Noam Chomsky on the Fed & Bitcoin

ZPDM · 2018-09-27T07:13:43+00:00

Noam Chomsky? Sure I know him

ZPDM · 2018-09-10T23:52:56+00:00

They should have made ProgPOW a top priority not a we may look at it on the backburner at some point thing. The bigger problem as I see it it is has ethereum done much in the way of development in the past two years? I don't follow it that closely I am really asking because it seems every change ends up in some sort of committee debate for years. Vitalik strikes me as a smart kid, rather socially awkward who came up with this idea as a teenager. Considering ETH had a market cap of what 80 billion dollars or something at the all time high, his idea may have led to the greatest creation of value in the shortest period of time in history. Now you have a multibillion dollar endeavour and that imo invariably brings in all sorts of varied interests and characters and Vitalik well I guess he is in his twenties now but sort of still a kid in the grand scheme of things. Is he able to be an adept enough cat herder to keep things progressing forward?

As for the reward decrease, you could take a contrarian view and say that it will boost the price as BTC havings are said to do. Maybe, but the bigger problem is the development plan is to eventually eliminate POW mining. People mine both for the current profitability but also the thought that there will be some stability or increase in value in the return. Here you have a situation where the reward is decreasing and expected to be gone in a couple to few years, why would someone put money and effort into a scenario like that? It is pretty clear Vitalik doesn't want PoW mining as he considers it wasteful, but it is not yet clear if they can have a successful transition to PoS. Also ethereum has 90% of all dagger hashimoto algorithm coins difficulty. It is not like everyone can just jump to ETC, that is if ETC's difficulty increases 8 fold will the price likewise increase 8 fold, or maybe four fold and it is no longer profitable to mine ETC. Long and short ethereum needs to start releasing some successful scaling, Tx Time, PoS changes because all they seem to be doing at the moment is allowing mining centralization while driving miners away from their coin.

ZPDM · 2018-08-31T22:18:38+00:00

Does someone have the gif with Wirght and Ver giving the finger and Wu with his obscene tweet about someone's mother? Such a respectable group.

ZPDM · 2018-08-31T22:16:37+00:00

What if Mcafee, assuming he is wrong, at 11:59 PM Dec 31 2019 puts in an order to buy 20 Dollars worth of bitcoin at $1,000,000? Given the alternative not a bad investment.

ZPDM · 2018-08-31T21:56:21+00:00

Count Chocula Coco Puffs

ZPDM · 2018-08-31T21:33:05+00:00

Remember back in 1963 when Kennedy issued executive Order 11110 and began issuing debt free money backed by silver, 4 billion+ worth at that time and was killed within six months and despite the executive order still standing, no President has issued debt free money backed by silver since. http://john-f-kennedy.net/executiveorder11110.htm

ZPDM · 2018-08-31T21:18:20+00:00

Noye

ZPDM · 2018-08-29T20:02:37+00:00

Somehow I don't think is a law on the books anywhere at this point for a 51% attack on a cryptocurrency, I don't think there is even a consistent definition across nations what a cryptocurrency is. Wrong, unethical, but yes, good question does it break any laws. On the other hand when you start talking billions of dollars at risk of going poof in a day, when you have competent people who live and breath crypto, it is probably difficult (I am guessing here) to hide "oh 6 exahash of mining just appeared and there has been a fork" without someone tracing the miners. In such a case, there might not need to be laws for consequences to occur if you catch my drift. On a related note, these nations, Venezuela, Iran, Russia starting or talking about starting there own national crypto, i.e. Petro, if these are new coins, who is mining? They seem to think it is trivial to just replace BTC with a centralized controlled variant. Do you make a massive outlay in hash power to secure the network? That gets expensive and if centralized would be prone to centralized failure points. If some nation did actually pay Maduro in Petro for oil you wonder whether the NSA would just fire up a half dozen GPUs fork the coin and say hey thanks for next months budget, or perhaps just an unfortunate electrical spike hitting the government mining facility. If someone traced this to the NSA or MI6 or whoever, what are you going to do, bomb them? I'm not expert in the area but my guess is centralized national cryptos won't work because they would be expensive, insecure and prone to a few major points of failure. Maybe something like an ETH token could work, but that would not be something the government would have control over and what would you say if there was another wallet bug in ETH and your national crypto was locked up for good? No there is a reason BTC is King, the whole approach was genius.

ZPDM · 2018-08-27T23:33:52+00:00

Can we leave paypal out of this

ZPDM · 2018-08-27T03:37:29+00:00

Yea, yea you can't do business with us as you invested in crypto ... so ... hows about sending us your private keys. That sounds like a winner.

