The death of money

A place to relax and socialize - to muse, think aloud and suggest
daozen
Member
Posts: 179
Joined: Tue Sep 13, 2011 4:12 pm

The death of money

Unread post by daozen » Thu May 29, 2014 6:04 am

What do you guys think about news like these?

http://rt.com/business/162084-dollar-co ... ry-system/


[ADMIN: This is not an adequate prompt for non-LIVING ROOM topics. It has been moved to the LIVING ROOM. Thanks. -hp]

iCONOCLAST
Member
Posts: 62
Joined: Sat Jul 23, 2011 12:15 pm

Re: 'Death of money': predictions collapse of Monetary Syste

Unread post by iCONOCLAST » Thu May 29, 2014 7:23 am

I think the financial system will inevitably collapse due to its essential Ponzi schema.

Hopefully out of the ashes will come a better regulated equitable system.
Understanding the essential nature of media fakery and manipulation
of the public to enslave people in a debt based currency system is critical
for future success. For example, the last decades oil wars with invasion
of "Evil axis" countries is nothing to do with Islamism and everything
to do with propping up the hegemony of the US petrodollar.

bostonterrierowner
Member
Posts: 853
Joined: Mon May 02, 2011 10:01 pm

Re: 'Death of money': predictions collapse of Monetary Syste

Unread post by bostonterrierowner » Thu May 29, 2014 11:41 am

USA prints $$$$ and the rest of the world accepts them as a means of payment. It's an immense advantage from the American point of view and superb military with almost 1000 bases all over the world is being kept operational to make sure nobody has any stupid ideas about demanding something else than digits/dollars for their resources. Chinese need to buy assets for their profits/digits in order to keep RMB from appreciating and losing its "advantage" of a global exports "power". Presently these assets mean mainly US T-bonds and other stuff that Anglo-Americans allow them to buy and when the Chinese go shopping and USA doesn't like it we have Libya, Egypt, Ukraine, Iraq etc. etc. Poor PRC can't just go and purchase whatever they want for their USD bank deposits and this whole drama about them buying off the world is a feramongering bullshit.

Situation is getting very serious now IMHO. Check this picture out:

Image

It's amazing that for all these years of "Cold War" , China and Russia + former USSR haven't managed to build any direct pipeline connecting 2 countries. Any Chinese attempt to bypass American controlled markets and secure direct resource supplies ends with coup d'etats, color revolutions, democratic uprisings you name it.
Recently China and Russia signed the deal worth 400 billion USD that among others includes such a direct connection and Anglo-Americans won't let this nightmare ( from their point of view) materialize. If the project is pushed through by China-Russia + Kazakhstan it will mean practical independence from Anglo-American dominance and it MEANS WAR.

USD as a reserve currency will most probably come to an end one day but if somebody thinks that Anglo-Americans are just going to watch and cry while it's happening should think again :)
Sir Mackinder, World Island, fault lines etc. It's been written for anyone interested to read , for over 100 years.

hoi.polloi
Member
Posts: 5061
Joined: Sun Nov 14, 2010 7:24 pm

Re: 'Death of money': predictions collapse of Monetary Syste

Unread post by hoi.polloi » Thu May 29, 2014 2:45 pm

daozen wrote:What do you guys think about news like these?

http://rt.com/business/162084-dollar-co ... ry-system/
This format of post is best for the Chat Room or as another Living Room topic, daozen. If you are posting in our research discussions, please come with some kind of opinion or context rather than just posting a link and prompting people to look at it. If we cannot respect the rules of the forum, I will have to start outright deleting random posts. I am moving this topic to the Living Room.

We want people on here to do a little service for humanity by doing research and/or writings on topics rather than just bringing up topics dictated to us by media. Please, try. That's the point of this web site.

ShaneG
Member
Posts: 79
Joined: Wed Apr 24, 2013 12:53 am

Re: The death of money

Unread post by ShaneG » Thu May 29, 2014 9:24 pm

There's probably some angle they're trying to exploit when they talk about gold in the RT video.

I happen to think that Bitcoin may have some legs to go the distance when it comes to a future currency that will replace the dollar.

