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  #101  
Old 21 November 2017, 08:38
DirtyDog0311 DirtyDog0311 is offline
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It's good these threads pop up every now and then. Helps me get a lay of the land as well. Especially since there are things going on behind the scenes that point to fuckery being afoot on the near horizon. Case in point:

ECB Proposes End To Deposit Protection

So what would be a Gov's desire to check out/usurp/implement blockchain tech, while simultaneously start sneakily ending "FDIC" insurance for bank accounts under ~$100k? **coughBAIL-INScough** Maybe they're looking at what comes next? If so, why? And if blockchain comes next.......what happens to the old? And what causes the old to go away? Cui Bono? And how would this transition affect the wealth I have accumulated throughout my short life? And if there is a threat, what can I do to mitigate the dangers posed? Anyway, just things I think about from time to time.
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  #102  
Old 21 November 2017, 09:25
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The limit is $250,000 now instead of the old level of $100,000. Just fyi
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  #103  
Old 21 November 2017, 09:37
DirtyDog0311 DirtyDog0311 is offline
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Well that article was the ECB -- I just put "FDIC" to connect the term "deposit protection" to something we Americans can relate to. I think the scary thing is that the article says the language of the draft states that if something goes down and your money goes *poof* (i.e. bail-ins), some bureaucrat will determine how much money you 'deserve' out of your account to allow you to live day to day. Another glimpse into the mind of the lawmakers/policy creators in the backrooms of the global halls of power.
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  #104  
Old 21 November 2017, 09:38
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B 2/75 B 2/75 is offline
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But FDIC deposit insurance is a scam; there's only 25 Billion on-hand to cover losses.

The total exposure is vastly greater than that: infographic
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  #105  
Old 21 November 2017, 09:52
DirtyDog0311 DirtyDog0311 is offline
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I've actually told that to people who think the FDIC is some safety net, however the normalcy bias truly is a powerful thing. The typical response is either a blank stare, or something similar to the following:

"But Alan Greenspan says they can just print money to cover all our costs!"

And usually they reference a 2005 YT video of him saying the next quote: "We can guarantee cash benefits as far out and in any size as you like". However they fail to remember Greenspan's qualifying statement that he makes in the same breath: "but we cannot guarantee their purchasing power". Most people don't understand what that means.

IIRC, Dodd-Frank also re-prioritized the account classes in which the FDIC benefits are paid out. First are the derivative holders.......dead last are the "unsecured creditors". What's an "unsecured creditor" you ask --- well, it's you and me. Everyone that has a checking account and savings account is an unsecured creditor. And further how this term is understood and used, the courts have already ruled that your deposits are not yours as soon as they hit the bank. You are owed an IOU from the bank. The funds are technically the bank's property.

FDIC liquid funds will be gone in a flash. They would have to print so much money to cover all the other accounts that by the time they got around to Joe and Jane American the dollars wouldn't mean a damn thing anyway.
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  #106  
Old 21 November 2017, 10:18
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Quote:
Originally Posted by Sigi View Post

I do believe Magician has some knowledge of BC if I am not mistaken.
I do not know if I would go that far. I am a smalltime investor, but I have been buying the dips of Bitcoin and Ether since April, and I am up bigtime.

I post on cryptos, generally linking to Bloomberg or Zero Hedge daily on my MKD Facebook page.

I admitted to myself but to few others that I believed that Bitcoin would hit $10k, but I figured that it would take a couple of years. I will now go out on a limb and say that it is entirely likely that Bitcoin will hit $10k by New Years.

There are many reasons for Bitcoin’s rise, and Ether’s, but we quickly get into marshy terrain and I have no time for arguments. I will say that I think that the fundamentals are strongly in favor of cryptocurrencies. I only pay attention to Bitcoin and to Ether because I just do not have time to dig deeper.

Bitcoin in particular has one major benefit: there is a hard cap of 21 million coins programmed into the block chain. This limit, and the rush of new money entering the Bitcoin market cap, alone guarantees that the currency will rise in value.

