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I highly recommend people to read "The Bitcoin Standard". Outside of all the noise and fud surrounding Bitcoin, within it lies a new economic system which has

by r32a_ 8y ago

I highly recommend people to read "The Bitcoin Standard". Outside of all the noise and fud surrounding Bitcoin, within it lies a new economic system which has lots of similarities with the gold standard and Austrian economics.

nosuchthing 8y ago
Gold to Bitcoin analogies are a marketing falsehood. On paper things might look similar, but looking into the details and history behind Bitcoin and other cryptocurrency software development it quickly becomes clear there's a multitude of cascading flaws. BTC inflation is currently higher than USD Historically, Bitcoin started off as a hyperinflationary mint in order to produce the supply rapidly for a small user group before the general public would be able to access the production methods and before the difficulty settings Satoshi chose would increase the cost of production and reduce the ROI and increase the CAPEX/OPEX dictacted by the BTC mining software and network. Aprox 4.11% of Bitcoin users (addresses) control 96.53% of all bitcoins in circulation. Also there's a chance that something will make Bitcoin obsolete in the near future - immediately destroying the trade value of Bitcoin, either a new cryptocurrency, a quantum computer or cryptographic breakthrough that would allow theft of BTC private keys or more predictably a bug like what recently happened in the main Bitcoin core wallet client software which allowed a user to inflate the supply of Bitcoins past 21 million and mint more BTC for free. https://www.livebitcoinnews.com/cve-2018-17144-the-aftermath-of-a-catastrophic-bitcoin-bug/ https://www.livebitcoinnews.com/cve-2018-17144-the-aftermath... Here’s an explanation on how the Bitcoin market differs vastly from Gold speculation markets: https://www.youtube.com/watch?v=6r04gfWfRkE https://www.youtube.com/watch?v=6r04gfWfRkE Then there's the story of Bitfinex, assumed to be a lingering MTGOX scale exit scam using a "stablecoin" which is pegged 1:1 with USD across all other major cryptocurrency exchanges. With no audit, Bitfinex has printed aprox $2,042,257,000 USD as of today. Much of which is alleged to be used by their own accounts to manipulate the levered futures markets. https://medium.com/@bitfinexed https://medium.com/@bitfinexed
- r32a_ 8y ago
  Every point you have written is incorrect. I suggest you spend 5 minutes researching all of your points and you can see that. But to summarise, all those coins in those addresses are held in known wallets of exchanges and wallets, bitcoin inflation is halved every few years, breaking bitcoin crypto will have devastating effects on the entire world including all banks and governments, Bitcoin crypto tech can be changed, bitfinexed is a joke and has been proven to be wrong many, many times.
  - AnimalMuppet 8y ago
    nosuchthing actually presented the results of research. You presented nothing but claims with no support. Advantage: nosuchthing.
    - r32a_ 8y ago
      The points he presented are so ridiculous that I don't see any point in convincing him, his mind is already made up.
      - nosuchthing 8y ago
        You're attempting to argue with nothing to offer? hmm looks like your mind is made up but you have nothing to show for it? The main points I presented are provable, leaving only the Bitfinex'ed theory up to the evidence and allegations presented which have been backed up with additional university studies. [1] A] Bitcoin hyperinflation and low cost ROI/CAPEX/OPEX supply acquisition by Satoshi's Bitcoin mining rule set can be understood by reading the original Bitcoin white paper and factoring in the low difficulty and tiny user base during the initial period of hyper inflation. B] The current inflation rate for the United States is 1.9% for the 12 months ended December 2018, as published on January 11, 2019 by the U.S. Labor Department. Bitcoin inflation rate per annum: 3.83% [3] C] Control of the Bitcoin supply being owned by an oligarchy. This is provable by looking though any of the Blockchain explorer APIs or by analyzing the blockchain yourself. Even if we were to assume the 4.11% of Bitcoin users (addresses) who control 96.53% of all bitcoins in circulation were actually the main exchanges, this is still much worse than the traditional banking/financial markets due to the current unaccountable nature of how those exchanges operate. An ongoing trend in the Bitcoin markets is the famous BART phenomenon, presumably one of the largest owners of Bitcoins is manipulating the entire market though short squeezes which last a few minutes before the market returns to where nearly exactly where it was before. The most plausible explanation is one or more exchange operators are capable of mixing fractional reserve deposits with manipulation of the futures markets to fraudulently terminate market contracts with those extreme temporary spikes in volatility and minimize their risk by returning the market price back to where it was prior before any deposits/withdraws can be confirmed between exchanges. [1] https://www.bloomberg.com/news/articles/2018-06-13/professor-who-rang-vix-alarm-says-tether-used-to-boost-bitcoin https://www.bloomberg.com/news/articles/2018-06-13/professor... https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066&download=yes https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066&... [2] https://www.usinflationcalculator.com/inflation/current-inflation-rates/ https://www.usinflationcalculator.com/inflation/current-infl... [3] https://www.bitcoinblockhalf.com/ https://www.bitcoinblockhalf.com/