Here's a two year chart that shows the value of Bitcoin in relation to the dollar:

http://bitcoincharts.com/charts/bitstam ... 10zm2g25zv

It had a huge upswing toward the end of last year, peaking at around $1150 per Bitcoin, and then a fairly big downswing which seen it valued at close to $400 just a month or two ago. It seems to be stabilizing right now as it's currently back up to $567. Only time will tell how it progresses from here, but as long as the perceived value of the currency continues to grow then we could see it as a major player in the years to come.

bostonterrierowner
Member
Posts: 853
Joined: Mon May 02, 2011 10:01 pm

Re: The death of money

Unread post by bostonterrierowner » Fri May 30, 2014 12:11 pm

ShaneG wrote:There's probably some angle they're trying to exploit when they talk about gold in the RT video.

I happen to think that Bitcoin may have some legs to go the distance when it comes to a future currency that will replace the dollar.

Here's a two year chart that shows the value of Bitcoin in relation to the dollar:

http://bitcoincharts.com/charts/bitstam ... 10zm2g25zv

It had a huge upswing toward the end of last year, peaking at around $1150 per Bitcoin, and then a fairly big downswing which seen it valued at close to $400 just a month or two ago. It seems to be stabilizing right now as it's currently back up to $567. Only time will tell how it progresses from here, but as long as the perceived value of the currency continues to grow then we could see it as a major player in the years to come.
Bitcoin is a con and it's not a currency. It has no chance to replace the dollar. We disussed this issue on this forum before. If you happen to "invest" in Bitcoins you will most probably be left holding the bags.

brianv
Member
Posts: 3959
Joined: Sun Oct 18, 2009 10:19 pm
Contact:

Re: The death of money

Unread post by brianv » Fri May 30, 2014 1:59 pm

bostonterrierowner wrote:
ShaneG wrote:There's probably some angle they're trying to exploit when they talk about gold in the RT video.

I happen to think that Bitcoin may have some legs to go the distance when it comes to a future currency that will replace the dollar.

Here's a two year chart that shows the value of Bitcoin in relation to the dollar:

http://bitcoincharts.com/charts/bitstam ... 10zm2g25zv

It had a huge upswing toward the end of last year, peaking at around $1150 per Bitcoin, and then a fairly big downswing which seen it valued at close to $400 just a month or two ago. It seems to be stabilizing right now as it's currently back up to $567. Only time will tell how it progresses from here, but as long as the perceived value of the currency continues to grow then we could see it as a major player in the years to come.
Bitcoin is a con and it's not a currency. It has no chance to replace the dollar. We disussed this issue on this forum before. If you happen to "invest" in Bitcoins you will most probably be left holding the bags.
Bitcoin is a con, the dollar and it's cousins are Slave Credits.

ShaneG
Member
Posts: 79
Joined: Wed Apr 24, 2013 12:53 am

Re: The death of money

Unread post by ShaneG » Fri May 30, 2014 4:33 pm

bostonterrierowner wrote:
ShaneG wrote:There's probably some angle they're trying to exploit when they talk about gold in the RT video.

I happen to think that Bitcoin may have some legs to go the distance when it comes to a future currency that will replace the dollar.

Here's a two year chart that shows the value of Bitcoin in relation to the dollar:

http://bitcoincharts.com/charts/bitstam ... 10zm2g25zv

It had a huge upswing toward the end of last year, peaking at around $1150 per Bitcoin, and then a fairly big downswing which seen it valued at close to $400 just a month or two ago. It seems to be stabilizing right now as it's currently back up to $567. Only time will tell how it progresses from here, but as long as the perceived value of the currency continues to grow then we could see it as a major player in the years to come.
Bitcoin is a con and it's not a currency. It has no chance to replace the dollar. We disussed this issue on this forum before. If you happen to "invest" in Bitcoins you will most probably be left holding the bags.
Bitcoin is quite a deep concept that shouldn't be dismissed so easily. It's debatable to say that it's not a currency. It might not be widely accepted right now but some corporations have already started to integrate it and it's possible to live solely by using BTC, albeit not easy right now due to the limited number of sellers that accept it. The thing is, it's basically a decentralized currency that has asset value as once you own x amount of BTC or satoshis(1 Satoshi = 0.00000001 ฿ ) you own part of the code and it's all traceable (but anonymous) and arguably holds more validity than the current fractional reserve money printing system as at least it's backed by the code itself. It's more of an asset than fiat paper currency as all that consists of is digits and paper that's subject to inflation and all the other problems associated with centralized control.

