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    Somehow heard that song for the first time this year, a few months ago. Went on to youtube and watched that, class.
    The original video is amazing too.
    Last edited by Tar.Aldarion; 16-11-20, 15:02.

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      Sickness

      Happiness is not a goal; it is a by-product. ~Eleanor Roosevelt

      Comment


        Beautiful.
        "We're not f*cking Burundi" - Big Phil

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          Wowzers, the Moderna vaccine is being reported to be 94.5% effective. Excellent news.
          "We are not Europeans. Those people on the continent are freaks."

          Comment


            Originally posted by Raoul Duke III View Post
            Wowzers, the Moderna vaccine is being reported to be 94.5% effective. Excellent news.
            Only needs a bog standard fridge for storage too.
            Person...Woman...Man......Camera..TV

            Comment


              Originally posted by Raoul Duke III View Post
              Wowzers, the Moderna vaccine is being reported to be 94.5% effective. Excellent news.
              Happiness is not a goal; it is a by-product. ~Eleanor Roosevelt

              Comment


                Kids school is adjusting Christmas holidays to give families a chance to fly back to France for Christmas. You'd wonder if they've thought that one through.
                "We're not f*cking Burundi" - Big Phil

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                  Originally posted by Hitchhiker's Guide To... View Post
                  Kids school is adjusting Christmas holidays to give families a chance to fly back to France for Christmas. You'd wonder if they've thought that one through.
                  Did you get the flu vaccine for them in the end?
                  Person...Woman...Man......Camera..TV

                  Comment


                    Originally posted by Raoul Duke III View Post
                    Wowzers, the Moderna vaccine is being reported to be 94.5% effective. Excellent news.
                    Doesn't need cold storage and seems to reduce severity in those that it doesn't work for. Also probably got the data so fast because of how bad places are handling this.

                    Comment


                      Originally posted by ComradeCollie View Post

                      Did you get the flu vaccine for them in the end?
                      Yeah. It's all a nasal spray for kids now it seems.
                      "We're not f*cking Burundi" - Big Phil

                      Comment




                        Person...Woman...Man......Camera..TV

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                          Nice jump for bitcoin again today. It's was around this time of the year in 2017 when things went nuts.
                          Happiness is not a goal; it is a by-product. ~Eleanor Roosevelt

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                            Originally posted by Wombatman View Post
                            Nice jump for bitcoin again today. It's was around this time of the year in 2017 when things went nuts.
                            This time there is no real public going mad thing, interesting.See you soon btc @50k

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                              Originally posted by Tar.Aldarion View Post

                              This time there is no real public going mad thing, interesting.See you soon btc @50k
                              Wouldn't be so sure about that. Buying back then was a little complicated for Joe public. Now with sites like Revolut and Trading 212 (fooking youtube ads) it's never been easier for the public to create a bubble.
                              Happiness is not a goal; it is a by-product. ~Eleanor Roosevelt

                              Comment


                                Originally posted by Wombatman View Post

                                Wouldn't be so sure about that. Buying back then was a little complicated for Joe public. Now with sites like Revolut and Trading 212 (fooking youtube ads) it's never been easier for the public to create a bubble.
                                CITI released a report today predicting over 300k end 2021, and we can trust them obviously. But hard to see it doing anything other than really well
                                Last edited by paul8200; 16-11-20, 23:29.

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                                  If it wasn't going up right now you'd be very worried about its potential

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                                    As I've mentioned a few times, this price rise is fueled by institutional money that isn't going to stop anytime soon. https://decrypt.co/48277/grayscale-b...aise-week-ever.

                                    I was very surprised at the lack of awareness of crypto the last time it came in earnest, it seemed like a lot of people had formed opinions that were many years out of date.

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                                      the site is sick tonight...

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                                        Originally posted by Hectorjelly View Post
                                        As I've mentioned a few times, this price rise is fueled by institutional money that isn't going to stop anytime soon. https://decrypt.co/48277/grayscale-b...aise-week-ever.

                                        I was very surprised at the lack of awareness of crypto the last time it came in earnest, it seemed like a lot of people had formed opinions that were many years out of date.
                                        240m sounds like 'a lot'. It's not.

                                        Crypto questions for you:
                                        1. How many central banks or other regulatory authorities have recognised any crypto currencies?
                                        2. What was the total volume of crypto transactions last year? Now express that as a % of the global economy.
                                        3. What is the total $ value of all the crypto that exists in the world today? Now express that as a % of all worldwide bank deposits.
                                        "We are not Europeans. Those people on the continent are freaks."

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                                          I think the reason that bitcoin is up, is because everything is going up.

