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Waltzing Along posted:Exactly. In fact quite a few macroeconomists argue that wages are not growing as a consequence of inflation being really low since the mid 2000s. In a service economy, wages are a primary cost of doing business; low/no inflation is often a direct correlation to wage growth (which may be a result of other factors, like Reagan-era hellworld policies). Trying to goose inflation would force wage growth and erode the strength of entrenched capital to extract value from the economy through rents.
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Dec 3, 2020 02:02
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orange juche posted:future of money A run on the banks but on purpose Or rather A whole bunch of idiots who are gonna short this fucker down to negative value while other idiots realise how slow seven per second really is
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Dec 3, 2020 03:10
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Somfin posted:A run on the banks but on purpose I mean, theoretically it wouldn't cause the equivalent of bank run because theoretically these exchanges aren't actually doing fractional reserve banking (because they aren't allowed to). Now, how many of them might actually be doing it without telling anyone? Who knows. Of course, any exchange doing that will also probably just see all the bitcoin withdrawls and go "Your request is queued.  "
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Dec 3, 2020 03:25
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...why store your bitcoin in a bank? That's not the setup for a joke, even though it sounds like one.
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Dec 3, 2020 03:30
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I genuinely wonder what people who are extremely into bitcoin thought of the concept of money and economics in general before suddenly discovering bitcoin, and having the mania switch flick permanently into "on" because of it.
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Dec 3, 2020 03:32
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I wonder how many only own 1 or 2 bitcoin and are just blindly hoping the moon actually happens rather than selling right now so they can wait a few months and buy even more at when it's under 5k again.
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Dec 3, 2020 03:37
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Waltzing Along posted:...why store your bitcoin in a bank? Good question, but the answer is just that they're morons. It opens you to a lot of risk since the bank can just walk away or disappear as has happened dozens of times. Ever since the introduction of bitcoin, the advice has been not to do that. The thing is, most people are buying bitcoin with fiat which requires an exchange account, then people simply leave the bitcoin in their exchange account instead of moving it around so it remains liquid. Just as a number in the exchanges wallet instead of needing to manage a wallet. Otherwise, when they want to trade for fiat, they need to transfer their money back into the exchange wallet, with the transaction time and fee that entails. Sort of like loading a bunch of money into your PayPal account so you can spend it later, but then someone hacks your email and password. This does defeat the entire purpose of bitcoin as currency but doesn't interfere with its purpose as gambling. xtal fucked around with this message at 03:49 on Dec 3, 2020 |
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Dec 3, 2020 03:46
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so wait, the true believers are mad that exchanges aren't actually using the blockchain which is also the only reason that bitcoin has any value at all?
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Dec 3, 2020 03:51
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if this thing catches on among the true believers I'm looking forward to them reaching the game theory phase where they figure out they should probably withdraw before the rush hits on Jan 3rd and the bank run begins on like, Dec 19th or something
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Dec 3, 2020 04:13
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I can't parse if you're saying blockchain or exchanges are key to value of bitcoin. The value of bitcoin itself is the blockchain, the value of bitcoin in practice is what you can trade for it on an exchange. It's true that the practical value of bitcoin is based on exchanges which themselves circumvent the blockchain for liquidity, so it's sort of like a ponzi oroboros between the blockchain and exchanges. When bitcoin was first starting, it was unfathomable that almost all users would use exchanges like they do today.
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Dec 3, 2020 04:15
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LanceHunter posted:So apparently a bunch of hardcore bitcoiners are gonna try to crash all the exchanges on January 3rd because they are that afraid of the very notion of fractional reserve banking. What edgy-for-a-teenager YouTube clip best describes this situation?
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Dec 3, 2020 04:22
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LanceHunter posted:So apparently a bunch of hardcore bitcoiners are gonna try to crash all the exchanges on January 3rd because they are that afraid of the very notion of fractional reserve banking. gently caress around and find out 
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Dec 3, 2020 04:38
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Somfin posted:Inflation is bad for capital and good for the proletariat, because of the post you quoted. Everyone needs to read this
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Dec 3, 2020 04:55
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Waltzing Along posted:...why store your bitcoin in a bank? Convenience is the only reason, since exchanges can trade faster than the blockchain... but in an exchange you have zero insurance against them just crashing and shuttering at this point because they're not legally banks and definitely not FDIC insured. Behold, the worst of both worlds!
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Dec 3, 2020 05:05
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LanceHunter posted:So apparently a bunch of hardcore bitcoiners are gonna try to crash all the exchanges on January 3rd because they are that afraid of the very notion of fractional reserve banking. Won't doing that tie up a bunch of resources the blockchain doesn't have capacity to accommodate, lead to a bunch of exchanges having to light up cold storage (with the lag that corresponds to having to get a human being to shuffle USB drives out of whatever physical vault they're stored in), and make conducting any business in bitcoin impossible without usurious fees until the backlog is finished being processed?