Bitcoin was coded in a way to make it a finite commodity, I read that so far approx. 11 million BTC have been mined and due to the fact that it requires more hardware component power and electricity to mine the block chain the further down the line you go, it will be around 2040 before all 21 million BTC will have been mined. By that time, the value of one BTC in relation the US dollar will be in the millions, assuming the $ stays as the world reserve currency for the next 25 years. So by that point we'd be dealing in satoshis as a form of currency. Since I made my post yesterday when it was at $567 it has already gone up to $606 and I predict that the graph will continue to spike.

Take a look at this map of atm machines around the world that are selling it:

http://bitcoinatmmap.com/

It's spreading, here in the UK these atm machines have been introduced into London and also Bristol. There's one in Dublin aswell as places such as China who have started to catch on and even Russia, who apparently were going to ban it earlier in the year, have started to be more accepting of the idea and are using the term 'regulate' instead of 'ban' as some hotels and other companies now use it as a form of payment.

If it's possible to go online and pay for a takeaway and have it delivered, using the BTC in my online wallet, then how is it not a currency?

hoi.polloi
Member
Posts: 5061
Joined: Sun Nov 14, 2010 7:24 pm

Re: The death of money

Unread post by hoi.polloi » Fri May 30, 2014 4:58 pm

Bitcoin was coded in a way to make it a finite commodity, I read that so far approx. 11 million BTC have been mined and due to the fact that it requires more hardware component power and electricity to mine the block chain the further down the line you go, it will be around 2040 before all 21 million BTC will have been mined.
Forgive me for sounding dense, but is it not true that we must use just as much faith in this tidbit of info as the faith people presently put in the fiat dollar? Technology has been shown to make pretty remarkable advances in complexity every decade, and this also suggest it is possible — for example — for a military computer with much higher processing power to extract "it all" or more, no? Not to mention other less predictable complexities.

We must admit that although BitCoin is allowed to be a new currency, we have yet another currency to be created and get largely controlled by much the same old power structure which determines who is or is not wealthy.

ShaneG
Member
Posts: 79
Joined: Wed Apr 24, 2013 12:53 am

Re: The death of money

Unread post by ShaneG » Fri May 30, 2014 5:36 pm

hoi.polloi wrote:
Bitcoin was coded in a way to make it a finite commodity, I read that so far approx. 11 million BTC have been mined and due to the fact that it requires more hardware component power and electricity to mine the block chain the further down the line you go, it will be around 2040 before all 21 million BTC will have been mined.
Forgive me for sounding dense, but is it not true that we must use just as much faith in this tidbit of info as the faith people presently put in the fiat dollar? Technology has been shown to make pretty remarkable advances in complexity every decade, and this also suggest it is possible — for example — for a military computer with much higher processing power to extract "it all" or more, no? Not to mention other less predictable complexities.

We must admit that although BitCoin is allowed to be a new currency, we have yet another currency to be created and get largely controlled by much the same old power structure which determines who is or is not wealthy.
Bitcoin is allowed to be a currency because it is perceived to have value due to the rapid growth it has seen in the past five years since it began. You make a good point about military power being able to infiltrate the mining chain, this is something that the mining community are aware of as it's well known that if a single entity were to contribute more than 50% of the networks mining hashrate then they could take full control of the network and would be able to manipulate transactions and essentially corrupt the whole thing and the damage done would be irreversible.

Earlier in the year the community was faced with this problem as the mining network they were using at the time,ghash.io, contributed more than 42% of bitcoin mining power over the course of a day. http://www.coindesk.com/bitcoin-miners- ... 51-attack/

Just recently on the 22nd of May there was an attempt to manipulate Bitcoin as there was 78 orphaned blocks in the mine chain.

Image

But even though some organizations, likely the military or intelligence community, are trying to attack Bitcoin and wasting money in their attempts, they still haven't succeeded in killing it off as it's still going strong.
Last edited by ShaneG on Sat May 31, 2014 12:14 am, edited 6 times in total.

