Cryptocurrency

[ronkeen]

Death of FIAT by Bitcoin using the boiled frog method will mean the long term hodlers become the 1%.

FIAT is already in a death spiral due to the massive national debts meaning it's a race to the bottom through devaluation of their national currencies to avoid their house of cards collapsing. Bitcoin and other sound cryptos will be what they turn to when they realise they need a reset.

It's an opportunity for the younger generations that are tech savvy to wrestle control from the old farts that think we're still playing by their rules.

Just got to resist when they inevitably try to take control of cryptos by inventing their own tulipcoins.

Sounds fairy. Problem is they are gonna regulate the soul out of cryptocurrency in next 2 years. And then just declare that we are funding terrorists ( while that's government's / bankers job ) and make crypto illegal. Like they did in China last week.

You can't do an ICO because you don't have licences that cost 1 000 000 million USD. In each jurisdiction.

The constitution says people have equal rights. It is a breach of constitution to in effect allow only high net individuals participate in economic ventures. The common-right to economic incentive... that is our only defense. But there ain't many people defending crypto legally. China shut it down in a heart bit. Guess no one wants to go in a chinese jail.

[milanbenes]

Death of FIAT by Bitcoin using the boiled frog method will mean the long term hodlers become the 1%.

FIAT is already in a death spiral due to the massive national debts meaning it's a race to the bottom through devaluation of their national currencies to avoid their house of cards collapsing. Bitcoin and other sound cryptos will be what they turn to when they realise they need a reset.

It's an opportunity for the younger generations that are tech savvy to wrestle control from the old farts that think we're still playing by their rules.

Just got to resist when they inevitably try to take control of cryptos by inventing their own tulipcoins.

this is where you crypto folks are wrong

there is nothing wrong with ICO's utility or security, the problem is the uneducated getting sucked in and losing the shirt off their backs through speculation

in the meantime, fiat is not going away, fiat is evolving, the next step in the fiat evolution will gold backing and the reset

do your own research

Milan.

[scooterscot]

https://www.theguardian.com/business...ning-economist

Nobel winning economists don't like crypto do they?

Love these comments:

"Reminds me of another Nobel Prize winner, Paul Krugman wrote in 1998, “The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law’—which states that the number of potential connections in a network is proportional to the square of the number of participants—becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.”


"Well yes, but the flaw in his argument is that he didn't anticipate that people with nothing to say would go ahead and say it anyway."

cUK in a nutshell.

[scooterscot]

Sounds fairy. Problem is they are gonna regulate the soul out of cryptocurrency in next 2 years. And then just declare that we are funding terrorists ( while that's government's / bankers job ) and make crypto illegal. Like they did in China last week.

How to do regulate a borderless currency? You don't.

You either embrace chance or be it the old farts are consumed by it.

[milanbenes]

How to do regulate a borderless currency? You don't.

You either embrace chance or be it the old farts are consumed by it.

Scoots,

if we consider BTC as a financial instrument, then the BTC we know today is very immature regarding compliance, regulation, application, when compared to other financial instruments

during BTC's journey to maturity I expect to see:

. KYC and legal compliance - ownership cannot be anonynmous forever, if you buy more than 10k worth of AU even, then you have to provide your details, BTC cannot go for ever with anonymity

. Regulation along similar lines standards as other financial instruments

. Application - BTC needs to be traded by the larger exchanges, you know the real ones, not the silly startups, there needs to be market makers and proper market manipulation like in the real markets, and there needs to be paper futures and naked shorting to put it on a par with other financial instruments, this will succeed to take away the wild west short term price swings which we currently see


enjoy the ride for now, because in the future Crypto Utility and Security tokens will be just like any other financial instruments

Milan.



.

[Hobosapien]

I'll give it a good 10.

Given that most people, except the Germans, spend cash electronically.

The governments will see crypto as the opportunity to do away with cash so they can trace all black market spending and tax it. They will get it wrong in that some crypto is immune to this tracking, but they'll help us achieve our goals while they think they're achieving theirs.

That's what gold is for.

Gold has been manipulated to jewellery status through paper holdings. If all those holding paper shares in gold wanted to collect their physical entitlement they'd soon see there isn't enough gold in the whole world to fulfil the overselling. Bitcoin is the new gold.

