tag:blogger.com,1999:blog-8358039.post1049017842136260131..comments2024-03-25T15:17:04.488-07:00Comments on Captain Capitalism: Why Crypto-Currencies are the Next Dotcom BubbleCaptain Capitalismhttp://www.blogger.com/profile/05620212946121617985noreply@blogger.comBlogger30125tag:blogger.com,1999:blog-8358039.post-66010944235395696152017-11-15T11:39:46.100-08:002017-11-15T11:39:46.100-08:00@she_said... Bitcoin is likely in a bubble right ...@she_said... Bitcoin is likely in a bubble right now, yes. The root economic activity could justify about one tenth the current price. However, the dollar is stable (mostly) because it's the reference point by which we "value" goods & services. Because we (Americans) have all lived our lives thinking about the value of those goods & services with the US dollar (and other fiat currencies) as the *metric". Once upon a time, we had a different metric, a troy ounce of gold. If you were to think of the troy ounce as the value metric today, and then look at a chart of the price of gold in dollars over the past 150 years or more, the US dollar wouldn't look so stable anymore. It would look more like a crash of the dollar.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-90420531334203476562017-10-25T10:04:11.772-07:002017-10-25T10:04:11.772-07:00Bitcoin is exhibiting classic bubble signs. Every ...Bitcoin is exhibiting classic bubble signs. Every time a chart looks like a moon shot like bitcoin does... it comes back down to earth. Just look at the gold chart around the time of the recession. For some reason during that time no one seemed to think that you could lose money on GOLD. But just look at the chart.<br /><br />I've generally taken a watch and see opinion on bitcoin because it's impossible to tell how stable a currency is going to be for sometimes decades. The dollar is stable because EVERYONE takes it. <br /><br />I think generally this is a VERY dangerous market. People who have no experience in currency trading (which is sorta what this is) are putting a ton of money into this. And until you've done some currency trading - you don't really understand all the forces at play. Any bank can take your money, but bitcoin has yet to be tested in a crisis situation. i.e a bank/bitcoin run. Only then will we know the true value of bitcoin.she said:https://www.blogger.com/profile/15003430767746896739noreply@blogger.comtag:blogger.com,1999:blog-8358039.post-56688946142604421262017-10-18T16:29:25.965-07:002017-10-18T16:29:25.965-07:00@Peter_Littlehorse... Bitcoin is secure for reason...@Peter_Littlehorse... Bitcoin is secure for reasons that cannot be explained in detail to those without a basic education in cryptography, and by basic I mean most people with who lack a higher mathematics degree are unlikely to understand, no matter what their IQ might be. To simplify it, the Bitcoin network uses a *continuous* encryption scheme that has no precedent, it was completely novel in it's approach. As each block is created and added to the blockchain, every block that follows it adds to the cryptographic "difficulty" in "breaking" that block (for lack of better terms without using jargon that would have to be well defined). As each block is added, the difficulty rises *exponentially* at such a rate that the consensus has been that it takes 6 blocks (or roughly an hour) before the network is satisfied that said block is not "broken". So you can see your transaction in your client because your transaction has already been processed by the network & added to a block, but the client is waiting for 6 blocks to arrive behind it before it will let you spend it again. This is actually not necessary under the rules, but a transaction that is formed from the funds inside a block that is less than 6 blocks deep into the blockchain is likely to be ignored by the network until the 6th block anyway. It's just a convention.<br /><br />@ Faithless Cynic.... I'd prefer a stash of canned goods, firearms & ammo, clean water supply, and a solar powered refrigerator. Oh, wait; I've got all that also.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-39927029926956869202017-10-15T13:44:22.604-07:002017-10-15T13:44:22.604-07:00I am the " slow kid" where investing is ...I am the " slow kid" where investing is concerned. Soooo, riddle me this: The economy has collapsed due to hyperinflationary money printing, pretty much as all fiat currences do. You need food, water, shelter, and the means to keep it. Would you rather have Bitcoin or <br />A huge pile of canned goods, whiskey in glass bottles, several water purifiers, or self contained trailer suitable for boondocking? <br /> Faithless Cynicnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-73132353776966634282017-10-14T10:41:42.488-07:002017-10-14T10:41:42.488-07:00The other cryptocurrencies that are gaining promin...The other cryptocurrencies that are gaining prominence these days are designed to be a direct threat to Bitcoin. You see, Bitcoin's strength is that there is only a limited quantity of them that will ever exist. They can't be printed to infinity. However, if other cryptocurrencies take hold and overtake Bitcoin in value or popularity it will be the death of Bitcoin (and all cryptocurrencies) since it will then become evident that although Bitcoin is limited as to quantity there is no limit to how many new cryptocurrencies can be created. Some people already know this (at least subconciously) but since Bitcoin has remained the dominant one by far the reality of it has not yet sunk in. If people are willing to just jump to the next fashionable cryptocurrency that comes along Bitcoin will become worthless. Who wants to miss the boat on the next big thing? Who wants to be stuck with something that is falling out of fashion? That's the real reason behind the big push on etherium and some others.