71–80 of 95 posts
For me Bitcoin further exacerbates the already terrible distribution of wealth in our world. BTC is purely a play for the "rich" folks. I say "rich" because it needs not just tech access and disposable money barriers but also has the additional tech knowledge barrier to it.
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Why would restoring Bretton Woods be disastrous? The late 40s through the late 60s were among the biggest economic boom years in world history and perhaps the greatest expansion of wealth and quality of living in human history.
The late 40s through the late 60s were amazing economic booms because of a small event called World War 2. It was removed because it gave very little flexibility in monetary policy, and gravely prevented deficit spending. This led to failure to control the business cycle, as well as inflation in general, which would have been disastrous. If we restored Bretton Woods, 2008 would have been a complete disaster, and the…
Sound money ensured that money was invested in things that actually produced productivity improvements. We coasted on the residual returns of investments from earlier eras, but productive investment, I would argue, has declined since those earlier decades. ROIs on loaned money have declined in the zero interest rate era.
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Why would restoring Bretton Woods be disastrous? The late 40s through the late 60s were among the biggest economic boom years in world history and perhaps the greatest expansion of wealth and quality of living in human history.
The 40s through the late 60s were also the era of the Holocaust, the Indonesian Genocide, and the Serbian Genocide. Did Bretton Woods cause those too? Or can we agree that maybe a lot of things that happened during the 40s through 60s weren't caused by Bretton Woods?
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> > Transporting Bitcoin can also be free, depending on what you mean by transporting. > On-chain? Nope. > I'm not going to read his article Which makes you willfully unqualified to hold an opinion on his article.
> Which makes you willfully unqualified to hold an opinion on his article. That may be, but I bet I have better understanding of what his character is better than you as I was in Europe in that time helping understand what was occurring with the Euro crises, and if that is his premise for why Bitcoin shouldn't be used by Socialists, he is right and should stop exploring it as an avenue. I'll just point at Maduro's fa…
It's surprising you know so much about Varoufakis, but what's even more surprising is that you know so much about me!
I'm not disagreeing with you here incidentally--you haven't made any actual argument that I even could disagree with. You've just claimed that some events proved your point without explaining how or why. You may be right, but you haven't said anything that would convince me you are. Given so far my experience of you is you refuse to read something and yet feel qualified to comment on it because you know the author's character, I'm certainly not going to be believing you based on your qualifications.
> I'll indulge you, go on explain...
If I wish to transport gold across a border, I have to work out customs/tariffs, security, potentially bribes, etc. all of which cost money.
If I wish to transport Bitcoin across a border, I memorize the wallet key, and cross the border. Free.
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> Holding Bitcoin is literally free. Interesting claim. How do you secure it, back it up, and bequeath it to people on your passing? Don't those things cost time and actual money?
Secure it on a piece of paper in a locked box. Back it up on a second piece of paper in a second locked box, kept in a second location. Put both locked boxes in your will. In response to the tornado link you've been spamming: obviously there are limitations to any security system. None of your proposed security systems particularly secure you against government agents beating you with a rubber hose until you hand ove…
And I don't need to go to government agents, I'm just talking about simple robbers. Say for instance family members who figure out you have Bitcoin and want to take it from you.
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Grant Imahara just died of a brain aneurysm. You can't count on whispering a password on your deathbed. Do you think a carved rock is safe and secure? https://en.wikipedia.org/wiki/2011_Joplin_tornado
Not sure what your reference to the tornado was trying to point out. I could not find any references on the page to the tornado abrading away carved rock.
Any time someone has "backups" that are all on one property, I think of large floods, fires, or tornadoes that can eradicate everything, or displace it all.
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If you choose to write it down on a sheet of paper, it's not safe. https://en.wikipedia.org/wiki/2011_Joplin_tornado If you choose to write it down electronically, then you have to back up that system, and secure it. Neither of which is free.
If only you could store things in multiple locations.
Is it greater than zero?
Then I win the point.
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If you choose to write it down on a sheet of paper, it's not safe. https://en.wikipedia.org/wiki/2011_Joplin_tornado If you choose to write it down electronically, then you have to back up that system, and secure it. Neither of which is free.
For good data backup, one can follow the 3-2-1 rule: keep at least three (3) copies of your data, and store two (2) backup copies on different storage media, with one (1) of them located offsite.
I suspect securing it will have more than zero cost, which was my only point.
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For good data backup, one can follow the 3-2-1 rule: keep at least three (3) copies of your data, and store two (2) backup copies on different storage media, with one (1) of them located offsite.
You haven't described how you will keep them secure. Don't forget, this is buried treasure you're talking about. Stealing it is the perfect crime. So, how will you secure it? I suspect securing it will have more than zero cost, which was my only point.
That is correct. I am pointing out suggested practices for a good backup system for general knowledge. (i.e. I am writing to everyone who is reading this, not just you.) I am not going to cover security, as I have no opinions on best practices.
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Not sure what your reference to the tornado was trying to point out. I could not find any references on the page to the tornado abrading away carved rock.
Doesn't need to abrade a rock, it merely needs to throw it through the air. Any time someone has "backups" that are all on one property, I think of large floods, fires, or tornadoes that can eradicate everything, or displace it all.