Evil Edna
Banned
Posts: 117
Joined: Thu Nov 07, 2013 2:32 am

Re: The death of money

Unread post by Evil Edna » Fri May 30, 2014 6:45 pm

ShaneG wrote:some organizations, likely the military or intelligence community, are trying to attack Bitcoin and wasting money in their attempts they still haven't succeeded in killing it off as it's still going strong.
The Mil-Int establishment created BitCoin. The whole narrative is a crock of shit, with an elusive pseudo-anonymous (sim) inventor behind it. Supposedly a native of Japan, he mysteriously writes in British English, and writes in the quality of someone for whom English is a first language. It's all crap. BitCoin is a Made-in-the-City-of-London scam.

On multiple levels it's fraudulent. I'm not competent in discussing the cryptography behind BitCoin, but I doubt the claims made there are valid either. As Hoi Polloi has already noted, there's a concept called Moore's Law - originally based on transistor counts, it's now more generally accepted that processing power follows an exponential line, along a time base. Every 18 months, the processing power available in CPUs is doubled.

Brute force is the crudest method of busting any crypto algorithm; you basically try every combination. And with consumer-access to parallel processing devices, and clever exploiting of parallelism, busting crypto systems - like the one used in BitCoin - is almost a consumer hobby. There are (allegedly) server farms in India and China where crypto systems - e.g. those used in mobile telecoms - are cracked for profit by private individuals, using little more than commercial GPGPU stream processing boards.

A currency also has to have an inflationary capacity, to adapt to a growing economy. Yet, if the BitCoin claims are true (I've not checked) - and there is a very finite money supply available in the BitCoin system, that capacity once exhausted would cripple the economy, from the effects of deflation. That's also the problem with a gold-backed reserve currency, as we had in the Bretton Woods era. With scoundrels like the Rothschilds controlling the supply of gold (twice a day their puppets dictate the gold spot price to the world) - they control the inflation on gold-backed fiat currencies, too.

BitCoin belongs in the BitBucket.

ShaneG
Member
Posts: 79
Joined: Wed Apr 24, 2013 12:53 am

Re: The death of money

Unread post by ShaneG » Sat May 31, 2014 12:25 am

You might be right in your assumptions there EvilEdna. I have nothing invested in bitcoin, emotionally or financially, so if my understanding on this subject is right or wrong, I'm indifferent to the outcome either way.

You say that the mil-int created it and that it's a product of the city of London, can you provide any evidence to support that statement?

Evil Edna
Banned
Posts: 117
Joined: Thu Nov 07, 2013 2:32 am

Re: The death of money

Unread post by Evil Edna » Sat May 31, 2014 1:42 am

You've changed your message six times leaving no context to my response. My reply was to your claim that "the military intelligence community are determined to destroy BitCoin" (or words to that effect).

Will you explain where you sourced that factoid, and why you expect me to respond to a message that you've now deleted??

ShaneG
Member
Posts: 79
Joined: Wed Apr 24, 2013 12:53 am

Re: The death of money

Unread post by ShaneG » Sat May 31, 2014 8:38 am

I've edited my posts because there was grammatical errors. Nothing's changed, my argument is still the same, i've just tweaked a few spelling mistakes and other parts that didn't make sense.

I said :
some organizations, likely the military or intelligence community, are trying to attack Bitcoin and wasting money in their attempts they still haven't succeeded in killing it off as it's still going strong.
This is what you responded to. I was basing that statement on the graph that I posted where it showed 78 orphaned blocks just recently on the 22 May. Someone who is working on bitcoin, and mining for profit, would not do such a thing. Therefore, one can only presume that there are organizations who are trying to manipulate the system. I said it was 'likely' either the military or the intelligence communities who were trying to attack it, this is an educated guess on my part. You then responded, using my words, but twisted what I said and made a fancy abbreviated double barrelled term 'mil-int' out of them.

Now, are you going to back up how you got the idea that it's the military-intelligence complex in cahoots alongside the city of London people who created bitcoin?

And also, I don't see where I deleted any parts of my message that you quoted, all I did was add a comma.

I

Evil Edna
Banned
Posts: 117
Joined: Thu Nov 07, 2013 2:32 am

Re: The death of money

Unread post by Evil Edna » Sat May 31, 2014 3:51 pm

ShaneG wrote:I've edited my posts because there was grammatical errors
Don't let me stop you!

Post Reply