Topic: Gold collapsing. Bitcoin UP. - page 313. (Read 2032266 times)

Saying "it works" without understanding how it works is short-sighted.

Twice or thrice I tried to find technical documentation (wading through all the promotional crap) and was stifled, so I assumed it is centralized bullshit.

thank god he renamed from "ultracoin".


I still don't understand how the tickers are fed into veritaseum to settle the bets. Can you explain that?

It says that bad money drives good money out-of-circulation.

You are advocating we drive BTC out-of-circulation and make it another gold. And inferior form of gold because it has third party risk.

Crypto-currency's strength was never to be an inexorable store-of-value (Satoshi did hook the goldbugs with his mention of inflationless future). It was always about a (speculation on the) synergy of decentralization and commerce being uninhibited (permission-less) and thus freed to grow faster.

I want to fulfill that goal. Bitcoin is about fulfilling the NWO goal (or as you wish dying on the vine as some bastardized gold so you can assert your early adopter ego).

Edit: I am not visualizing Bitcoin as the one-world reserve currency, which will rather be a political power sharing compromise amongst nations with a monetary reset. I see Bitcoin being used to spread digital currency to the masses and force traditional banking and governments into electronic currency (which coincides with the War on Cash). Bitcoin is a clever Trojan horse created and planted by the DEEP STATE to force the move away from cash. They planned this out well. I am impressed.

I seem to rebut people before they writeread:

Ahem.

Does this guy live in the same world we live in? Has he looked at the BTC chart since 2013?

Did you make any point? Seems like you just affirmed what I asserted. Bitcoin was an obscure hobbiest nothing until the MSM started covering it.

P.S. I did come late. I glanced at the Bitgold essay circa 2008 or 2009 but didn't really digest it deeply, and was thinking a lot about how to make sound money decentralized in that period from 2008 to 2011. But I was too distracted to pay close attention to Bitcoin. By the time the pizza was purchased for 10,000 BTC, I had fallen into Multiple Sclerosis and other personal issues that were consuming me. I didn't come to this forum and look deeply into Bitcoin until late 2012 and early 2013 when rpietila had pinged me once or thrice. I was very preoccupied as I was in the ER and ICU with acute peptic ulcer in May 2012 (that was leaking acid into my body) and my M.S. went bezerk after the 3 weeks of massive antibiotic doses. I had severe gastronomicalgastrointestinal issues manifesting towards end of 2011. Around 2010 is when my feet started swelling up to grapefruits. There were other personal issues.

My point is had my mental focus been present, I would not likely have been late. You will end up eating that "noob" comment recycled out of your ass over and over.

The only thing which causes people to infer rising BTC prices in the future is a rising BTC price in the present.  99.99999% of people don't give even a whiff of a fart of a tiny little shit about the "network effect" even assuming they've heard of it (which they haven't).

Until the UXTO set is able to be pruned and/or otherwise optimized for (sub)linear growth, your starry-eyed fantasies about billions of direct, Metcalfe-empowering BTC users are dead.

Fortunately, the network effect still works when billions of people indirectly use BTC via altcoins, sidechains, and institutions kept honest by realtime auditing.

Nobody (except possibly Gavin-the-clod) is powerful enough to "relegate Bitcoin to a hobbiest experiment."  That ship has sailed; that horse is out the barn, that toothpaste is out the tube; that goose is cooked.  The Bitcoin cat is out of the bag, and heaven help anyone who tries to put her back in it.   

Your disturbing lack of faith in Bitcoin's antifragility, Gresham's Law, marginalism, and the invisible hand are noted.

Or maybe Mircea is shorting BTC.

You are a noob and so can be forgiven/educated on what actually happened:

E-cash had a widespread ideological following since the days of William Gibson and Extropy magazine (1990s).  Unnoticed, it gestated in the cypherpunk lists...

Decades later, Bitcoin first gained mainstream exposure via the Streisand Effect, when some grandstanding banker-whore Senator (Schumer) held a press conference where his intern or grandson loaded Silk Road up on a laptop to give the press some Shock Horror jollies.

Silk Road worked splendidly as an actual Amazon for drugs, to the delight of thousands of 20-30 somethings who ignore any MSM beyond Daily Show, Gawker, and Conde Naste organs like Reddit and Wired (who mostly regurgitated FUD along the lines of 'Is Bitcoin a Ponzi Scheme for Terrorists?')

