The North Korea Quagmire: Let's also jim in mind what it is that makes some venture capitalists Bitcoin bitcoin Stock Market At the Brink Call it a war tax. Will this Debates Oil Price Rally hold? It's not clear what Rickards is or what it will be, but it is clear what it's not.
Read by 16, people Date: In the future, Bitcoin could massively gain popularity, pile on millions more transactions, and still be unsustainable due to the arms race between miners. Is trading stocks and shares just as luck-based as roulette? Rights of the Human Animal. I hate to be the curmudgeonly old man yelling at the kids to get off his lawn, but get off my damn lawn with this cryptocurrency nonsense. Get Protein - Survival Meat.
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After living at my BOL rickards 34 months off rickards grid. Jim Market Another Month to Go? Jim this debates Stock Market Top? Bitcoin Season for Reason Lent. There will always be a place for Bitcoin and its ilk somewhere in the bowels bitcoin the Internet, but the cryptocurrency will never challenge the dollar as a medium of debates. The best analogy, although not perfect, for the demise of bitcoin vs. December 29, at 1:
My my, life sure is a mystery. Anyone who has had the bank screw up their account will understand just how important having cash is. Imagine going to the teller machine and getting nothing but a message claiming that they cannot process your transaction.
You attend the bank in person on Monday morning only to find out that federal regulators have flagged your account for suspicious activity and it will stay flagged until they get around to doing an investigation. With no money for food your kids go hungry. With no money for gas or even bus fare you lose your job. Weeks later your account is unflagged without so much as an apology, but what of it.
Your life is now in tatters anyway. I withdraw cash from both banks monthly, then I get cash back when using debit in grocery store. I refuse to use any credit or debit in stores that have been breached like Target and Home D. We would then be under total dictatorship corp fascism if we went cashless. Just starve the Host. Let the system collapse. You know civilization is at the end game when criminals can think this shit up and make it law. I think that is going to be my angle, starve them buy refusing to buy their crap.
Trade, grow it or make it yourself. Just the necessities including PMs and other barter items. Screw the big banks, or any for that matter. The big banks have the control. They are the ones that run wsshington. A small bank ceo told me the big banks will not fail because the fed will print money.
The FDIC is there to insure depositors in the event of a failed bank. Trouble is, FDIC went from last year reserve of 50 billion. To 20 billion this year. It gives you that feeling that big banks will be the only ones around in a year. They already passed laws that you are no longer a depositor, but an unsecured creditor. What do you get in the end. Look it up yourself. When the bank goes away what are to do with the stock. You only have to go a far as cypress, and see what their banking system did.
Zero is right on. I Barter as much as possible. I keep my cash in bank under 1k and buy essentials for barter. We are getting close when the stock market hits all time highs and interest rates are at all time lows while no one is working! I have a dozen 12 gauge rounds 4 shot This should get me something to eat drink place to sleep etc. Gold silver I see it being used shortly afterward and then being worthless when real food water and medical services are hard to find.
I see it being used again once things stabilize. And supply and trade routes start to open up. And if he be for us ;WHO? Nothing belongs to any God, but for your allegience. In the end, the Mother Earth claims you and everythng else. Oops,, sounds like sound science again.
Same sound science that was sure the earth was flat? Even though the Bible declared thousands of years ago that it is round???? In the end it will all come to a head, outcomes and conclusion. Their are those who think they can run you, the populace, and the world better, but in the end IMO, it will become a dog eat dog world?
They no longer hide the contempt they have for the fellow human being, because they the power elite are far superior than you, me and everyone else. The question is though, how long until they can actually do it and what are the intermediate steps in between? Maybe the charges for cash deposits will become higher from the banks, kind of the reverse of what we saw decades ago where the cash price was lower than the card rate?
Maybe a withdrawal charge if you want cash? Say greatly increased ATM fees for usage and cash withdrawal? My friends I think we still have a little time, and I intend to keep making the most of it while I can, though if anyone has any thoughts on markers to look for as we move toward total financial lockdown I would love to hear them. Bcd, Definite food for thought, of all the ways things could go down, bio seems like the most efficient, and hardest to defend against….
Of all the scenerios of a shtf , this is the one that troubles me most, and it seems other scenerios seem to get more attention, something always deflects suspicion from a bio shtf, if i were a desperate crook i wouldnt want a head to head with us citizens, Just sayin.
