90% of pol does not realize the implications Bitcoin has

90% of pol does not realize the implications Bitcoin has

Other urls found in this thread:

news.bitcoin.com/fedcoin-u-s-issue-e-currency/
cointelegraph.com/news/russian-bitcoin-will-be-countrys-only-freely-tradable-crypto-sberbank-ceo
money.howstuffworks.com/personal-finance/debt-management/credit-card.htm
youtube.com/watch?v=UgVXl2sskpU
medium.com/harvard-business-school-digital-initiative/will-ethereum-be-the-platform-that-successfully-brings-blockchain-into-the-mainstream-d2c9b035742c
cointelegraph.com/news/suddenly-vladimir-putin-meets-vitalik-buterin-endorses-ethereum
en.wikipedia.org/wiki/Post-quantum_cryptography
twitter.com/NSFWRedditImage

Bitcoin shouldn't exist, only the State must control the economy.

>France
You don't matter. Go chew on Ahmed's tires.

t. ancap controlled opposition

How little you guys know...

blockchain*****

we can argue about which coin is better but you know its about the protocol you moron.

Nowadays it's safer to invest in bitcoin than in € or $.

Saying it's blockchain is saying that you're excited about nuts and bolts

anonbro you should be worried bc you could be using fedcoin instead of bitcoin

news.bitcoin.com/fedcoin-u-s-issue-e-currency/

I'll stick to fiat thanks.
I wouldn't know what to do if my money didn't slowly lose value over time.
Also, there are no based black guys on bitcoins, how can bitcoins ever beat having pictures of niggers on your money??

The deflationary aspects of a free market avalanche of investment capital into cryptocurrencies is terrifying, especially for a world that is drowning in debt represented by existing national currencies.
Here's the frightening scenario : you owe several hundred thousand dollars or yen or euro on your mortgage and other debt. Your employer is pretty hip and they start paying you in this new cryptocurrency because they see the currency rising so they have transferred all the company's cash assets including payroll into a cryptocurrency. They hope the transfer will lead to increased bottom line earnings for the company, since the cryptocurrency keeps rising and that means the company may enjoy a currency arbitrage profit as their former currency not in crypto keeps rising and providing profits.
For you, the new payments in crypto are great, because by the time you finish paying your bills each month your paycheck has risen in value...so its like getting a bonus with every paycheck ! What's even better, you easily transfer enough cryptocurrency each month into dollars because the mortgage servicer who you sends your mortgage to specified in the mortgage agreement that your payments will be in dollars. So too did the credit card companies. So you translate some of your crypto paycheck into dollars and pay your debt bills.
Here's where it gets interesting...

The mortgage servicer and the credit card banks receive your dollars as planned. But like you, they are having to start transacting more business in cryptocurrency as the world marches toward the brave new world, and so the dollars they are being paid by you to settle your debts with them are becoming less and less powerful in terms of how much cryptocurrency those dollars can buy. In real buying power terms, the banks you owe money to start losing buying power when they have to translate dollars they are paid into cryptocurrency, and that is causing the banks to suffer loses to its overall earnings.

When banks start losing money, they become more cautious and lend less money. There will be the constant losses doe to currency translation from dollars to crypto, along with risk managers in the banks cautioning not to make new loans in crypto because the more the crypto rises in value against existing currencies, the more likely will there be a correction in crypto value that means the crypto collected on the new loans will be worth less than the crypto lent.

When banks reduce their appetites for making loans, economies slow down and suffer. The gain that indebted consumers made from the cryptocurrency translation resulted in offsetting losses for banks. Since there are a lot fewer banks than borrowers, the gains for each individual borrower are a lot smaller than the huge losses that the banks will take in receiving loan payments in a currency that is in free fall because of the supply-demand equation for the more favored crypto. What you then have is a mortgage crisis like in 2007, magnified several times over. In the mortgage crisis, individuals received small benefits by living in homes without paying mortgages, while banks and holders of mortgage backed security liabilities died a death of a million slashes as they absorbed all of the defaults. This time it will be far far far worse.

Right, but you don't understand the significance of trustless peer to peer transactions. That means we can represent value online without need to rely on a third party and without needing to know anything about who we are doing business with.

