Precious metals are a private money. They are absolute wealth.
Don't confuse these with the unit-of-account, which will always be something that expands fast enough in supply to allow the economy to grow 5% per annum without transferring the rise in productivity from the investors-at-risk to the savers of gold (buried in a hole or vault).
Also the unit-of-account should be able to pay for the most things (weighted by per capita expenditure) that people need. Thus it should not require a physical meeting to complete a transaction.
Precious metals are what you hold for insurance, i.e. if the unit-of-account system stops functioning. Even then precious metals don't always serve their purpose, because when the system fails, sometimes food is what people need most and no one will accept precious metals. This has happened numerous times during Dark Ages.
This is why I am becoming much more excited about the potential for a digital decentralized currency where the fixed rate of debasement (fixed before launch by the creators) can't be controlled by anyone. And which is anonymous so it can't be taxed. This will destroy the bastards who rely on feeding debt and socialism to the masses, because they have the power to tax and debase.
Topic: No Money Exists Without the Majority - page 2. (Read 10178 times)
Germany has recognized Bitcoin as "private money", i.e. as a currency for tax purposes, perhaps (still unclear) meaning you won't be taxed capital gains.
But I still think if the governments can't regulate it, they will try to tax it as capital gains. I think they are assuming by declaring it a currency, then they can regulate it.
The tax details are unclear:
http://www.spiegel.de/international/business/germany-declares-bitcoins-to-be-a-unit-of-account-a-917525.html
But I still think if the governments can't regulate it, they will try to tax it as capital gains. I think they are assuming by declaring it a currency, then they can regulate it.
The tax details are unclear:
http://www.spiegel.de/international/business/germany-declares-bitcoins-to-be-a-unit-of-account-a-917525.html
Click link to watch video.
http://www.marketoracle.co.uk/Article41995.html#comment213296
http://www.marketoracle.co.uk/Article41995.html#comment213296
Quote
http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/137627.pdf
European Union
http://www.rbnz.govt.nz/regulation_and_supervision/banks/banking_supervision_handbook/5341478.pdf
New Zealand
http://www.fdic.gov/about/srac/2012/gsifi.pdf
FDIC-Bank of England Joint Paper
http://www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf
Canada
European Union
http://www.rbnz.govt.nz/regulation_and_supervision/banks/banking_supervision_handbook/5341478.pdf
New Zealand
http://www.fdic.gov/about/srac/2012/gsifi.pdf
FDIC-Bank of England Joint Paper
http://www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf
Canada
Best to click the following link to read the context of the discussion, in which I explained that Keynes(ism) never proposed to run deficits year-after-year, yet the failure of Keynesism is he assumed government was rational and self-limiting.
https://bitcointalksearch.org/topic/m.3024388
https://bitcointalksearch.org/topic/m.3024388
Agreed, but don't conflate and then assume it is because of a gold standard that the 1800s were more prosperous. They were because the USA was a frontier and the government was less than 10-20% of the GDP (now is it roughly 60 - 80% if include cost of complying with regulation and local govts, especially when the $5 trillion per year unfunded liability deficit is considered).
And don't conflate and say that inflation is bad. It is centralized inflation that is bad, because it helps to build the government. Decentralized inflation is absolutely necessary, M2 and nominal GDP grew by 5% per annum since 1790 in the USA. Without inflation, you can't grow the economy. The USA never had ONLY gold and silver as money, there were always fractional receipts from private banks. It was the decentralized nature (private banks making fractional receipts for gold) of the debasement that made the USA great during the 1800s. The downfall was that the receipts were fractional reserves. This allowed JP Morgan to bail out the Treasury and bankers took over the government by 1913. The decentralized digital currencies solve this problem, but Bitcoin has a flaw in that debasement stops (very bad).
Please read the math:
https://bitcointalksearch.org/topic/m.2895021
And more discussion on that (follow the sub-links too):
https://bitcointalksearch.org/topic/m.2930843
And don't conflate and say that inflation is bad. It is centralized inflation that is bad, because it helps to build the government. Decentralized inflation is absolutely necessary, M2 and nominal GDP grew by 5% per annum since 1790 in the USA. Without inflation, you can't grow the economy. The USA never had ONLY gold and silver as money, there were always fractional receipts from private banks. It was the decentralized nature (private banks making fractional receipts for gold) of the debasement that made the USA great during the 1800s. The downfall was that the receipts were fractional reserves. This allowed JP Morgan to bail out the Treasury and bankers took over the government by 1913. The decentralized digital currencies solve this problem, but Bitcoin has a flaw in that debasement stops (very bad).
