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Old June 17, 2017, 21:05   #1
Exit308
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K.D. on cryptocurrencies

Interesting.

https://market-ticker.org/akcs-www?post=232141
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Old June 17, 2017, 21:12   #2
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A lot of what is presented describes the FED and modern banking.

It seems that K.D. missed the punch line.




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Old June 17, 2017, 21:21   #3
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A lot of what is presented describes the FED and modern banking.

It seems that K.D. missed the punch line.




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Old June 17, 2017, 22:06   #4
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Wut? A wall of text. In God We Trust. All others pay cash or with a credit card.
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Old June 17, 2017, 23:34   #5
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My nephew (on wife's side) revealed his investment plan,of how be bought bitcoins at .30 cents per or something,and is going to hang on to them until they are worth thousands,then cash them in and buy a house( I first wrote hose-probably more appropriate). Sceptical,I wuz...
Even Jack took physical possession of the magic beans....

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Old June 18, 2017, 00:16   #6
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if leaves were currency......

http://unusualhistoricals.blogspot.c...ck-system.html

The only time a currency is valid is when it exchanged for something else! Seeds come to mind, as they grow into trees perhaps! Ideas, ideas and their sanctity!
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Old June 18, 2017, 23:13   #7
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Bitcoin is very different than Fed Reserve.

Number one difference is that there is no end to the Fed printing plan, whereas Bitcoin has a max number of 'generatable' coins. That by itself is huge.

Secondly, bitcoin is not issued with debt associated with it. Huge, huge difference.

Thirdly, Bitcoin can be used anonymously - try that with cash in amounts over, say, $10K. You probably should take a second (or third) person with armor and a rifle to that transaction. The idea of maintaining anonymity with electronic purchasing is obviously impossible.

My pal told me to buy Bitcoin at $20. It is currently at $2,555. It has seen its ups and downs, and it may not be the 'be all and end all' for currency problems, but it probably isn't that bad an idea to have a few thousand as a back up of some sort.

I've got more faith in Bitcoin than I do in FRNs. In one case, they're going to disappear if the lights go out (Bitcoin), and in the other case, they're going to disappear (or go to zero) in a number of scenarios - all of which are planned as a 'sure thing' by the people who are going to bring you a world war as the next 'reset'.

Bitcoin. Wish I'd bought some earlier than I did.
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Old June 18, 2017, 23:27   #8
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Quote:
Originally Posted by brunop View Post
Bitcoin is very different than Fed Reserve..
Absolutely

.....
Quote:
Secondly, bitcoin is not issued with debt associated with it. Huge, huge difference. .
True

Quote:
I've got more faith in Bitcoin than I do in FRNs... .
I hold no faith in FRNs, BitCoin, bytes, gold, real estate or any other historically alterable / confiscatable method of currency.

I will temporarily use them if it is advantageous.

I do have faith in barter, and verbal IOUs. A human I will trust far more than a trend.

My response to the OP was largely based on this quote from the link-

...
Quote:
ALL such "digital currencies" are by design and intent a means to separate you from wealth and give it to whoever founded said "currency"..
Sounds like a banker's argument against banking.


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Old June 19, 2017, 07:16   #9
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Brunop, did you read the K.D. piece? I hope you do, as if you have some bitcoins it may affect you.

As for me, I only hold things that I understand. That limits me to things that mostly assume room temperature, except as Terry stated, human trust.
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Old June 19, 2017, 11:37   #10
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What does one use to buy bitcoins, hmmmmm? At least initially it's cash well, it may be bought with a CC or, debit card but, it's still traded against dollars.

It seems like playing Monopoly with strangers on a world wide inner-web scale.
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Old June 19, 2017, 15:20   #11
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My son got interested in this. He was in an Army program looking into currency exchanges. He bought some high speed processors and got into bitcoin "mining". He is registered and today converted bitcoins into cash thru paypal to buy his college books ( He took out $300.00). As far as it goes it seems to me to be no different than FRNs, of which most are electronic also.
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Old June 19, 2017, 17:21   #12
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What does one use to buy bitcoins, hmmmmm? At least initially it's cash well, it may be bought with a CC or, debit card but, it's still traded against dollars.

It seems like playing Monopoly with strangers on a world wide inner-web scale.
I bought with a prepaid mastercards that I had paid cash for in different locations at different times. Different hats, glasses, and hoods.


