This was an interesting article regarding the technology behind the rise of bitcoins. That even if 'bitcoin' per se suddenly disappeared tomorrow, it started something that won't easily disappear.
"Bitcoin Will Go To A Million Dollars"
- Thread starter dnb21
- Start date
This was an interesting article regarding the technology behind the rise of bitcoins. That even if 'bitcoin' per se suddenly disappeared tomorrow, it started something that won't easily disappear.
i don't have to buy into lukep's doomsday scenario to think that bitcoin will go really high. all hype aside, i don't think bitcoin is going to be the next world currency while everything else becomes obsolete, i just think there will be a very big demand for it like there will be for gold and it will become a little more widely used then it will even out or even plummet after it peaks. the fiat currencies will come back but they must necessarily go through a depression when these debt bubbles finally pop. when that happens, people will be scrambling to save their money. the entire US, not even considering demand outside of the US from other countries who's shit is tied to the dollar, scrambling to get out of fiat is enough to push bitcoin and gold up to crazy levels assuming bitcoin doesn't get harshly regulated or overtaken by another digital currency. maybe even to a million. if shit goes down this way, nothing in history will have ever become that scarce or needed because everybody that is in fiat will watch their shit burning away as markets and currencies experience the recession they were supposed to experience a long time ago. people will try to grab onto something else to stay afloat as fast and as much as they can. it makes perfect sense to hop off bitcoin when it's crazy high. it would be pointless to ride it up to its highest peak then just sit on it and watch it drop again when things stabilize. it's not going to stay at a million dollars or whatever level it jumps to forever just like gold won't stay at whatever it jumps to. we prolly will have a global currency eventually but it won't happen this soon and it prolly won't be bitcoins. now i understand why people think lukep is crazy
prolly won't be the 'official' world currency. more like the 'underground' currency. the IMF is already working on a global federal currency called SDRs (Special Drawing Rights):
Killing the Dollar: G20 & IMF Push for Global Fed, Global Currency
IMF Pushes Plan to Plunder Global Wealth
idk dude. there's so many variables there when you consider everything that in the end i guess buying bitcoin is just kind of a gamble. you can't really predict how an entire population of people will respond. it'll def be interesting to see how things play out. can't hurt to buy at least a couple thousand worth and sit on them just in case they become worth a couple mil out of a sudden massive global demand later on, just my opinion. bitcoin has already shown that it has the capacity to multiply in value at least that much. or go balls deep in bitcoin and wait for either the best or worst day of your life.
Twist: Bitcoin is actually the global currency that the NWO has been working on, and "Satoshi" is just a codename for the government group that created it.
:stonedsmilie:
He said the state can always avert total bankruptcy with coercion.
Rothbard from Man Economy & State said:
I cannot fully agree however, seeing how so many empires and kingdoms that are no longer with us today died from bankruptcy.
He'd certainly be wrong about the Roman & Bourbon empires. Probably the Ottomans, Hapsburg, and Venician empires too.
The USSA in 2013 is almost the mirror image of the Cesears' bankrupt, bread-and-circus dependent culture.
Wealthier in technology, but far more loaded down with debt. The debt stops them from achieving their goals (yes, even peasently goals) and now with the internet, people are even starting to see all the lies of the wealth that they were promised but are not getting.
It's completely unsustainable. Even the lowest of sheeples today are unhappy about all the lies like obombacare.
I understand it is their JOB to; but lately they haven't been doing that much contracting. If they even attempt to stop the QE wall street would throw a shit-fit like we've never seen... Not that I care what they think, but I think the fed might.
You'd be wrong about that too. I'm well aware that the banks create most of it through FRL, but the QEs are clearly necessary to keep bad shit from happening.
Meanwhile, all the extra inflation is leading us down the exact same path ancient Rome went down.
Paul was just a bit early; that doesn't make him wrong:
This chart only mentions the $17 Trillion ON the books... But we know very well the unfunded liabilities total that number up to around $200 Trillion... A number that is far beyond any possibility to satisfy.
You think that shit is going to be just fine for much longer? As I said, you're insane.
Your mind was hammered with too many years of miss-starts & gold-salesmens' oversimplifications, and now you're too gun-shy to believe that fatal problems can ever happen to an economy like the USA's.
It can, and it's 100% unavoidable. No amount of coercion can stop these levels of debt.
What you have is the downside of knowing deep down that there is a major problem, but then burying yourself in videogames with both fingers fully inserted in your ear canals.
Your denial is a hindrance to mankind's freedom. Snap out of it!
Oh the irony!
And no, it's only more powerful than that until the money runs out.
~PLA
They're damned if they do and damned if they don't! If they destroy it they just make my coins more valuable, but if they sell it they help legitimize bitcoin... In fact, it's not like there's an american exchange with the kind of liquidity it takes to cash that much out from anyway!
Guess they'll have to sit on it until they hatch some devious plan.
Too bad you're not Canadian, eh? Not only have they already rolled out one of their 6 ATMs, doing very good business, but they've even got the debit card worked out now:
[ame=http://www.youtube.com/watch?v=sP68npZMBzI]BTC to Debit Cards with VirtEx ! - YouTube[/ame]
lulz at this chart. That blue section at the top labeled "dot com surplus" had nothing at all to do with that. Congress balanced the budget in the 90's and so for a few years the government actually spent less money than they brought in and began to pay down the national debt, until 9/11. Remember that one of the many conspiracy theories about 9/11 is that there needed to be major event to get the US back headed in the wrong direction financially because "Teh Juice".
the day some arbitrary concept quits "working", grains stop growing, nuclear reactors go on strike, water tells gravity to suck it. sounds legit.