Like any other currency, Bitcoin and Ether are both subject to market dips and spikes in response to market conditions. But the fundamentals are strongly favorable for them both.

One other factor: Satoshi, the genius who gifted the world with Bitcoin, has vanished. His coins literally have not moved for many years. Nobody knows anything about Satoshi, and some say that there never was a Satoshi.

It does not matter. Satoshi’s billions have not moved. Either Satoshi is dead, or he forgot or lost his keys. A significant percentage of coins hence lays static, and they boost the value of all other coins in the block chain.

Even if Satoshi suddenly wakes from a coma tomorrow and cashes in his coins, the market cap of Bitcoin is now so large that it would not matter.

Anyone can subscribe to my MKD feed on Facebook. Feel free to join the conversation there. I apologize that I am so rarely on this site anymore, but it is just a matter of how many hours that there are in the day.

I read the news every day, so I comment on that news on FB.com/magickingdomdispatch. Other than that, I am focused on my writing projects.

I strongly encourage anyone who has cash sitting in a bank account to diversify as much as you can afford to lose or to risk into Bitcoin.

Not financial advice, as I am not an advisor, but I have a small cache of Bitcoin and Ether that I accumulated this year. I let it ride and I leave it alone, and it just keeps on growing. As I say, I buy the dips, and I make microinvestments when I can afford to put $50 into it.

I intend for my cryptostash to subsidize my wife’s retirement after I leave this plane of existence. I have nothing else to leave her. I am a cash poor man. I have no property, no other investments. I have many debts.

But I am wealthy in other terms. In friends, for example.
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  #107  
Old 21 November 2017, 10:23
shady1 shady1 is offline
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^^^ Great post brother. Thank you for the insight.
Stay safe.
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  #108  
Old 21 November 2017, 10:51
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Yup, what he said. ^
Quote:
Originally Posted by magician View Post
your post!
Watched a couple good TED talks this morning on the Blockchain. Starting to wrap my head around it a little.

Starting to realize that the "mining" idea is not necessarily putting my computer to work for anything nefarious.

https://www.youtube.com/watch?v=k53LUZxUF50
https://www.youtube.com/watch?v=WnEYakUxsHU

Last edited by Tycon; 21 November 2017 at 11:13.
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  #109  
Old 21 November 2017, 11:26
Shark0311 Shark0311 is offline
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If you are considering mining here is a simple profit calculator (does not include equipment costs). You will need to determine the hash-rate of your GPU.

https://www.cryptocompare.com/mining/calculator/btc?HashingPower=4730&HashingUnit=GH%2Fs&PowerConsumption=1293&CostPerkWh=0.12

https://miningchamp.com/

Single GPU mining is easily a net loss.
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  #110  
Old 21 November 2017, 12:14
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Glad this thread is back on track after an influx of bullshit posts.

Magician, we have another BTDT member here who is professionally invested in BCT and working on an ICO as we speak: XDeth.

It would be interesting to see him share some of his thoughts.

The irony of anti-establishment types defending the USD and precious metals, while vitriolically denigrating crypto-currencies, shouldn't be lost on anyone here...
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  #111  
Old 21 November 2017, 12:16
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^Thank you, Shark. I'm pretty sure I'm heading in that direction.

I get cheap electricity (subsidized by solar) and highly discounted computer equipment. I guess I'm a damn fool if I don't at least take a dip in the pool. And growing up in AK I can usually recognize and mitigate the symptoms of "gold fever". Just need to be well informed and educate myself to avoid mistakes. Starting a wallet(s), etc.

Thank you also, ML. Polypro also had some good comments in the short thread Fubar linked.

Quote:
Originally Posted by Polypro View Post
Who here actually uses Bitcoin?

If you keep any BTC anywhere but on your computer (or even off, on a USB) in a TrueCrypt container and in a locked and encrypted wallet... You're nuts.

If you keep any fiat currency anywhere but your bank (i.e. zipping it in and out for each BTC transaction and keeping a zero balance at all other times... You're nuts.

The demise of BTC has been predicted over and over in the MSM... don't read the MSM.

Just purchased some stuff a few days ago with BTC... worked great!