Think about it. how much is trust worth in $GDP

What makes this scenario even more catastrophic is that in order to stay in business, the banks will need massive capital infusions from governments, just like last time. But since governments cannot mine cryptocurrency like they could print currency, whatever infusions of liquidity they make to the banks to save them will simply serve to push the value of cryptocurrencies higher, causing this entire process to multiply to the point of runaway reaction. Cryptocurrency mining procedures are just too small and difficult and time consuming to be useful in a liquidity starved world.

The solution, of course, is to pull the cryptocurrency plug once the problem appears. But as we see time and again in financial crises, by the time the problem appears its way too late to take corrective action that would avert a catastrophe.

So that's where the world unwittingly is going, and because governments have lost so much trust in their constituencies, and also because they have shown an incredible set of blind eyes to work on fixing problems, this deflationary firestorm will occur and destroy the world's financial system. There is a huge amount of money to be made on all of this, just think about who gets hurt if the major banks really fail and the governments are unable to save them. Bank stocks, industrial stocks, home builders, home furnishers...basically everyone. This is the one scenario in which the stock market could not even be saved by the government printing press...what an interesting idea!

How do i translate my bitcunt into booze and whores ya bloody toothpaste poofta?

>investing in currency
What did he mean by this

So from an investment standpoint, the growing wave into cryptocurrency will provide the investment opportunity of a lifetime. Its the perfect storm...it combines the seemingly universal dislike of government intervention to prop up highly overvalued stock markets so the rich get richer while the working person cannot get a decent raise, with the also seemingly universal desire to keep the internet free and beyond the clutches of government regulation. It gets rid of these dastardly Central Banks that have done nothing to help anyone but that same wealthy one percent that benefits from zero percent interest rates, and individuals love the perceived strength that a currency freed from government entanglement means to a free world. Everyone sees the nirvana, but hardly anyone understands the devastation that deflation has on a world so over-leveraged on debt.

Interestingly, the winnings from this deflation have nothing to do with whether you decide to put a few thousand dollars into Bitcoin so you can look cool to your kids and co-workers. No, the profits in this one will be in the old school avenues, assets denominated in the old currencies that crypto is looking to replace. Imagine shorting Goldman's stock and actually seeing it drop and stay down. Or seeing Berkshire Hathaway put that old man who has been a beneficiary of his time sink into oblivion and turn the old wizard into an old fool.

until recently I didn't know Bitcoin was still a thing, for a while I only saw it referred to in past tense

It is a government project has been from the start also it has no value since it requires extensive mining equipment that cost a lot of electricity and not all are tech savvy nor will they transition to it .

People like what they are familiar with, Bitcoin will worth nothing if you don't have a significant user population.

It will flop also did they solve the scaling problem ? If not it's even worse a bubble ...

I too have had the same nightmare. How do we organize to stop the chaos that is to come user?

The most interesting times in the financial world occur when the world moves from one age to another. Think of agrarian to industrial, industrial to government/military, and now government/military to information age. At all of these interfaces, the seams were sharp enough to cause a terrible rip in the fabric of the world economy, and winter came in the form of global depressions to wipe away the old leaves and dead wood. Cryptocurrency will be the death knell of the government/military age, because it takes government out of controlling the money. There will be a new money with millions of new overseers and a free market that replaces the dominance of small cabals of government bureaucrats who dictate the terms of commerce in the world.

That seam is going to be greater than most in the past, because of the magnitude of what is being replaced and the terribly ripe condition that exists to be replaced. The interface will be epic, the transition states along the way will be horrific. Remember what Brad Pitt cautioned in The Big Short :"...for every one point rise in the unemployment rate, 40,000 people die". That relationship will rise when this nightmare takes hold.

It’s so interesting how a development led by young people - the advent and expansionary use of cryptocurrency - still will be subject to the old rules of society. The axiom "may you live in interesting times" - originally intended to be a cautionary advisory - along with the caution to "be careful what you wish for as it might come true" both ring in my ears as I contemplate how cryptocurrency will be the bleach that washes away the excesses of a dying age in favor of the birth of a new one.

You're doing it right now you slopey cunt.
You invest your trust and time into your national currency pretty much by default

Question guys: Could it be possible for a collective of states and central banks to phase out bitcoin and launch their own?