Sounds fairy. Problem is they are gonna regulate the soul out of cryptocurrency in next 2 years. And then just declare that we are funding terrorists ( while that's government's / bankers job ) and make crypto illegal. Like they did in China last week.

Yep it won't be an easy path and is at risk of failure due to the upcoming 'war on crypto' (both coins and encryption) in the name of 'fighting terrorism'. Their favourite term for fighting change, they always need a new bogeyman to keep us scared and amenable.

Fortunately some crypto and the internet itself is designed to be resilient against state interference and control. It would require a global crackdown and you can see how poorly the UN do that there is never a 100% backing from all the world's governments. Game on.

enjoy the ride for now, because in the future Crypto Utility and Security tokens will be just like any other financial instruments

That's what the current institution wants it to become, new way of accomplishing the old way. We must resist and stay on the true path. This will likely require not only decentralisation of crypto but also decentralisation of the whole internet, including the access points so they can't just control the ISPs. It will be an interesting battle for freedom we have in front of us.

Just hope the millennials and their offspring realise this is a game changer if they embrace it to its full potential. No more being born into servitude of a system run by old farts that have had it their way for too long. The rules need changing because the current system doesn't work. It barely needs looking beyond the clown that is Donald Trump and his rise to that position from his original inheritance to see a better way is required.

I know some of the above qualifies me for a turquoise shell suit but the underlying vision is one of true freedom from the corrupt financially led self serving governments we call democracy and capitalism. We may not get it but we may get something better than we have now. All due to a bit of maths.

[milanbenes]

Just hope the millennials and their offspring realise this is a game changer if they embrace it to its full potential.

you're hoping there, if you can a) get the millennials out of bed, b) get them off their iPhone, c) find one who actually understands what money is, d) find one who is interested

anyway, good luck,

and likewise, nice dream but you and I both know, none of what you wish for will ever happen

the only game changer for the next few years will be the evolution of fiat with gold and the reset.

have a look into that and perhaps start with the obor initiative and the petroyuan

Milan.

[mattfx]

you're hoping there, if you can a) get the millennials out of bed, b) get them off their iPhone, c) find one who actually understands what money is, d) find one who is interested.

I mean, technically my girlfriend and I are millennials and neither of us have these problems. That said, she had to pass no less than 18 exams to become an Actuary and I've slogged my balls off since I was a teenager, so maybe we're cut from different cloth than most.

But yeah, on the whole with you I totally agree about people my age, disgustingly lazy, self absorbed bunch who wonder how they ever had it so bad, when their parents aren't charging them rent, letting them away with part time jobs whilst they "code an app" in their bedroom and giving them a cuddle every night telling them they'll achieve everything they want.

Oh, you also missed point e) Find one who's office isn't a Starbucks coffee table.

[milanbenes]

I mean, technically my girlfriend and I are millennials and neither of us have these problems. That said, she had to pass no less than 18 exams to become an Actuary and I've slogged my balls off since I was a teenager, so maybe we're cut from different cloth than most.

But yeah, on the whole with you I totally agree about people my age, disgustingly lazy, self absorbed bunch who wonder how they ever had it so bad, when their parents aren't charging them rent, letting them away with part time jobs whilst they "code an app" in their bedroom and giving them a cuddle every night telling them they'll achieve everything they want.

Oh, you also missed point e) Find one who's office isn't a Starbucks coffee table.

Hi Matt,

I don't want to sound like a 44yr old grumpy old man, and I wish them all the best and hope they fulfill their dreams, but I've got the feeling a lot are how we've both described, which actually makes it easier for the ones like yourself who don't mind a bit of hard work, because it means you've got less competition.

Milan.

[FrontEnder]

this is where you crypto folks are wrong

there is nothing wrong with ICO's utility or security, the problem is the uneducated getting sucked in and losing the shirt off their backs through speculation

in the meantime, fiat is not going away, fiat is evolving, the next step in the fiat evolution will gold backing and the reset

do your own research

Milan.

Wouldn't gold back FIAT be a backward step in the evolution of money, since that's exactly what FIAT replaced?