Bitcoin - a decentralised digital currency

2,141 posts in this topic

43 minutes ago, gdc said:

 

 It's worse then... I Salvadorian colons play along Bitcoin it would only exacerbate price signal readings and people would run away from Bitcoin when it crashes and flew in whenever a madman millionaire in the USA pumps its price up.

 

El Salvador is dollarized since 2001.  

 

https://en.wikipedia.org/wiki/Salvadoran_colón

 

The colón was the currency of El Salvador between 1892 and 2001, until it was replaced by the U.S. dollar during Francisco Flores's (also known as Paco Flores) Presidency.

 

 

That Panama is also dollarized is pretty important too.   

 

I don't want to divert the thread.   

 

 

 

 

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7 hours ago, MadManEarle said:

 

This attitude baffles me completely. You are saying that you trust a stranger more than you trust yourself, to do what is best for you.

 

I will never understand this kind of rejection of personal responsibility for such important things.

 

No, I don't necessarily trust my future memory. What if I don't write down the bitcoin key, get a bang on the head and lose my memory? Unless I have the key written down somewhere, then the access is gone. If the key is written down somewhere, then someone can steal it. 

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17 minutes ago, arsenal21 said:

 

No, I don't necessarily trust my future memory. What if I don't write down the bitcoin key, get a bang on the head and lose my memory? Unless I have the key written down somewhere, then the access is gone. If the key is written down somewhere, then someone can steal it. 

 

If you have a Swiss/Cayman Islands/Panamanian/Uruguayan bank account and you want your pass on the contents to your heirs, record the details sufficiently so that the right people can extract anything of value.   

 

Not a new problem and not a new solution.  

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32 minutes ago, balticus said:

 

El Salvador is dollarized since 2001.  

 

https://en.wikipedia.org/wiki/Salvadoran_colón

 

The colón was the currency of El Salvador between 1892 and 2001, until it was replaced by the U.S. dollar during Francisco Flores's (also known as Paco Flores) Presidency.

 

 

That Panama is also dollarized is pretty important too.   

 

I don't want to divert the thread.   

 

 

 

 

 

Forgot that one, thanks...

 

Then they're one phone call away from Biden asking why they're planning so uncanny things...

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12 minutes ago, balticus said:

 

If you have a Swiss/Cayman Islands/Panamanian/Uruguayan bank account and you want your pass on the contents to your heirs, record the details sufficiently so that the right people can extract anything of value.   

 

Not a new problem and not a new solution.  

7 hours ago, MadManEarle said:

 

 

It's a solution in need of a problem I don't have. If I want my cash I'm happy going to the hole in the wall or the bank around the corner, rather than flying to Panama or Cayman Islands.

 

But my point is that bitcoin is one-factor authentication, which people don't even rely on for their Facebook accounts nowadays. Banks provide 2-factor authentication e.g. card and pin. 

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2 hours ago, john g. said:

At least the world might get to learn where El Salvador is👍😂

It is, by the way , an incredible name for a country when you think about it!

This is my favorite "place" name:

https://en.wikipedia.org/wiki/A_Ver-o-Mar

A Ver-o-Mar, literally means "watching the sea".

And it has some of my favorite restaurants ever!

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Actually, Mike, para falar a verdade, this could be a good idea for a thread- favourite place name! 

Mind you, in my home town, some tacky names of rundown ( since ever😂) hotels... mostly called Bellevue and shit like that...

You should see the places named villa something or other here! Abandoned years ago or full of cockroaches! ( Like my office currently this evening. I kindly escorted one out and it came back. Its child is now running around!)

PS: I don't wish to get involved in discussions about gender fluid cockroaches. I prefer to leave that to the experts...

I am a professional independent insurance broker and authorised advertiser. Contact me.
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The FBI seizes ill gotten Bitcoin from criminals.

 

The price of Bitcoin tanks.

 

Ergo, a lot of Bitcoin is owned by criminals and other shady characters.

 

I just made that up. No source other than myself.

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5 hours ago, fraufruit said:

The FBI seizes ill gotten Bitcoin from criminals.

The price of Bitcoin tanks.

Ergo, a lot of Bitcoin is owned by criminals and other shady characters.

I just made that up. No source other than myself.


I can think of  many shady characters that I see a lot in youtube and other finance channels.

Another thought : I heard somehwere that 2% Bitcoin owners own 95% of all Bitcoins.  If the number is anywhere close, then I think this is a disgrace to the Occupy Wallstreet and other movements (including BTC) that started after 2008 crisis. I see till today no real, good use for Bitcoin for the massive price and unbelievale energy it needs. But even if it was the super currency, how can it make things any better with 2% owning 95%?

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8 minutes ago, Goodbye_BlueSky said:


I can think of some shady characters that I see a lot in youtube and many finance channels.

Another thought : I heard somehwere that 2% Bitcoin owners own 95% of all Bitcoins.  If the numbers are anywhere close to this, then I think this is a disgrace to the original Occupy Wallstreet and other movements (including BTC), which started after 2008 crisis. I see until today no real, good use for Bitcoin for the massive price and unbelievale energy it needs. But even if it was the super currency as many BTC proponents wants us to believe, how is it supposed to make things any better?