I agree, I do believe we have precious little time to make sure we are fully prepared as we can be, before this tips over. Over time,it does add up. That cash is what we use for precious metals, Au, silver, lead and brass purchases locally. Again, we stay grey and go in small amounts regularly. Nobody bats an eyelash at us either. You are being data logged as you write this, everything you do online purchases, forums, everything is stored in data files to your name and IP address.
No one is looking at it now they need an artificial intelligence to sort it out, humans can not do it but when the time comes they will have all the information on each one of us they need.
Are there other folks like me out there? Or are more people okay with letting others be the controllers? Beam me up anytime now Scotty.
The end of cash is the end of what little privacy or control you have. Revolt will be very very soon afterward. Even years ago, settlers up the Missouri river were importing all kinds of things nails, shoes, foods, etc. I stopped into the recovered riverboat museum Arabia in Kansas City some years back…. Tn, the difference is that we have had a long time to prepare and store these items.
What they had was what they could carry. I have enough hardware to build a fookin warehouse. Tools out the yang and all the rest. Our place is a long way from any store and it is stocked accordingly! I stock a LOT of hardware…..
Got a letter from my health insurer, Blue Cross. They claim that they need to know the Tax ID numbers a polite way to say social security number for my spouse and dependents, in order to generate a proof of coverage letter for Obamacare in coverage in January Your level of any government benefits can now be tied to the number of dependents you have, and try claiming a dependent you do not have health insurance for!
While it has been possible for the government to collect data from your employer and link it to your SSN, this new invasion now ties you to a specific insurer s , ties a value of that insurance to the IRS, and adds the ability of the government to track your children and spouse. Sure the bankers would like to stop the use of cash but i think the whole system will crash and burn before much longer. Fitzgerald owned stocks in tobacco companies despite being in charge of smoking cessation efforts.
San Francisco will expunge and dismiss thousands of marijuana convictions from the time prior to the passage of a measure to legalize recreational pot.
Bill Gross predicts the year Treasury will go "very gradually but not significantly higher," in the next 12 months. Republican lawmakers and aides say a train carrying them to a policy retreat in West Virginia has struck a truck. Facebook changes reduced time spent on site by 50 million hours a day in Q4. Fed leaves rates unchanged but gives more aggressive inflation expectations. Qualcomm earnings beat estimates across the board. Fed got whiff of inflation in Yellen's final days but so far market not changing rate hike view.
Bitcoin, with all the noise and talk of large scale acquisitions, is just a playground for those wanting a quick buck and will never be part of the genuine electronic financial markets economy. The problem with a finite asset is that the economy is not finite, and if you have a limited amount of money to match this almost unlimited capacity of people in the economy to do things, money doesn't work.
Add that on top of the fact that bitcoin exchanges are prone to collapsing as they have in the past and you have a digital currency that is, according to the Financial Times, essentially worthless. At least it's good for entertainment. Luther said he doesn't think the dollar will be challenged by the Bitcoin or any other digital currency any time soon'. So if you are 'holding' any Bitcoins not that anyone can actually hold something so ethereal , your moment to exit and flee is rapidly approaching.
But don't let that big number fool you: The world just doesn't need a dedicated digital currency. As a phenomenon bitcoin has all the attributes of a pyramid scheme, requiring a constant influx of converts to push up the price, based on the promise of its use by future converts. So the ultimate value for bitcoin will be the same as all pyramid schemes: Bitcoin is a bubble that like Tulip, South Sea, Dot.
The Bitcoin community has been hampered by a dysfunctional culture that has grown increasingly hostile toward experimentation. That has made it difficult for the Bitcoin network to keep up with changing market demands.
Allaire went on to say that bitcoin is likely doomed for two reasons: It's still a good reason not to use Bitcoin as a hedge against the expected market sell-off an electoral victory by Donald Trump would entail. There are other reasons, too. For one, Bitcoin is quickly becoming a thing of the past. The cryptoanarchists' revolution is over. The victorious cryptocapitalists' advice is: Do what your parents did!
The deadlock between competing corners of the Bitcoin community when it comes to hard forking, in contrast, spells doom for the currency, according to Tual.
Russo's glaring point remains, Bitcoin has created a class hierarchy divided by computational power. The cryptocurrency as is can not deliver on the promises of decentralization, anonymity, or full control over property.
