Decentralization: Get ready for the Revolution

[wehateporn]

[jscott]

Badass. Look at your monthly bank fees, there are 100 fees that I have no fucking idea what they are and why.

I heart bitcoin

[PR_Glen]

Originally Posted by jscott

Badass. Look at your monthly bank fees, there are 100 fees that I have no fucking idea what they are and why.

I heart bitcoin

bitcoin... for those who can not understand a bank statement...

[jscott]

Originally Posted by PR_Glen

bitcoin... for those who can not understand a bank statement...

That might just be the stupidest thing you've said yet, keep em coming Glenny

[xXXtesy10]

Originally Posted by jscott

That might just be the stupidest thing you've said yet, keep em coming Glenny

[aka123]

Originally Posted by pr_glen

bitcoin... For those who can not understand a bank statement...

lol..

[aka123]

I wish that I could be able to tell something bullshit with as enthusiastic face as that woman. Life would be so much easier. I would sell out every ponzi sceme in no time.

[jscott]

You obviously dont know what a Ponzi Scheme is, since you're lazy to learn about it, here's a link, read it Ponzi scheme - Wikipedia, the free encyclopedia

[aka123]

Originally Posted by jscott

You obviously dont know what a Ponzi Scheme is, since you're lazy to learn about it, here's a link, read it Ponzi scheme - Wikipedia, the free encyclopedia

Thanks,

"A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator."

Just like with bitcoin.

[CaptainHowdy]

[WarChild]

Yes a revolution where Russel Brand leads an army of WHP and crew. Terrifying.

[jscott]

Originally Posted by aka123

Thanks,

"A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator."

Just like with bitcoin.

I like your sig, I like you for that.

But man, you really have no idea what bitcoin is

[aka123]

Originally Posted by jscott

I like your sig, I like you for that.

But man, you really have no idea what bitcoin is

It's ponzi sceme, that is what it is. You buy some bitcoins and wait for other suckers to come in, so that your bitcoins could grow in value. All this is masked to being some "free currency" or whatever.

[jscott]

Originally Posted by aka123

It's ponzi sceme, that is what it is. You buy some bitcoins and wait for other suckers to come in, so that your bitcoins could grow in value. All this is masked to being some "free currency" or whatever.

Ok, so even Paypal wants to associate themselves with this "Ponzi"

You are so very wrong and uninformed. Seriously just read about it, (have you read, know, and understand it really?)

[aka123]

Originally Posted by jscott

Ok, so even Paypal wants to associate themselves with this "Ponzi"

You are so very wrong and uninformed. Seriously just read about it, (have you read, know, and understand it really?)

If I am wrong, tell me why I am wrong. But you can't, as the core idea in bitcoin is being deflatory; so the ponzi sceme is built in it, being essential part of it.

It is safe to Paypal to take part of it as officially bitcoin is currency, unofficial one, and it really doesn't promise anything.

[jscott]

Ok, so even the US government takes it seriously? Bitcoin Regulation News - CoinDesk

Australia, Canada, Argentina, and pretty much the rest of the world says it is non Ponzi-related. Read the links on that page, look up government regulations. I don't get how these govermnets are still debating over it if you are so certain it's Ponzi. (from reading the facts, and knowing the facts, you would regret calling it a Ponzi since you'd know that you were totally wrong)

[brassmonkey]

i want to send muther fukers to heaven

[aka123]

Originally Posted by jscott

Ok, so even the US government takes it seriously? Bitcoin Regulation News - CoinDesk

Australia, Canada, Argentina, and pretty much the rest of the world says it is non Ponzi-related. Read the links on that page, look up government regulations. I don't get how these govermnets are still debating over it if you are so certain it's Ponzi. (from reading the facts, and knowing the facts, you would regret calling it a Ponzi since you'd know that you were totally wrong)

Depends what you mean about "seriously". As people use it, there also comes regulations about it. My country also has regulations about bitcoin, mainly taxation wise.

The huge fluctuations in Bitcoin price also tells about the speculatory nature of it. It's main nature, at least so far, is to take money from other suckers. Being deflatory in nature, I don't see how that could change.

[jscott]

So your country is regulating this Ponzi, mostly about taxes?

[aka123]

Originally Posted by jscott

So your country is regulating this Ponzi, mostly about taxes?

Yes, taxes ponzi income. That is what it is for, right?

