Topic: Decentrally mined currency has failed so far - page 2. (Read 11292 times)

Please help my understanding by explaining this scenario.

There's just me and you left after the apocalypse - I'm the bank and you're Mr Testicles.
We both agree that I (the bank) can create money from nothing and lend it to you at 10% interest per week for doing fook all.
The bank grants Mr Testicles a loan of £100 for one week - so a total repayable of £110.

The question is - where does Mr Testicles find the £10 in interest?

I'm not going to follow you down that rabbit hole. Most of my neighbors are Muslim. I strongly disagree with your sentiment. I feel safer here than in many places in the US. The Philippines does not enjoy Most Favored Nation status with the US and does not participate in the visa waiver program. The US doesn't have much to offer anyone anymore and maybe that's why the dollar has been tanking here the last ten years. The Philippines has their own corrupt system and nobody is going to change it because it works for them and keeps the peace.

Most of America is like the Jerry Springer Show. Run tell dat, homeboy. I felt the need to carry weapons back in America. Here I have no such worries.

Save your doom and gloom for talk radio. You can't make an omelet without breaking a few eggs. I'm not worried about a one world currency and I'm certainly not worried about global regulation of Bitcoin. Your slip amygdala is showing.

I was a goldbug before so I am aware of all these arguments. You can't say anything I didn't know about years ago.

My point is not about how the debt was born, but about what it is now in the economy.


Yes you can, and you do. And it can't be unwound with a magic wand. The debt is now largely held by the retirement plans ($17 trillion). You going to screw the old people to retire the debt?

Getting rid of the Fed for the future is an orthogonal issue from what the existing debt is now.

Then I'm afraid you have failed to see that governments are merely the 'shop window' of the banks, otherwise you would realise that there is no reason in the whole wide world why a government would allegedly 'borrow' money at interest from a private company, when it has the ability to create its own for free.

Personal responsibility is just common sense and common sense should tell you that if your government is just a bank in disguise, then it will charge 'its people' for the 'loans' it has arranged on their behalf. Please don't perpetuate the lie that "The people borrowed and accepted government spending." and "The people are complicit.", as they have no say in the matter, regardless of who's managing the shop today.

You can not have debt based on a fraud.

I already replied on this. They do go into the specific math about SecretSeed is < 2^256/D.


No I gave specific issues. You can't relabel those issues as op-sec and be credible.


On what basis? I speak facts. Where is the FUD?

In the Pool analysis paper (section 6.2.3), they don't go into specific math. They don't have to: the operation of hash functions are well-known to computer scientists.

Your distrust of I2P seems to boil down to op-sec. That is, you don't trust I2P even if it works as advertised, because to err is human.

I am starting to suspect the OP's goal is to spread FUD. Maybe he genuinely is scared of the way the world is going (I think we all are). However he comes across as a government (or bank) agent with a goal of disrupting any organized resistance.
 

That's why we start creating legal platforms that skirt bitcoin getting labeled as property and taxed by the IRS. If it remains currency, by this I mean an exchange of asset for currency it's impossible to regulate. Though, once it's ruled as property, the IRS gets involved. You should check out my paper on this in some prior posts for what I'm saying.

It's attractive to me to move bitcoin to a basic set of legal systems based on simple promissory notes to start to give Payers and Payee's the vehicle to conduct business and access to the court system. No one wants to conduct business if they don't have any access to court for large items. There is just too much fraud and bad people running rampant in this world to act otherwise. People are naturally suspicious as they should be. Once you get burned a few times or know someone else that has you tend to be more careful.

This would then create a circumstance where people could view bitcoin as a true store of wealth. They could see the ever increasing price point and know the mechanics of the system creating increased users with a limited number of coins and see this as an opportunity to buy coins and sink wealth into bitcoin for the hope of a later larger ticket purchase of property. Right now no one is going to buy 500 dollars of bitcoin to then buy a flat screen tv at a later time. But it is not out of the question for someone to put say 20,000 dollars in bitcoin in the hopes at a later date to use it to purchase property or maybe renovate a business. This to me wouldn't be speculation per se as people are not playing bitcoin like the stock market. But instead using it as a store of wealth to later conduct business in the coin and to insulate themselves from unstable national fiat money systems.

Where? I didn't see any. "can" requires a realistic pathway. If you mean "could in theory" then yes Bitcoin could remain decentralized if no pressures are ever applied. We are debating whether the pressures will be sufficient to derail Bitcoin's decentralization.


There isn't one America. It was the economic prosperity that kept us united and occupied, other than the Civil war. There will be fracturing into different cultures. Some want to fight for racial injustice. Some want to fight for Constitutional injustice. Some want to fight for their right to own guns. Some want to fight for and against religious issues (abortion, etc). Some want to fight for gay marriage. Some want to fight...

