Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 17013. (Read 26589687 times)

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Picture from this Movie : https://bitcointalksearch.org/topic/bitcoin-the-end-of-money-as-we-know-it-documentary-is-out-1122299

I picture a mesh network of solar-powered, low earth orbit satellite miners all beaming back bitcoin directly to the exchanges. Someone should go crowdfund that.  

Good Joke, I laughed.

In the future we will be sucking our entire sun energy to mine a tiny fraction of the already existing 21 mill of bitcoins, while a fleet of mining space ships will be dumping tons of fresh infinite precious metals in the market. 

You need escrow that specializes in ICO? Multi-signature if you want, with another guy I know.

well, in the reality, you can supply a digital clock with potatoes ... so, yes, you can mine bitcoins with ... a thousand potatos for UPS.

i prefer solar panel ... more reliable over 25 years. 

Far more likely that lawmakers all the ones that the government can't exercise control over surely. They'll be a few asset seizures and some scammers will go to jail - but the big downside will be the regulatory oversight off the whole crypto universe. ICO's need regulating just like IPOs to protect ordinary greedy folk from themselves.

Excellent point: Why are bacteria not being used to mine bitcoins?

It was always thought that tightness in the silver market would be what led to Comex failure and not gold, but I think the gold market is honestly more tight now entirely because there are price insensitive buyers in the form of...the nation states of China and Russia that just print money and gobble the stuff up.  

It's still possible that silver ends up breaking the fractional reserve bank, so to speak, but there were informal treaties in the past where nation states were not allowed to wade into the metals market and cause a run that both Russia and China seem to be not adhering to and will likely hasten some huge overnight forced revaluation where anyone who had metals the day before is now rich.  Whichever one is the domino doesn't really matter.  Both would be way up while silver will have the higher percentage gains in the end.

Btw, I hope you know I'm just playing a little devil's advocate with you on PMs. The truth is even with all their manipulation problems, I like PMs and own a little silver myself. I think it would be prudent for anyone that likes Bitcoin to also own a little PM too as a hedge. Historically the silver price is looking pretty good right now. Not sure about the gold price though.

There is no central bank I know of that (openly) stockpiles silver.  Their somewhat secret groups like the Pilgrims society have actively waged war against it for decades.  While silver was still the unit of account for places like China and India, these central bankers had most of their wealth entirely in gold.  They had the bright idea that by attempting to demonetize silver, they would inadvertently be enriching themselves in the process, transfering that market cap over to them instead.

However, silver has already been gutted as much as possible by their financial manipulation.  There is no money to be made by trying to sabotage it more.  It's quite the opposite.  Now places like India, Russia, China, and random Arab nations who are typically not a part of the western banker crowd are way stocked up on the typical banker asset - gold.  Now you're in the exact opposite position as before.  Western bankers can now screw over their rivals by raising silver to dilute gold instead of trying to manipulate it down.

Regardless of whatever financial warfare they decide to pursue, both metals are trading very close to cost of production, so both will probably skyrocket from what they are now when the wheels fall off the economy, but silver just has way higher upside potential for numerous reasons.

Hm. If he practices combinational game theory then in this case we're not in a multiplayer game where tit for tat works, but a Nash equilibrium game where min/max theory applies. In which case, since Ant is pretty much the only supplier they would pursue a strategy that exploits the saddle, or in other words only do things which are in their best interest (ie: defect).

Hm. Kind of sucks that other companies making miners went out of business, but oh well.

C

But... there are infinite precious metals in the universe and bacteria can make it from their anus.. 

r0ach, your statements constantly invalidate your own arguments in favor of PMs. I can guarantee you that the world central banks already own, and will always own (because they control the printed fiat), more gold or silver than you.

So I guess you are forever their slave then.

It's because like I said before, gold and silver both have a functional Schelling point while cryptocurrency has a REVERSE Schelling point.  Money is a zero sum game so if someone else has more of it, you're basically their slave.  If some guy (Elwar) has hoarded all the bitcoins, what incentive is there for you to honor his super mario tokens and let him buy all the goods on the planet and years of your labor, making you his indentured servant?  Hint:  There is none.

For better or worse, metals facilitate this relationship of power where he who has the gold makes the rules, because a regular human can't just invent a new noble metal (gold and silver) themselves.  It takes two neutron stars colliding to make them.  This is why there is a functional Schelling point in metals as money, because they require the literal power of gawd to create.  On the other hand, just about anyone can create their own cryptocurrency now, so the second some guy hoards more than you or transaction fees get too high, you're extremely incentivized to make a new one until the entire cryptocurrency market eventually dies from dilution (even if it was actually decentralized but it's not) and everyone goes back to gold and silver again.

Yep, so true.

Like I said, history repeats. Everyone thinks their idea is genius until the lights go out.

http://www.cnbc.com/2012/05/17/Failed-IPOs-of-the-Dot-Com-Bubble.html

YOu are missing the point. They do not try to reinvent the wheel. They just want people to give them absurd amounts of money for THEIR wheel concept. Or for their posing as they have plans to think about a better wheel. Or for... anyway, the wheel is unimportant here, it's all for the money.

The strange (and somewhat irritating) thing is, these young tech people are running around looking for the "killer app" that will somehow make a new cryptocurrency fly with the masses overnight.

The thing they keep missing is that, the Bitcoin blockchain network by itself *is* the killer app. Sure, cool things can integrated with it and be built into it and along side it --- those things will definitely improve Bitcoin. But essentially Bitcoin already has all of the best attributes that make it the killer app for a new kind of digital money. And it's built right in.

Does Gold need a 'killer app' to serve as a store of value and usage as money? Does Silver need a killer app? No, they really don't. All they need is people's faith/belief in the PM's built-in attributes that make them a good form of money.

And that's all Bitcoin really needs (and of course, a way to scale better with lower fees).

As typical though, even when given a near-perfect wheel, everyone will run around convinced that they can reinvent a better one... and fail.

Is this a good ELI5 of cryptocurrency?

I don't think so....

This is not the Highlander..... https://youtu.be/sqcLjcSloXs  there can be more than one.

Though legally unsound smart contracts/issuing securities = Trouble - someone could get themselves some thinking time in a not so local penitentiary