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Thread: WAY OT: Blockchain

  1. #21
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    Quote Originally Posted by Norman Bain View Post
    Ok; so you get $4.8k for each Bitcoin transaction that you can validate thru your Mining venture ... sounds beaut for you but rather implausible. Plus, if true, would be a serious erosion of the value of Bitcoin ... I am having a hard time seeing it as other than an inflation mechanism that erodes the value of hard currency funds that users have purchased.

    .
    I think its the opposite. As a potential currency, bitcoin is deflationary, which is problematic for human beings; prices are sticky etc. Its one of the issues around bitcoins. In a country, monetary policy (money supply) is adjusted to keep (ideally) a steady, low inflation rate - and is managed to prevent deflation. There is no ability to adjust the bitcoin supply in a similar fashion, afaik, so no way to prevent deflation
    Last edited by Mcgyver; 10-12-2017 at 12:44 PM.
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  2. #22
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    Quote Originally Posted by pinstripe View Post
    Which nation has adopted the Bitcoin?

    Call me chicken, but I'd be selling out pronto if I was holding Bitcoin at current prices. Apart from the risk of a crash, some governments will eventually outlaw it. While they cannot truly control it, they can still make it illegal and potentially seize it.

    Yes, PLLLLEEEASEE sell your bitcoins if you have any. Any nation that doesn't block the internet can use bitcoin. I guess if you can seize the internet you might be able to seize bitcoin, but that might be a little bit difficult to do.
    When in doubt, doubt your doubt.
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  3. #23
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    Quote Originally Posted by Mcgyver View Post
    I think its the opposite. As a potential currency, bitcoin is deflationary, which is problematic for human beings; prices are sticky etc. Its one of the issues around bitcoins. In a country, monetary policy (money supply) is adjusted to keep (ideally) a steady, low inflation rate - and is managed to prevent deflation. There is no ability to adjust the bitcoin supply in a similar fashion, afaik, so no way to prevent deflation
    Which is a little counterintiuitive.... It is assumed by most that inflation is bad, that the reduction in the worth of money is not desirable, at least not if above a small percentage. People on here, and elsewhere compain about the "new dollarettes".

    Deflaton, raising the value of the "dollarettes" would probably be seen by many as a good thing, a "return to yesteryear when things were good and made sense". Which only shows that they have not seen it personally.
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  4. #24
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    Quote Originally Posted by 3 Phase Lightbulb View Post
    .... Any nation that doesn't block the internet can use bitcoin. I guess if you can seize the internet you might be able to seize bitcoin, but that might be a little bit difficult to do.
    Nations CAN do more about the conversion of bitcoin to legal national currency. For one thing, they can tax the conversion as ordinary income, which might be somewhat legitimate with the rise in bitcoin values. That provides a disincentive, and would probably lead to a discounting of bitcoin value by about the tax rate.

    Or, if, as is being pushed hard, "cash money" is eliminated, then the blocking is considerably easier, as no legitimate "hard currency" exists, and the transfer of "credits" is more easily controlled.

    It would persist as an "underground currency", but might be subject to seizure. Seizure would amount to a forced transfer to a controlled legitimate bitcoin "account" in order to assure that the distributed record keeping shows the "loss".

    I do not know what could be done about that. If the "controlled account" were blocked, not allowing transactions, that would put the entire bitcoin system at risk. It would mean that ANY account could just be cancelled, nullifying the transactions. That would appear to "break the system".
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  5. #25
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    Hmmm.. Must be a slow day.. Bitcoin is only up 10% today to $5300.... YYYYYYYYYEEEEEEEEEEEEEAAAAAAAAAAAAAHHHHHHHHHHHHHHH H!!!!!!!!!!!!!!
    When in doubt, doubt your doubt.
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  6. #26
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    Quote Originally Posted by 3 Phase Lightbulb View Post
    I guess if you can seize the internet you might be able to seize bitcoin, but that might be a little bit difficult to do.
    Nope, they just put people in prison for breaking the law. There are plenty of "legitimate" reasons (in the political sense) to ban non-government controlled crypto currencies.

  7. #27
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    Quote Originally Posted by J Tiers View Post
    Nations CAN do more about the conversion of bitcoin to legal national currency. For one thing, they can tax the conversion as ordinary income, which might be somewhat legitimate with the rise in bitcoin values. That provides a disincentive, and would probably lead to a discounting of bitcoin value by about the tax rate.

    Or, if, as is being pushed hard, "cash money" is eliminated, then the blocking is considerably easier, as no legitimate "hard currency" exists, and the transfer of "credits" is more easily controlled.

    It would persist as an "underground currency", but might be subject to seizure. Seizure would amount to a forced transfer to a controlled legitimate bitcoin "account" in order to assure that the distributed record keeping shows the "loss".

    I do not know what could be done about that. If the "controlled account" were blocked, not allowing transactions, that would put the entire bitcoin system at risk. It would mean that ANY account could just be cancelled, nullifying the transactions. That would appear to "break the system".
    Ummmmm,,, It's blockchain. Everyone has a copy of everyone's "transactions". How are you going to nullify a transaction when billions of other people say it's valid. Are you going to somehow break into billions of computers and nullify the record in each one of them? I'm confused
    When in doubt, doubt your doubt.
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  8. #28

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    There are some wrinkles in the system. Despite the assertion that all transactions are validated and transparent.

    "Mt. Gox announced that approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time.[9][10] Although 200,000 bitcoins have since been "found", the reason(s) for the disappearance—theft, fraud, mismanagement, or a combination of these—were initially unclear. New evidence presented in April 2015 by Tokyo security company WizSec led them to conclude that "most or all of the missing bitcoins were stolen straight out of the Mt. Gox hot wallet over time, beginning in late 2011."
    .
    "I am often asked how radio works. Well, you see, wire telegraphy is like a very long cat. You yank his tail in New York and he meows in Los Angeles. Do you understand this? Now, radio is exactly the same, except that there is no cat." : Albert Einstein

  9. #29
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    Quote Originally Posted by 3 Phase Lightbulb View Post
    Hmmm.. Must be a slow day.. Bitcoin is only up 10% today to $5300.... YYYYYYYYYEEEEEEEEEEEEEAAAAAAAAAAAAAHHHHHHHHHHHHHHH H!!!!!!!!!!!!!!
    Are you going to cash some out or let it ride now you've only made the profit on screen?
    You can lead people to knowledge but you can't make them think.
    "Lead, follow, or get out of the way."-Thomas Paine

  10. #30
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    Quote Originally Posted by flylo View Post
    Are you going to cash some out or let it ride now you've only made the profit on screen?
    I'm waiting to see where it goes.
    When in doubt, doubt your doubt.
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