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Showing 20 of 52 results by bobdutica
Re: How much control does the President truly have over the economy?
From the Hitchhikers Guide to the Galaxy:
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President of the Imperial Galactic Government
The President is very much a figurehead - he wields no real power whatsoever. He is apparently chosen by the government, but the qualities he is required to display are not those of leadership but those of finely judged outrage. For this reason the President is always a controversial choice, always an infuriating but fascinating character. His job is not to wield power but to draw attention away from it.
An orange sash is what the President of the Galaxy traditionally wears.
On those criteria Zaphod Beeblebrox is one of the most successful Presidents the Galaxy has ever had. He spent two of his ten Presidential years in prison for fraud. Very very few people realize that the President and the Government have virtually no power at all, and of these very few people only six know whence ultimate political power is wielded. Most of the others secretly believe that the ultimate decision-making process is handled by a computer. They couldn't be more wrong.
The President is very much a figurehead - he wields no real power whatsoever. He is apparently chosen by the government, but the qualities he is required to display are not those of leadership but those of finely judged outrage. For this reason the President is always a controversial choice, always an infuriating but fascinating character. His job is not to wield power but to draw attention away from it.
An orange sash is what the President of the Galaxy traditionally wears.
On those criteria Zaphod Beeblebrox is one of the most successful Presidents the Galaxy has ever had. He spent two of his ten Presidential years in prison for fraud. Very very few people realize that the President and the Government have virtually no power at all, and of these very few people only six know whence ultimate political power is wielded. Most of the others secretly believe that the ultimate decision-making process is handled by a computer. They couldn't be more wrong.
I just added Hitchhikers Guide to the Galaxy to my "must read" list. It appears to contain a great deal of wisdom about political power.
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There could not be a confusion as 'mikes' is an urban name for micro-bitcoins, not for uBTC; as 'bucks' is for Dollars and not for ¢
There certainly could be confusion because 'mikes' is a vernacular expression that depends on a subset of the population for understanding, and therefore could be misunderstood by many.
I think it is essential to remove as much possibility for ambiguity as possible. Using a word like 'zibs', that currently has no other meaning, would avoid as much ambiguity as possible.
Re: Hypothetically, if a large enough gold deposit was found, could it cause economi
When the Spanish conquistadors invaded Mexico and Central and South America, they brought home a great quantity of gold. The amount of gold they brought back home was enough to cause inflation back home.
Yes, if enough gold were found that made it as rare as dirt, it would lose the value it now has, in the same way that fiat currencies are losing their values.
Yes, if enough gold were found that made it as rare as dirt, it would lose the value it now has, in the same way that fiat currencies are losing their values.
A large number of people have been moving away from states with high taxes and heavy regulation of business (like New York and California) to states with low (or no) income taxes and a regulatory climate that is more friendly towards business (like Texas, Florida and North Dakota). The governor of Texas has been traveling to other states and actively recruiting businesses to relocate to Texas.
Re: How much control does the President truly have over the economy?
President Andrew Jackson used all the political capital he could muster to eliminate the central bank. He risked his entire political legacy on this battle, and he won. He eliminated the central bank, and over the next 75 years or so the United States experienced the greatest period of economic growth ever seen in history prior to that time. It wasn't until 1913 that the central bankers were once again able to dig their claws into the U.S. economy. Since the establishment of the Federal Reserve in 1913, the value of U.S. currency has lost 95% of its value.
Presidents do have considerable opportunity to affect the economy either positively or negatively. Unfortunately many implement policies that harm the economy more than help it.
Presidents do have considerable opportunity to affect the economy either positively or negatively. Unfortunately many implement policies that harm the economy more than help it.
I enjoyed this article.
After the U.S. Dollar almost collapsed in 1978, Hollywood made a movie on the theme of financial collapse: Rollover, starring Jane Fonda and Chris Kristofferson. I watched it recently to see the hollywood interpretation of financial collapse. It was ok to provide a flavor of collapse caused by bankers for the general public, put a little bit of a disappointment for anyone with a moderate amount of knowledge about the banking system. Fortunately, by raising interest rates to around 20% the collapse was avoided, so we don't have to worry about a sequel to "Rollover".
After the U.S. Dollar almost collapsed in 1978, Hollywood made a movie on the theme of financial collapse: Rollover, starring Jane Fonda and Chris Kristofferson. I watched it recently to see the hollywood interpretation of financial collapse. It was ok to provide a flavor of collapse caused by bankers for the general public, put a little bit of a disappointment for anyone with a moderate amount of knowledge about the banking system. Fortunately, by raising interest rates to around 20% the collapse was avoided, so we don't have to worry about a sequel to "Rollover".