America has always been a melting pot. That worked when everyone has individual responsibility. Now you have the government as the referee, so the pent up frustration is great.

But also note that most of the aggression of the USA is from the government and negros (and Latinos), not the people (and certainly not the white people). The USA government is a head of the globalist empire. And they intend to enslave all people, not just Americans.


I think I mostly agree with that. But don't expect the filipinos to not apply the USA fascism to you. They could throw you under the bus when America says jump, they might say "how high".

The Philippines will likely (they have been thus far) follow USA edicts because they are so dependent.

And I would not agree if you asserted that there won't be war in SE Asia. And I would not agree if you asserted that economic hardship won't return to the Philippines, kidnappings, and that you might not be forced to leave for your safety or comfort.

Also don't rule out ISIS coming to the Philippines especially as the economy goes to shit.

Europe has been repeating the totalitarian debacles, so they could repeat it again. But at least one thing is different. Their population is old. And they have no guns. So I rather see some combination of Russia, ISIS, and European Commission enslaving Europe in the regulation outcome.

In short, no westerner, Chinese, nor Japanese will escape regulation. The brown skin countries will go into a bit of chaos, especially Latin America.

I am big believer in personal responsibility. The people borrowed and accepted government spending. The people are complicit.


It is not that simplistic.

The debt now represents actual investments and labor as the debt money has gone through the economy. You can't just unwind that without picking winners and losers thus stealing from some and redistributing to others.

The notion that debt can be canceled is a fallacy. It always has to be paid down by someone.

Franky1 gave convincing arguments on how Bitcoin can remain deregulated, but that's not the same thing. Every day we make choices. Every day we check the winds and decide to go with them or against them.

Europe has been beaten down by centuries of wars. SE Asians have suffered such wars even longer. America has had little in the way of total  war on its shores. Americans are restless to fight so much so that most of their entertainment is about violence. It's more likely they will get what they seem to want. But that is their choice.

I really don't think the rest of the world will follow America into fascism. Been there. Done that.

I often cited The Starfish and The Spider and I have Cherokee ancestry too, so please don't assume I don't understand the decentralization model. In fact, I've adopted it in my personal life to some extent. Just like a filipino, I don't let anything phase me. Move on. 50 times per day. Ah this girl snubs me, okay talk to the one standing beside her, bounce to the one at the next door, ah wait I am hungry turn around there is food, 15 pesos I am busog...whats next..."depende sa hangin" meaning I do next depending on the wind.

But work is different.

What I mean is filipino culture has no impact on the outcome of the global smashup ahead. They are bystanders.

They will lose their overseas employment when the global economy turns down. They were years ago a net importer of rice, not sure now. They can always survive, as they can survive on bananas and roots if necessary. Although I am not sure about that. I've seen filipinas who got very weak and sickly from just trying to survive on that diet. I remember there were famines in Indonesia.

Their culture can help them survive but it won't help you survive. They will leave you under the bus when they can't use you any more. When the shit comes down, you are foreigner, you need a visa to stay there, and besides you can't survive like they do. I tried it and I lost 20 kilos. It was hell. I had dysentery and amoeba every week. Had Typhoid fever, Dengue, etc.. I could probably do it now, because I am so adjusted (I often eat only carrots all day any way because of my illness). But I'd prefer not to.

The outcome in the major western nations, China, and Japan will seal Bitcoin's fate. You'd have to be blind to not see they are all ripe for regulating Bitcoin and the populations are going along fine with the AML terrorist false flag shit. The western populations, China, Japan, are concerned about political corruption, not about AML compliance.

Sorry no one provided a convincing argument as to why Bitcoin won't become a regulated fiat proxy.

I understand some Europeans are smug. I see that often. They really think they are superior. They even debate with that smug, nonchalant, arrogant attitude ("you didn't say anything"). When I debate them in person, they criticize me arrogantly behind my back. But the reality is they are screwed economically and they are falling right in queue on regulation. Note I also know some younger Europeans that understand what is going on and I relate very well to them.

Every European I've met here in the Philippines (ab)uses the European social system. And they believe it is correct.

I've also met many Americans who live over here on disability, again abusing the social system. I should be declared disabled due to my blindness in one eye and very poor eyesight in the other. But I am not about to abuse the social system because of my stupid decision in 1999.

I don't use health insurance, not even PhilHealth. I couldn't use the social system to pay for something that is my personal responsibility.

There's no doubt about it, all countries have been and are being shafted by the banks.

Where 99% of people are asleep is that there is no debt, because the banks never lent us anything anyway - because they don't have anything lend - and it's all about book-keeping entries and the ability to maintain a lie.