<br /><br />Also, I don't believe that Bitcoin is secure. If it was then why does the wallet program (on your own computer) show you that there are incoming transactions for your account before the 'block' containing that info even gets finalized and released into the blockchain and before it reaches your computer. There must be some sort of secondary connection going on at all times. The only cryptocurrency that I've seen that doesn't seem to alert you before hand that a transaction is incoming is DEVCOIN. Now, I'm not an expert on Bitcoin so I may be wrong; but someone should bring up the matter with those in the know.<br />Peter Littlehorsehttps://www.blogger.com/profile/13660217153076356013noreply@blogger.comtag:blogger.com,1999:blog-8358039.post-55980892629189310072017-10-14T09:59:23.492-07:002017-10-14T09:59:23.492-07:00Hang on there, O Captain My Captain, you left off ...Hang on there, O Captain My Captain, you left off the bit (no pun intended) that the crew still needs: How do we make use of this? I saw what the dot-com bubble was just a few months before it popped, and made some modest money out of it. (Would have been more, but I'm not an economist at all and didn't trust my instincts enough to really milk it.) Now we've got this new bright, swirly bubble. What would be a good way to actively gain from it?Peregrine Johnhttps://www.blogger.com/profile/03511962495322344119noreply@blogger.comtag:blogger.com,1999:blog-8358039.post-34249656623588366742017-10-14T01:00:30.830-07:002017-10-14T01:00:30.830-07:00I looked into bitcoin mining a long time ago. When...I looked into bitcoin mining a long time ago. When I realized that it required specialized ASIC (chips) to be viable, I laughed and flagged it.<br /><br />Recently at work (because of the papers talking up the highs, etc) us IT geeks have been starting to talk about bitcoin. When IT geeks in New Zealand (out in BFE) suddenly start going on about it, because the papers are suddenly going on about it, you know that it's a bubble getting ready to burst.<br /><br />Even a smart, smart person like Sir Isaac Newton got sucked in and burned by the hype surrounding the South Sea Bubble. Us IT geeks, we ain't as smart as Newton. It is an indication that things are getting up towards the top. Tulip Mania FTW!Black Poison Soulhttps://www.blogger.com/profile/07378635809751908950noreply@blogger.comtag:blogger.com,1999:blog-8358039.post-51870462869468637382017-10-13T17:33:15.098-07:002017-10-13T17:33:15.098-07:00The same kind of errors of fact get repeated even ... The same kind of errors of fact get repeated even among the otherwise intelligent and educated people. Bitcoin has it's faults, but the following are not among them.<br /><br />@YIH... Bitcoins are stored in a 64 bit integer variable, with the noble unit (bitcoins) arbitrarily fixed at the 33rd bit. So there are 32 bits to represent a sub-single-bitcoin unit. Said another way, in the decimal system, there are 8 places to the right of that decimal point; so a satoshi is 0.00000001 of a bitcoin. You only missed it by 4 decimal places. And if that wasn't enough, Bitcoin is capable of storing a sub-satoshi balance simply by the creation and use of a different type of address that uses a floating point variable instead of a 64 bit integer. The bitcoin addresses start with a "1" only because that is the address version (the testnet uses addresses that start with "a"), so I'm pretty sure there is room to create different types of addresses. 8 more types, at a minimum.<br /><br />@John Baker... 1) & 2) No objections. #3) Masking of a client is possible, but comes with technical disadvantages not worth discussing here. Such a client is called a "dark client", and works best with a VPN or over Tor. I actually ran one for myself for many years, and I would have been very impressed if you were able to have discovered it, whether or not I transacted with you personally or not. Direct connections between clients are neither necessary nor the default action of a client, the network functions as a self-healing mesh network, if you know what that means. Yet, direct & off internet connections are possible too, so I could still transact in person using bluetooth over cell phones in the woods, or over a radio modem (TNC) using a ham radio transceiver. (I actually did the last one, so I know it works, it's just not something you would want to do, not easy)<br /><br />@Tucane Services... Bitcoin was originally designed with a simple digital contract scripting language, that was disabled due to concerns that it might not be secure. This could be re-enabled at any time, but more likely Bitcoin would just steal or replicate Etherum's contract code if it works out. Bitcoin is modular, and designed so most modifications can continue without interrupting the rolling blockchain.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-91037322402245526612017-10-13T15:31:30.222-07:002017-10-13T15:31:30.222-07:00The silver - gold ratio historically was 16 to 1.