"Monopoly with strangers" doesn't seem to strike me right. With Bitcoin you can actually buy a hotel room in the Real World in Germany. Or Manhattan. Or buy FRNs. Or buy services anonymously.

If these things don't apply to you, and anonymity isn't important to any transaction you make, then Bitcoin is easily regarded as a flash-in-the-pan 'thing' that other people use (temporarily).

In my case, I think of Bitcoin the way that tdb59 said it: I "use" it for my convenience for the time being. And then I won't...


My goal is to go out naked and broke - just like I came into the world.
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Old June 19, 2017, 20:35   #13
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Wait till they force you to pay real taxes on virtual money...
This world is getting crazier by the frickin' day.
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Old June 19, 2017, 21:22   #14
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Was reading yesterday about a new law going through the Senate that was supposed to stop money laundering. Law started with the $10,000 you are allowed to move in cash and anything else could be confiscated. It allows them to take your bitcoins, moneycards,phonecards,gift cards or and digital money transferable without a court order. Basically any money movement that you couldn't justifie was considered money laundering and they gave themselves the right to seize your money.

Better read it yourselves....

http://www.freerepublic.com/focus/f-news/3562006/posts
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Old June 19, 2017, 21:30   #15
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I bought with a prepaid mastercards that I had paid cash for in different locations at different times. Different hats, glasses, and hoods.


"Monopoly with strangers" doesn't seem to strike me right. With Bitcoin you can actually buy a hotel room in the Real World in Germany. Or Manhattan. Or buy FRNs. Or buy services anonymously.

If these things don't apply to you, and anonymity isn't important to any transaction you make, then Bitcoin is easily regarded as a flash-in-the-pan 'thing' that other people use (temporarily).

In my case, I think of Bitcoin the way that tdb59 said it: I "use" it for my convenience for the time being. And then I won't...


My goal is to go out naked and broke - just like I came into the world.

Pretty sure the government will help you reach your goal every way they can.
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Old June 20, 2017, 01:00   #16
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^

Oh yeah - they'll do their best.


Meanwhile, they ain't calling anything electronic I've got "money laundering". Know why? Because they don't know I've got it.

It's an account out there in space. It's attached to no one. There is exactly one person (me) who knows the gigantic encrypted password. They wouldn't even be able to find the account to ask me what the password is, because I've never taken anything out of it yet.

Meanwhile, it's an "investment", so I'd expect to pay taxes on gains - but they're not gains until they are "realized". And I paid for the Bitcoin with post-tax dollars, and I've held them longer than five years, so I'm guessing that I'd be paying Long Term Capital Gains at worst.
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Old June 20, 2017, 01:07   #17
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Quote:
Originally Posted by Exit308 View Post
Brunop, did you read the K.D. piece? I hope you do, as if you have some bitcoins it may affect you.

As for me, I only hold things that I understand. That limits me to things that mostly assume room temperature, except as Terry stated, human trust.
Hey Exit308!

Yes, I read it.

Let's say I put $1,000 into Bitcoin back when my pal told me to (I didn't...). Today I'd have $125K. If I spend $10K until the thing fails, I win by 10x. If I spend nothing before it fails, I lost $1,000.

I like the potential use of anonymous $ against the risk of losing $1K. That's all I'm doing.
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Old June 20, 2017, 06:55   #18
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Hey Exit308!

Yes, I read it.

Let's say I put $1,000 into Bitcoin back when my pal told me to (I didn't...). Today I'd have $125K. If I spend $10K until the thing fails, I win by 10x. If I spend nothing before it fails, I lost $1,000.

I like the potential use of anonymous $ against the risk of losing $1K. That's all I'm doing.
OK. Good.
What another guy does with his money is his business, AFAIC. But that piece revealed some traits of cryptos that I was unaware of.

As anyone can see, K.D. writes with a lot of passion, but that piece, if correct, has explained a few questions I had about cryptocurrencies.

Being older, I don't embrace big new things easily, especially if I don't understand them.

Hell, I still think fire and knives are a couple of the greatest breakthroughs in Human history.
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Old June 20, 2017, 07:18   #19
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^

Oh yeah - they'll do their best.


Meanwhile, they ain't calling anything electronic I've got "money laundering". Know why? Because they don't know I've got it.

It's an account out there in space. It's attached to no one. There is exactly one person (me) who knows the gigantic encrypted password. They wouldn't even be able to find the account to ask me what the password is, because I've never taken anything out of it yet.

