Of course the government has 92000 outlaw gambling. When you factor in transaction costs, gambling becomes a deadweight loss to society. Now, on to my now shorter rant: Do I think that Bitcoin and Switzerland will have the same standards for a blockchain that they both support and approve? There may be more windows in this build.
Head up top and click pools. Inaccurate Bitcoin Diatribe Score: What more proof could you demand? Yes, there are costs with boarding up windows, moving to safer areas, etc. Facebook definitely controls your life, but it also makes it a lot easier. And if you want to see about criminal activity due to gambling Conversely, there are many unproven branches of physics i.
No, I think this 92000 different. This page allows you to set up bitcoin mining pools. We can create and destroy it at will. Projects such as Elastos make blockchains accessible from smart windows and from any operating system. It's more profitable build maintain a running business so that you get repeat customers.
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The most important factor causing the US dollar to drop has dick all to do with quantitative easing or the trillion dollar coin which actually won't affect inflation at all since the effect on the money supply is essentially zero , mostly it has to do with the fact that the US economy is in the toilet and US interest rates are near zero, with interest rates being the bigger factor.
Barring a bit of inflation here and there? Do you know what's happened and how much currency debasement there has been in the last five years? No inflation is ever a good thing. It massages the egos of humans into believing that their investments are going up and paint over that everything else is as well. Comparing the price of one currency to another when they are all being debased is a fallacy.
Over the last five years it is pretty clear that dollar has declined markedly in value. In case you hadn't noticed there are a lot of dollars around. Everyone has them and that doesn't make it terribly valuable. If that were the case, wouldn't the tax rate affect the value of the dollar?
Does the tax rate affect the value of the dollar? A national currency is marked by 2 things: As long as both of those are true, even with serious inflation, the national currency has value.
When the dollar was backed with gold, it meant if the dollar crashed, you could always exchange it for X amount of gold whatever that's worth. As long as gold was worth something, then that propped up the dollar. When FDR needed to print vast sums of money by the standards of the day to pay for his social programs, he outlawed ownership of gold by US citizens, to prevent exactl that!
Eventually the French called him on it, threatening to redeem vast amounts of US dollars for their gold, even if US citizens couldn't. Shortly thereafter, the dolar was "revalued", and the existing currency was suddenly redeemable for far less gold. There's never been a form of currency that the government didn't hstoric. Only if a debt is created actually.
I can offer to sell anything I own for barter, gold, bitcoins, or even euros, and I can, quite legally, refuse any currenct, including US currency Should a debt be created, then I would have to accept some amount of US currency to settle it though I am still not required to exclusively accept it. That isn't what backing means. Every single reply to my post has the same issue.
Backing does not mean "the issuing authority has assets they can sell" and it doesn't mean "the issuing authority can force me to use their tokens through the barrel of a gun". To say a currency is backed by something has a very specific meaning, which is that there is an asset literally "behind" the currency. The currency itself is merely a proxy for the backing material, one can be exchanged for the other at a specific rate.
The gold standard meant you could, at least in theory, go to a bank or the government, hand in some currency and walk out with gold bars. So given this clear definition it's meaningless to say a currency is backed by "the authority to tax". That authority might incentivize a large population to obtain these tokens and thus give them some value - but that isn't backing.
It's also wrong to say a currency is backed by the ability to sell something like land - OK, so the government sells some land it owns. What does it sell that land for? Oh, right, it sells the land for dollars.
So if I lose confidence in the dollar and want to hand them in, in return for the asset that backs them, the government selling land and giving me back more dollars doesn't help. I'd need the actual land itself and there'd need to be an actual somewhat fixed exchange rate between dollars and land.
If you want to argue that dollars have value because the US government taxes its citizens in that way, go right ahead. That argument doesn't lead to "Bitcoins are worthless because no government taxes in them" though. Bitcoins obviously aren't worthless because they started out having no value when they were first created, and obtained value over time as people learned about them.
The system is an existence proof that you'd be wrong. So I pay for a product - someone signs over a certain amount of Bitcoin to my private key - and I receive the product the ability to do the same to someone else. So I'm sorry, what's the scam, again? It's all there, in black and white mathematics. Proving Bitcoins have value is trivial - there are exchanges where they are traded against other currencies for non-trivial prices, so they clearly have value. What more proof could you demand?
Yes, you can charge back with credit cards. This is great for the credit card companies who then lose the incentive to make their systems more secure, because merchants ie, the poker companies lose the money. With Bitcoin you cannot, so the deck is metaphorically stacked in favor of the merchant vs the punter. It's a little better than the reverse because most merchants at least have reputations they want to protect and aren't going anywhere, unlike buyers who can disappear in an instant.
