Topic: Could a government supplant Bitcoin? - page 2. (Read 5839 times)

When I talk modestly, you don't pay attention. When I talk forcefully, you don't read and then try match your beta-male ego to my alpha-male. So what do you expect us elite to do? We have no choice but to manipulate you because you are not rational.

This is interesting - can you explain why the Gold Standard would impoverish the rest of the world? I'm interested because I do read that it doesn't work but I've never heard a compelling reason as to why this would be the case.

Please correct me as my understanding is this: There's not enough gold in the world. Can't pricing be flexible now that we have computers and the Internet? I suspect the solution will require technology of some sort.

News from the year 2020:

This week a local Detroit man was arrested on suspicion of running an unlicensed bitcoin mining operation. Several ASICminer USB sticks and and a x486 computer were seized in the operation that took 40 agents 6 weeks to bring to an arrest. "We are all aware of the dangers of allowing unlicensed bitcoin creation, such bitcoins cannot be regulated and could be used for terrorism, child porn, drugs, or gambling." said Detroit's top cop. The mining operation allegedly used so-called "legacy" computers, which were produced before the FATAL act. FATAL required all computers to be fitted with monitoring chips to prevent cybercrime in 2016, and although most obsolete machines were turned in, some appear to have been withheld by criminals for uses such as mining.

The still unidentified man will likely face the death penalty, however his true fate will not be disclosed in the interest of national security.

In other news, Iceland has agreed to lend the struggling US economy 250 BTC to purchase much needed food supplies from Russia, in return for all of the mineral rights to the mostly abandoned state of Alaska.

I think you talk too much with too little modesty (though I personally agree that Bitcoin's future is rather uncertain on a world scale)

I need to be honest and point out that all the posts that I've read in this thread (up to this point) other than mine are batshit stupid nonsense. Sorry guys, but the elite are just laughing at you because you are such dumb cows and so easy to fool. Now let me try to explain to you, and hopefully you will slow down and try to grasp this. If not, you will have proven that the elite are correct about you and your deserved future.

If as you all hope (with gold rush fever preventing you from clearer logic) that Bitcoin will be the only viable crypto-currency, i.e. the theory that network efforts will amass to the first coin and thus it will dominate, then if Bitcoin mining (and thus the currency) is designed (as I have explained upthread) to be taken over by cartels due to the lack of funding when cartels (e.g. Amazon.com) withhold transactions from smaller miners as coin rewards become minuscule by 2033 (<1% and <0.2% by 2040), then it follows that you can't successfully fork Bitcoin because the inertia of the masses will already be invested (all those network effects and inertia) in that Bitcoin which is then controlled by the cartels. You won't have another option and you won't be able to create one if you believe the network effects dominance theory. You can't have it both ways, either you don't believe in altcoins and you get this dystopian outcome, or you do believe in altcoins.

Inertia is impossible to overcome by asking the broad population not to use the system that is most convenient (i.e. the most network effects), just try to go now and talk to every person in the world and convince them to stop using dollars. Hahaha. No chance. Only paradigm shifts can move inertia, as Bitcoin is doing now to dollars. When that paradigm shift has played out and everyone is in Bitcoin, then you can't fork any more (if the network effects dominance theory is correct).

The cartels can change the protocol and as long as the system still processes transactions for the masses, then the masses will not be complaining except for those 350,000 purists that are in Bitcoin now, and that is such a small percent of the world population. We complain now about the dollar, but the masses do not listen to us.

I hope I don't have to explain inertia and network effects.

I don't believe in the "there can only be one crypto-currency" network effects dominance theory. Thus I don't think we will reach the dystopian future outlined above and the other dystopian outcome due to Bitcoin's egregiously incorrect supply distribution curve, but this depends on better altcoins competing with Bitcoin. If I am wrong, then we are doomed.

P.S. And Bitcoin is going to put most of us 350,000 in jail, so we will all be silenced by then, although that is not necessary to my point above.


Goldbugs destroy themselves by trying to impoverish the rest of the world with their egregiously incorrect supply distribution curve. The actual curve of wealth distribution in society is 3% power-law and 97% gas diffusion (because knowledge and initiative is not randomly distributed in the top 3%, as I am demonstrating to you now given I am in the top 3%). If you don't match your supply curve to reality, then you end up with dystopian outcomes or war as society resists what can not be.

The elite know very well they can feed the "gold rush fever" every time and fool the cows to take their money and cause society to have a big problem. Then they come in and fix it with a fiat every time after the goldbugs have destroyed society.

Birds didn't replace dinosaurs, they are dinosaurs which managed to live up to the present day

Highly improbable but they are going to try

Dinosaurs are not in the habit of standing by idly while birds replace them

The very thought is blasphemy for the most part of this forum

Yes .. but since the US is printing money like it's Monopoly money, this trust is fading. The Chinese Yuan is well on it's way to replace the US dollar as a Global Reserve Currency.
Bitcoin is gaining ground everywhere, so in due time .. who knows, bitcoin might become a Global Reserve Currency.

The demise of the US Empire in all of its forms, (military, financially, politically) began a decade or 2 ago. It is now in full swing.

If the gov announcement of USCoin follows a collapse, no one will ever have a reason to trust the US GOV again.  As the colapse ensues, bitcoin explodes!

If they announce PRIOR to a collapse, it may have a chance...

Plan accordingly.

It would not be the first thing I said without thinking. But I'm not sure here what I am missing. If anyone changes the protocol, it will not be bitcoin. What was outlined earlier is the government creating an alt-coin. Which would have no value to me.

Hold onto the bitcoins
Because then bitcoins value would be in gold because they are limited, unlike US Coin that would be just another form of fiat
The uniqueness of BTC is their limited number

You haven't really thought this through.

Cripes man. Do you have anything intelligent to say other than trolling?

"Can",  I thought it was guaranteed?

And that statement shows a complete lack of understanding of economics and basic math of relative value, which is what I expect from a low IQ person.

If Bitcoin is worth the required 100X more than it is now, then Bitcoin will be a significant portion of the real economy. Thus the profit motive  for a complete takeover of Bitcoin (by cartel) will have increased by at least 100X too.

So thus you spend 100X less relatively speaking on mining. Thus as I said, the cartels can take over.

Do you have more 60 Hz noise to add to this discussion?

Stupid analogy.  What will 41,000 BTC a year be worth in 27 years?  It is entirely possible it will be worth more than the block reward is now.

That is different. However any change in the protocol would mean a fork. At that point it would no longer be bitcoin. It would also not likely be adopted. Are you willing to burn up your home wiring to generate money for the federal reserve?
Also what would keep China from then creating the lion share of the coins and charging Americans a premium. If it is not open source and beyond manipulation, then it has zero appeal.

Clearly you can see that the debasement rate as of 2040 is 0.2% (0.002) per annum, i.e. roughly 41,000 / 21 million.

If I offer to pay you a pension which you are solely dependent on of $1 a year, did I stop the pension or not?

You've just wasted my time, the time of readers, and caused the thread to be cluttered with useless nonsense. Why can't you argue the actual substance of the discussion?

Do you really expect me to bore the readers of the post you quoted with endless minutia about how the miniscule token coin rewards continue on but it is irrelevant any way.

Simple coin "rewards" (generation) don't stop in 2040.