Topic: "Failure to Understand Bitcoin Could Cost Investors Billions" (Bitcoin's flaws) - page 2. (Read 43254 times)

bananas is correct, he just doesn't know how to defend his point well.

Bitcoin isn't decentralized, it is controlled by a few pools which have more than 50% of the hashrate.

Bitcoin is taxed as a commodity, and normal people aren't going to want to keep tax records for every small transaction they make. This is why Bitcoin can never advance as currency.

Because of this Bitcoin is already controlled by the governments. When they are ready to bless their bankster fiat patented solution, they will simply increase the taxes to unbearable levels.

The masses will readily jump to the fiat solution which has theft protection, chargeback protection, don't have to jump through hoops to use it and get it. Instant transaction times, etc, etc.

Bitcoin is a joke. It is for speculators only, not for serious uses.

If you were really serious, you'd have an anonymous coin that can't be taxed, with cpu-only mining that can't be centralized in pools. But you aren't serious. You are just n00bs.

Get off my lawn kiddies. Bye.

(and fuck you too, all you fucking idiots who berated me)

Did the salient point just fly over your damn head?

The masses will never adopt Bitcoin because it will require them to keep records on every acquisition and disposal of Bitcoin, because Bitcoin is classified as a commodity by most all governments.

Legal tender fiat does not have this requirement. When you buy goods and services with legal tender, such as a hamburger, you have no obligation to keep a log for tax purposes.

And the other salient point which fly right over your head is that only merchants want the nonrefundable quality of Bitcoin. The consumers want protections such as the ability to dispute a charge, the insurance that their funds can't be stolen, etc..

Thus merchants can't exclusively accept Bitcoin, because the masses are NEVER going to use Bitcoin.

Duh!

Buffet's point is that Bitcoin can't become a unit-of-account where everyone transacts in it, thus no need to convert to and from fiat. And he is correct!

However, there is a way we could make him incorrect, but you all don't want to hear it, so just go on your fucking merry-go-round way... I am done with you morons.



WTF are you hallucinating about? Did I announce any altcoin? No!



The masses don't care about your complaints about central banking! They want debt, insurance, protection, convenience, and free handouts! Only you high tech merchants and gold bugs care.



The masses have no need for that feature.

Duh.

You morons either don't have a brain stem or you don't use it.

You all walked right into a trap.

The people who designed Bitcoin obviously knew that all those who are against central banking would create a ponzi speculation bubble and ignore the facts that the masses don't share their enthusiasm for killing fiat, central banking, theft protection, consumer protections, etc..

So those people who the governments wanted to trap have walked right into the trap!

And so now all of you have mixed your funds with drug dealers and all sorts of other illegal activity.

The masses are not coming in. Those stupid enough to buy into this bubble are going to not only lose all their money, but you are also going to be in criminal trouble.

Bitcoin is a trap. Period.

Enjoy.

Mark my words. I am 100% sure I am correct.


P.S. Buffet knows the plan. And he knows what is going to happen to you. Don't you know these people have been quoted as saying, "they will burn the fingers of the gold bugs up to their armpits".

Because the government can decide who it wants to target (first) and who it does not (or will target much later).

Remember how it works as socialism crashes. The masses are boiling frogs.

This quote from the decline of Germany into the abyss is on point:



Also the government can offer digital currency to the masses, so they will be protected from cash. Fits right in with the plans to eliminate cash, so they can tax and track everything in the new world order.

See Bitcoin was the designed under the government model of, "problem, reaction, solution". Bitcoin will be seen as somewhat interesting idea but a huge problem in terms of fraud, lack of consumer protection, inconvenience, tax compliance, etc, and then the government and the big banks (of which Buffet owns a couple) will offer digital currency which solves the problems.

To those people who think Satoshi wasn't a task force from the Fourth branch of government, you are not rational.

Satoshi wrote that he expected Bitcoin to be taken over by ASICs, he expected mining would become centralized by large capital, he chose the 10 minute transaction window, etc.. This task force knew very well what they were designing and why.

No he is not wrong.