But Bitcoin does have ways to offer buyer protection - it's discussed in the very first page of the white paper describing the systems design. The protocol allows for dispute mediators who can decide who gets the money buyer or seller but who cannot steal the money themselves. You give them your cash. They give you poker chips. You ask for cash back for your poker chips. They say, "what pocker chips?
It's a problem that has nothing to do with BitCoin, and everything with trust. If you get scammed once, well, you don't go there again, and eventually they run out of people to scam. It's more profitable to maintain a running business so that you get repeat customers. Especially in something as lucrative as gambling. Especially when you're the only player on the marke. That's an interesting way to look at it. Bitcoin is controlled by the consensus system that underlies it, if you decide you want to violate the rules then you are split off automatically into a parallel universe where whatever you do won't be recognized by your trading partners.
That is a much stronger form of control than traditional currencies have. To change the rules requires the economic majority to upgrade and thus force everyone else to upgrade with them, so trade can continue. It's pretty democratic, in that sense. Contrast this to, eg, the US dollar, where control has been deliberately passed to a quasi-private branch of government known as the central bank.
Its unelected leader pulls the levers of monetary policy in an attempt to plan the economy. Your post is a stream of non-sequiturs. Yes, the primary exchange was hacked Users did not lose any money. Yes, very tiny ad-hoc "one man and his dream" exchanges have also been hacked, but hardly anyone used them, so again, impact was very minimal. Do you think US banks never get hacked or robbed? Many US banks have unbelievably woeful security that results in accounts being routinely emptied.
Now nothing stops you under-protecting your Bitcoins, but at least you can upgrade to more security if you want. You're not at the mercy of your local bank. What on earth makes you think that starting a "virtual business is more trivial than a physical business"?
Did you step out of a timewarp from the 70s? Do you think competing with Amazon is inherently easier than competing with your local supermarket? Exchanges, as you note, rely heavily on their users trust in their security as do all financial institutions. That's what stops them "simply reforming under a new identity". They'd be starting from zero and have no advantage over anyone else.
And FYI financial regulations do apply to Bitcoin exchanges as they would any other online currency exchange. That's one reason the big ones all demand government issued ID in the same way a bank would. Feel free to laugh at people who are using a next-generation financial system. It's been many years and Bitcoin is still around and doing fine, so I doubt anyone will care. It ahs no protections and its a pyurmid.
It also coulod never support a middle class. Byt it's nature it favors on group over others. It's like if everyone had a printing press the printed dollars, that kinda of worked. But if you bought 's of dollars in equipment, then your printing press works more. Which then leads to complete separation of actual work and money.
It also remove people who can not afford the technology to support it from the equation. I'm not sure how you are going to pay a maid who doesn. I simply am not gullible enough to trust it.
It's primary revenue generation platform is a pyramid scheme. And it's clearing system is an unregulated free-for-all and an absolute quagmire with no protections at all. And look at what I've written. If a bank gets hacked or robbed, you still have your money. It's been many years. As for Bitcoin doing fine. Otherwise, the government could come after anyone who plays Monopoly, too. There are different laws for making bets, taking bets, facilitating payments this is what usually gets prosecuted , accepting advertising for gambling, displaying advertising for gambling, and even differences in regulation between types of gambling sports betting, gambling machines, card games, etc.
Then there are issues with corruption throwing the game , and money laundering. For better or worse, organized crime loves gambling because it is easy to casually shift funds from one account to another without a paper trail.
In a normal casino, the casino itself trades the money for the chips or Monopoly money in this example and they also exchange them back to real currency. There is a difference here. The user is not giving the casino real money, and the casino Is not giving the user back real money. All echanges of money to and from bitcoin happen on the users end without the involvement of the casino.
The US would have to, effectively, say that BitCoin is real currency in order to prosecute. I seriously doubt a casino could operate in alabama simply by only accepting and giving away jewelry or other valuables instead of dollars. No, I think this is different. You still would need to report your bitcoin winnings on your taxes in equivalent dollar amounts.
The same is true for bartering. Say I run a lawn service and you own a hair salon. Very few people actually do, but. People who go to gambling site don't mind risks. At least you don't necessarily lose on btc, unlike other gambling services. I could create a poker site to use an algorithmic that favors the house.
How would you know? I can have my friends playing at tables and when they are logged in, it tilts the deal into their favor.
These, and other, cheats only require temporary and slight changes to have a bigger long term impact. You can also use social engineering. BitCoins aren't really a scam. They are a perfectly valid currency, by any definition of the word.
Few currencies these days are backed by anything, so that's not much of a criteria. And the supply of BitCoins is very tightly controlled; it's just done with an algorithm instead of a central bank. However, the expansion curve was designed by somebody with utterly no understanding of economics, and the built-in deflation inherent that would come with expansion in BitCoin use guarantees they'll never become.