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Dec 3, 2020 05:19
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vortmax posted:Everyone needs to read this
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Dec 3, 2020 05:27
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Nessus posted:I believe they are aware but perceive themselves as the resource-holders who will gradually become wealthier and more powerful for no reason. That's the entire fantasy. It isn't that you might make a good chunk of change now, it's that you will be a plutocrat. They're all aiming for it to stabilise at exactly the point where they have more btc than anyone else and their btc is worth more than Amazon. E: in this way I think that Seraph is right. They do want an end to capitalism, specifically they want capitalism's end state: functionally infinite power in one pair of hands. Total autocratic rule. Somfin fucked around with this message at 05:40 on Dec 3, 2020 |
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Dec 3, 2020 05:37
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John_A_Tallon posted:Won't doing that tie up a bunch of resources the blockchain doesn't have capacity to accommodate, lead to a bunch of exchanges having to light up cold storage (with the lag that corresponds to having to get a human being to shuffle USB drives out of whatever physical vault they're stored in), and make conducting any business in bitcoin impossible without usurious fees until the backlog is finished being processed? It would. Assuming this is more than like seven people who've just convinced themselves they're a movement.
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Dec 3, 2020 05:46
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Somfin posted:They're all aiming for it to stabilise at exactly the point where they have more btc than anyone else and their btc is worth more than Amazon. At least in theory... I wonder how many of them would prefer the fantasy of such power to actually having a few tens of millions of US dollars.
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Dec 3, 2020 05:56
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Somfin posted:E: in this way I think that Seraph is right. They do want an end to capitalism, specifically they want capitalism's end state: functionally infinite power in one pair of hands. Total autocratic rule.
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Dec 3, 2020 05:59
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Liquid Communism posted:Convenience is the only reason, since exchanges can trade faster than the blockchain... but in an exchange you have zero insurance against them just crashing and shuttering at this point because they're not legally banks and definitely not FDIC insured. don't forget that the exchanges are also exchanges. there aren't a whole lot of ways to convert btc into usd otherwise, and without a 'trusted' third party to handle btc to altcoin you get endless scams
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Dec 3, 2020 06:20
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Somfin posted:They're all aiming for it to stabilise at exactly the point where they have more btc than anyone else and their btc is worth more than Amazon. 
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Dec 3, 2020 06:33
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Gazpacho posted:perhaps the same could be said of all anti-capitalisms Enough talk. Have at you!
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Dec 3, 2020 06:44
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Ad by Khad posted:if this thing catches on among the true believers I'm looking forward to them reaching the game theory phase where they figure out they should probably withdraw before the rush hits on Jan 3rd and the bank run begins on like, Dec 19th or something they tried this a few years ago? and absolutely nobody gave a poo poo
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Dec 3, 2020 15:44
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iraqi information minister says there is no need to test that the exchanges have all the bitcoin/money they exchange or that tether is actually backed by money at all
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Dec 3, 2020 16:01
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Im taking my meager savings and liquidating my large 401k and I'm investing in bitcoin now I've decided
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Dec 3, 2020 17:03
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Captain Yossarian posted:Im taking my meager savings and liquidating my large 401k and I'm investing in bitcoin now I've decided What, you're not even selling your liver to invest?
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Dec 3, 2020 17:05
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Captain Yossarian posted:Im taking my meager savings and liquidating my large 401k and I'm investing in bitcoin now I've decided buy high, sell low that's what I always say!
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Dec 3, 2020 17:15
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Paladinus posted:What, you're not even selling your liver to invest? That's the plan! Fried Watermelon posted:buy high, sell low This is also the plan!
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Dec 3, 2020 20:53
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Have there been any new scam coin events recently like bitconnect deal way back?
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Dec 3, 2020 21:18
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Vashro posted:Have there been any new scam coin events recently like bitconnect deal way back? What, you've never heard of defi? The irony of everyone wanting to be a plutocrat, and something they don't realize: there's a lot of really bad loving people out there, whom you don't want as a plutocrat. Also, parts of crypto are fine - transaction security is fine. But parts are not, ie: trying to have bitcoin be the popular currency because lol gently caress no. Like how monero people still imagine they can magically be anonymous and feds sit back and trace every transaction.
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Dec 3, 2020 23:12
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Waltzing Along posted:They wrote a script that autobans any new regs that post in this thread. Gotta lurk more to post in the GBS BTC thread.
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Dec 4, 2020 04:30
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He already got around it by just posting one post in another thread lol. Maybe don't discuss the secret algorithm in here idk.
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Dec 4, 2020 08:44
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lmao you guys don't actually think there's an algorithm right
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Dec 4, 2020 13:59
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HugeGrossBurrito posted:lmao you guys don't actually think there's an algorithm right  
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Dec 4, 2020 14:29
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HugeGrossBurrito posted:lmao you guys don't actually think there's an algorithm right Are you telling me that the forum rules aren't enforced through smart contracts?
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Dec 4, 2020 14:36
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LanceHunter posted:Are you telling me that the forum rules aren't enforced through smart contracts?
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Dec 4, 2020 15:15
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LanceHunter posted:Are you telling me that the forum rules aren't enforced through smart contracts? Secret deep state federal FISA courts review every post and issue rulings pretending to be "mods" or "admins" but I'm not falling for it buddy. How many sides of a cube are real???
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Dec 4, 2020 15:31
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HugeGrossBurrito posted:lmao you guys don't actually think there's an algorithm right We know there's one.
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Dec 4, 2020 16:44
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Lou Takki posted:. How many sides of a cube are real??? Four. Don't let anyone tell you different! If they do, you know they're part of the problem.
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Dec 4, 2020 19:49
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