Economic depressions are magnificent social colonics, as they wash away all of the filth that accumulated in the prior age. Every bad thing that you saw on display in the lead up and psot script of the financial crisis is about to be gutted and burned. Yet the world will enter its new economic age hamstrung by the pains of paying a severe penance for its foolishness of the age it is putting to rest. The best thing about economic depressions is that the greatest transfers of wealth - usually from the haves to the have nots - occur in these times.

So if you really believe that cryptocurrency is here to stay and the next big thing of the future, then take precautions now and get yourself in position to be one of these beneficiaries of the transferring wealth. Have your plan ready, you will know when its time to execute. Fortunately for the foolishness of the Gods of the old world, they have put up the prices of assets so high that you will have plenty of time to get onboard when the train starts heading down the mountainside.

Enjoy the ride!

Imo it's going to be an avalanche, it can't be stopped.

They could just ban crypto and seize/cease all transactions

Very probable also Bitcoin probably is their testing ground

ooooooo shorting the banks..... would feel so nice collecting on that.

Hey everyone this guy is giving out free money tips.

Phase out? No.

Launch their own? Yes, Russia is doing it right now. cointelegraph.com/news/russian-bitcoin-will-be-countrys-only-freely-tradable-crypto-sberbank-ceo

You work and get paid in Singapore dollars? You are investing your time into Singapore dollars. You are afraid Singapore dollars might crash, wiping out your pension? You might buy some dollars or euro's to keep your pension safe, because maybe they are doing better. Or maybe you'd chose Bitcoin.

I dont invest in it, since i spend it on physical assets or consumption

>when you read an article you find interesting so you tell everyone about it so you seem ahead of the curve
No one cares you crypto jew

>They can seize/cease your bank account. They cannot do that to Bitcoin.

>They could j just ban crypto

"They" don't ban something they are invested in. If you read my posts, you will see who will again foot the bill, and it won't be the rich people. It's going to be the slow people that didn't buy some Bitcoin.

kek

Perhaps we can't stop it. But we can do something instead of sitting around on our asses waiting to have someone else dictate how our world is run. Or we can chose to participate and shape what is to become the backbone of our institutions.

I feel like technology and government can be merged and i don't know why Sup Forums isn't more keen on the idea.

Cool story bro

You invest your soul into it (assuming you have one)

I dont think my soul is a physical asset

very possible to launch their own. russia is doing it afaik

But you are missing the point. its not just money. Its the ability to represent value digitally.

This desu
Money doesn't mean anything unless it has a picture of a famous nigger on it

I don't think you even have a soul you strange little robot boy

>"They" don't ban something they are invested in. If you read my posts, you will see who will again foot the bill, and it won't be the rich people. It's going to be the slow people that didn't buy some Bitcoin.

also if people don't get in quickly the banks will already have wedged themselves in so they get a cut somehow.

Value already is represented digitally.
The entire global economy is basically a jewish videogame at this point

Let me ask you this: have you ever owned any product key or digital property of any kind?

At least i have a dick

Maybe one or two vidya. Like i said consumption

I've got a big aussie cock desu senpai

>Imagine shorting Goldman's stock and actually seeing it drop and stay down.
YES, NOW YOU TOO CAN BE A SJW CUNT.

Read up on what actually happens when you send someone money.

money.howstuffworks.com/personal-finance/debt-management/credit-card.htm

You're telling me that this system is better than verifying things with a decentralized ledger of some kind?

Jesus no wonder we are powerless.

>put $600 into various crypto last monday
>now worth $1100

Shit's weird.

That's exactly my point. Right now there is a window for goys to get in before them. It's ''real time justice and restitution'', this YT vid touches nicely on it. youtube.com/watch?v=UgVXl2sskpU

It's capitalism you stupid dildo. The most profitable system wins.

I think you will use blockchain tech if you know it or not someday.

medium.com/harvard-business-school-digital-initiative/will-ethereum-be-the-platform-that-successfully-brings-blockchain-into-the-mainstream-d2c9b035742c

Check out ethereum. its a platform for building blockchains. Which has some really cool applications in all areas of life.

Cmon man you make me look bad. Do you like being a debt slave? Sort yourself out and be open to new ideas. I bet you don't even understand this one.

I don't but i'm trying. More than you can say.