...The silver - gold ratio historically was 16 to 1.<br /><br />The current level is being caused by rampant wash shorting ( fake shorts bought by a sockpuppet of the person offering the short ) to hold prices down for clandestine buying.<br /><br />And SLV is a house of cards, 400 paper ounces to each real ounce.<br /><br />Bitcoin is being driven by Chinese investors who want to get assets out of the PRC.Kristophrhttps://www.blogger.com/profile/08370888276707569365noreply@blogger.comtag:blogger.com,1999:blog-8358039.post-84531016524128932932017-10-13T12:33:17.451-07:002017-10-13T12:33:17.451-07:00My best investing advice is to ignore others' ...My best investing advice is to ignore others' advice. worked for stocks, bitcoin, etc. It seems many people are just really bad at prediciintg this stuff . You got to enjoy the ride and not overthink it .grey enlightenmenthttp://greyenlightenment.comnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-8794930260767235542017-10-13T11:23:34.310-07:002017-10-13T11:23:34.310-07:00"There is no need to display amounts and hist..."There is no need to display amounts and histories to the world." <br /><br />This is how you know if the funds are legitimate. All bitcoins come from somewhere; their history can be traced back to the blocks they were mined in. This is why you can't counterfeit them. (At least without compromising an absurd amount of encryption.)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-23923309370476194882017-10-13T04:50:20.524-07:002017-10-13T04:50:20.524-07:00In just last few days bitcoin went up bringing inv...In just last few days bitcoin went up bringing investors about 70%. How "there is no interest"?<br />Now I'm just sad I thought it was to late to hop on the train when it was around $4000.<br />Yes, it may drop any minute now as analitics say, just like they said that Hillary can still win or russians can attack. Ofc it wouldn't be wise to bet your whole retirement fund on cryptos but why avoid striking the iron when it's hot? (Protip: it's been hot last 5 years).Andrewnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-79141764546968119782017-10-12T18:47:25.827-07:002017-10-12T18:47:25.827-07:00Is this what you meant when you wrote…"Silver...Is this what you meant when you wrote…"Silver bars do not poop out little silver coins and gold coins do breed to make little gold coins." Or, did you mean to put a "not" after the "gold coins do" … breed to make little gold coins.Alessandro Machihttps://www.blogger.com/profile/06316327488702524564noreply@blogger.comtag:blogger.com,1999:blog-8358039.post-66230875331156102472017-10-12T14:45:09.189-07:002017-10-12T14:45:09.189-07:00What are your thoughts on Ripple? It’s finite, no ...What are your thoughts on Ripple? It’s finite, no more will ever be created, and it serves a purpose outside being a currency. It serves a a means of clearing transactions between banks, taking the place of Swift. It makes Swift look the Pony Express compared to email.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-41852527133092002062017-10-12T13:56:57.269-07:002017-10-12T13:56:57.269-07:00https://www.theburningplatform.com/2017/06/17/digi...https://www.theburningplatform.com/2017/06/17/digital-currencies-are-all-a-scam/<br /><br />Karl Denninger rips apart cryptocurrency on the most fundamental, technical level.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-45534986626177285442017-10-12T09:20:58.441-07:002017-10-12T09:20:58.441-07:00Keep your bitcoins on paper. Use a laser printer (...Keep your bitcoins on paper. Use a laser printer (inkjets fade with time) or a good ink pen. Make several copies and store them independently. Triple check everything then delete them from your computer. <br /><br />Paper can't be hacked and is harder to lose in practice. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-74684993473763893632017-10-11T22:34:22.973-07:002017-10-11T22:34:22.973-07:00I bought into Bitcoins at 6.5 cents each. Still h...I bought into Bitcoins at 6.5 cents each. Still have a few, but spent the most of them actually buying stuff in the years in between. I understand, at a deep technical level, how Bitcoin works, and even personally had a hand in the naming of the smallest unit of a bitcoin, the satoshi. That said, even *I* think Bitcoin is in a bubble presently. BTW, Bitcoin already uses "double encryption", as two encryption operations are the standard way that Bitcoin 'creates' addresses out of private keys. Bitcoin's core system is highly modular, and is quite capable of adapting any novel ideas that it's younger siblings might come up with. There are many interlocking security features in Bitcoin that are not mentioned in the whitepaper, and digital contracts (the killer feature advertised for Etherem) can also be enabled in Bitcoin, as it was designed to use them from the beginning.