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                                            Originally posted by Denny Crane View Post
                                            I think the reason that bitcoin is up, is because everything is going up.
                                            Zoom shares
                                            "We are not Europeans. Those people on the continent are freaks."

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                                              Originally posted by Raoul Duke III View Post

                                              240m sounds like 'a lot'. It's not. [/LIST]
                                              For 2 & 3, Bitcoin is a super performing asset, not the end of the entire traditional banking system. 1 has already been answered several times.

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                                                A good bubble defies logic or reason. Generally fueled by FOMO and good old fashioned irrational greed. That fact that we have two camps arguing the pros and cons of investing in Crypto is testimony to that.

                                                If you are not looking at a market, that regularly has 5% swings in a day, you should be buying prize bonds.
                                                Happiness is not a goal; it is a by-product. ~Eleanor Roosevelt

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                                                  Originally posted by ComradeCollie View Post


                                                  I don't think that's the clever use of malapropism that Shatter think it is.

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                                                    Originally posted by Strewelpeter View Post
                                                    David Fincher gets Joker
                                                    He correct, in that it's a huge jump from the source material. But it's a fairly common and obvious comparison. The whole talk-show segment is basically an homage to The King of Comedy. De Niro being cast as the host sort of completes the three-way connection.

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                                                      Originally posted by Hectorjelly View Post

                                                      For 2 & 3, Bitcoin is a super performing asset, not the end of the entire traditional banking system. 1 has already been answered several times.
                                                      So you only see BTC as a punt? Fair enough.
                                                      "We are not Europeans. Those people on the continent are freaks."

                                                      Comment


                                                        Originally posted by Raoul Duke III View Post

                                                        240m sounds like 'a lot'. It's not.

                                                        Crypto questions for you:
                                                        1. How many central banks or other regulatory authorities have recognised any crypto currencies?
                                                        2. What was the total volume of crypto transactions last year? Now express that as a % of the global economy.
                                                        3. What is the total $ value of all the crypto that exists in the world today? Now express that as a % of all worldwide bank deposits.
                                                        They are just silly questions. Not least as there's no answer that wouldn't involve an addendum to the answer of - "so it has loads of potential to grow"
                                                        "We're not f*cking Burundi" - Big Phil

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                                                          But of course all the winners are on the AIB train. A captive market with a million gullible customers who will never switch. Whats not to love.
                                                          "We're not f*cking Burundi" - Big Phil

                                                          Comment


                                                            Originally posted by Hitchhiker's Guide To... View Post

                                                            They are just silly questions. Not least as there's no answer that wouldn't involve an addendum to the answer of - "so it has loads of potential to grow"
                                                            Does it have the potential to grow? In order for it to become any sort of reserve currency, it would have to have CB support, which will never happen. It fundamentally can't. If it's just meant to be small alternative asset then fair enough, but it will only be a fraction of the gold market.

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                                                              Originally posted by Hitchhiker's Guide To... View Post
                                                              But of course all the winners are on the AIB train. A captive market with a million gullible customers who will never switch. Whats not to love.
                                                              They are about to break ground on a core banking transformation project - the last one attempted in Ireland was in BOI which cost 6bn or so and ended up with the release of a broken app and everything else being shelved/rolled back to its previous state, the firing of the CEO and overall an unimaginably shitshow.

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                                                                Originally posted by Denny Crane View Post

                                                                Does it have the potential to grow? In order for it to become any sort of reserve currency, it would have to have CB support, which will never happen. It fundamentally can't. If it's just meant to be small alternative asset then fair enough, but it will only be a fraction of the gold market.
                                                                None of your assumptions are true

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                                                                  Originally posted by Raoul Duke III View Post

                                                                  So you only see BTC as a punt? Fair enough.
                                                                  Isn't everything?

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                                                                    The main mistake displayed this morning here is timing, whatever happens with BTC will take a lot of time. It took a long time to build the infrastructure and awareness for institutions to hold BTC. That's there now, in a much greater way than in 2017, which is fuelling the current run-up in price. There is so much buy pressure on the price it's very difficult to see it going down for a long time. As for Central banks supporting them or using them, except for extreme outliers like Iran that is a long way off, things like that will take years & years, and involves people dying or stepping down.

                                                                    Next year there will probably be a Bitcoin ETF and Paypal plan to allow people to use crypto to pay vendors (the vendors receive their local currency as normal) both of which will further increase it's use.

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                                                                      Originally posted by Hectorjelly View Post

                                                                      None of your assumptions are true
                                                                      What assumptions? And why?