And I agree with him. The reasons for Bitcoin's failure are many, including poor governance, a lack of technological infrastructure and infighting within its community. Besides, as I noted in my previous article, the fact that sovereign governments have the power to tax in their own currencies always made a Bitcoin takeover unlikely.
There is no traction, no one is using bitcoin. The bitcoin experiment, I think we can say, is over. At this point in the bitcoin lifecycle, the fear, uncertainty and doubt FUD and naysaying we've been hearing is mostly true. The network is abysmally slow. The use cases are half-baked and consumers will receive no implicit benefit from bitcoin over, say, swiping their Visa card. The best analogy, although not perfect, for the demise of bitcoin vs. Ethereum and the other unlimited blockchain technologies being developed for commercial application is that of the experience of digital audio tapes DATs vs.
He blames the democratic process of decision-making in the Bitcoin community for the cryptocurrency's problems. Bitcoins are a digital Ponzi scheme, not a digital cryptocurrency. Investors would be wise to steer clear of bitcoins and any other digital currencies.
Still, based on recent developments, a bitcoin resurgence looks like a long shot. When the final history of bitcoin is written, the currency itself is likely to be just a colorful footnote in the tale of the emergence of a powerful new blockchain technology. The digital currency is on the 'brink of technical collapse,' he wrote, and 'as a result there's no longer much reason to think Bitcoin can actually be better than the existing financial system.
There was a time when believers in bitcoin, the virtual currency backed by math instead of any government, thought that it might one day replace cash as a relatively anonymous way to pay for everything from groceries to your morning coffee.
Now, that dream might be smack dab in the midst of crashing down, a function of the currency's code playing out. At stake is nothing less than two competing visions for the future of bitcoin itself. We know that bitcoin itself is a complete failure and shows the number one law of programming and software: So nothing is completely secure. Do not confuse Ethereum with Bitcoin.
Bitcoin was never a viable blockchain platform for commerce. The Bitcoin failure does illustrate that human institutions must have politics in addition to technical expertise. Try to engineer around politics, and it will flood back in the most atavistic and unscrupulous forms. Let's also bear in mind what it is that makes some venture capitalists Bitcoin zealots: That is the reason clearest to me for Bitcoin's failure. Intended as a level playing field and a more efficient transaction system, the Bitcoin system has deteriorated into a fight between interested parties over a pool of money.
In the beginning, Bitcoin was a noble experiment. Now, it is a distraction. It's time to build more rational, transparent, robust, accountable systems of governance to pave the way to a more prosperous future for everyone.
But despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly. The fundamentals are broken and whatever happens to the price in the short term, the long term trend should probably be downwards.
I will no longer be taking part in Bitcoin development and have sold all my coins. He also outlines some of the design flaws he sees in Bitcoin and why those flaws, which many in the Bitcoin community view as important features, will actually lead to the platform's eventual downfall.
So spare a thought for the companies scrabbling to jump off the bitcoin ship before it sinks. The currency's value has been static for months except for a brief boom and bust in early November when it was caught up in a Chinese ponzi scheme , but perhaps more damningly still, the hype has all but disappeared.
Bitcoin is a non-thing. It will never be able to have an independent, sovereign value on its own, because it is a non-thing, just like all currencies in the world today are non-things, including the temporarily Almighty Dollar, which became an absolute non-thing precisely on Sunday, August 15, Intuitively, bitcoin's shortcomings as a currency thus far would stem from issues like the absence of government backing, low interest from the broader public and high volatility. Weber approached it from a different angle, essentially saying that bitcoin cannot by printed by governments in times of need- a morally repugnant notion for many hardline Bitcoiners.
No merchant will risk accepting Bitcoin if it can't be transferred back into their own currency. Even if they could pay their grocery bill, rent, and utilities using Bitcoin, there's still the small matter of taxes.
Ultimately, central banks need the authority to ease the pain of business cycles. That's why Bitcoin is no more than a Libertarian pipe dream.
This is my personal opinion, there will be no real, non-controlled currency in the world. There is no government that's going to put up with it for long ' there will be no currency that gets around government controls. The main thing is that bitcoin network spends much more resources electricity, hardware, human efforts per transaction than current centralized systems,' Maclin wrote.
Fortunately, it's unlikely that Bitcoin will survive long enough to generate the environmental disaster that would arise if it became a major part of the financial system. The same design feature that requires the use of so much electricity is the fatal flaw in Bitcoin as a currency.
