Bankster minion Joseph Stigliz: "Government should shut down bitcoin".

originally posted by: muzzleflash
a reply to: Quetzalcoatl14

This is where bias can become dangerous.

People will oppose anything X says because of his social class or political affiliations.

This is very concerning.
We really need to think things through more.

Right. I do think that his research on economics at least is in the right place now days, with good motivations. Also, it's a danger to suspect people just because they are a powerful economist or right versus left. There are good people who try to get to positions like this out of sincere interest, service, or brilliance.

I wish I had taken a course with Stiglitz. He teaches at the grad school I went to, and some friends took his course.

I don't know enough about crypto-currencies to comment on that part of the debate unfortunately.

originally posted by: muzzleflash
a reply to: Quetzalcoatl14

Good post thanks for sharing your research!

No problem! Thanks. I still need to read the book that's referenced in his Atlantic article.

a reply to: worldstarcountry

what do you mean the regular folks can't afford? You can buy fractions of all these coins. If the value goes up, your investment still goes up the same way...

Thats like saying what if regular folk can't afford to buy a $500,000 bar of gold and all the institutions stop buying it. You don't have to buy that much...

What if everyone stops using the dollar and cryptos take over the economy? What if countries aren't forced to buy oil with the dollar anymore? oh wait...

To shut down bitcoin you have to shut down the internet. Thats not going to happen.

a reply to: booyakasha

No, all they have to do is make it illegal, no different to say a certain plant that is illegal to grow.

originally posted by: Tranceopticalinclined
Honestly, it's not going to bubble, it's going to be sabotaged, from the inside out.

The banks don't want it around, and because Bitcoin wasn't designed really for the people, ( note the total amount ) , banks can buy in at large levels, and control the price via bot trades.

Then throw in the greed factor and others are doing the same buy / sell walls to swade price movements.

The mining has long since moved away from the people and towards the larger companies, thus turning this into a centralized currency, under a decentralized mask.

The unregulated system allows for serious arbitrage, on levels that would make the current stock market super envious.

I honestly feel that bitcoin will be bloated, and profited off of until it cannot contain anymore trust and it will burst.

It's only because it was the 1st, that it's so popular, the transactions now take HOURS still to confirm, while other altcoins take shorter AND have features you'd actually find useful, other than being public.

Namecoin is basically a DNS on the blockchain, wait till that's reconcepted...

Ethereum is a great concept, but, it's also ALL eggs in one basket, if there is ever found to be a flaw in the original code, all altcoins build on the platform will be affected, and possibly profited off of in new forms of scams or hacks.

But all this is needed, so we can build onwards into the future of money and public facing finance

If you are a saver in a country in financial crisis and it looks like the government is going to devalue the currency or start raiding peoples bank accounts, then you have nothing to lose by transferring your money into Bitcoins. The question is then who is holding onto the real currency afterwards? That would be the Bitcoin exchange services, and who owns those? Those are companies in Eastern Europe, Russia and China. So I can see why the World Bank doesn't like either of those outcomes. They can't steal peoples money. As a bonus, whenever there is a crisis, the value of Bitcoin rises as well. So those people win. When the crisis is over, they can convert their Bitcoins back into real currency.

A similar thing used to happen with the European currency markets back in the 1970's. Whenever one of the Southern European countries had stability problems, every investor just converted their currency into Deutchmarks. They didn't even think about it, they just did it, waited for the devaluation, and then bought up the devalued currency once the crisis was over. Each and every time this happened it drove German companies mad because all their manufacturing contracts had to be revalued.

originally posted by: neo96

The returns of bitcoin right now is insane.

It's blown gold way, and this year alone it's appreciated over $8,000.

Bitcoin supply is finite which means the value is only going to increase.

Well, bitcoin is also the only currency in the world that "can collapse to zero" overnight.

It's backed by nothing, not even the good faith of some government that has taxing power over the people.

Nobody can predict how high it will go, because it's not backed by anything that could be used to determine a value.

