtf? Is this normal?

Yeah, people usually have like a whole garage filled with computers and drives just to mine the block. And the more you mine, the harder the algorithms get and the more power you may need.

I drive around looking at Christmas lights and all I can think is "Look at how much fucking electricity these crazynuts could be using for Bitcoin or other crypto right now".

 

[biohazard]

 

[Typh0n]

John Mcafee will eat his penis if Bitcoin doesn't rise to 1Million USD by 2020

 

[Lark]

John Mcafee will eat his penis if Bitcoin doesn't rise to 1Million USD by 2020

Yeah, yeah, are you investing though? Is anyone on the forum investing? The only person who I thought was definitely buying shares was the guy who was committed to the gold standard among other loony libertarian dogmas.

 

[Typh0n]

Yeah, yeah, are you investing though? Is anyone on the forum investing? The only person who I thought was definitely buying shares was the guy who was committed to the gold standard among other loony libertarian dogmas.

I don't have enough to invest. Investing does require some capital which I don't have...at least not right now, I'm gonna keep an eye on it though.

I just thought the story was worth sharing.

Who was that guy?

 

[Lark]

I don't have enough to invest. Investing does require some capital which I don't have...at least not right now, I'm gonna keep an eye on it though.

I just thought the story was worth sharing.

Who was that guy?

I dont remember now to be honest, I posted another thread in a different part of the forum on finance when I was interested in Fintest for the first time.

Which makes me think, were is Tellenbach these days?

 

[Typh0n]

I dont remember now to be honest, I posted another thread in a different part of the forum on finance when I was interested in Fintest for the first time.

Which makes me think, were is Tellenbach these days?

I dunno, I wonder what Tellenbach thinks about crypto.

 

[Lark]

I dunno, I wonder what Tellenbach thinks about crypto.

Yeah, me too, the more he was a dogmatic libertarian he seemed to be more into his hating the poor and destitute than he was into plots and schemes to reshape things.

 

[Typh0n]

I'd thought about posting a thread about it, I did post another thread about investments which kind of took a derail into some guy ramping gold over and over.

The straight thing about bitcoin and blockchain is that if ask the crazies who attack so called fiat currency as a lie, they are able to accept bitcoin and blockchain alright, surprising, considering that the reasons they attack fiat currencies is largely the same issues with blockchain and bitcoin.

That's not my opinion though, I've not invested in either bitcoin or blockchain, dont know enough about them.

Well, I think what pro-gold people who are often Austrian economists though that's an absolute rule, reproach fiat currency is that its in the hands of bankers and governments, who btw in our world are working together, you can practically even call some banks like hsbc an organ of the Chinese government, but gold is harder to manipulate by institutions as a standard of value, so in a way Bitcoin and crypto is something that resembles gold in that they fight the power of crony capitalism.

Lenin said that inflation was gonna be the surest and fastest end of capitalism, I've read up on the subject and it is indeed malicious, Lenin said that because he was hoping inflation would sabotage capitalism by taking people's wealth away so that they would blame the system and in his hopes embrace Marxism, hoping that people would not distinguish between property and money since to most people they equal the same thing having not know another economic system than our own.

So it's more about challenging the system, than it is about having stable value, both gold and crypto, though you have a point that they are like two opposites, crypto is for speculation and is thus extremely volatile whereas gold is for stable value.

 

[Justin of Flavia Neapolis]

Yeah, yeah, are you investing though? Is anyone on the forum investing? The only person who I thought was definitely buying shares was the guy who was committed to the gold standard among other loony libertarian dogmas.

Hey I resemble that remark.

But, no. I didn't buy any cryptos. Mostly just lead and precious metals, some in traditional fiat investments . If NK (or anyone, really) decides to EMP us, kiss all your bits/fiat goodbye.

I keep hearing the strawman about PMs being "investments" and I keep saying it over and over again. PMs are not investments. They are a hedge against inflation because they hold value relatively well against fiat. I have nothing against fiat, I just use it to pay bills and food. But, to maintain wealth, I'd rather stack physical (not paper).

Not saying you have to. I'd rather you didn't because that would mean more PMs for me, but TBH I give away more than I convert into PMs.

All I'm saying is look at the U.S. National Debt Clock : Real Time link below and scroll to the bottom and check the price per ounce, then look at what Wall Street prices per ounce.

Gold and Precious Metals

There is something rotten in the state of Denmark.

| National Review

“Paper is poverty,” Jefferson in turn observed in 1788. “It is only the ghost of money, and not money itself.”

I have to add to that: Digital currency is even more a ghost of money than paper is. At least you can use paper to wipe after a shite.

 

[biohazard]

I have some invested in Litecoin, Bitcoin, and Ethereum. About 5% of my allotted budget. Just for the sake of diversification.

 

[Typh0n]

I have some invested in Litecoin, Bitcoin, and Ethereum. About 5% of my allotted budget. Just for the sake of diversification.

Yeah, not putting all your eggs in one basket is a good strategy.

 

[biohazard]

Yeah, not putting all your eggs in one basket is a good strategy.

Hehe, yes. I took from my gambling budget too, figured that the hype over these cryptos totally warranted it. 🤣

 

[Typh0n]

Hehe, yes. I took from my gambling budget too, figured that the hype over these cryptos totally warranted it. 🤣

Las Vegas isn't happy.