TPTB and their VC flunkies came late to the party.  As did you.  It was much cooler before all the lamers showed up...   

Here we go again. I wrote upthread that you just push the scaling problem onto sidechains, which means under the currently known best crypto-currencies designs they fail to remain decentralized also.

You've got to address the fundamental scaling issue. Bitcoin's design is fundamentally flawed, if decentralization (and scaling) was the goal.

This is correct. Can't believe people can't see this. Or  maybe they do but don't care.

The blockchain is being centralized in numerous vectors, so even limiting block size won't stop the Sybil attack takeover by pools, the capture of > 50% of the hashrate with the 21 Inc buiness model, the centralization into ASIC farms with usury and access to low priced or collective subsidized electricity (make the people pay for their own enslavement with subsidies).

The sidechains will be Coinbase, Circle, Paypal, etc.. and they will have the most users. So go ahead and fork away and see how many people follow you. The richest 0.1% are onboard the NWO plan and will prefer to monopolize the MSM fork than to defect to your ideological, hobbiest store-of-value. Who are your allies? Where is your market?

That is why I identified a fledgling market which can grow larger than the NWO economy within a couple of decades.

Realize whether you increase or not the block size, the centralization of (any MSM fork of) Bitcoin is unavoidable.

If you want a different outcome, you need a different experiment and target market. That is what I am doing. You can join if you want to succeed. Or not. I don't care.

Because the TPTB used their mainstream media to promote it. Not because as you asserted that eventually users learn to become ideological after the discovery and learning about the evils of fiat.

You are delusional if you assert you are where you are today without the mainstream media and the elite promoting Bitcoin (in their usual Good Cop, Bad Cop hegelian methodology where they both restrict and promote simultaneously as they do for drugs).

You are conflating quantity of users with quality.

I'd rather the richest 1% (who own 95% of world assets) use Bitcoin, and exclude the 99% of poorer people, than the reverse.

Poor people have no need for a store of value, as they have little or no value to store (much less the ability to manage their stored wealth wisely).

There are plenty of less crowded and expensive blockchains for poor nerds with an on-chain tx fetish.

Bitcoin The Technology scales to "every human in the world" in the form of sidechains, altcoins, and institutions kept honest via realtime auditing.

Bitcoin the Premium Limited Edition 21e6 Cryptocurrency does not.  Like fine art, gold, and real estate, its distribution will follow Pareto-type power laws.

This bleeding heart desire to press Actual Bitcoins into the open palm of every yuppie at Starbucks and every child in Africa is misguided.

We will keep Bitcoin elite, whether you and TBTB like it or not.  


Bitcoin already solved the chicken-and-egg problem.  Have you been in a coma since 2011, when Bitcoin obviously started rapidly taking over the world?  

Everyone that needs to know about Bitcoin already does.  Closing the loop (IE excluding fiat) is at this point merely an exercise in patience and applying Gresham's Law.

Sand Hill Road's embrace-extend-extinguish attack is as predictable as it is futile.

They are trying to suborn Bitcoin into their quotidian schemes to collect Visa-like quantities of economic rent, but are really just pounding sand.

The harder they hit, the more resistant we become.

gold has been a safe bet because there are countries who depends on it, on its price. huge economic crash is likely to occur if gold becomes "not so scarce"

You haven't read my posts about gold.

I entirely disagree. I predict you will throw your gold into the street one day (or at least bury it in the ground foreverfor numerous lifetimes as they did in the Middle Ages).

Forcing txn fees higher to contain the blockchain bloat would also implode the BTC price because you will destroy the ideological propaganda that caused people to predict much higher BTC prices due to network effects.

You would essentially be relegating Bitcoin to a hobbiest experiment on the virtues of small currencies used by a fraction of the population with that population sparsely distributed over the globe.

I think no matter what we can agree gold will always be a safe bet.  Long term it will remain to have value.  It is something no matter country it has a value.

With past history I would think if your in it for long haul gold is a good investment.

$223 within 10days. who wants to bet? 0.1btc, choose your escrow

And you get the same result if you increase the block size, due to the centralization it ultimately enables.

Catch-22. Checkmate. NWO design.