However, the expansion curve was designed by somebody with utterly no understanding of economics, and the built-in deflation inherent that would come with expansion in BitCoin use guarantees they'll never become widespread for mainstream transactions because of widespread volatility in the exchange rate vs.
Firstly, let's put aside the appeal to authority. That would have required me mentioning an authority. I said that the designer had no understanding of economics. What I did say is that the use of BitCoins was going to be constrained by their inherently deflationary nature.
As in, if acceptance of BitCoins rises, deflation will occur as demand increases. Expectation of that deflation encourages hoarding, which discourages their use, and therefore, acceptance. Improvements in productivity, technology, agriculture, lifestyle, etc. There are three ways to accrue capital: A Save until you can buy it. While this sounds all wholesome and good, it makes, say, the expansion of a business, the research necessary to bring a new drug to market, or the purchase of an automobile required to transport yourself to a better job rather difficult.
Puts you in kind of a Chicken and Egg problem without credit. Therefore capital spending of all kinds would be reduced drastically.
Bonds, banks, your buddy down the street, whatever. Wow, is that expensive. Even the most brain-addled MBA can explain that selling a portion of your business is usually the most expensive way to raise money.
There's a reason that companies rarely execute stock offerings past their IPO You only sell stock to either execute an IPO so your other investors can bail or to raise money you cannot raise by borrowing it.
Just because a bunch of bankers lent out more money than they should have to unworthy borrowers at unsustainable rates does not mean credit is a bad thing. Sorry, but your entire post is wrong from top to bottom.
Don't take it personally, it isn't like they teach this stuff properly in schools. First, you did appeal to authority, and continue to do so. That you didn't do it in a way that is obvious to you is your problem, and yours alone.
I will give you a hint: There is no proof, there is no truth. If you take physics as your standard for avoiding self-delusion, economics doesn't have theories either. Citing "economics" as a source is automatically an appeal to the prestige of a collection of untested speculation.
Second, you ignore velocity and divisibility. If we assume that the hoarding hypothesis is correct, then you end up in a situation where deflation is forestalled, but acceptance is not. I'm going to skip my angry rant about people not understanding the dynamic equilibrium, but the short version is that virtually everything in your experience is the product of a balance of opposing forces.
To the extent that hoarding can raise the exchange rate, the exchange rate tempts people to divest their funds. Acceptance is a product of utility and familiarity.
Utility is very high and getting higher every day, while familiarity is very low, but also growing fast. Third, you appear to have weak grasp on the distinction between money and wealth, and also on the Janus nature of credit and debt.
I'm not sure how useful it would be to try explaining how much of your third section is wrong. From your point of view, your analysis appears to be completely correct, but it isn't, because your mind is wrong.
In our current system, borrowing money is really damn cheap because most of the cost of your borrowing is paid for by other people mostly through currency inflation. If you ignore the external costs, then yes, borrowing is the cheapest way to go. Capital is wealth, you cannot borrow it unless someone has already produced it and is willing to lend it to you. You cannot buy it unless it has already been created and someone is willing to sell it to you.
You can, however, create it yourself, but specialization says that your efforts are likely to be better spent doing whatever it is that you do well instead. Money on the other hand, is merely a system for accounting and exchange. Since it is ruled not by laws of the universe, but by laws of men, it does whatever we say it does. We can create and destroy it at will. And by "we", I mean special people.
You and I don't got a vote. Bitcoin is an attempt to more closely approach the platonic ideal of money-ness, and part of that is by deciding up front the answers to the questions "how much money? Bitcoin is an agreement among men, made real through software. We agree to follow certain rules, and give up any chance at special privilege, in return, we know that everyone else also has to follow the same rules, and are prevented from ever trying to claim special privileges for themselves like the ability to shave a bit off of other people's money to make new money for themselves.
I tend to come off a bit harshly, but I hope this post was educational rather than offensive. I hope you and everyone else will ponder carefully on what is real, and what is imaginary. Firstly, if you didn't mean to be offensive, perhaps you should have avoided directly insulting my intelligence and education.
I had a much longer rant planned, but then I realized you misunderstand the nature of my objection to the economic understanding of the BtC designers. And, to be fair to you, I didn't mention it in my original post. I have no problem with the idea of an electronic currency of fixed, limited, pre-determined, supply.
While unsuited as a national currency, there's a reason every single modern economy uses fiat currency; though some economies do it better than others it can, nonetheless, be a very useful tool, and the idea is certainly a worthy experiment in technology and economics. I merely believe that the particular expansion curve chosen was a stupid one. I believe that it ramped up too quickly, leveled off too soon, and the long-term increase in the supply is too low.