by r32a_ 8y ago

nosuchthing 8y ago

Gold to Bitcoin analogies are a marketing falsehood. On paper things might look similar, but looking into the details and history behind Bitcoin and other cryptocurrency software development it quickly becomes clear there's a multitude of cascading flaws. BTC inflation is currently higher than USD Historically, Bitcoin started off as a hyperinflationary mint in order to produce the supply rapidly for a small user group before the general public would be able to access the production methods and before the difficulty settings Satoshi chose would increase the cost of production and reduce the ROI and increase the CAPEX/OPEX dictacted by the BTC mining software and network. Aprox 4.11% of Bitcoin users (addresses) control 96.53% of all bitcoins in circulation. Also there's a chance that something will make Bitcoin obsolete in the near future - immediately destroying the trade value of Bitcoin, either a new cryptocurrency, a quantum computer or cryptographic breakthrough that would allow theft of BTC private keys or more predictably a bug like what recently happened in the main Bitcoin core wallet client software which allowed a user to inflate the supply of Bitcoins past 21 million and mint more BTC for free. https://www.livebitcoinnews.com/cve-2018-17144-the-aftermath-of-a-catastrophic-bitcoin-bug/ https://www.livebitcoinnews.com/cve-2018-17144-the-aftermath... Here’s an explanation on how the Bitcoin market differs vastly from Gold speculation markets: https://www.youtube.com/watch?v=6r04gfWfRkE https://www.youtube.com/watch?v=6r04gfWfRkE Then there's the story of Bitfinex, assumed to be a lingering MTGOX scale exit scam using a "stablecoin" which is pegged 1:1 with USD across all other major cryptocurrency exchanges. With no audit, Bitfinex has printed aprox $2,042,257,000 USD as of today. Much of which is alleged to be used by their own accounts to manipulate the levered futures markets. https://medium.com/@bitfinexed https://medium.com/@bitfinexed

r32a_ 8y ago
Every point you have written is incorrect. I suggest you spend 5 minutes researching all of your points and you can see that. But to summarise, all those coins in those addresses are held in known wallets of exchanges and wallets, bitcoin inflation is halved every few years, breaking bitcoin crypto will have devastating effects on the entire world including all banks and governments, Bitcoin crypto tech can be changed, bitfinexed is a joke and has been proven to be wrong many, many times.
- AnimalMuppet 8y ago
  nosuchthing actually presented the results of research. You presented nothing but claims with no support. Advantage: nosuchthing.
  - r32a_ 8y ago
    The points he presented are so ridiculous that I don't see any point in convincing him, his mind is already made up.
    - nosuchthing 8y ago
      You're attempting to argue with nothing to offer? hmm looks like your mind is made up but you have nothing to show for it? The main points I presented are provable, leaving only the Bitfinex'ed theory up to the evidence and allegations presented which have been backed up with additional university studies. [1] A] Bitcoin hyperinflation and low cost ROI/CAPEX/OPEX supply acquisition by Satoshi's Bitcoin mining rule set can be understood by reading the original Bitcoin white paper and factoring in the low difficulty and tiny user base during the initial period of hyper inflation. B] The current inflation rate for the United States is 1.9% for the 12 months ended December 2018, as published on January 11, 2019 by the U.S. Labor Department. Bitcoin inflation rate per annum: 3.83% [3] C] Control of the Bitcoin supply being owned by an oligarchy. This is provable by looking though any of the Blockchain explorer APIs or by analyzing the blockchain yourself. Even if we were to assume the 4.11% of Bitcoin users (addresses) who control 96.53% of all bitcoins in circulation were actually the main exchanges, this is still much worse than the traditional banking/financial markets due to the current unaccountable nature of how those exchanges operate. An ongoing trend in the Bitcoin markets is the famous BART phenomenon, presumably one of the largest owners of Bitcoins is manipulating the entire market though short squeezes which last a few minutes before the market returns to where nearly exactly where it was before. The most plausible explanation is one or more exchange operators are capable of mixing fractional reserve deposits with manipulation of the futures markets to fraudulently terminate market contracts with those extreme temporary spikes in volatility and minimize their risk by returning the market price back to where it was prior before any deposits/withdraws can be confirmed between exchanges. [1] https://www.bloomberg.com/news/articles/2018-06-13/professor-who-rang-vix-alarm-says-tether-used-to-boost-bitcoin https://www.bloomberg.com/news/articles/2018-06-13/professor... https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066&download=yes https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066&... [2] https://www.usinflationcalculator.com/inflation/current-inflation-rates/ https://www.usinflationcalculator.com/inflation/current-infl... [3] https://www.bitcoinblockhalf.com/ https://www.bitcoinblockhalf.com/