Re: Help my Electrum Wallet on MAC has no 'File Wallet Tools Help' Menu
Also, Ubuntu Linux behaves the same way as the Mac in this regard. This threw me off for a while because I had been used to Windows. It appears that Windows is the oddball here, while Linux and the Mac behave similarly.
Re: My bank account's got robbed by European Commission. Over 700k is lost.
and now they're about to do it again, in ukraine. it's already written in to law in a good few other countries, too.
Here we go again. I can see it now... That 'Bitcoin User Not Affected' meme will be making a comeback.This thread is nearly a year old. OP was made on 28 March last year. And what has changed? Nothing...
One thing that's changed is the price of Bitcoin.
Wasn't it around $228 USD about this time last year? Even though it appears to be trending downward from a high north of . . . was it $1,100 ? . . . it's still at $450+ USD right now. Don't know if it will stay there or go back to $228 and even below, but that's just about a 100% return year over year.
Of course that could change. Past performance is no guarantee and all.
And it would surely suck to be one of those who bought in at $1,100 and decided to hold onto it for the long haul.
But I look at Bitcoin differently. I don't think of it as a store of value so much as a method of safely moving money across borders when one travels. Especially if you travel to Argentina and elsewhere with major inflation problems right now. People buy and sell in Bitcoin in Argentina because nobody wants to be stuck holding the local currency that's falling down, not just trending down.
The true usefulness of Bitcoin is when you are traveling or moving from one country to another. YOU move, but your
Try traveling and taking your gold - either bullion or coins - with you. It's just not the same, just not that easy. Especially when you compare it to "moving" Bitcoin.
And if you are relocating, after converting to the local fiat, you're free to convert the local stuff to gold and/or silver or whatever else you might want . . . until your next move.
is a Ponzi scheme... simple as that... whats tha matter? just like gov have the monopoly of the force (violence), it has the monopoly of economics (Ponzi)
What is a ponzi? all economics? money?
Well I understand a definition of Ponzi - this is why I asked this question.
If someone tells me that money, economy, bitcoin and perhaps a bank account are ponzi
Maybe I did misunderstood a meaning of main topic?
But I think there is nothing from Ponzi scheme here. in this what was called a ponzi above.
is a Ponzi scheme... simple as that... whats tha matter? just like gov have the monopoly of the force (violence), it has the monopoly of economics (Ponzi)
What is a ponzi? all economics? money?
i have always wondered what happens to bitcoin when everyone stops mining because its not worth it and the hash is to difficult? will bitcoin die then?
The Bitcoin specification provides that if the mining becomes too difficult, and the time for confirmations gets too long, the difficulty is adjusted to become easier so that the average confirmation time will remain at 10 minutes.No need to create two separate wallets, with separate seeds, unless you really want to.
I think it is better to create your wallet in private, on a computer that is not and never will be connected to the internet. Write down your seed by hand and keep it in a very safe place, or memorize the seed and destroy any and all copies of it.
Then export the "Master Public Key" to a usb thumb drive, then create a "watch only" Electrum wallet on an online PC using the "Master Public Key".
That way, you can use all the public keys you want to receive bitcoins, but will not be able to send any bitcoins from that wallet unless you first create an unsigned transaction to a file on a usb thumb drive, put that drive into your offline only PC and sign the transaction, then bring the thumb drive back to the online PC to send it.
I think it is better to create your wallet in private, on a computer that is not and never will be connected to the internet. Write down your seed by hand and keep it in a very safe place, or memorize the seed and destroy any and all copies of it.
Then export the "Master Public Key" to a usb thumb drive, then create a "watch only" Electrum wallet on an online PC using the "Master Public Key".
That way, you can use all the public keys you want to receive bitcoins, but will not be able to send any bitcoins from that wallet unless you first create an unsigned transaction to a file on a usb thumb drive, put that drive into your offline only PC and sign the transaction, then bring the thumb drive back to the online PC to send it.
How I can trade with Bitcoin and how I can make good money in Bitcoin? Is Bitcoin is similar to Forex?