Bitcoin can't become a unit-of-account for the reasons I just stated. And thus its intrinsic value is that of a money transmitting service, with heaps of irrational speculation on top (because Bitcoin can't do serious things that the masses want and it can't even do serious thing that we enthusiasts need, which is be anonymous so we don't end up in trouble).

We could make him wrong by making it impossible to tax a crypto-currency, but you all don't want to hear that and I don't think you have the balls for that. It wouldn't be for the masses, it would be for us, as the masses tax themselves into the abyss over next several years as socialism collapses.

The Fourth branch of government.


You are a threat to their continuance of crony capitalism power.


They don't prosecute themselves. How many examples of bank court cases being dismissed do you need me to cite?



Perfect sense.


The bankster digital fiat will not be decentralized. It will be just more of the same of what we have now in terms of electronic banking.

And remember they can offer everyone loans in their currency.

My gosh you missed the main point. The masses like fiat! They don't require that the digital currency of the world needs to not be a fiat.

And you did not address the point that the masses don't like the properties of Bitcoin:

• Mixes traceable illegal activity with their funds
• No protection against theft
• No refundable protection
• No consumer protection
• Very volatile price
• Must convert to and from fiat which is a hassle
• Very slow transactions, and confusing
• No government guaranteed deposit insurance
• Can't obtain a loan or credit card in bitcoins
• There is no cash version to use offline.

Fiat doesn't have those weaknesses. Fiat has other weaknesses which we are concerned about, but the masses don't care about those weaknesses that bother us. Later the masses will fall into the abyss, then some of them will learn to appreciate our ideals but most of them won't learn.

If the transactions will not be on the block chain, then you have unregulated fractional reserves, just like we did during the wild 1800s in the USA where the private banks were creating "receipts for gold on deposit" out of thin air.

Just like the Mt.Gox and numerous other failures past and to come, you've essentially just recreated the mess that the public wanted to end and why we have central banking now to regulate that mess.

The key innovation of Bitcoin is to regulate the mess with decentralized proof-of-work, so nobody can cheat. When I see my transaction on the block chain, I know there were no fractional reserves created.

Once you enable the fractional reserves, you've enabled the government regulatory powers, and then you are essentially back to fiat again.

And for what gain for the masses? None. Just woe and trouble for them.

If you really want to crack this nut, you need to improve the technology more. You need strong anonymity. You need instant transactions. Etc.

All of this can be done. But you all don't want it done.

You'd rather fight for the status quo so you can keep your trap.

I was a download software merchant in the past. I don't know if it has improved but in addition to the 3.5% MDR, I also paid 0.5% to the payment processor, and I had another couple of percent loses to chargebacks.

So the actual cost to most small internet merchants is 5+%.

That is significant. But again the consumers don't care.

Now if you can offer a significant discount for using Bitcoin, i.e. if the lack of chargebacks significantly lowers your cost of doing business, then consumers would care!

There is no feature, compelling or otherwise, that Bitcoin can't replicate.  The only question is whether or not the userbase considers your 'killer feature' as highly as you do.  If they do, then Bitcoin will steal your idea.  I'm still waiting for your grand announcement, BTW, and I'll be the first to point out if there is prior art within the bitcoin ecosystem.

Bullshit. Bitcoin has no reliable anonymity even when used with Tor+VPN. The only way to be surely anonymous is connect to the internet in a way that the connection can not be associated with you such as a different netcafe or a new unregistered mobile device and sim card every time you transact.

Since most people aren't doing that, Bitcoin can be easily taken over by the government. End of story.

And Bitcoin can't be fixed, here is why:

https://bitcointalksearch.org/topic/m.5723957

Truth is as strong as Titanium.  




+1. Good to see not everyone is dumb.

Actually we don't need that altcoin to kill Bitcoin. I believe the Fourth Branch of government created Bitcoin, and they will make it mainstream by regulating it then allowing it to be legal tender so no more taxes on using it. That is good even for an altcoin which the government hates, because expands our ecosystem.

So what I see is a better altcoin that is #2, but better for all of us idealists who understand where we are headed 10 - 20 years hence. The masses will follow us into this altcoin later, after they get totally fucked over by the government as socialism implodes. For now the masses still trust the government, otherwise the $223 trillion global fractional reserves (i.e. debt) and $1000 trillion of derivatives would have imploded already.


