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Old 20 November 2017, 16:54
DirtyDog0311 DirtyDog0311 is offline
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Join Date: Jun 2007
Location: South
Posts: 7,385
Quote:
Originally Posted by Tycon View Post
Check it out...yeah, there's an app for that.


https://cointelegraph.com/news/starb...ou-integration
"Here's an app that you pre-load with your bitcoins into our system, once you swipe, we pay starbucks but then collect that amount of BTC from your account and move it into our account".

It's all accounting trickery. No BTC has been transferred anywhere. Because BTC transfers take a LOT longer to clear than what people think. Certainly not at the drive-thru at SB.

Essentially "iPayYou" is hoovering up BTC in anticipation of a price increase. Which "iPayYou" can then sell at a hefty profit. Likely Starbucks has some kind of cut they get in exchange for letting them integrate into their app.

What could possibly go wrong?

Quote:
Originally Posted by Shark0311 View Post
The other side to bitcoin is the mining thereof. The algorithm creates scarcity by limiting the rate of discovery based on the numbers of computations over time.
The problem is that the algorithm can change. And has changed. Any time they want to create more money. They've done it recently with the BTC 'split', which was just a reprogramming of the blockchain algorithm to allow for more 'money' to be created........while they still call it 'bitcoin'. Likely they had the algorithm preplanned and had supercomputers 'mining' it for months/years in advance so that when they roll out the new formula --- they already have the easy pickings and the rest of the people are busy crunching away with slaved laptops and desktops for months on end for a singular BTC2.0.

Think of it this way. If, to make it easy, say the BTC algorithm/blockchain was simply a formula resulting prime number. Now lets imagine you're a shiteating coin-slipping debt-slave driving banker that wants more BTC. How do? Well it's quite simple. You get the BTC to simply change the blockchain to include a formula resulting in a prime number AND a prime number PLUS ONE. You've now DOUBLED the amount of "BTC" there are. Because you call it BTC, the paid mockingbird talking heads on MSNBC still call it BTC, and it's still treated and honored as BTC. Except now there's double. And you, being a thieving bastard, knew it was coming so you 'mined' every single Prime+1 beforehand and so when it was rolled out YOU are now the proud owner of the vast majority of the new currency. And since you have control of it ---- you get the FULL purchasing power of the BTC, without inflation.

So it's the same bag of tricks they'll play. Every time. There is nothing fool proof about it. Because the shiteaters will just change the rules of the game like they always do.


Quote:
Originally Posted by SteveEx View Post
My favorite quote about bitcoins:

"the best part about bitcoins is that you get to watch libertarians slowly discover why financial regulations exist to begin with" —@porn_horse[1]
That's a very hilarious quote but sums up lolbertardians perfectly. And is why I am no longer a lolbertard. It's a bullshit ideology that does everything it can to not understand that human beings are not all created equal. That egalitarianism is as much as a lie as "diversity is our greatest strength". The cold reality is that the strong will prey on the weak. The smart will fleece the stupid. The lolbertard fantasy of complete individual freedom is akin to being in a prison yard full of 'loners' who will inevitably get their shit pushed in by the first assholes that band together and start a gang. So in order to survive the lolbertards have to give up their bullshit fantasy and start their own gang in order to just survive. Lolbertardian nonsense doesn't work when you introduce it to human nature. It, like communism and 'democracy', can only exist as a theoretical thought-exercise of a smug and pompous academic professors' mind. People who do not exist in the real world and never have.
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