Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

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Tdarcos
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Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by Tdarcos » Sat Sep 21, 2019 3:48 am

How Bitcoin Ends
Is the cryptocurrency just going to end up reenforcing the financial system it was supposed to disrupt?
Fast Company | Douglas Rushkoff

Bitcoin was a clever idea. Idealistic, even. But it isn’t working out quite as its developers imagined. In fact, once all the coin has been mined, bitcoin will simply reinforce the very banking system it was invented to disrupt.

Watching the bitcoin phenomenon is a bit like watching the three-decade decline of the internet from a playspace for the counterculture to one for venture capitalists. We thought the net would break the monopoly of top-down, corporate media. But as business interests took over it has become primarily a delivery system for streaming television to consumers, and consumer data to advertisers. Likewise, bitcoin was intended to break the monopoly of the banking system over central currency and credit. But, in the end, it will turn into just another platform for the big banks to do the same old extraction they always have. Here’s how.

Read more; https://getpocket.com/explore/item/how- ... ket-newtab
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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by AArdvark » Sat Sep 21, 2019 4:28 pm

I liked the history lesson about money, that part is cool. Everything else....eh. I'll never invest, mine or whatever they call it. Certainly won' t ever spend any on beer and skittles.

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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by Tdarcos » Sun Sep 22, 2019 1:38 am

AArdvark wrote:
Sat Sep 21, 2019 4:28 pm
I liked the history lesson about money, that part is cool. Everything else....eh. I'll never invest, mine or whatever they call it. Certainly won' t ever spend any on beer and skittles.
Bitcoin is not a safe investment; it violates several of the 7 Laws of Safe Money. Gold and silver are a couple that obey all 7 laws. Gold can never go to zero. All fiat currencies, which Bitcoin is also, can become valueless. The Weimar Republic Deutschmark, he Confederate Dollar, whatever Zimbabwe is using, all devalued to zero.

Three weeks ago I tried to talk someone I know into taking a small part, about 10% of their 401(K) - about $20,000 - and buying gold coins as a hedge. I explained they could borrow the money and pay it back over 15 years, which would cost about $30 a week, money they can afford. If historical trends continue, $20,000 in gold now will be worth about $200,000 in 15 years. (In 2004, gold was $435/oz. Okay, so it's only 4 times, but still, that means $20,000 in gold now will be worth $80,000 in 2034 if history stays the same. I expect it will do better.) Three weeks ago gold was around $1,400 which means he'd get about 142 1/10 ounce coins. These have the advantage of being too small to be worth adulterating, a big risk if you buy bullion, say, in multi-ounce bars. Their investment advisor said at the time it was not a good idea. At the current price now of $1,518/oz, 142 ⅒ coins are worth $21,556.

Further, if they buy the coins as a Roth IRA, (which uses after-tax dollars) when he sells the coins, they pay no income tax on any profit from the sale. Yeah, I guess seeing an 8% gain on one's investment in just three weeks is a bad investment. And I wasn't even considering short-term gains.
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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by Ice Cream Jonsey » Sun Sep 22, 2019 8:39 am

Gold can never go to zero, okay, let's take that as true ... but let's say we had a real disaster in this country. Do you think the people holding your gold for you are going to give it to you?
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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by Jizaboz » Sun Sep 22, 2019 11:22 pm

I turned about 20$ balance and about 20$ worth of mining credit into about 1000$ over the course of a few years selling high and buying low. It was a fun thing to mess around with but after more regulations hit I pulled out of exchanges and just sit on most the BTC. I spent what I had in alternative currency (LTC I got for trading off ZEC) on Steam credit to buy Cyberpunk when it releases.

While part of me wishes I had invested more at times for bigger payoffs, I’m glad to have just messed with cryptocurrency for fun.

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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by Jizaboz » Sun Sep 22, 2019 11:24 pm

“And that’s why I buy GOLD from Rosland Capital. Ask yourself..”

*removes sunglasses*

“Are you safe?”

Lolol

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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by Tdarcos » Mon Sep 23, 2019 9:18 am

Ice Cream Jonsey wrote:
Sun Sep 22, 2019 8:39 am
Gold can never go to zero, okay, let's take that as true ... but let's say we had a real disaster in this country. Do you think the people holding your gold for you are going to give it to you?
I am not a prepper, I do not expect a catastrophic collapse of civilization or society; if it does happen, I won't have to worry about it, for long or maybe at all. In that case, people like myself, who are too sick or infirm to fend for themselves, will be abandoned by the unpaid workers and left to slowly starve, or possibly, eaten by starving masses who can butcher immobile patients with ease. I just hope they have the decency to cut my throat or bash my skull in first and kill me, so I'm not cut up while still alive and conscious.