[clickity click]

aka123 you clearly have no idea what you are talking about.

The technology behind bitcoin and the blockchain is so fucking cool I just can't believe some people still don't get it.
You think it's all about the price if BTC/USD then you have no idea. The price goes up due to demand (like anything).
At the end of the day anyone can make their own judgement as whether it's worth bothering with.

However, the blockchain has the potential to change the system as we know it and I'm not just talking about banking.

[jscott]

Originally Posted by clickity click

aka123 you clearly have no idea what you are talking about.

The technology behind bitcoin and the blockchain is so fucking cool I just can't believe some people still don't get it.
You think it's all about the price if BTC/USD then you have no idea. The price goes up due to demand (like anything).
At the end of the day anyone can make their own judgement as whether it's worth bothering with.

However, the blockchain has the potential to change the system as we know it and I'm not just talking about banking.

I agree with you about how obvious it is that aka123 has no idea what is bitcoin.

But some people, (like PR Glen, and many like him) are just anti bitcoin and wish it to fail. (maybe because they didn't get in at low rate, or maybe just so they can say "i told you so"), (and I admit some people behind bitcoin that claim it to become $100,000 per 1 is pretty much insane also) Both these types are "the crazies" imho. Closed mind to reason and facts, just totally biased either way.

As for me, I believe bitcoin will (generally speaking) get more popular, easier to use for normal people, and for investors will benefit from the price rising over long period of time.

This is because I've read 100's articles, and I understand it, believe it's good for business, and just the world in general. These anti-bitcoin fanatics would rather hate on it than to take their time and learn about it.

[ErectMedia]

Personally I pay Zero in bank fees, other than the interest they make off my dough.

Originally Posted by PR_Glen

bitcoin... for those who can not understand a bank statement...

nice slogan

[clickity click]

Originally Posted by jscott

I agree with you about how obvious it is that aka123 has no idea what is bitcoin.

But some people, (like PR Glen, and many like him) are just anti bitcoin and wish it to fail. (maybe because they didn't get in at low rate, or maybe just so they can say "i told you so"), (and I admit some people behind bitcoin that claim it to become $100,000 per 1 is pretty much insane also) Both these types are "the crazies" imho. Closed mind to reason and facts, just totally biased either way.

As for me, I believe bitcoin will (generally speaking) get more popular, easier to use for normal people, and for investors will benefit from the price rising over long period of time.

This is because I've read 100's articles, and I understand it, believe it's good for business, and just the world in general. These anti-bitcoin fanatics would rather hate on it than to take their time and learn about it.

Originally Posted by ErectMedia

Personally I pay Zero in bank fees, other than the interest they make off my dough.

Forget about you the consumer and think more business to business.

Consider the costs involved for a business to send millions globally daily. Imagine how much that costs and imagine if you could do it all for just a few cents,

[aka123]

Originally Posted by clickity click

aka123 you clearly have no idea what you are talking about.

The technology behind bitcoin and the blockchain is so fucking cool I just can't believe some people still don't get it.
You think it's all about the price if BTC/USD then you have no idea. The price goes up due to demand (like anything).
At the end of the day anyone can make their own judgement as whether it's worth bothering with.

However, the blockchain has the potential to change the system as we know it and I'm not just talking about banking.

Ohh.. the technology behind it is so COOL! Nevermind then.

[aka123]

Although now when I think about it, I think that the system where evil Jewish lizards run the fiat system to take money and power from us decent Aryans, is a lot cooler. You know, lizards and evil stuff, what could be cooler?

[420]

Originally Posted by aka123

Thanks,

"A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator."

Just like with bitcoin.

It doesn't fit that definition. True, bitcoin doesn't earn a profit. Technically there are transaction fees paid to miners that keep the system running. But there is no single operator. It's a peer to peer system. New investors pay old investors directly to acquire coins.

[aka123]

Originally Posted by 420

It doesn't fit that definition. True, bitcoin doesn't earn a profit. Technically there are transaction fees paid to miners that keep the system running. But there is no single operator. It's a peer to peer system. New investors pay old investors directly to acquire coins.

Oh, does ponzi require some single operator, I don't think so, but take a look at pyramid scheme.