I am not polluting. I responding on Buffet's point as to why Bitcoin can not become a unit-of-account (unless it becomes the new digital fiat legal tender).

Tor and VPNs can not be proven to anonymous when you use them. You might get lucky, you might not.

And besides, most are not using them, thus diluting the percentage of those who use them (5%?) by the percentage that you get lucky (80%?), means some very small percent (0.05 x 0.8 = 4%?) of Bitcoin users are anonymous w.r.t. to IP address.

And that is only IP address. You still have to mix your coins so they can't be traced on the public ledger block chain.

Problem is all mixers have the same problem as VPNs, in that you can't prove the people running them aren't revealing your identity (NSA gag order can be applied to them) or that their servers aren't backdoored.

And mixers are only a small percent of users, so thus the anonymity set is very limited.

So all of this means that the government can find 95+% of the users to attack them with taxation and criminal liability for all activity on the coin history. Because how can you prove you didn't mine the coin and sell it to yourself multiple times unless you have the identities of who you bought from and sold to?

Come on morons, you haven't thought this out.


Hahaha, of course not. I already wrote upthread that all existing and known planned altcoins are crapcoins. Even Ethereum is nonsense because putting a Turing complete language in the block chain can cause a virus and destroy the entire block chain.

Bolded text inserted by myself.

clusterfuck
Web definitions
A chaotic situation where everything seems to go wrong. It is often caused by incompetence, communication failure, or a complex environment; To fuck (something) up, to make a total mess of
http://en.wiktionary.org/wiki/clusterfuck

CIA even attacking its greatest proponent:

http://armstrongeconomics.com/2014/03/11/feinstein-get-what-she-has-dished-out-to-the-world/


http://armstrongeconomics.com/2014/03/14/obama-feinstein-nsa-destroying-america-better-thsn-russia-could-ever-do/
http://armstrongeconomics.com/2014/03/14/the-fourth-branch-deep-than-the-deep-state/
http://armstrongeconomics.com/2014/03/14/germany-to-throw-in-prison-people-with-swiss-accounts/
http://armstrongeconomics.com/2014/03/13/another-ny-trader-jumps-to-his-death/
http://armstrongeconomics.com/2014/03/12/nigel-farage-europe-is-crumbling/
http://armstrongeconomics.com/2014/03/11/europeans-enter-final-stage-on-how-to-pay-for-the-european-failed-banking-system/

Just let the climate freaks eat their poison. It is futile to convince of them of the facts.

Get yourself some anonymous crypto-currency, then sit back with your popcorn and watch them destroy themselves with taxes.

Bitcoin has certain aspects it cannot change without disrupting the system to the point that it could collapse, which means it is vulnerable to competition.  For instance it cannot change its rate of coin creation and would not be able to change its hashing function unless it was near collapse or thought the risk of collapse was worth it.  Bitcoin will be overrun by a crypto-currency that is better in some core area, because by the time Bitcoin will make the change it will already be near collapse, and the emergent currency will have all the momentum.

Furthermore, just because it can be changed doesn't make it invincible, there are limits to the speed and scope of the changes that are possible.  If the ability to adapt makes a currency impervious then we will be stuck with dollars forever as the FED and U.S. gov't control what the dollar is and has changed this from 100% gold backed to what we use now, fiat.  

Finally it is highly unlikely that it will be clear to the masses at an early stage which currency is superior, and the only scenario that would allow Bitcoin to adopt core changes with speed would be if all the users understood that the newer version was superior.  But who understands issues at Bitcoin's  and more generally money's core?  Almost no one so Bitcoin has vulnerabilities.

There is no feature, compelling or otherwise, that Bitcoin can't replicate.  The only question is whether or not the userbase considers your 'killer feature' as highly as you do.  If they do, then Bitcoin will steal your idea.  I'm still waiting for your grand announcement, BTW, and I'll be the first to point out if there is prior art within the bitcoin ecosystem.

So the question is at what point is Bitcoin fully adopted?