At least with a legal currency, you could estimate the tax revenues a nation could generate from it's GDP and population etc..and come up with some numbers.

Bitcoin can easily go towards infinity or to zero just as easily as 1-2-3.

But, here is what will happen...exactly.

It gets harder and harder to solve the math involve in verifying new transactions.

At some point in the near future, no computing power will be able to find the solutions to come up with the "verification" for the next new transaction, and no more transactions will be possible.

All bitcoin will immediately become worthless at that precise point, because nobody will be able to buy or sell anything, since no new transactions can be verified.

Bitcoin crashes to zero, once the holders of the coin realize they can not move it, trade it, transact in it, anymore.

The drop will be amazingly fast. Like a waterfall or like the twin towers on 9/11. Just quicker.

The true value of bitcoin is actually "zero". It's just that people don't understand all the complicated math involved, so they can't see why it has no value.

But, an easy way to think of it is this:

if the "future" value of something you hold right now can be proven mathematically to be "0", then what is the "present" value of that same thing?

If you understand anything about discounted cash-flows, you'll see the answer.

If you know the rate of bitcoin transactions, and can calculate the "length of time" it takes to find the next verification number for transactions, and plot how that "length of time" parameter is "increasing" with every transaction, then you can predict the exact date that the bitcoin crash will occur.

a reply to: AMPTAH

Fascinating theory, thanks for sharing that.

I guess it's probably a good time for anyone holding these coins to dump them now.

It seems the risk increases as time progresses, so waiting and speculating is increasingly foolish.

a reply to: neo96

Wait, aren't you a Trump fan, the man that is doing everything the bankers and other evil rich people want?

originally posted by: worldstarcountry
a reply to: skunkape23
Well then, consider that goat mine! Where can we meet to arrange this transaction?

About 20 miles south of
Dallas. I'm the guy with dreadlocks and a goat.

originally posted by: skunkape23

originally posted by: worldstarcountry
a reply to: skunkape23
Well then, consider that goat mine! Where can we meet to arrange this transaction?

About 20 miles south of
Dallas. I'm the guy with dreadlocks and a goat.

If you had a goat with dreadlocks we could cut out the middle man.

a reply to: skunkape23
oh great, now I gotta take two days to drive there?? That gas is going to run me alot more than two bottles of whiskey. Any chance you can meet me in Louisiana or Mississippi ???

Its too bad were just goofing around, I actually would have bought that goat for the whiskey.

a reply to: booyakasha
If cryptos replace the dollar, than the Bible's revelations become true and you willingly enter the cashless society where everything you do and buy is tracked and recorded.

And what I meant about the buy in is, you will probably make an better on an equaly priced whole crypto-coin vs a fractional BC of the same dollar amount.

Like I have 1/10 ounces of gold, but when the spot price raises, the value of that tenth is only nominal.

so at 10k, if you had a tenth of a coin, thats 1000$ . But if the price goes up by another thousand, your only goign up one hundred. 1000 of etherium priced at under 500 you get like 2 and a quarter. If it goes up by ten percent in those etheirum stocks, you will get slightly more.

Anyways, Im going to give it a shot. But I want to wait until after December eight. I going to start with like $2k in the tops three and one seasonal mentioned in another thread that seems like a penny stock and has already paid him 600%.

originally posted by: hopenotfeariswhatweneed
a reply to: booyakasha

No, all they have to do is make it illegal, no different to say a certain plant that is illegal to grow.

Yes and that worked well hasnt it..?

originally posted by: purplemer

originally posted by: hopenotfeariswhatweneed
a reply to: booyakasha

No, all they have to do is make it illegal, no different to say a certain plant that is illegal to grow.

Yes and that worked well hasnt it..?

Well kind of, lots of people use the drug and in turn the police have developed mobile drug tests and make $ out of it. The same would happen with crypto, although as it is they now call bitcoins price in the news with all the other stocks which Is interesting .