So, can we agree to move time, energy and brain cells away from bitcoin as an alternative currency? And to disentangle the technology of the blockchain away from it, too? After analyzing the facts, it becomes apparent that Bitcoin is not destined to grow and mature beyond what it is today. Without a major overhaul of Bitcoin's system and values, it is na've to think that there will be widespread adoption.
There are too many inherent problems and general complexities with the currency for it to gain mainstream traction. Is Bitcoin on its death bed?
That was the question posed during a Sept. Our best guess is that in the short term there will continue to bea drip-by-drip erosion of confidence as the realization grows that thesystem is compromised. In light of the above analysis, Bitcoin's power usage per transaction isn't remotely sustainable as a wholesale replacement for the conventional financial system. In the future, Bitcoin could massively gain popularity, pile on millions more transactions, and still be unsustainable due to the arms race between miners.
It's not clear what Bitcoin is or what it will be, but it is clear what it's not. It's not a currency. People don't set prices in Bitcoin and, for the most part, don't buy things with it either'. In the meantime, though, Bitcoin is still a little bit of a Ponzi'or is it a pyramid? I don't think Bitcoin is the correct technology to build these sorts of ideas on. I understand and strongly sympathize with the desire to move to decentralized systems and plan on eventually working in that space myself, but between Bitcoin's efficiency problems and poor tolerance of network partitions, I do not think it's suitable as a general purpose global decentralized database in the way people want to use it.
Bitcoin, at its core, is an attempt to solve big socioeconomic problems through technology. But so long as it remains an overwhelmingly male domain, it's going to continue to concentrate on the economic problems, while missing the big social problems.
Which means that it's going to continue going nowhere. The value of bitcoin isn't the currency, but the technology. I think once the world becomes more accustomed and attuned to the platform of bitcoin, the noise will go away, and the currency will go away too. The real transformation is the idea of taking all barriers down and having it be ubiquitous. Whatever currency or commodity you want to transact in, you can, and you can do it for free. The price of Bitcoin lost most of its value since its parabolic rise and speculators have lost a lot of money.
The next electronic payment technology will be very large. We eagerly await the next version of electronic money to appear. Another multi-million dollar Bitcoin heist could be the nail in the coffin for the troubled cryptocurrency. Nevertheless, the chances of bitcoin, the most popular of this new breed of self-clearing financial instruments, making it as a mainstream currency are now zero. Add to this a stream of high-profile scandals over the past year, such as the collapse of Tokyo-based currency exchange Mt Gox in February, and you realise it is not a question of if but when the public loses interest in this experiment entirely.
It doesn't take a genius to realize that if a Bitcoin futures market is implemented, in the United States and Europe, the large speculators with bankrolls in the billions, will be more than happy to turn bitcoin into another crude oil-style pump-and-dump.
In the case of Bitcoin, the volatility will kill any chance bitcoin ever had of becoming a medium of exchange. Bitcoin will fail, not for fans lack of trying, but rather its status will never be more than an interesting concept championed by those in the techie or libertarian camp.
Holding Bitcoin is more of a political expression rather than a sound economic investment. Ultimately, Bitcoin will be relegated to the history books unless structural changes are made. It will never be fully adopted in its current form, being nothing more than a neat concept for people to lose money on. The problem with disruptive technologies is that the disrupted has something to say about it.
I say 10 years from now we will all have digital currencies ' fiat currencies ' and bitcoin will be remembered probably much like Pogs and Sinclair's C5. One of the signs that Bitcoin is dying is that hardly anyone actually uses the currency.
The Bitcoin network is fading away and the price is destined to continue its downward march. This is likely to be the last year people take Bitcoin seriously if last year wasn't already. Whether Bitcoin disappears with a bang or a whimper, the end is coming. At this point, it's merely a speculative commodity, just like tulip bulbs centuries ago or even Beanie Babies more recently.
Bitcoin has peaked and is very unlikely to escalate significantly in value again. It's basically an elaborate Ponzi scheme. While I don't relish anyone losing money, Bitcoin basically went out of the way to make itself vulnerable. For this reason, it is destined to fail. Even if the price of Bitcoin doesn't go to zero, the chances the Bitcoin community convincing the wider public, governments, and industry that Bitcoin really represents the future of the world's digital economy will become extremely unlikely.