Most people in the world don't give a rats ass about our idealistic goals with decentralized crypto-currency.

They would prefer to use Paypal or a credit card.

So Bitcoin will only continue going up if:

1. More investors drink the Koolaid.

2. There is some compelling mainstream use of Bitcoin that we haven't seen yet.

So it is quite easy to displace Bitcoin, simply invent an altcoin that has some very important use which Bitcoin can't do, and which many people need desperately.

I know what that is.

So goodbye to you. Enjoy your myopia.

And trees grow past the moon to ur-anus too.

Rather adoption curves are logistic.

So the question is at what point is Bitcoin fully adopted?

Most people in the world don't give a rats ass about our idealistic goals with decentralized crypto-currency.

They would prefer to use Paypal or a credit card.

So Bitcoin will only continue going up if:

1. More investors drink the Koolaid.

2. There is some compelling mainstream use of Bitcoin that we haven't seen yet.


So it is quite easy to displace Bitcoin, simply invent an altcoin that has some very important use which Bitcoin can't do, and which many people need desperately.

Half of the population is dumber than 100 IQ, i.e. basically retarded.

So you think the masses are going to rise up and say "99% versus 1%, so let's dump our credit cards and use Bitcoin"?

I could see that possibly happening AFTER the global economic collapse that should start to collapse in 2016.

So maybe by about 2017 or 2018, they might start to make that transition in understanding. Right now, they are boiling frogs still in wonderland.

But by 2017 or 2018 it will be kind of too late. An anonymous coin will have already taken over because the wealthy are going to need an anonymous coin to avoid the massive government confiscation coming as the economy implodes.

I don't disagree.

But do you really think that would cause the masses to leave their credit cards? Of course not! Credit cards protect them, let them make chargebacks, they can't lose their entire balance, they are familiar, etc..

Every country is bankrupt with $223 trillion in global debt. They all need to ramp up taxation compliance. There is a big push in the Philippines about it all over the news every day (obviously being pushed by the PTB that control the media).

Coin taint is going to be intertwinded with tax compliance, because the government will say "prove you didn't mine it and sell it to yourself numerous times?".

So you have to prove the identities of whom you bought and sold your coins.



Yet you forgot a small detail. Russia and China banned Bitcoin.  

I am thus questioning your premise that 1 billion people can adopt Bitcoin by end of 2016:

https://bitcointalksearch.org/topic/m.5716065

I think that is utter fantasy. No way that will happen. Absolutely 0.

They would only move in if they are investors, because there is no currency reason for the masses to adopt Bitcoin any time soon.

Thus I conclude Bitcoin will crash in 2014 or 2015. It can't reach 100 million.

+1

Another very astute post.

I think he's losing his mind.

The 3d printers are just prototyping tools, and they usually specialise in just plastic or metal. A DIY silicon foundry would be nice. Good luck 3d printing that!

Buffet was relevant when we required factories, retail distribution, and a tangible world.

But the world has changed. We are moving towards a virtual economy and Buffet's capitalism is just a middle man that needs to be routed around in order to the make the economy more efficient.

This is his swan song, supporting Obama and Gneithner in order to prop up the global debt for another decade past 2007, in order to double the global debt from $100 trillion to the now $223 trillion (plus China's shadow economy debt, plus $1000 trillion in "weapons of mass destruction", plus $1000 trillion of unfunded actuarial liabilities/promises to the public in the form of social welfare and retirement).

He helped make everything worse and he is going to pay dearly for it.

Stop looking up this man. That form of capitalism is dying. The new form of capitalism is high tech. It is mostly what it is your brain. The $ is becoming a smaller and smaller portion of what is needed to develop a high tech project.

This is his swan song, predicting there won't be another major financial crash soon, when in fact the NYSE will double by 2015, then we will have global collapse 2016ish.

This is his swan song, not understanding the new money of the world and how that new money will propel the high tech knowledge age.

The industrial age is dying. China has massive overcapacity.

The future is about making unique things that people really need (such as this new technology that can predict if you will get Alzheimers by studying you eye twitching), not all this Wallstuff crap imported from Chinky land.