Last edited by Tycon; 21 November 2017 at 12:37.
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  #112  
Old 21 November 2017, 12:22
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Justaclerk Justaclerk is offline
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Offline exchange with Magician:

Quote:
Me: What prevents more Bitcoins from entering circulation above the 21M cap (pardon me, I'm naïve)?

Magician: The 21 million hard cap is programmed into the block chain.

Me: Ok, hope that's unhackable. I need to research this more.

Magician: I think that any code made by man can be hacked. The block chain however is open source software. Anyone can read Satoshi’s white paper. Anyone with sufficient code skills can step through his software. It is all available on the net.

Satoshi gifted Bitcoin to the world. Truly a genius. And a humanitarian.
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  #113  
Old 21 November 2017, 12:24
DirtyDog0311 DirtyDog0311 is offline
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I'm not denigrating the concept of blockchain. Just saying that at this moment I think the item that utilizes blockchain, aka Bitcoin, is a bit into tulip bulb mania . I still wish everyone the best that gets into it.

Blockchain is a very good anti-establishment tool, unfortunately, the establishment is trying it's very best to poison the well and take control of the emerging market.

And Tycon, given that you have free power and have access to relatively low(er) cost GPUs, it would make sense you're in a good position to 'mine' for it. I'd do it if I were you. Almost quite literally spinning straw into gold.
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  #114  
Old 21 November 2017, 12:28
DirtyDog0311 DirtyDog0311 is offline
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My question to magician is what Bitcoin are we talking about here? From what I've read they've already stopped using the original Bitcoin algorithm and instead moved to a new algorithm that allows them to exceed the 21 million Bitcoin cap. However, they are still calling it Bitcoin and have it locked to the price point we see associated with BTC. Sort of reminds me of when the Freedom Group bought Bushmaster, replaced all the workers, lowered the quality of the weapons......yet still called it "Bushmaster", even though for all intents and purposes it is not the same rifle.
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  #115  
Old 21 November 2017, 12:29
Steve83 Steve83 is offline
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Quote:
Originally Posted by MixedLoad View Post

The irony of anti-establishment types defending the USD and precious metals, while vitriolically denigrating crypto-currencies, shouldn't be lost on anyone here...
The whole argument about "the grid" going done is a little peculiar.

I don't need the "grid" to access my bit wallet. They can be stored offline.

I have nothing against precious metals but the precariousness of finding someone to whom wants gold bars that can also cut and measure the metal for the things I need seems tough.

Otherwise, I can simply transfer 1/8000th of a BTC if I want a bottle of water.
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  #116  
Old 21 November 2017, 12:42
DirtyDog0311 DirtyDog0311 is offline
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The grid is referred to because electricity is sine qua non to moving digital currency.
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  #117  
Old 21 November 2017, 12:51
Steve83 Steve83 is offline
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Quote:
Originally Posted by DirtyDog0311 View Post
The grid is referred to because electricity is sine qua non to moving digital currency.
Still, electricity can be generated to charge a phone for intermittent use.
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  #118  
Old 21 November 2017, 13:00
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Fubar Fubar is offline
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Originally Posted by Steve83 View Post
Still, electricity can be generated to charge a phone for intermittent use.
If phones are functional....
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  #119  
Old 21 November 2017, 13:01
Steve83 Steve83 is offline
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Quote:
Originally Posted by Fubar View Post
If phones are functional....
Sorry, I'm not sure what you mean.
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  #120  
Old 21 November 2017, 13:05
DirtyDog0311 DirtyDog0311 is offline
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You may have a phone with a charge, but what guarantee is there that someone who has something you want to buy will have one too that has a charge? And how would you transfer it? An app? What if the other person doesn't have an app? Where will you get one? Google Play and the Apple App store won't work. As of [current year] I suspect that many people who have items you may wish to purchase haven't the foggiest ides of what a bitcoin is. And even if they did, are you certain they would accept it? I wouldn't.

I'm not poo-pooing the idea, just saying that without a grid, e-commerce and therefore e-currency will be something nigh impossible to achieve.
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