                                                                      As for Central banks supporting them or using them, except for extreme outliers like Iran that is a long way off, things like that will take years & years, and involves people dying or stepping down.
                                                                      Needs the entire history of how monetary and economic systems work to be upended. CBs and Govs will never give up control of their currency to something like bitcoin.

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                                                                        Originally posted by Denny Crane View Post

                                                                        What assumptions? And why?
                                                                        The things you state as self-evident "facts".

                                                                        Originally posted by Denny Crane View Post
                                                                        Needs the entire history of how monetary and economic systems work to be upended. CBs and Govs will never give up control of their currency to something like bitcoin.
                                                                        The monetary system is relatively new, and is working in a strange and unprecedented way's already - so again your assumptions are incorrect. If you told a central banker years ago about negative interest rates years ago they would have laughed at you.

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                                                                          Originally posted by Hectorjelly View Post
                                                                          The monetary system is relatively new
                                                                          WHAT???

                                                                          Depending on how you look at it there's been a monetary system of some sort for more than 2,000 years. Even if you limit it to fiat currency then you're talking somewhere between 500 to 1,300 years old.

                                                                          You are technically correct...the best kind of correct
                                                                          World Record Holder for Long Distance Soul Reads: May 7th 2011

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                                                                            Originally posted by Hectorjelly View Post
                                                                            The things you state as self-evident "facts".
                                                                            Why?

                                                                            Originally posted by Hectorjelly View Post
                                                                            The monetary system is relatively new, and is working in a strange and unprecedented way's already - so again your assumptions are incorrect. If you told a central banker years ago about negative interest rates years ago they would have laughed at you.
                                                                            Interests rates going negative is very different to changing reserve currency or moving away from fiat. Don't think you're thinking broadly enough about this. Type 1 money isn't a new concept, countries have gone through cycles of Type 1/type 2/type 3 money all the time. Going to a type 1 currency that's not domestically controlled would upend the economic system of a major country. You can look back over thousands of years of history to see how this all works.

                                                                            How do you handle a financial crisis with type 1 money that you don't control? Central banks aren't going to give up the ability to deflate debt in times of crisis.

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                                                                              Originally posted by Kayroo View Post

                                                                              WHAT???

                                                                              Depending on how you look at it there's been a monetary system of some sort for more than 2,000 years. Even if you limit it to fiat currency then you're talking somewhere between 500 to 1,300 years old.
                                                                              There has been a monetary system for a long time of course, but it changed dramatically after WW2.


                                                                              "The Bretton Woods agreement of 1944 established a new global monetary system."

                                                                              https://www.thebalance.com/bretton-w...eement-3306133

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                                                                                Originally posted by Denny Crane View Post
                                                                                Why?

                                                                                Interests rates going negative is very different to changing reserve currency or moving away from fiat. Don't think you're thinking broadly enough about this. Type 1 money isn't a new concept, countries have gone through cycles of Type 1/type 2/type 3 money all the time. Going to a type 1 currency that's not domestically controlled would upend the economic system of a major country. You can look back over thousands of years of history to see how this all works.

                                                                                How do you handle a financial crisis with type 1 money that you don't control? Central banks aren't going to give up the ability to deflate debt in times of crisis.
                                                                                I don't think you are reading what I'm writing, because you aren't actually discussing the point at hand or anything I've mentioned. In fact, you seem to be explicitly ignoring the actual points I've made. The point you are pushing is ridiculous, and not something that is pertinent.

                                                                                In any case, I've learnt that BBV is an almost uniquely bad avenue for any sort of in-depth discussion, it just ends up bad-tempered, with people talking at cross purposes all arguing different points. I'd be happy to debate someone on a single point of discussion in a separate thread

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                                                                                  Huh? I keep asking why and you just keep trying me I'm wrong.

                                                                                  I posted questions about it the other day cause I'm trying to understand it better.

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                                                                                    That is indeed very different than the system that was asset backed, 20% of all existing USD was printed this year alone..apparently.

                                                                                    Comment


                                                                                      Originally posted by Denny Crane View Post

                                                                                      Does it have the potential to grow? In order for it to become any sort of reserve currency, it would have to have CB support, which will never happen. It fundamentally can't. If it's just meant to be small alternative asset then fair enough, but it will only be a fraction of the gold market.
                                                                                      Yeah, thats all I'd view it as. It doesn't have inflation built in to what is issued, so it just can't be a reserve currency. A functional currency will grow at about the rate that the world economy is growing. Even ethereum has too little inflation built in, so will eventually be no good. But for a punt - why not - seems that people believe in it enough.
                                                                                      "We're not f*cking Burundi" - Big Phil

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                                                                                        ah - denny has subsequently covered this. Doesn't mean it isn't a decent punt, of course.
                                                                                        "We're not f*cking Burundi" - Big Phil