Please read the math:
https://bitcointalksearch.org/topic/m.2895021
And more discussion on that (follow the sub-links too):
https://bitcointalksearch.org/topic/m.2930843
digitalindustry, the BRICs are pumped up by excessive debt for domestic fixed capital investment (e.g. China) and/or exports driven by debt-driven developed country demand. Both of these will implode and there is nothing that can stop it.
After that, from a much lower level, the world can grow again.
After that, from a much lower level, the world can grow again.
As I suspected you have rudimentary just learned understanding of economics , you have the numbers side of it, that's Not a problem , and I know your intentions are good , but just pair back the arrogance a bit and you will more efficiently get objectives achieved.
If you participate , even if you don't believe in the project you will see that you will achieve small objectives that sum to something you probably did not first conceive .
If you don't mind (?), I will send you a PM when I want my code to be evaluated.
I don't want to be involved into politics. The world is already gone mad and my efforts will only make things worse.The code (or whitepapers in Primecoin or MC2 style) published for open discussion would be quite OK. BTW, take a look at posts from FPGA era. There was a lot of brilliant ideas, now they are useless for Bitcoin and too heavy for altcoins.
digitalindustry, the BRICs are pumped up by excessive debt for domestic fixed capital investment (e.g. China) and/or exports driven by debt-driven developed country demand. Both of these will implode and there is nothing that can stop it.
After that, from a much lower level, the world can grow again.
After that, from a much lower level, the world can grow again.
I know how to defeat ASICs. First, I defeat GPUs with my nested Scrypt, thus also forcing ASICs to access 16 GB of DRAM. Since the ASICs can be made much cheaper than the DRAM, then users will plug an ASIC chip into their USB 3.0 port (or perhaps PCIe) and access the DRAM on their system.
That's a good idea about making hashing core dirt-cheap and have memory size be the limiting factor for hashing. There is a bottleneck in your solution, the bus throughput depends on memory access pattern (or packet size in case of USB), and it seems to be possible to adjust that pattern for bulk scrypt calculations.Regarding ideologically loaded part of the conversation - sorry, I withdraw myself from it.
Sounds like you are quite knowledgeable about hardware considerations as they impact the design of the hashing algorithm. If you don't mind (?), I will send you a PM when I want my code to be evaluated. Note I may be sending it from a new anonymous identity, so I hope you won't ignore my PM at that future time. Thanks.
I know how to defeat ASICs. First, I defeat GPUs with my nested Scrypt, thus also forcing ASICs to access 16 GB of DRAM. Since the ASICs can be made much cheaper than the DRAM, then users will plug an ASIC chip into their USB 3.0 port (or perhaps PCIe) and access the DRAM on their system.
That's a good idea about making hashing core dirt-cheap and have memory size be the limiting factor for hashing. There is a bottleneck in your solution, the bus throughput depends on memory access pattern (or packet size in case of USB), and it seems to be possible to adjust that pattern for bulk scrypt calculations.Regarding ideologically loaded part of the conversation - sorry, I withdraw myself from it.
There won't be any country to shift exports to, as the entire world will implode into debt collapse circa 2016.
Um, what about the nation's that are not running huge debts , and the debts that they are running , that could get dissolved , if say , the structure of the monetary system shifts , I'm talking of course about the commen knowledge that Brics nations might move to a direct swap basket of currencies.
Do they get destroyed by debt in that scenario ?
There won't be any country to shift exports to, as the entire world will implode into debt collapse circa 2016.
My reply is come back to me in 2016 when you see how correct I am about all of this.
I don't have time to waste arguing. I am working on a solution (but it won't help the socialists, they will perish, including Germany).
And now that I know I was arguing with Europeans, no wonder you don't make any sense.
P.S. productive capacity is useless when global contagion collapses your exports. German banks are bankrupt too.
I don't have time to waste arguing. I am working on a solution (but it won't help the socialists, they will perish, including Germany).
And now that I know I was arguing with Europeans, no wonder you don't make any sense.
P.S. productive capacity is useless when global contagion collapses your exports. German banks are bankrupt too.
i'm sure you are , i'm sure you are...
yes of course , Germany has no scope what so ever to shift who they export too, and in that same sense , a generalized and localized "northern" withdrawal from the Euro Currency, of course well that couldn't happen...
But then of course , stupid me I didn't think , why would they want to do that , they have to accept economic destruction because , wait, you said it would happen right ?
let me just get the German foreign minister on the telephone/......