"In a pyramid scheme, an organization compels individuals to make a payment and join. In exchange, the organization promises its new members a share of the money taken from every additional member that they recruit. The directors of the organization (those at the top of the pyramid) also receive a share of these payments. For the directors, the scheme is potentially lucrative—whether or not they do any work, the organization's membership has a strong incentive to continue recruiting and funneling money to the top of the pyramid.

Such organizations seldom involve sales of products or services with real value. Without creating any goods or services, the only ways for a pyramid scheme to generate revenue are to recruit more members or solicit more money from current members. Eventually, recruiting is no longer possible and the plurality of members are unable to profit from the scheme."

Pyramid scheme - Wikipedia, the free encyclopedia

[AmeliaG]

Originally Posted by aka123

Depends what you mean about "seriously". As people use it, there also comes regulations about it. My country also has regulations about bitcoin, mainly taxation wise.

The huge fluctuations in Bitcoin price also tells about the speculatory nature of it. It's main nature, at least so far, is to take money from other suckers. Being deflatory in nature, I don't see how that could change.

Do you believe that all currency is a Ponzi scheme?

If so, then you are right. Holders of any currency hope worldwide faith in it will increase and increase their buying power.

[jscott]

Originally Posted by AmeliaG

Do you believe that all currency is a Ponzi scheme?

If so, then you are right. Holders of any currency hope worldwide faith in it will increase and increase their buying power.

Well put. He considers the USD obviously a ponzi, and the Euro a pyramid, and the yen.... fuckit, Ponzi also!

GOLD, is the only way!!!!!!! fuck paper and technology. /sarcasm

[aka123]

Originally Posted by AmeliaG

Do you believe that all currency is a Ponzi scheme?

If so, then you are right. Holders of any currency hope worldwide faith in it will increase and increase their buying power.

Answer is: no I don't believe it. If holders of any currency really hope the increase of the currency's buing power in relation to commodities (not against other currents as that is another issue), they are fools, complete idiots. They are idiots as deflation is not good thing and they are idiots as inflation is what will most likely happen, especially as it is sought after.

However if you mean some less serious hope, like hoping that goldpot would fall from the sky; that is another issue.

Do you believe that all currency holders are idiots?

[aka123]

Originally Posted by jscott

GOLD, is the only way!!!!!!! fuck paper and technology. /sarcasm

Gold is actually mainly pyramid scheme as it doesn't produce anything and the increase in value requires other suckers coming in, and as most of it's value is speculatory.

[chronik]

[AmeliaG]

Originally Posted by aka123

Answer is: no I don't believe it. If holders of any currency really hope the increase of the currency's buing power in relation to commodities (not against other currents as that is another issue), they are fools, complete idiots. They are idiots as deflation is not good thing and they are idiots as inflation is what will most likely happen, especially as it is sought after.

However if you mean some less serious hope, like hoping that goldpot would fall from the sky; that is another issue.

Do you believe that all currency holders are idiots?

Currency facilitates civilization, where individuals can specialize, and get beyond subsistence farming. I'm kind of a fan of civilization.

How do you figure inflation is sought after?

The leaders of all nations work very hard to bolster the strength of their currencies. I don't believe that all world leaders are idiots.

Savvy investors can create great wealth via currency speculation. This can cause economic disaster, as it did with the Thai Baht.

Do you think Baht are not real because of the extreme volatile speculation?

[DAMNMAN]

Originally Posted by aka123

It's ponzi sceme, that is what it is. You buy some bitcoins and wait for other suckers to come in, so that your bitcoins could grow in value. All this is masked to being some "free currency" or whatever.

Funny thing is...... that's exactly what happened to gold!!! an once used to be $50.00 now it's $1200.00 stupid people don't know that gold is a Ponzi scheme. hahahahahaha

[aka123]

Originally Posted by AmeliaG

Currency facilitates civilization, where individuals can specialize, and get beyond subsistence farming. I'm kind of a fan of civilization.

How do you figure inflation is sought after?

The leaders of all nations work very hard to bolster the strength of their currencies. I don't believe that all world leaders are idiots.

Savvy investors can create great wealth via currency speculation. This can cause economic disaster, as it did with the Thai Baht.

Do you think Baht are not real because of the extreme volatile speculation?

LOL. I have nothing against currencies, in case you think something like that.

Inflation is sought after. I figure it that how that all central bank leaders and leaders in economy say that they seek that and that kind of inflation. For example ECB has about 2 % yearly inflation goal. Not much less, but not more either. Small manageable and predictable inflation is good thing.