Meanwhile, it's an "investment", so I'd expect to pay taxes on gains - but they're not gains until they are "realized". And I paid for the Bitcoin with post-tax dollars, and I've held them longer than five years, so I'm guessing that I'd be paying Long Term Capital Gains at worst.
I am confused as honestly I don't know anything about bitcoin. Are you saying government isn't watching bitcoin transactions on the net?

Just one more thought, just the idea people don't want government to know what they have in bitcoins opens the door to bitcoins being money laundering.
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Old June 20, 2017, 11:11   #20
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I am confused as honestly I don't know anything about bitcoin. Are you saying government isn't watching bitcoin transactions on the net?

Just one more thought, just the idea people don't want government to know what they have in bitcoins opens the door to bitcoins being money laundering.
Bitcoin would have to have rapid turnover, and unlimited supply to be a viable method of money laundering.

Small local convenience stores are one of the easiest venues for money laundering.


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Old June 20, 2017, 12:38   #21
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Bitcoin would have to have rapid turnover, and unlimited supply to be a viable method of money laundering.

Small local convenience stores are one of the easiest venues for money laundering.


....................
Used to be laundrymats and bars that had a good cash flow were used and also used car lots allowed cash to be hidden. First guy in my graduating class to make a million was mixing his drug sales with used cars. His ex turned him in. Any place that does a big cash business is good to launder money.
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Old June 20, 2017, 17:29   #22
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I admit that currency is dirty, but why do you need to launder it?
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Old June 20, 2017, 17:34   #23
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I admit that currency is dirty, but why do you need to launder it?
To get rid of the glitter, silly man.





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Old June 20, 2017, 17:40   #24
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I admit that currency is dirty, but why do you need to launder it?
It has to be so fresh and so clean or it won't spend well. One of the guys I worked with said he would throw his one dollar bills in a 10 gallon drum when he got home every day, saving for a vacation. One day the cat got in it and crapped and he had to throw it all away. However he was a Forman and prone to BS so I doubt the story is true
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Old June 20, 2017, 19:43   #25
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To get rid of the glitter, silly man.





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This Glitter?
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Old June 21, 2017, 07:35   #26
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So unless you are buying...drugs, paying ransoms, buying large stores of
Munitions etc why the need for some nefarious crypto money. It has to enter
commmerce for you to use it. It also has to come from somewhere to get there.
Nothing is anonymous even on TOR someone at the NSA is watching you.
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Old June 21, 2017, 09:13   #27
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Why? besides the reasons you mentioned? mobility, portability, diversification - I'm a PM guy too but good luck escaping a capital controls situation with 50oz of gold or 5000oz of silver in your bags...not likely to happen, now $50K in crypto on a NANO S keychain drive on the ring with your car key and house key...just saying...
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Old June 21, 2017, 09:19   #28
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Shut down the net and how much value will net currencies have?
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Old June 21, 2017, 10:09   #29
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Why? besides the reasons you mentioned? mobility, portability, diversification - I'm a PM guy too but good luck escaping a capital controls situation with 50oz of gold or 5000oz of silver in your bags...not likely to happen, now $50K in crypto on a NANO S keychain drive on the ring with your car key and house key...just saying...
Here's a brief overview of "crypto-currency", given by a pretty (smart) young Canadian...

Lauren Southern
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Old June 21, 2017, 23:57   #30
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Jim - if the Net is shut down we won't be worrying about gold, silver, or crypto's we'll be worried about ammo and stored food...
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Old June 22, 2017, 10:51   #31
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Just saying that bitcoin is cyber cash and we are not in control of the net. Nor are we in control of our bank accounts so like you have said many times, diversifie.
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Old June 22, 2017, 12:50   #32
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Cant hurt to have a few Bit Coins and a few Ether on a cold storage drive just for shits and giggles, who knows, may make you a millionaire in 5 years...
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Old June 22, 2017, 16:58   #33
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My gut feeling on the way the various cryptocurrencies are appreciating in value as measured in FRNs and other currencies is that a great deal of it is capital flight with an unhealthy dose of speculation.

If what K.D. says is true, then every transaction of these currencies will be traceable to an IP address and thus a person. The prepaid credit card idea will possibly add some anonymity but can a person sell them for a prepaid credit card to maintain anonymity? The IP address could still be a problem for keeping it on the down low.
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Old June 22, 2017, 21:39   #34
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There other cryptos if "down low" is what you are after... but BC is really just speculation - and I think you are right a lot of it is currently capital flight from China - dirty money - but it's about the only train you can currently get on (all cryptos) if you want volatility and the chance for a home run - a CHANCE, the odds are the $ will go poof in the long run I think KD is right, scalability is going to be a major hurdle that must be overcome but there are peeps working on that problem as we speak - of that Im sure...
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Old July 30, 2017, 10:44   #35
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Some more information concerning anonymity and cryptocurrencies.