Nobody is going to pay in crypto u knob, the coins value will be in powering platforms and having a decentralized unmodifiable history

Im all for the tech, its sound.
But this has nothing to do with crypto in its current state

We make these threads because we need the normies help. but sadly they shun us because they don't recognize the truth.

The irony is, if kek willed it there would be a billion anons researching it and buying coins and making apps.

You would think we would be a little more open minded about financial systems because ours is definitely not doing well.

The best attack (((central banks))) have on bitcoin is acquiring most of it and just stop transacting it, effectively killing it, and they will. Current market cap of bitcoin is like 40 billion. That isn't even a month of QE. They are watching it as a test bed until launching the one they control.

In one strong geomagnetic storm you, bitcoin users, are fucked up (and maybe the whole humanity.

You can take a horse to water but you cannot make a horse drink

Toothpaste retard

This would make make the value of 1 Bitcoin rocket to between $100k and $1000k. The best ''attack'' they have is simply capitulating and joining in, and keep making profit with Bitcoin.

If all computers went down worldwide we would be pretty fucked as a society. Has nothing to do with blockchains.

you think we could restart everything from our paper backups everywhere all at once? That's mightily optimistic of you.

How many coins do you reckon is enough for some security?

What's the price right now in USD?

Haven't been paying attention for awhile desu

Good read thanks mate

FUck you uidiot burger

Post'em boys... started with $500.

Got ETH @ 16, Strat at .55, IOC at .40, RLC at .45, Golem at .24, Waves at 2.00, Bat at .15, and Sia at .012

See you in 4 years lol

Phase out bitcoin, no. Launch their own, sure absolutely. The real question is, if the did launch their own, would it be decentralised and open source like bitcoin. I kind of doubt it...

The central banks actually really have no power. No one controls the idea. The concept behind bitcoin will never die. Ethereum is the better platform IMO because they learned from bitcoin and improved on it.

Also russiacoin is going to be a thing soon. Putin has some tricks up his sleeve

Also i think the ethereum devs are all russian as fuck. They're just surprisingly sober russians. No tracksuits.

cointelegraph.com/news/suddenly-vladimir-putin-meets-vitalik-buterin-endorses-ethereum

Hmm lets see.. Marijuana and cocaine are banned. People still use it..

Normies won't use cryptocurrency at least until it becomes universally ubiquitous and works instantaneously like plastic cards, which I believe is going to take a while. A couple of weeks ago I had to buy some hash using BTC, so after exchanging RUB for BTC I had to wait 12 hours or so due to bitcoin network being under attack. And the exchange rate fluctuations were fucking with me meanwhile, so I was left with $50 instead of my initial $60. Oh well, at least it was still enough.

Because (((government))) you fucking moron

That was an interesting read user. So How should i invest the 50€ I have in Order to become rich from this future happening?

I think we need to push ethereum over bitcoin. The protocol has lots more real life use cases. Plus it has enterprise buy in and developer buy in. I love bitcoin, i hope they can solve their technical difficulties and progress but i just think it was a rough draft.

Would Sup Forums be interested in a cryptoeconomics thread. its a really new and fascinating field that has like ~100 "experts" so there's literally no better field for young people to be studying.

without quantum cryptography your coins are shit because in 10-15 years some chink or russian will steal or commandeer a quantum computer and own the entire currency

jew detected!

>tfw had like 12.6btc on silkroad when it got seized

fuck me desu

I hate you coinfucks so god damn much

>buy btc with fiat
>jewed on fees
>convert to alt
>jewed on fees
>every transaction
>jewed on fees
>have 100k+ and market tanks in Can't pull out more than exchange allows
>what you can pull out is jewed on fees
>Ultra jewed on capital gains tax
>still go to prison

God damn you guys are dumb. "Muh 1000% ROI moon missions". Your best case scenario gains are weak. You're already risking jail, might as well grow a pair and go down for something actually profitable.

t. Drug dealer

eth @16 i envy you. I bought in at 150 and if Russia uses ethereum's platform..... whew

What's the status of vodkacoin comrade?

What implication? user, are you gonna hurt bitcoin?

>t. Drug dealer
In fact, it's better for you to switch to BTC, like most Russian dealers did.

Ethereum is the safe bet. lots of new coins. /biz/ would be good for the pump and dump. I'm in it for the smart contracts and smart property.