See it yourself, from ECB:

" Reasons for aiming at below, but close to, 2%
Inflation rates of below, but close to, 2% are low enough for the economy to fully reap the benefits of price stability.

It also underlines the ECB’s commitment to

provide an adequate margin to avoid the risks of deflation. Having such a safety margin against deflation is important because nominal interest rates cannot fall below zero. In a deflationary environment monetary policy may thus not be able to sufficiently stimulate aggregate demand by using its interest rate instrument. This makes it more difficult for monetary policy to fight deflation than to fight inflation.
take into account the possibility of HICP inflation slightly overstating true inflation as a result of a small but positive bias in the measurement of price level changes using the HICP.
provide a sufficient margin to address the implications of inflation differentials in the euro area. It avoids that individual countries in the euro area have to structurally live with too low inflation rates or"

https://www.ecb.europa.eu/mopo/strat.../index.en.html

Also, not all leaders are bolstering their currencies, contadictory. There are certain levels where the currency is in balance in terms of export and import. For example US has blaimed China for keeping it's currency as too low (from US perspective). For China, the lower currency brings competition advantage to it's export industry. Neither is too low currency good thing as import starts to be quite costly.

Baht is of course real currency. Bitcoin isn't as it isn't currency altogether, but it is real money, just like Monopoly money, sea shells or whatever.

[Useless Warrior]

Originally Posted by jscott

Look at your monthly bank fees, there are 100 fees that I have no fucking idea what they are and why.

Perhaps it's time to switch banks.

[jscott]

I know what my bank charges are. I'm just saying, they really aren't shy to charge their customers for blinking an eye.

[AmeliaG]

Originally Posted by aka123

LOL. I have nothing against currencies, in case you think something like that.

Inflation is sought after. I figure it that how that all central bank leaders and leaders in economy say that they seek that and that kind of inflation. For example ECB has about 2 % yearly inflation goal. Not much less, but not more either. Small manageable and predictable inflation is good thing.

See it yourself, from ECB:

" Reasons for aiming at below, but close to, 2%
Inflation rates of below, but close to, 2% are low enough for the economy to fully reap the benefits of price stability.

It also underlines the ECB?s commitment to

provide an adequate margin to avoid the risks of deflation. Having such a safety margin against deflation is important because nominal interest rates cannot fall below zero. In a deflationary environment monetary policy may thus not be able to sufficiently stimulate aggregate demand by using its interest rate instrument. This makes it more difficult for monetary policy to fight deflation than to fight inflation.
take into account the possibility of HICP inflation slightly overstating true inflation as a result of a small but positive bias in the measurement of price level changes using the HICP.
provide a sufficient margin to address the implications of inflation differentials in the euro area. It avoids that individual countries in the euro area have to structurally live with too low inflation rates or"

https://www.ecb.europa.eu/mopo/strat.../index.en.html

Also, not all leaders are bolstering their currencies, contadictory. There are certain levels where the currency is in balance in terms of export and import. For example US has blaimed China for keeping it's currency as too low (from US perspective). For China, the lower currency brings competition advantage to it's export industry. Neither is too low currency good thing as import starts to be quite costly.

Baht is of course real currency. Bitcoin isn't as it isn't currency altogether, but it is real money, just like Monopoly money, sea shells or whatever.

Fair point regarding small consistent inflation, although this is only the case for central banks which use the interest rate as a lever.

While a few central banks manage for the export benefits you mention, most notably China, most are more concerned about managing for strength.

The Baht has been more volatile than Bitcoin. They are usable in different places. I live close to Thai Town in Los Angeles, so I could probably buy dinner with either Baht or Bitcoin here, but there are few places where both would be useful currency. I don't know of any place in 2014 where I could buy dinner for a particular denomination of sea shell, do you?

All currency is essentially an instrument which represents value beyond its intrinsic value. Being made of code doesn't strike me as making Bitcoin different from currency made of paper.

What is the difference?

[aka123]

Originally Posted by AmeliaG

Fair point regarding small consistent inflation, although this is only the case for central banks which use the interest rate as a lever.

While a few central banks manage for the export benefits you mention, most notably China, most are more concerned about managing for strength.

The Baht has been more volatile than Bitcoin. They are usable in different places. I live close to Thai Town in Los Angeles, so I could probably buy dinner with either Baht or Bitcoin here, but there are few places where both would be useful currency. I don't know of any place in 2014 where I could buy dinner for a particular denomination of sea shell, do you?