A blurb.

"For years, one of the major original selling points of bitcoin was that it was "anonymous." It always surprised me that so many people in the liberty movement bought into this scam. Surely after the revelations exposed by Edward Snowden and organizations like Wikileaks, it is utterly foolish to believe that anything in the digital world is truly "anonymous." The feds have been proving there is no anonymity, even in bitcoin, for some time, as multiple arrests using bitcoin tracking have indeed occurred when the FBI decided it was in their interest. Meaning, when the feds want to track bitcoin transactions, they can, and it does not matter how well the people involved covered their actions.

The early promise of anonymity in cryptocurrencies was a lie.

Thus, we have the reason why central bankers and international financial conglomerates are piling into bitcoin like it's the hottest tech stock on the Nasdaq. Imagine a trade system in which every single transaction is compiled and nothing is private; that is the blockchain. Now, anonymity might not matter much when you are dealing with regular people, but what about when you are dealing with governments with the tendency towards corruption and the power to imprison and confiscate?

The loss of all privacy in trade IS the next quantum leap in monetary centralization, and cryptocurrencies achieve this in spectacular fashion. Not only this, but complete loss of privacy becomes rationalized, because without "transparency" the blockchain does not properly function. This is what makes the blockchain different from all other digital trade mechanisms - with the blockchain, surveillance of transactions is no longer a violation of privacy rights, it is expected."

And the link to the full thing.
http://www.alt-market.com/articles/3...t-like-bitcoin
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Old July 31, 2017, 05:38   #36
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Bitcoin is very different than Fed Reserve.

...
Secondly, bitcoin is not issued with debt associated with it. Huge, huge difference.
...
^^^ The importance of this cannot be overstated ...
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Old July 31, 2017, 09:39   #37
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My goal is to go out naked and broke - just like I came into the world.
That's going in my sig line!
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Old July 31, 2017, 10:08   #38
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From JSMineset.com:

Counting the steps to a cashless/digital currency? Count this one. Crypto-currencies have been around for a while, and Bitcoin has been one of the most successful. Banking institutions have allowed them to remain so far, only because it reinforces their agenda toward a cashless/digital currency. The more accepted digital (crypto) currencies are, the easier it will be for governments and financial institutions to push their agenda of eliminating physical currency.

Virtual currency has a future, but it may not be what you think. In order for central banks and sovereigns to easily employ digital currency, it must be accepted. Ultimately, central banks and sovereigns must have no digital competition. In the meantime, the crypto-currencies have been left alone so that people will embrace the idea of being cashless. Many people in all segments of the population are already virtually cashless. Payments are made online, by debit/credit cards, bank transfers, etc. No physical money changes hands, only digits on balance sheets are used as payment. As more and more people subscribe to a cashless transaction basis, the easier the it will be for a central bank or sovereign to employ it. The other virtual currencies (so-called “money”) will simply self destruct. Many will turn out to be new Ponzi schemes or be regulated out of existence. The crypto-currencies presently in place are the beta tests for governments and central banks for the cashless future, in which all “money” is virtual, all reportable, all controllable and all accessible to banks and sovereigns, and best of all – regulated by them.

Federal Reserve Full Faith and Guarantee Treasury bills in low denominations with the ability to make change is the future. They will be known as Federal Full Faith money (F3M). Your wallet will be overseen by the banking system and the government when everything we perceive to be “money” is digital. This will not apply to gold which is outside of that system.

In the USA for example, the $100 bill has to be removed from circulation via a turn in for exchange for smaller bill denominations. Can you imagine El Chapo’s posse showing up with tractor trailers full of $100 bills for the exchange? He would also need three times as many tractor trailers to bring back his smaller bills.

We all need to be mindful of what is actually taking place in our currencies and consider carefully if this is what we want. If we don’t want it, we need to not subscribe, or worse, merely accept by our silence. India accepted the government’s removal from circulation the larger denomination of the nation’s physical currency/money. This is a move toward a digital, cashless future. Be aware, that as nations of people around the world, we deserve what we accept.

Jim
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