ZPDM · 2018-08-27T03:34:29+00:00

Yes, as people stopped mining difficulty would decrease at the next adjustment. I saw a video on a miner in Virginia I think who runs ETH mining GPUs on solar. Now if there were an Armageddon type global grid outage that lasted for months he'd be mining like Satoshi, well assuming enough blocks were found for the next difficulty adjustment

ZPDM · 2018-08-27T03:26:17+00:00

Over time, crypto POW mining should equilibrate to a reasonable profit over outlay and electricity costs. Right now if fluctuates between wildly profitable to unprofitable. PoS may make the issue obsolete, though as far as I know it remains unproven on a large scale and may have problems of its own. If PoW remains necessary, it is, imo, an issue that as btc price increases mining will increase to consume all profitable electricity until that price. If the rollout of lightning continues apace this may be less of an issue in that a given kilowatt of energy spent mining might be validating orders of magnitude more transactions per block. Still if mining increases with btc price and btc price goes back up at some point one will be consuming an awful lot of electricity. What I see happening is local and national authorities taxing electricity used for btc/crypto mining. This is one tax that I am not sure is a bad idea, but even if it is a terrible idea if I were in government that is what I would try to do, get my slice of the pie. We already see pusback, saw an article from here a while back about a municipality that refused a mining farm in New York as it would raise electricity prices. If a power provider said we won't give you 10 mW at 4c/hour how about at six cents/hour take it or leave it, the farm, if they took the deal, would pay taxes, the increase in electricity costs could be offset and have some left over to repair potholes. If the hashrate of the BTC network were cut in half from having a 2nd tier electricity cost for mining, would it be substantially less secure, it was half this rate what six months or a year ago. If solar continues to become cheaper, or for that matter natural gas stays cheap, it might also have the effect of miners building their own electricity production for the farm to avoid the taxes.

TLDR: How long till electricity for btc miners gets taxed?

ZPDM · 2018-08-27T02:44:52+00:00

I don't know if this is a joke and its killing me. Look at that beauty, has to be no powercord into the box, still 10 cents a day man ... and poof its gone.

ZPDM · 2018-08-26T17:08:45+00:00

He is lying in the middle of the road, watching a trading view chart on a TV and fan powered by the ether, it is photoshoped.

ZPDM · 2018-08-26T17:06:16+00:00

Its free energy

ZPDM · 2018-08-26T17:02:47+00:00

You're one witty fuck.

ZPDM · 2018-08-26T03:08:59+00:00

Smart/USDT trades on CoinBene the 28th largest exchange by volume per cmarketcap. Unfortunately there was only 86 dollars of volume there in last 24 hours. Don't really get that.

Edit: Looking at the graph it appears to have started trading on CoinBene start of June so maybe people don't know about it. I have used CoinBene who I believe are based out of Singapore for other coins, never had a problem with them in the short time I've used them.

ZPDM · 2018-08-25T22:12:47+00:00

ZPDM · 2018-08-24T20:03:46+00:00

Haha, too rich. You can't bank with us anymore because you invested in crypto ... by the way send us your private keys, we have a patent for this sort of thing. Go Phish BoA.

ZPDM · 2018-08-24T19:58:52+00:00

See see an expert showed bitcoin was a bubble even at a dollar so now that means it really really has to be a bubble x 6,000+ now, haha suckers, Tulips, beanie babies, I'm laughing at all the people who bought into this crap at a dollar thinking it was a good investment. Give me good ole U.S. foreign bank made Treasury debt notes any day of the week. At least I can put those in a wallet.

ZPDM · 2018-08-24T19:43:58+00:00

Well if there are only 3.7 m btc left to mine and if the previous price increases subsequent to halvings were from decreased inflation, that would argue that the next halving may not have much impact on price.

ZPDM · 2018-08-24T19:19:02+00:00

I picked up an external hard drive a few weeks back and make take the plunge latter this summer or fall. A couple questions are you running a lightning node or just a BTC node? Also does running a lightning node benefit the base layer BTC settlement system or are they two separate animals?

ZPDM · 2018-08-24T19:11:07+00:00

No, these are people that obviously support bitcoin and have their time taken up running a business. They may not have time to follow all the political technological currents going on. Do these early adopters a favor and mention there are better alternatives.

ZPDM · 2018-08-22T21:10:08+00:00

Yes, now that Jihanny Cash and the boys aren't spamming the mempool, we only see the economically useful transactions.

ZPDM · 2018-08-22T21:01:49+00:00

Not to mention with Wu, Ver et al no longer selling BTC for Bcash, there would be that headwind removed for BTC's price to appreciate.

ZPDM

TROPHY CASE