Meh. Land grabbing is big business, just ask the farmers in Africa who are having "their" land sold from underneath them. It happens to everyone at some point. Tis shit though.Originally Posted by Madness
Something else that kind of irks me
Aio ki te Aorangi
Meh. Land grabbing is big business, just ask the farmers in Africa who are having "their" land sold from underneath them. It happens to everyone at some point. Tis shit though.
Something else that kind of irks me
I didn't think!!! I experimented!!!
Aio ki te Aorangi
heh... That'll keep the bankers busy fervently printing one's and zero's
Come warm yourself by the fire
Bankers don't exist anymore. Its all machines now.
The only intelligence in the whole place is the algorithm built by Quarks - who ironically are very nice and very intelligent people.
Don't let the governments know though.......they haven't figured that part out yet and think they can rescue the economy by feeding it money.
Reactor Online. Sensors Online. Weapons Online. All Systems Nominal.
Don't forget to bring a towel
Well, conventional money isn't backed up by anything other than what the government says it's worth. If the government is in huge debt and doesn't have anything to show for it then how can you trust that either?
For the potentially big gains to be obtained from Bitcoin, you have to be prepared to take the risk. Higher risk usually = higher gains. Even with very high difficulty rates, there are always people who have the hardware and just "mine it out". An example of this occurred after the big market crash of June 2011 when the value plummeted around tenfold in a matter of days. There was a noticeable drop in the network hash rate, but only around a 30% reduction from memory (I can't find the exact figure), yet most of the hardcore miners still continued mining. Bitcoin is exponentially bigger than it was then, and the growth keeps continuing. There is simply too much money invested in it for it to fall over completely in the forseeable future.
111000101000100010011110
Conventional money is backed by what the market says it is worth, not the government; as was explained to mashman earlier, the government can affect it only so mcuh.
But there won't be, eventually the difficulty rate will be infinite as there are no more coins left to mine. What happens then? If it is destined for a crash at that point, why would the smart ones wait until then? The thing about a market crash, is it doesn't matter how much money is in it, but how much money is pulled out. BTC is not tied to any economy or anything of physical value, so I don't see why it would recover after a massive crash.
"A shark on whiskey is mighty risky, but a shark on beer is a beer engineer" - Tad Ghostal
Don't forget to bring a towel
The Bitcoin project is estimated to continue until well into the next century by design. This is because the difficulty will keep increasing up to the point that even very powerful hardware will only mine a tiny fraction of a BTC a day. The block reward also halves at certain intervals (currently it's 25BTC), further decreasing the payout.
I also don't know what's going to happen in the long term, one can only speculate.
111000101000100010011110
As you say, the difficulty will increase so much that unless the BTC worth increases similarly, mining coins will no longer be cost effective. And I'm fairly certain the BTC value will not follow the difficulty increase once it gets up to ridiculously high levels. At that point the system will have to rely on its ability to process transactions to maintain or increase the BTC's worth. But there are hardware and infrastructure limitations to how many BTC transaction can be processed, add to that a decline in computing power from the miner's hashing the transactions, and my opinion is the bubble will burst.
We can't know what is going to happen long term, but the downsides certainly stack up during speculation.
"A shark on whiskey is mighty risky, but a shark on beer is a beer engineer" - Tad Ghostal
Aio ki te Aorangi
Someone has to read the really really tricky reports and then decide that the computer is right.
Yeah right, like the govt would pay attention anyway. They do as the bankers tell them to.
Just faidin away!
True wealth is the countries ability to produce goods and services. GNP. (Gross national product)
The only reason for producing goods and services is that it be consumed. GNI (gross national income)
Money (the monitory system) is only required to facilitate consumption.
Everything that exists today, banks etc, are very proficient at that task.
With GNP at 100% of cost there has to be GNI of that equivalent to consume GNP.
Unfortunately there is never that much money (GNI) generated by creating the GNP to enable it to be consumed.
The difference is the amount of new money created and injected into the system to enable consumption to take place.
Currently the banks "create" that difference by lending "new money" as an interest bearing debt at a ratio of 10:1.
I.E. You offer them hard earned collateral (real money) and on the basis of that collateral, $1:00 they will "create" $9:00 more.
Your collateral $1:00 is real hard earned value, their $9:00 is nothing but a book entry and you are required to pay interest on the whole $10:00.
That is the fundamental flaw in current system, the difference between GNP and GNI is created every day as a social debt, rather than a social credit!
It is called social only because that part of monetary system belongs to the nation "NOT" to the "private" banks!
The banks should be required to apply for that credit from the reserve bank and the reserve bank should be in control of that process for the nation.
The private banks (who actually do a good job otherwise) are making a killing at our expense and charging the taxpayers and the government it's self for the privilege!
The debt imposed upon the new money gradually widens the difference between GNP and GNI until it gets to breaking point which results in a depression!
I.E. The shops etc are full of produce and everybody is starving because there is no money available to consume it.
The government is dysfunctional because treasury is broke and loaded down with debt! Industry is at a standstill, unemployment is rife!
Boom times are over, nothing left to do but to start a war some place and the banks will start it all over again by financing it at less than %1.
Wars booms and bust, wars booms and bust coupled with sudden inspirations for draconian austerity measures being miraculously engineered by the banking system!
Don't take my word for it though just make few references to recorded history and there it is for all the world to see ... ah but will they see?
That is the question!
Bogeyman
So, to paraphrase: Waa, waah, I don't want to work hard enough to earn the good life. I want to change the rules so that everyone can have what they want without having to work for it. Waah waa.
That about cover it?
Go soothingly on the grease mud, as there lurks the skid demon
Any Colour You Like
Working hard , so last century...
Give a man a gun and he can rob a bank...
Give a man a bank he can rob the WORLD !!!
Forum whore
Yup, where is the incentive? Who is going to make sure everyone pulls their weight?
It will be a fuck up.
I mentioned vegetables once, but I think I got away with it...........
Bogeyman
I suspect that if you had to work as hard as your grandaddy did you'd damned soon decide your life wasn't so bad after all.
Go soothingly on the grease mud, as there lurks the skid demon
Any Colour You Like
I have worked hard all my life and I,ll bet I,ve worked harder than you in one year than you have in your whole life,I,m talking physical work not behind a pen..and worked just as hard as my Grandad
Thanks...
Give a man a gun and he can rob a bank...
Give a man a bank he can rob the WORLD !!!
Bogeyman
Good onya. But you know this... how?
Go soothingly on the grease mud, as there lurks the skid demon
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