My understanding is with a self-directed IRA or even a purchase you are not obligated to use any specific storage facility. You are permitted to use any reasonable storage you want, including your safe. In the case of, say, 142 coins probably the size of pennies, as coins they could be in rolls. How much room do you need to store 3 rolls of coins? As investment grade in plastic pouches, they'd fit in a shoebox.

In the event the excrement does hit the fan and civilization collapses - something I don't expect - as long as you (have kept and continue to) keep your mouth shut, none of your (potentially starving) neighbors will know about your emergency disaster funds.

Let's say you did use a storage facility. Of course you and 20-30 other customers of the depository come to pick up your assets, holding your purchase order and proof of transfer to the facility, and all of you are armed with shotguns, handguns, and/or rifles to inform whoever is still guarding the depository, each of you want exactly what was stored for you, no less, no more (you're not thieves) and you guys will make them an offer they can't refuse: either their brains, or your bullion, will be in your wheelbarrow.
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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by AArdvark » Mon Sep 23, 2019 2:56 pm

If the chud zombies come to eat you, things must have gotten REALLY bad.

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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by Tdarcos » Mon Sep 23, 2019 6:36 pm

AArdvark wrote:
Mon Sep 23, 2019 2:56 pm
If the chud zombies come to eat you, things must have gotten REALLY bad.
Zombies are not anything to worry about. The thing to worry about is, during a natural disaster such as a hurricane or earthquake, power grid failure, or collapse of society from other sources, with the destruction of civil society or the inability of police to reach or assist your neighborhood, how long before your neighbors - or people from surrounding areas - slough off the veneer of civilization and become looters or (if things get bad enough) warlords and take whatever they please?
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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by pinback » Tue Sep 24, 2019 6:09 am

I wouldn't worry about it.
Above all else... We shall go on... And continue!

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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by Tdarcos » Tue Sep 24, 2019 9:59 am

pinback wrote:
Tue Sep 24, 2019 6:09 am
I wouldn't worry about it.
I'm not. As I said, if civilization collapses I will be left to starve to death (or more likely, die of thirst, 3 feet from a faucet), unable to move or get to any food, assuming there was some. Presuming I didn't live long enough that starving people who are so respirate they no longer have cannibalism taboos, for them to butcher me as steaks, chops and ribs.
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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by pinback » Tue Sep 24, 2019 10:24 am

Tdarcos wrote:
Tue Sep 24, 2019 9:59 am
pinback wrote:
Tue Sep 24, 2019 6:09 am
I wouldn't worry about it.
I'm not.
Good. Don't.
Above all else... We shall go on... And continue!

Nursing home staff

Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by Nursing home staff » Tue Sep 24, 2019 11:37 am

Tdarcos wrote:
Tue Sep 24, 2019 9:59 am
for them to butcher me as steaks, chops and ribs.
Nah, we don't eat rotten meat.

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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by pinback » Tue Sep 24, 2019 2:39 pm

Nursing home staff wrote:
Tue Sep 24, 2019 11:37 am
Tdarcos wrote:
Tue Sep 24, 2019 9:59 am
for them to butcher me as steaks, chops and ribs.
Nah, we don't eat rotten meat.
Good. Don't.
Above all else... We shall go on... And continue!

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Tdarcos
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Re: Why this is nothing new or original: "How Bitcoin Ends" (article teaser)

Post by Tdarcos » Tue Sep 24, 2019 5:02 pm

pinback wrote:
Tue Sep 24, 2019 10:24 am
Tdarcos wrote:
Tue Sep 24, 2019 9:59 am
pinback wrote:
Tue Sep 24, 2019 6:09 am
I wouldn't worry about it.
I'm not.
Good. Don't.
pinback wrote:
Tue Sep 24, 2019 2:39 pm
Nursing home staff wrote:
Tue Sep 24, 2019 11:37 am
Tdarcos wrote:
Tue Sep 24, 2019 9:59 am
for them to butcher me as steaks, chops and ribs.
Nah, we don't eat rotten meat.
Good. Don't.
At first I thought this was an erroneous double post, then I realized it not only works, it's actually quite funny. I was tempted to leave a message with some kind of comment about something I wasn't going to do, then see if Pinback came back with the same comment.
"We don't try, to understand, the New York Times affect on man."
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