>Not even over 100% return
Weak gains bro, should have invested in DGB

What's Sup Forums's feelings on Sia

its not about the coins its literally about building a new financial system that doesn't rely on everyone being in debt to everyone else.

People have made shit tons of money off of it which is why you see all the wannabee wolfs of coin street but the reality is that the tech that these coins are built on is transformational if we do it right. but (((they))) don't want us to get it right.

In theory, but in actual practice, it wouls skyrocket the price to the point that even the goverment could not afford it any longer thus making all the little guys who got in early super mega wealthy. It kind of defeats the purpose of which you state.. Aside from that, bitcoin is but only 1 currency. They would have to buy every crypto out there, and every new one that sprang up to accomplish the goal in which you have stated.

Stay salty nocoiner.
I made 137% return last week alone.

Ethereum is very different from Bitcoin. For starters, Ethereum is turing complete, what this means is that you can do much more with it programming wise, but it is also much more vulnerable (think of all those smart contracts being hacked), with Ethereum every smart contract has to be foolproof or they could be hacked and drained.

Bitcoin is non-turing complete, this makes it less usable for a broad range of use cases, but makes it extra useful for the use cases it supports. (Store of value, transactions, settlement network etc.)

However I think Ethereum rising is great. And I even hope it overtakes Bitcoin, or gets close to overtaking it, because the moment it gets close to overtaking everyone (even the bad actors like Bitmain, Jihan Wu etc.) will allow Bitcoin to scale via SegWit.

In the end, Ethereum and Bitcoin are vastly different. You can already see it form that Bitcoin has a hard cap and Ethereum doesn't.

The fact is that the federal reserve could buy most of the bitcoin in existence and send it to a garbage address in less than a month of what they were used to printing in QE, effectively Killing it. Blow up a few of the bigger mining ops that have centralized greatly and can also make transaction times painful. So, my point is, about 80 billion dollars and a pack of uighurs supplied some c4 and your magic trading card money is effectively over.

>it's another more people talk about how Bitcoin is making them money rather than how it should be used as anonymous crypto currency thread

There's quantum proof encryption and there has been for a while. It would just be a matter of reworking some of the internals but the concept would remain the same. Probably would be helped because that would mean quantum mining. Which would mean quantum gainz

en.wikipedia.org/wiki/Post-quantum_cryptography

In the us, but historically there are other reasons for the drug trade there.

You are a useless cunt who just doesn't understand how this thing works. Stop embarrasing yourself and learn what it is before you make completely retarded statements.

Just think about what you are saying, buying up most Bitcoin would push it to such insane highs that it 1. would devalue the USD to almost nothing 2. would make it more profitable to now hold those bitcoin.

Even if they bought most of the bitcoin in existence and send it away, the remaining Bitcoin would still be insanely valuable. It would not kill it in any way. Say there is only one Bitcoin left, the bitcoin developers could make a change to the protocol so that 1 bitcoin, instead of being divisable up to 8 decimal places could be divided up to 32 decimal places, or 64, or 128 etc. etc. etc.

There is no way to win.

Bitcoin might end up being turing complete.

IIRC bitcoin has the ability to do smart contracts but its not really that clean. Overall bitcoin just wasn't designed to work at the scale needed to be a legit currency. Last i heard transactions took forever to verify and the block size was getting unmanageable.

Ethereum is awesome because of how flexible and abstract it is. Smart contracts, ICO, the DAO. All super fucking insane ideas that would change how we organize ourselves as a species forever imo.

its because people lack the language to describe the ideas. Really that's the biggest issue.

Bitcoin itself won't be turing complete, but a sidechain of it could be made turing complete. Right now RSK is working on a sidechain just like it, that is fully backwards compatible with all Ethereum smart contracts, eliminating the need for Ethereum all together.

Transactions are fine, blocks are full all the time. There is a scaling upgrade but someone is blocking it though.

Bitcoin is a psyops

Bitcoin IS the NWO Fiat currency, they just duped you idiots into thinking it's "underground". That's why it became so successful overnight and the person who invented it is a mystery because hint: it was the government.

It's because Bitcoin attracts people looking to make a quick buck pretending it's not just that.

ARK is the bridge

Also can you explain SegWit? There's so many crypto related dev issues i have a hard time keeping track of them all