Stop admiring $billionaires. They are by definition dumber than when they were poorer. Do you not understand mathematically why that must be so?

It is a mathematical fact that smaller capital can grow faster because it able to chase smaller investments. Early Bitcoin investors made 1000X return on investment. That low hanging fruit is gone now. You will be lucky to make 10 to 100X from here. There will be competition for Bitcoin, because Bitcoin is flawed and will be easily regulated by the government.

Some altcoin has to fulfill that unregulated market demand, because the knowledge age will demand to be unregulated. That will be a smaller market for a decade, but then in the end it will be the larger market and surpass Bitcoin in the long run.

Idolatry much.

I stand by my comments upthread.

He is dumber now. He was super smart when his capital was small and the industrial+tangible+socialism age was still young. Now it is peaking and dying with him too.

I don't hate him, but I sure don't idolize him. I don't want to follow him into his coming massive failure.

Perhaps his underlings and managers of his businesses are savvy enough to adjust to the knowledge age. We will see.

As I wrote upthread, he is correct that Bitcoin is not yet treated as a unit-of-account.

And I do think he might end up being correct about Bitcoin and wrong about an altcoin. Because I think the government is going to tax BTC as a commodity, which will insure it can't be a unit-of-account because legal tender is not taxed on VAT and capital gains. And then merge Bitcoin into some digital fiat plan (the mining is already centralized in few pools so easily to force those owners to sell to Goldman Sachs, JP Morgan, etc). I believe this is why those banks have been patenting designs for the coming plan.

So that is why I don't think you will get 1000X gains that you BTC holders are extrapolating.

As I said in my first post upthread, he is somewhat correct, but only because Bitcoin is not designed to resist government regulation.

Decentralized exchange won't help you. Because your IP address is still visible to the government, and Tor+VPN can't help you.

And the block chain is fully traceable and the available mixers won't really help you.

And CoinJoin is DOS-attackable in decentralized mode.

Sorry I speak the facts.

Eventually it will hit you like a brick. Then you will realize what the real future of Bitcoin is and that is going to be depressing realization for you.

I am not happy about, which is why I have been investigating potential solutions.

You know its going to be impossible for me to stop making my own coin, even if I can't code well and have to hire programmers instead.  Like you said, you have a plan and are competing, I have my plan and I'm one of your competitors.  Good luck with your coin  !

Zarathustra's solution to the power vacuum of collectivism is to tell us to go back to being cavemen.

But what he doesn't acknowledge is cavemen still bludgeoned each other to death with cruder weapons.

Anarchy here in Mindanao during the 1800s was that every person carried 5 or 6 knives. Women were afraid to roam far, as they would be kidnapped and impregnated by the opposing tribes.

My solution which I am busy working on now, is to make it impossible for the collective to tax us (the virtual knowledge workers), because they won't be able to see what we are doing nor know who we are.

My solution is moving forwards towards greater technology and prosperity.

There is no perfect solution, but competition is the name of the game.

And all of us men share to some extent those dreams of just wanting to be left alone so we can live happily, so I am saying to you...

What is your plan to accomplish it?

I have my plan. I am competing.

We are legion. We are not beta-males.

P.S. I will repeat again for those who are sending me private messages. AnonyMint will not be announcing any altcoin, nor will he be telling you which altcoin he likes. It is up to you to figure out which features such a great altcoin will have.

Bolded emphasis is mine:


Agreed except the bolded part. We are more powerful now, we just need the right technology. Stay tuned...


Correct. But as I pointed out in my first post upthread (which apparently flew over the head of most readers), rather than lowering costs to use it as a fiat money transfer tool, we will simply create new features (e.g. anonymity) which fiat no longer has (fiat cash is going away). And our new currency will support the virtual commerce knowledge age, which fiat won't.

Buffet is in the dinosaur old world economy. We are preparing to do euthanasia on that dying piece of shit industrial+retail+tangible economy.

And I feel like dancing to that!

http://www.youtube.com/watch?v=yyDUC1LUXSU
http://www.youtube.com/watch?v=TH8m6J3gPH0

+1


Hahaha. Right on bro!