You betcha! All 350 million of you Murkicans will soon be without food, water, and electricity.
Then of course that will ripple, so all 7 billion of us will be without food, water, and electricity.
Time to turn Youtube off, dude.
^
idk. i can't really see the 'no power, running water, food supply' scenario happenin. probably more like what happened in cypress where ppl's savings are decimated in half and in some cases wiped out. A domino effect occurs, country after country, and the IMF (and their SDRs (Special Drawing Rights)) steps in. Definitely sucks, but as far as I know, ppl in cypress still have running water, food, and power? Definitely sucks tho...
idk. i can't really see the 'no power, running water, food supply' scenario happenin. probably more like what happened in cypress where ppl's savings are decimated in half and in some cases wiped out. A domino effect occurs, country after country, and the IMF (and their SDRs (Special Drawing Rights)) steps in. Definitely sucks, but as far as I know, ppl in cypress still have running water, food, and power? Definitely sucks tho...
What is truly baffling me is why the fuck anyone would want to pay using Bitcoin. If I purchased a $20k car a few weeks ago using Bitcoin it would have set me back 100 BTC (approx), today it would cost me less than 50 BTC, so why the fuck would anyone spend it? Seems ridiculous to have a "currency" that is a wildly moving target.
so youd rather not hold an asset that has potential for growth because you might feel bad about yourself if you sold at the "wrong" time? that losers mentality.
Wrong. You don't know the most basic Austrian theory on sovereign default.
Rothbard said there were two ways to resolve the debt, you could inflate until the currency is worthless (LukeP Malthusian doomsday scenario) or you could repudiate the debt (jilt everyone you owe money to).
The latter scenario is what most countries do when shit hits the fan and what Rothbard recommended rather than inflating the currency away.
Governments and kingdoms don't die from bankruptcy. I am not even sure you understand what bankruptcy is.
We've covered that you don't understand the economics, now you don't understand political philosophy. Despite my linking it several times, you didn't read Etienne de la Boetie's "Discourse on Voluntary Servitude". Probably because you're one of those libertarians who can't be bothered with things like reading and thinking.
Governments, kingdoms collapse when the people lose confidence in them. People lose confidence in these "institutions" when they can no longer deliver what the people have come to expect from them. Thankfully, with technological growth and coercion, states can deliver almost anything, to anyone these days.
More rhetoric. You weren't alive during Caesar's time. I am not sure how you could possibly make any cultural comparisons with a straight face.
I don't have any debt. My family doesn't have debt.
Sure regular folks have debt. But regular folks 300 years ago subsistence farmed and died during droughts. People wore 3rd generation hand me down clothes. They actually darned their socks.
You're not seeing the big picture, you're just repeating the lines of the great libertarian marketers. To be in the cult, you have to adopt their worldview. You have to see mankind in this never ending death spiral under the state which is simply not the case.
They can contract any time, and that blows all of your doomsday scenarios out of the water.
Can you explain mechanically how FRL works? QE?
That's irrelevant though. They can just revise the future payouts, or stop paying out. That is future "guaranteed" economic benefit. It's not money they absolutely have to spend at all costs.
I don't think I am insane. All they have to do is change how much is paid out. We did it in Canada when our system was unsustainable (albeit at a smaller scale). People simply get less than they expected and were promised, expectations adjust and life goes on.
By your own admission, you're not making money right now, and you're as obsessed as ever with Bitcoin.
That's the Malthusian fantasy. Whether people realize it or not, obsession with overpopulation (explicitly Malthusian) or global warming, or peak oil, or the rain forests, or acid rain, or bird flu, or global economic collapse etc are all based on the premise that the world can objectively sustain only X, and the end of X signals the end of man.
If I had to stereotype, these are people who hang out in niche communities, who watch documentaries, people who generally don't read, who are more neurotic than autistic.
I don't think that is what he is saying.
Deflation alters spending patterns, just as surely as inflation does.
hes just confused about currencies, stocks, bitcoin that is somehow in between and his mind cant comprehend it, and other financial instruments. mix in some ideology about what should and shouldnt be and you get such a mangled statement.
How can the federal reserve contract their money supply so quickly? from the quick research i've done it seems like the money supply grows at a much faster rate than contracted. For example, with a reserve rate of 20%(random made up rate), a 100 $ goes to about 500$. So to contract money supply interest rates go up but to lets say 33%. Theres still 500$-(500$*.33) - 100$ = 235$. of FRL money. Then i assume the rest is bought off via government securities. Who buys these securities? considering it would be a huge amount when u consider the bigger picture.
You're confusing FRL with QE.
FRL doesn't increase the aggregate money supply as much as QE does.
Banks buy government securities, then deposit them back with the FED as reserves.
Read Rothbard's "What has government done to our money" available as a free PDF online.
Does FRL = Fractional Reserve Lending?
If so, from my understanding, FRL accounts for approx 93% of our currency supply whereas straight Fed monetization (ex: QE) accounts for the other 7%.
Is this not the case?