All currency is essentially an instrument which represents value beyond its intrinsic value. Being made of code doesn't strike me as making Bitcoin different from currency made of paper.

What is the difference?

Pretty much all nations are concerned about the export and currencies impact to it. Not just China. For example Germany has greatly benefited from euro, as euro is much lower in value than would Germany's own mark be. If country has meaningful amount of export, it will not go after just currency's strength, as that would be "death toll" for its export industry.

About bitcoin, you couldn't buy shit with witcoin for example 10 years ago. Maybe the sea shells are just ouf of fashion, but who knows.

Bitcoin's characteristics are the difference, the main difference, and also how accepted it is. Its main characteristic (deflatory) is the one that every other currency pretty much tries to avoid. It's kinda funny that Bitcoin fans keep it as its best quality, but it is in fact the worst. LOL.

[jscott]

Dell Official Site - The Power To Do More | Dell
Computer Parts, Laptops, Electronics, and More - Newegg.com
Fiverr: The marketplace for creative & professional services
reddit: the front page of the internet
Viabox | The Global Leader in Package Forwarding
www.namecheap.com
www.verotel.com
www.internetbs.net
.. and 1000's more....

these companies went through the trouble of accepting bitcoin as a form of payment.

What dumbass's.

[aka123]

Calling me dumbass doesn't make bitcoin any better or worse. I have said why bitcoin sucks. You have just been trying to prove that how "acceptable" it is. Business is business, if enough folks use bitcoin, why wouldn't some company accept it? They do take all the other suckers money too. But it doesn't make bitcoin any better.

[jscott]

I never called you a dumbass dude, re-read what I said and you'll see.

[aka123]

Originally Posted by jscott

I never called you a dumbass dude, re-read what I said and you'll see.

My sincerely apologies. I would bowl deeply, but my head could hit the monitor.

[dyna mo]

argue against crypto currencies all you want but it's a losing battle.

analog transactions are a thing of the past, it's only a matter of time for digital currencies to match up with digital transactions

[slapass]

Originally Posted by aka123

If I am wrong, tell me why I am wrong. But you can't, as the core idea in bitcoin is being deflatory; so the ponzi sceme is built in it, being essential part of it.

It is safe to Paypal to take part of it as officially bitcoin is currency, unofficial one, and it really doesn't promise anything.

So who is getting rich? That is why it is not a Ponzi scheme. It is/was in a bubble. That is what you are describing. Not a Ponzi scheme.

[clickity click]

Originally Posted by aka123

Calling me dumbass doesn't make bitcoin any better or worse. I have said why bitcoin sucks. You have just been trying to prove that how "acceptable" it is. Business is business, if enough folks use bitcoin, why wouldn't some company accept it? They do take all the other suckers money too. But it doesn't make bitcoin any better.

I think people expect too much from Bitcoin too soon. I think of it as a 5/10/20 year experiment.


I was going to go into far more detail but a comment from Satoshi Nakamoto would fit well here:

If you don't believe me or don't get it, I don't have time to try to convince you, sorry.

[aka123]

Originally Posted by slapass

So who is getting rich? That is why it is not a Ponzi scheme. It is/was in a bubble. That is what you are describing. Not a Ponzi scheme.

The founders/ early miners and whoever who was in early are getting rich. But yes, it is not ponzi, it is more like pyramid scheme. Although there is not that much difference.

[aka123]

Originally Posted by dyna mo

argue against crypto currencies all you want but it's a losing battle.

analog transactions are a thing of the past, it's only a matter of time for digital currencies to match up with digital transactions

I have commented just about bitcoin, but I wouldn't be very optimistic regarding similar moneys as well. And what the fuck is analog transaction vs digital? Are we talking about TVs?

Most of the today's currencies are already digital in terms of money volyme and transactions. Well, maybe not in USA, as it lives in stone age regarding that, but in more developed countries. For example in my country most payments are digital, cash is something like 10 % or less. And good if anyone even knows about checks.

[aka123]

Originally Posted by clickity click

I think people expect too much from Bitcoin too soon. I think of it as a 5/10/20 year experiment.

I was going to go into far more detail but a comment from Satoshi Nakamoto would fit well here:

Sounds swell, especially with the Satoshi guy's quote.