I rather hope we feel like this about the beauty of humanity.

Miguel - Adorn.

Apologies but I've got a music itch today. I think Buffet lives a sheltered life. Doesn't he realize the world is a changin'.

I can't wait to finish programming so I can have some fun, haha!

I forgot to mention that the Apache were, once upon a time, a matriarchal society; at least by Zarathustra's definition of same.  (I would consider them to be a decentralized society, without a 'patriarchal' preference)  History doesn't exactly describe the Apache as a peaceful lot.  They gave the Spanish hell for centuries before the Americans entered into their region.

Thanks MoonShadow. I wanted to say something similar but was too mentally exhausted yesterday. Also there were no citations in that paper.

Zarathustra has some need to believe that. No matter how bad any coming crisis might or might not be, we will not lose the technology that is in our minds. For example I will not forget everything I know about computer science, even if society burns all the books.

Armstrong admits we need to eliminate taxation at the nation-state level, but he doesn't provide a way to accomplish that!

http://armstrongeconomics.com/2014/02/24/the-fourth-branch-deep-state-in-plaint-sight/


Readers must listen to Bill Moyer's interview about the DEEP STATE that has taken over the U.S.A. government.

To all those who say that anonymity will enable illegal activities, I remind them that so did cash. So should we eliminate physical cash and move to a state controlled digital currency in order to eliminate all crime? But my prior post about the DEEP STATE, shows that the criminals control the state! Ukraine is another evidence that all nation-states are corrupt. Come on Statistards, admit you are wrong!

I am pleased to see how the forum responded to the idiotic OP about "How do we prevent money laundering and assasinations?".

The bigger the cheese, the more mice who come to feed on it. If we put control of all the money in the hands of the state, the incentive is much larger for the criminals to go capture the state. This is why we have a DEEP STATE. There is no way to legislate or make a democracy that prevents this. You have to eliminate the cheese using a decentralized technology, so there is nothing for the criminals to go after.

All those who think crypto-currency should be unregulated are implicit (de facto) members of the Dark Enlightenment, and are delusional if they think it can happen without anonymity being built-in to the coin.

The linked article in the OP implies the powers-that-be (not politicians, I mean the truly powerful who control the DEEP STATE) are aware they need to regulate Bitcoin.

Legal tender is not taxed on capital gains and VAT. Commodities disposals are.

This is why the government will control Bitcoin.

Only an anonymous coin can break free from the government control.

End of story.

Indeed the old tangible capital world is going away folks... and Buffet will die just-in-time to fade away with it...

I also knew in 1999 that the dot.com crash was coming because I was trying to buy PPC advertising for my CoolPage.com (had million users at that time, roughly 1% of the internet) and what I saw was the ROI on advertising was negative for any profitable business, thus there was massive overinvestment driving the ad prices too high.

So when Homepage.com offered me $1 million in stock options to take over CoolPage.com, I declined. I took a couple hundred thousand instead in a non-exclusive license, and reaped another 7 years of sales ongoing.

But Buffet missed investing in numerous internet companies that have made others into $billionaires.

The model of business he invests in is dying. We are leaving the tangible capital age and entering the knowledge age, wherein you don't need large stored capital to launch a business. For example the 3D printer (which can print itself) will eventually obliterate factories, retail stores, and shipped goods. There are already 3D printers which can print multiple materials on the same object.

Also in the past knowledge was captured by industrial stored capital, because one needed physical production and distribution. Stored capital is a claim of future human labor or production. But now for example factories will be automated with robots, so the industrialists will depend on the knowledge workers.

The knowledge workers can say "fuck you" to $billions, we don't need it. All that stored capital is becoming useless and won't be able to find a home. It is what you know in your brain that becomes capital.

When the $223 trillion global debt bomb (with $1000 trillion in derivatives to hold it up, and another $1000 trillion in unfunded social liabilities promised to the boomers) implodes circa 2016ish as the marginal-utility-of-debt has become negative right about now and the BRICs are starting to collapse (with Europe and Japan to follow by next year and USA in 2016), the all those people who are useless in the Knowledge Age will be unemployable. And those $billionaires will lose their net worth relative to the capital in our brains which will grow orders-of-magnitude in value (what we can produce and buy with our efforts).