It's definitely bad.

 

https://insights.glassnode.com/bitcoin-supply-distribution/

If you look at this numbers, the common mortal (owning less than 1 BTC = 30.000€), represents only 5%.

Worst, miners (read: Chinese companies) own a significant amount.

There is also a large quantity of bitcoin that has disappeared forever. Something around 25%. So in 10 years, 25% of the currency is gone.

 

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1 hour ago, MikeMelga said:

There is also a large quantity of bitcoin that has disappeared forever. Something around 25%. So in 10 years, 25% of the currency is gone.

 

25% of the currency ever mined disappeared forever in 10 years, and probably will never see day-light again.
Sounds like a currency which a world of 8 Billion should trust in.

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1 hour ago, Goodbye_BlueSky said:

25% of the currency ever mined disappeared forever in 10 years, and probably will never see day-light again.

 

If you have lived through

 

- Internet, Telecom, Media stock bubble of the 1990s

- Real Estate bubble of 2004-2008

- Oilsands boom/bust

- Solar and Ethanol booms/busts

 

- countless others

 

then you have seen a lot of investment capital go to money heaven and it would seem that the investment landscape is filled with promises of the next major, enduring investment idea.     

 

There are countless examples of ideas which actually worked

 

- Amazon

- Qualcomm

- Various biotechs

- Starbucks

 

etc. 

 

 

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20 hours ago, balticus said:

There are countless examples of ideas which actually worked

 

- Amazon

- Qualcomm

- Various biotechs

- Starbucks

 

And countless one shot wonders too:

VHS

Betamax

Wankel motor

ISDN

Variomatic Drive (DAF)

Sinclair C5

 

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For me one of the biggest fails in recent times was Smart Home. I heard so many words about how nice it is when your home, you freeze and washing machine is smart. But haven't seen any of my "really rich" friends ever buying any.
 
A colleague of mine who has a 170-180qm home once (5-6 years back) told me it would cost him 50K EUR or more to make his home smart. Its the programming of the software which is very expensive, he said. After 20 years all the buses/lines are old and may need to be replaced etc.
A very expensive thing. I dont see anyone other than double digit Millionares doin that.
 

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TBH smart homes will come, but it's still expensive and a mess to do. But it will become standard, the same way heated floor and electric blinds are slowly becoming standard for middle-upper class houses. I think the early benefits will be on the climate control management, electronic locker on front door and intelligent surveillance, with AI.

Appliances will develop separately and benefit is not much until you sync all that with electricity self generation.

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2 hours ago, Goodbye_BlueSky said:

For me one of the biggest fails in recent times was Smart Home. I heard so many words about how nice it is when your home, you freeze and washing machine is smart. But haven't seen any of my "really rich" friends ever buying any.
 
A colleague of mine who has a 170-180qm home once (5-6 years back) told me it would cost him 50K EUR or more to make his home smart. Its the programming of the software which is very expensive, he said. After 20 years all the buses/lines used are old and may need to be replaced again etc etc.
A very expensive thing. I dont see anyone other than double digit Millionares doin that.
 


well, there are a lot of useful smart home ideas that are practical and inexpensive nowadays. I have at my home:

- intelligent lights, in the meantime all over the house and garden.

- Intelligent door locks (a life saver)

- intelligent camera/surveillance  system 

- robot vacuum cleaner


they all work very well, and in particular the door lock has paid itself many times over as the danger of forgetting the keys inside has become a thing of the past. 

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50 minutes ago, mtbiking said:

in particular the door lock has paid itself many times over as the danger of forgetting the keys inside has become a thing of the past. 


Do you have some ideas on how secure it is ?  My feeling is small companies selling these type of products has less resources to make them really secure. On the other hand, really professional, expert hackers will seldom go after small individuals - the small booty is not attractive for them.

 
I agree with you and Mike 100% on this. I think there are many small smart things that are really not expensive anymore. We have automatic on-off switches for many appliances -  20 EUR for 5 appliances. That is absolutely fine. But the BIG, fancy, glamorous  smart home and smart appliances wont be normal until they are payable.

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33 minutes ago, Goodbye_BlueSky said:


Do you have some ideas on how secure it is ?  My feeling is small companies selling these type of products has less resources to make them really secure. On the other hand, really professional, expert hackers will seldom go after small individuals - the small booty is not attractive for them.

 
I agree with you and Mike 100% on this. I think there are many small smart things that are really not expensive anymore. We have automatic on-off switches for many appliances -  20 EUR for 5 appliances. That is absolutely fine. But the BIG, fancy, glamorous  smart home and smart appliances wont be normal until they are payable.

 

It's a Nuki, check it out. I've never read that it's unsafe (at least not unsafer than my door lock). I go the recomendation from an IT expert friend (who got one before me and did lots of tests with it).

 

The problem with big, fancy smart home appliances is that they're a solution waiting for  a problem. Take the concept of smart fridges: I can't even convince my wife to order food online, so I really don't need a fridge that buys eggs or milk for me. 

 

edit: I forgot an appliance: we also have an "intelligent" heating system. Those are also great, specially in a house with multiple floors and rooms.

 

 

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