I suggest you start by reading at this link: https://bitcointalk.org/index.php?topic=7269.0
Then, I suggest you look at these videos:
Bitcoin Cryptocurrency Crash Course with Andreas Antonopoulos - Jefferson Club Dinner Meetup
How Bitcoin Works Under the Hood
Andreas M. Antonopoulos - L.A. Bitcoin Meetup - January 9, 2014
I wouldn't recommend anyone trade with Bitcoin until they have absorbed the info in at least the above four links.
When we say the govt is printing money, we are not really talking about the paper notes in circulation, rather electronic money (digits in a computer screen) that exists in bank accounts.
Yes, of course. They are not doing that either though.
an excerpt from some quick google search result:
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When the Fed creates $85 billion, it uses this money to buy bonds - typically split 50/50 between US Treasuries and Mortgage Backed Securities (MBS). Here is what's important: When the Fed creates and gives $85 billion in reserves to its member banks, it removes $85 billion worth of assets (bonds) from the balance sheets of those same member banks. The result is that no new net financial assets enter the economy.
That's true, as far as it goes. But the Fed also buys Bonds directly from the Federal Government, and that creates new money.
Almost anybody surfing these forums is familiar with Austrian economic school views and the drill that goes along following lines:
- massive US debt
- even bigger unfunded liabilites
- massive FED printing of money
- mismanagement, debasing of currency has led (across space and time) to one thing and one thing only which is hyperinflation
Sitload of books predict the financial doomsday - some of them now almost a decade old.
So how come US and it's counterfeited dollar are still afloat? Why isn't it happening?
1) Most of the world's oil is traded in US dollars, so any country that needs oil must have USD. This keeps demand high for those dollars. (Offsetting some of high supply.)- massive US debt
- even bigger unfunded liabilites
- massive FED printing of money
- mismanagement, debasing of currency has led (across space and time) to one thing and one thing only which is hyperinflation
Sitload of books predict the financial doomsday - some of them now almost a decade old.
So how come US and it's counterfeited dollar are still afloat? Why isn't it happening?
2) A lot of the dollars that were created for the huge bank bailouts haven't yet been spent out into the economy yet. The banks are still sitting on the money.
3) Some of the excess money, looking for a place to go is artificially inflating stock prices.
These don't prevent hyperinflation, they just delay the inevitable.
Most of the video (except the FRB part) is correct
...
What is wrong about the FRB part?...
FRB does not create money, it just created larger amount of checkbook numbers in bank's account, prove that money has been stored there, but those numbers can not be spent, if there is a bank run, those numbers will vanish quickly. The base money will never increase by means of FRB
A larger amount of checkbook numbers is money.
It is an illusion of money, like after you deposite your money at MTGOX, the web interface shows you a number on your account, and you think that money is real
Even with so called tapering, or totally removing QE, the govenment could continue money productions in the semi private bond market. For instance, the USPS could issue a bond with implicit government insurance, or through a newly created empty company. This is what happened to the Reichsmark.
Edit: http://en.wikipedia.org/wiki/Reichsmark
"Dummy Company Currency Expansion"
Absolutely right! If you don't own a wheelbarrow, better get one right away. You'll need one to carry enough fiat currency to buy a loaf of bread.
For anybody who think that BTC will rise again has been fooled by many manipulators.
I exactly did the same a while a go because i believed in the value.
Now the European Union & BTC-China will close the transactions between their real currencies.
It's pitty that such thing can happen, even i have a lot of BTC but nothing will change that anymore.
Best thing to do is just sell what you still have, and leave it like it has never exists.
Stock markets will never give an invitation to BTC on Wallstreet as well , so if they don't believe in the virtual currency , it will slowely ends to a low value, if there will be a value .. because people will not get the oportunity anymore to convert their bitcoins into real currencies like EUR or USD.
Bitcoin does not need an invitation to stock markets. BTC has the potential to make existing stock markets obsolete, just like the Model-T made horse drawn wagons obsolete.
Re: China Banning BTC. Any thoughts for the soul especially the mind?
In ancient times, people's wealth consisted of their crops. Tyrants, warlords and other 'government' officials, as always, wanted control over people's wealth. When some people resisted these tyrants, the warlords rode in and burned the crops, thus keeping the people under submission. One day, some people discovered the potato. With fields full of potatoes, it didn't matter if the tyrants rode in and burned the crops. The real value of the potato lies underground. The only way the overlords could control the people's wealth was to dig up all the potatoes. That would require a lot of work, and one thing tyrants hate more than almost anything else is to have to work. Thus, although the tyrants could frequently create havoc and harass the people, they could no longer steal the people's wealth very easily. Could Bitcoin be the financial equivalent of the potato for the people?