Oxford U predicts 47% of all existing jobs will be erased by automation within 19 years (20 years from last year when the research was published).

Apologies I deleted those recordings from my thread because I was so mentally and physically exhausted yesterday and somewhat incoherent. Also I gave away too many details on my plans. There were two recordings and the second one continued where the first one got chopped off. There was a lot more to explain but I think it is not yet the right timing for me. I am also suffering from exhaustion and need to focus my efforts more.

I can't predict which computer language will be most important, but I am nearly certain it won't be C, C++, C#, nor Go. Because their typing systems are inadequate for the level of expression we need to do, and if you don't need strong typing then use Python instead.

It will either be (or probably both) a dynamically typed language (i.e. actually statically uni-typed) such as Python or a statically typed language that is not verbose due to its very powerful Higher Kinded typing system such as Scala (hopefully a version 3 that has a first-class union type, which is the main lacking feature of Scala which Ceylon has!) something Ceylon doesn't have. I was working on the latter for my Copute which is intended to be a better Scala and I will come back to that if I can finish my work in the Bitcoin space.

Are you a talented programmer? You can PM me.

I got into a discussion about languages at the following thread:

https://bitcointalksearch.org/topic/m.3003835

Some where in that thread, I explained why I think Go sucks.

Unfortunately the situation is very different now in some critical ways which could indeed lead to riots and martial law.

At that time the USA was still predominantly a rural and more self-sufficient society. My grandfather was walking around selling potatos during the Great Depression.

The Great Depression was caused by the network effects from the First Industrial Revolution which created mass production factories in the Second Industrial Revolution. This bankrupted the cottage industry and socialism in Europe. Which caused 76% of the world's gold to flee to the USA.

World War 1, FDR's New Deal, and WW2 were able to keep the people busy and people could survive in the semi-rural ways too. The USA was a net creditor and had much strength in industrial undercapacity and huge resources to apply to the Second Industrial Age.

Whereas, the situation we have now is that all nations are bankrupt and have irrelevance to the Knowledge Age. Thus government has no clue how to solve this debt bomb.

The only thing the socialism knows how to do at this point is tax and spend.

There is no place for capital to run to. The economy is shifting to the Knowledge Age where capital is less important than specific knowledge and small world-changing focused opportunities.

So you are going to have a very confused and pissed off society as this accelerates 2016ish.


Worse than that. Central banks have delayed for decades the correction that should have come in the 1970s so that the boomers would have learned to be programmers as the personal computer was born. Instead the debt propped up all sorts of old world economy business that is no longer relevant. So now we will have an abrupt and very painful global adjustment that may even take us into a Dark Age.

I detailed this at the following post and downwards in the thread:

https://bitcointalksearch.org/topic/m.5637503

It is happening:

http://armstrongeconomics.com/2014/03/14/russian-capital-flows/
http://armstrongeconomics.com/2014/03/14/germany-to-throw-in-prison-people-with-swiss-accounts/
http://armstrongeconomics.com/2014/03/14/is-there-a-global-bank-run/
http://armstrongeconomics.com/2014/03/13/preliminary-capital-flows-fleeing-russia-exceed-50-billion/
http://armstrongeconomics.com/2014/03/13/bank-runs-starting-in-ukraine/

No. Paleolithic (pre-patriarchal) anarchy was an epoche without warfare.

http://gerhardbott.de/das-buch/summary-in-english.html

Read it carefully.

1. He say consumers and merchants (he was not referring to investors in BTC) don't use it as a unit-of-account nor store-of-value, i.e. don't retain their cash in Bitcoin, and only cash in/out from/to fiat using as a money order.

2. He doesn't think duplicates can be prevented which dilute its value.

3. He doesn't expect a worse economic crash than 2008 in next few years.

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Please remember #3, because he will be highly embarrassed on this one. He is wrong.

On #1, I have to somewhat agree with him, but we are preparing to change this by making features that a fiat economy can't do.

On #2, the network effect will take over much more strongly when the prior sentence is implemented.