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-89493929049387886532017-10-11T22:30:26.853-07:002017-10-11T22:30:26.853-07:00Consumers usually spend Ethereum via its built-in ...Consumers usually spend Ethereum via its built-in smart contract system. I would expect "We accept Ethereum" to miss most of its reach.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-12309421098562245182017-10-11T19:48:53.602-07:002017-10-11T19:48:53.602-07:00The blockchain technology will have value in itsel...The blockchain technology will have value in itself. As services using the blockchain are being created. Cryptocurrencies have only one use for society and that is money laundering.<br />Bitcoins market cap is all media hype and now you even have forex exchanges that let you trade bitcoins.<br />ICOs are pump and dumps were the creators and venture capitalists dump that shit onto people that think they are going to become millionaires. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-65809304846204760582017-10-11T19:29:52.480-07:002017-10-11T19:29:52.480-07:00Once again, reputation has value, and it's not...Once again, reputation has value, and it's not the reputation of a single person ...<br /><br />Someone should have told that to Paris Hilton.<br /><br /><a href="http://www.businessinsider.com/paris-hilton-backs-ico-lydian-celebrities-endorsing-cryptocurrencies-2017-9" rel="nofollow">http://www.businessinsider.com/paris-hilton-backs-ico-lydian-celebrities-endorsing-cryptocurrencies-2017-9</a><br /><br />Also once again, the Smart Gremlin has better investment advice: "Right now we are advising all our clients to put everything they've got into canned food and shotguns!"<br /><br />Both tend to retain their value at the least, although I suggest buying premium canned food so you're not literally eating your own dog food ...Post Alley Crackpotnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-10770136235459965502017-10-11T18:29:08.513-07:002017-10-11T18:29:08.513-07:00Great analysis. I am quite happy to leave crypto-c...Great analysis. I am quite happy to leave crypto-currencies alone since I have no need to buy drugs or have someone killed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-68678253439570388842017-10-11T18:28:00.638-07:002017-10-11T18:28:00.638-07:00Great analysis. I am quite happy to leave crypto-c...Great analysis. I am quite happy to leave crypto-currenies alone since I have no need to buy drugs or have someone killed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8358039.post-19407553790536172702017-10-11T17:36:53.546-07:002017-10-11T17:36:53.546-07:00EXCELLENT POST.
I had a discussion with a buddy a...EXCELLENT POST. <br />I had a discussion with a buddy a couple of years ago about cryptocurrencies, and I told him that I didn't trust it precisely because the market was so new and it was too faddish; I worried that as soon as the novelty wore off the market would crash and a lot of minimally-knowledgeable people would be out their life savings.Mikehttps://www.blogger.com/profile/04333577934420526059noreply@blogger.comtag:blogger.com,1999:blog-8358039.post-20009313150382921442017-10-11T16:44:30.023-07:002017-10-11T16:44:30.023-07:00I take your point and then some, Captain.
But the...I take your point and then some, Captain.<br /><br />But the lads on the Venture are ready to ride the bubble to the moon. Check out HIVE...It's the weed stock of cypto...<br /><br />https://www.hiveblockchain.com/Jay Curriehttps://www.blogger.com/profile/07100960091229282311noreply@blogger.comtag:blogger.com,1999:blog-8358039.post-40357080160419033302017-10-11T14:39:05.057-07:002017-10-11T14:39:05.057-07:00When all else fails, the only things you can take ...When all else fails, the only things you can take with you and trade for what you need are knowledge and skill. TheToonernoreply@blogger.com