A better-chosen curve would have struck a better balance between staving off deflation and inflation. They were too optimistic about the uptake of BtC's, and did absolutely nothing to account for any kind of significant long-term growth in their use after the "intro" phase was complete.
This is why the value of BtC's has been so unstable and deflating so much. While a large portion of economics is indeed a large pile of untested bullshit, the same could be said about any branch of science. Just as we do not seriously question classic Newtonian mechanics as a useful model for predicting the behavior of masses, nobody seriously doubts things like the fundamental relationship of Supply and Demand used as a general model.
Conversely, there are many unproven branches of physics i. String Theory for which the evidence is little stronger than the abstract theories produced by the egg-headed economist of your choice.
We CAN do economic experiments to test theories such experiments are done all the time at the micro level, and are also done at the macro level by central banks, although the results of those experiments take much longer and the results aren't usually very clear-cut. I ignore divisibility for the simple reason that I do not argue as many BitCoin skeptics do that BitCoins are illiquid simply due to the relatively high value of 1BtC.
I know that is incorrect. I ignore velocity which is certainly a legitimate means of expanding an economy without increasing the supply of currency the economy is denominated in because BitCoins have given us no reason to believe that their velocity will be higher than any other currency, and reasons to think it would be lower, namely the lack of a functioning credit market.
As a side-note, since the supply curve has leveled off too quickly, and will continue to get even flatter, almost ANY economic growth over the small value of the BtC expansion curve will have to come through velocity increases The ability to adjust the money supply based on the current and expected size of the economy is why every modern economy uses fiat currency, although, as earlier mentioned, some do it better than others.
I don't know if you are one of the people that believe this I'd like to think you aren't , but large increases in the value of a currency are NOT a good sign if you want it to be a viable currency. Increases ARE good if you are investing in said currency. That is, if you want a credit market at all.
Inflation of a steady doubling per year could theoretically be baked into interest rates, you can't do that with a currency deflating by a similar proportion, like BtC's did last year. And the current intra-day volatility of several percent make it utt. Bitcoin uses a global distributed transaction history and account book, known as the "block chain" because it is a series of blocks of transactions.
There are many copies of the transaction history - each user of the official client gets one. Therefore it is more secure against accidental loss or forgery than a typical bank database. Transactions have to be cryptographically signed by the account owner, or they get rejected. There also has to be enough balance in that account number, or they also get. Its' a scam becasue by it's nature, it can not be a large economic currency but people who are doing it consistently push it as the next thing, and everyone should get in.
You also have no legal protections with bitcoin. I'm just making the point that Bitcoin is a scam. Because I saw Jesus and his brother Juan at the track in Miami, and when they lost all their money betting on Castro's Little Bastard to place, Jesus cried like a baby.
It is selectively illegal. Games of chance are only illegal for those not associated with the government in most areas. Amazingly, casino games give house odds of 0. Make the better ones illegal or limited in availability.
And when they are there, tax the crap out of them and make them advertise gambling addict. Next, go up top to the My Account drop down and select Learn more here. This worker information is what you need to input into the mining software so that you get credit for the work that is done.
You do not need to secure this information with a difficult username or password because anyone that uses this information will be giving you credit. Now let's take a look at setting up the mining software. As mentioned in Part 1 of the series we'll be using the MinePeon operating system. This can be downloaded from sourceforge. Now this is the image that we will need to write onto our SD card. Another software that we need to download is called the Win32 Disk Imager.
This can bltcoin be found on sourceforge. This is the software that we will use to write the MinePeon image onto our Bitcoin server windows java card. Once you have downloaded both sdrver insert your "Bitcoin server windows java" card into your computer.
Then open up Win32 Disk Imager. Simply select the location of your MinePeon image then select bitcoin server windows java correct drive for your SD card. All you have to do now jafa click write. This will write the MinePeon image on to your SD card. Insert the SD card into your Raspberry Pi as shown on Part 1 of the series then power servfr the unit.
Now sign in to MinePeon by bitcoin server windows java in the network IP address into your browser. The easiest way to find this IP address is by logging in to your router and looking for the device called MinePeon.
You will then be prompted wlndows enter in your MinePeon's username and password. The default setting for this is MinePeon for read more username, peon for the password.
You will see a security warning but do not be alarmed. This is perfectly normal so proceed anyways. You will then be asked to re-enter the username and password. So again, MinePeon is the username peon is the password.
You are now finally in MinePeon's dashboard. This is where you can monitor the performance of your mining rig. Head up top and click pools. This page allows you to set up your mining pools. Just enter in the URL of your mining pool, the username and password if you have one. Then go ahead and submit your settings. You may need to reboot MinePeon after any changes. Great windows every one. You are now officially mining for Bitcoins. All right, so that should be everything that you need to start Bitcoin mining.
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