But speculating is better than gambling, if you wanna make money. I think gambling should be more a social thing, not a way to make money...

 

[biohazard]

Las Vegas isn't happy.

But speculating is better than gambling, if you wanna make money. I think gambling should be more a social thing, not a way to make money...

RIP Vegas.

Yeah I agree. Its actually is a social thing since most of my friends gamble or party at the casinos here. Hence me having it in my budget. I'm a conservative gambler though (only spend like 10$ when I go) so that money usually goes elsewhere to either my stock portfolio or savings.

 

[ChocolateMoose123]

I have read Bitcoin: the Future of Money? by Dominic Frisby about six months ago. I had heard about it before but it seemed to me like some unstable object of speculation and nothing more.

I know Antonopoulos also has a book on Bitcoin but I haven't got around to reading that one yet.

I don't feel ready to open a Bitcoin wallet, feel like I need more info. While this is all very interesting, cryptocurrencies are still in their infancy, and aren't being used for much except illicit activities at this point. Still, the price seems only to be going up in the long-term so it's worth looking into.

I don't see how it can be more than what it is. If it gets big enough, what is to stop the government from regulating it? You pay for goods and services with it those goods are taxed. I just don't see how it can get around not 'rendering unto Ceaser's the things that are Ceasers' especially when or if it gets that big, there is no protection for the consumer and as much as we blame the government for regulatory practices, a lot of consumers complain to make those things happen.

I guess I see this as re-inventing the wheel but driving down the same path that paper money did but I would love for someone to enlighten me on it. To my discredit, I do not know as much as I should about it.

 

[Typh0n]

I don't see how it can be more than what it is. If it gets big enough, what is to stop the government from regulating it? You pay for goods and services with it those goods are taxed. I just don't see how it can get around not 'rendering unto Ceaser's the things that are Ceasers' especially when or if it gets that big, there is no protection for the consumer and as much as we blame the government for regulatory practices, a lot of consumers complain to make those things happen.

I guess I see this as re-inventing the wheel but driving down the same path that paper money did but I would love for someone to enlighten me on it. To my discredit, I do not know as much as I should about it.

How could it be taxed? It is de-centralized and under the control of no single entity. In any case, the fact it is not used for buying but for speculation makes transactions hard to control, since there are very few people trading their Bitcoin directly into goods.

I guess they could outlaw its use. I think this has been tried in a few countries. But what does that stop? The system is unbeatable as far as hacking goes, so how does a government control who owns it and who doesn't anyways? Yeah, I guess they can spy on people and see who uses Bitcoin related sites, but this would require legally declaring they are resorting to mass surveillance. North Korea already does this with Youtube.

You would have to basically get people to declare legally they are using Bitcoins if you want to tax it. Kinda like a property tax. How much they have, and then they pay a tax on it. But I wish you good luck getting any crypto-enthusiast to declare anything to the government when they can pass under the radar.

 

[Lark]

How could it be taxed? It is de-centralized and under the control of no single entity. In any case, the fact it is not used for buying but for speculation makes transactions hard to control, since there are very few people trading their Bitcoin directly into goods.

I guess they could outlaw its use. I think this has been tried in a few countries. But what does that stop? The system is unbeatable as far as hacking goes, so how does a government control who owns it and who doesn't anyways? Yeah, I guess they can spy on people and see who uses Bitcoin related sites, but this would require legally declaring they are resorting to mass surveillance. North Korea already does this with Youtube.

You would have to basically get people to declare legally they are using Bitcoins if you want to tax it. Kinda like a property tax. How much they have, and then they pay a tax on it. But I wish you good luck getting any crytpo-enthusiast to declare anything to the government when they can pass under the radar.

Because of the expenditure in running the computers what mine bitcoin its becoming a bunch of big monopolies, it'll be easy to identify them and tax them soon, an energy tax would be a good indirect tax if you dont want to go after the revenue directly as income or capital gains.

- - - Updated - - -

 

[Typh0n]

Because of the expenditure in running the computers what mine bitcoin its becoming a bunch of big monopolies, it'll be easy to identify them and tax them soon, an energy tax would be a good indirect tax if you dont want to go after the revenue directly as income or capital gains.

Shhhhhht don't give them bad any ideas. Who knows who reads this forum.

 

[ChocolateMoose123]

How could it be taxed? It is de-centralized and under the control of no single entity. In any case, the fact it is not used for buying but for speculation makes transactions hard to control, since there are very few people trading their Bitcoin directly into goods.

I guess they could outlaw its use. I think this has been tried in a few countries. But what does that stop? The system is unbeatable as far as hacking goes, so how does a government control who owns it and who doesn't anyways? Yeah, I guess they can spy on people and see who uses Bitcoin related sites, but this would require legally declaring they are resorting to mass surveillance. North Korea already does this with Youtube.

You would have to basically get people to declare legally they are using Bitcoins if you want to tax it. Kinda like a property tax. How much they have, and then they pay a tax on it. But I wish you good luck getting any crytpo-enthusiast to declare anything to the government when they can pass under the radar.

Ok. I’m thinking down the line of it being used for purchases of cars, homes just like any other currency. Something where taxes do come into play and people have to show/report how they aquired it. As is, Bitcoin looks like a perfect money laundering tool. I’m probably missing something.

You’re saying Bitcoin is an alternative stock market that is unregulated. Currency is exchanged, although unprotected and you can pull out of investment to get your returns. Right?