{yes sir , that's right , yes AnonyMint Sir, ok yes ok, I'll tell him....}
Anony - Germany says you are right , and they are going to throw in the towel , government is hereby dissolved , they asked if you have your solution ready yet ?
My reply is come back to me in 2016 when you see how correct I am about all of this.
I don't have time to waste arguing. I am working on a solution (but it won't help the socialists, they will perish, including Germany).
And now that I know I was arguing with Europeans, no wonder you don't make any sense.
P.S. productive capacity is useless when global contagion collapses your exports. German banks are bankrupt too.
I don't have time to waste arguing. I am working on a solution (but it won't help the socialists, they will perish, including Germany).
And now that I know I was arguing with Europeans, no wonder you don't make any sense.
P.S. productive capacity is useless when global contagion collapses your exports. German banks are bankrupt too.
if you are talking about "Taxation" you have been necessarily distracted there is a reason the income Tax came in a year after the Federal Reserve Act in the US.
there is plenty of productive capacity , take a step back.
there is plenty of productive capacity , take a step back.
very messy Anony..
you are stating that Germany is bankrupt because :
Hans-peter-Busson said some German municipalities are already bankrupt , and doesn't state which ones he claims are, and doesn't give any number to the statement or any evidence what so ever.
he works for Ernst Young and was pushing "privatization" as a solution , maybe we need to know which places are bankrupt first , and perhaps the Germans can decide if selling off land is the answer.
or what about just - oh you know, leaving the Euro?
you are stating that Germany is bankrupt because :
Hans-peter-Busson said some German municipalities are already bankrupt , and doesn't state which ones he claims are, and doesn't give any number to the statement or any evidence what so ever.
he works for Ernst Young and was pushing "privatization" as a solution , maybe we need to know which places are bankrupt first , and perhaps the Germans can decide if selling off land is the answer.
or what about just - oh you know, leaving the Euro?
Ok but what is your plan to redistribute money equally.
Your decentralized digital currency won't solve this problem.
If it succeed it will only allow the rich to escape tax.
Your decentralized digital currency won't solve this problem.
If it succeed it will only allow the rich to escape tax.
It will also allow the poor and middle class to escape tax (and debt collection), and they pay most of the tax.
When you are poor you have no money, and even more you have no money to put in a virtual currency.
The solution is not to tax the rich more (impossible), but to tax everyone less, and shrink the parasites who rely on taxation.
Taxation is used to build the common (road, school, etc...)
If the people who manage taxation use are bad, then the problem is not taxation, but the way you chose those managers (politician) !
What you are proposing will be the tragedy of the common.
I am not going to argue with a communist socialist. I aim to destroy your ideology, i.e. make it impotent and bankrupt.
LOL, I guess the only one you are able to argue with, is yourself.
And if you think we are living in a socialist world, boy you are to far in your head to be reached.
I'm about to read your linked piece on Germany being bankrupt - i bet it relies on the assumption that Germany will fund the rest of the EU, in which case it is dead wrong of course.
at a point Germany will "opt-out" .
at a point Germany will "opt-out" .
Miners get it. Everyone can be a miner with GPU-resistant PoW.
I know a thing or two about GPU miners 
Yes, you can prevent GPU mining. BTW, scrypt is a bad way to do it But I know one and the only one way to prevent ASIC mining - copyright or patent PoW function and explicitly forbid ASICs in the license agreement. I guess you don't like such kind of things.
Anyway, if there will be such a battle, ASICs will be created in matter of months. And I most probably will be a hired gun. Hired by that big money you intent to destroy
I know how to defeat ASICs. First, I defeat GPUs with my nested Scrypt, thus also forcing ASICs to access 16 GB of DRAM. Since the ASICs can be made much cheaper than the DRAM, then users will plug an ASIC chip into their USB 3.0 port (or perhaps PCIe) and access the DRAM on their system.
The point is the ASIC won't be cheaper for the non-PC owner, but more expensive, because they have to go buy 16 GB of DRAM too.
I will level the playing field. I have already explained how to do this technically, it is buried in my posts at bitcointalk.
I solve energy-efficiency too.
Miners get it. Everyone can be a miner with GPU-resistant PoW.
I know a thing or two about GPU miners Yes, you can prevent GPU mining. BTW, scrypt is a bad way to do it But I know one and the only one way to prevent ASIC mining - copyright or patent PoW function and explicitly forbid ASICs in the license agreement. I guess you don't like such kind of things.
Anyway, if there will be such a battle, ASICs will be created in matter of months. And I most probably will be a hired gun. Hired by that big money you intent to destroy
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