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                                                                                          Originally posted by RichieM View Post

                                                                                          They are about to break ground on a core banking transformation project - the last one attempted in Ireland was in BOI which cost 6bn or so and ended up with the release of a broken app and everything else being shelved/rolled back to its previous state, the firing of the CEO and overall an unimaginably shitshow.
                                                                                          AIB *seem* to be more tech competent. But yeah, I've no idea. Denny was saying on twitter that they now have a 100-strong team of data scientists, which strikes me as quite progressive and means they've probably at least considered their data mapping, data constraints.
                                                                                          "We're not f*cking Burundi" - Big Phil

                                                                                          Comment


                                                                                            Originally posted by Denny Crane View Post

                                                                                            I posted questions about it the other day cause I'm trying to understand it better.
                                                                                            I didn't see your questions from a few days ago until now.

                                                                                            They are some pretty interesting questions - none of which have an easy or simple answer, except for the last one. I'll try to answer them to the best of my ability later.

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                                                                                              Feels like HJ went on some kind of sales course and really drank the Kool Aid thereof.
                                                                                              "We are not Europeans. Those people on the continent are freaks."

                                                                                              Comment


                                                                                                Originally posted by Hectorjelly View Post

                                                                                                There has been a monetary system for a long time of course, but it changed dramatically after WW2.


                                                                                                "The Bretton Woods agreement of 1944 established a new global monetary system."

                                                                                                https://www.thebalance.com/bretton-w...eement-3306133
                                                                                                All Bretton did was establish the US dollar as a global reserve currency, mainly because Europe was so wiped out from WW2. But the meaning of 'reserve currency' is just that it was the only currency that was translatable into gold. All other currencies were translatable into dollars, while dollars were translatable into gold. Before that there was a direct link between currencies and gold, but Bretton Woods put the dollar in the centre.

                                                                                                Bear in mind that Bretton then broke down in the 70s because the US dollar was not flexible enough to respond to changing global growth patterns (mainly that Germany and Japan were growing just so much faster than all other countries). Because the US couldn't react to this global changes quickly enough by creating more dollars, the system ended up collapsing and we moved to essentially free floating exchange rates.

                                                                                                So presumably then the idea is to slot in bitcoin in place of US dollar + gold. But that doesn't work as bitcoin has even less flexibility than the US dollar. Gold, by contrast is accidentally quite flexible in that we keep finding new gold. That can't happen with bitcoin. Until they come up with a system that has 2/3% annual inflation in the currency issue then it can't be a global reserve currency. So bitcoin can never be that.

                                                                                                I actually, this semester, have 180 students writing essays on the topic - the potential for cryptos to solve the problems associated with international trade (currency risk and security). So may have a whole new set of views after correcting them. Probably not though!
                                                                                                "We're not f*cking Burundi" - Big Phil

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                                                                                                  The bitcoin spam traffic has increased lately. Its everywhere .
                                                                                                  at least the penis enlargement guys have a new job .

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                                                                                                    Originally posted by Raoul Duke III View Post
                                                                                                    Feels like HJ went on some kind of sales course and really drank the Kool Aid thereof.
                                                                                                    giphy.gif

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                                                                                                      Originally posted by Hitchhiker's Guide To... View Post

                                                                                                      Until they come up with a system that has 2/3% annual inflation in the currency issue then it can't be a global reserve currency. So bitcoin can never be that.
                                                                                                      This could be done with a couple of lines of code. Anyway, the issue isn't anywhere as simple as you are making it out to be. Nobody knows what the future will hold. I read a great quote by Tyler Cowen recently “Every era’s monetary institutions are virtually unimaginable until they are created.”

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                                                                                                        Originally posted by Hectorjelly View Post

                                                                                                        There has been a monetary system for a long time of course, but it changed dramatically after WW2.


                                                                                                        "The Bretton Woods agreement of 1944 established a new global monetary system."

                                                                                                        https://www.thebalance.com/bretton-w...eement-3306133
                                                                                                        From the same link.

                                                                                                        In 1971, Nixon unhooked the value of the dollar from gold altogether. Without price controls, gold quickly shot up to $120 per ounce in the free market, ending the Bretton Woods system
                                                                                                        A new system was created after WW2. But it collapsed in less than 30 years.
                                                                                                        Not really following the leap from their to justifying the punt.

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                                                                                                          Originally posted by Mellor View Post

                                                                                                          A new system was created after WW2. But it collapsed in less than 30 years.
                                                                                                          Not really following the leap from their to justifying the punt.
                                                                                                          3 years later the US managed to guarantee the US Dollar as the global trade currency in oil. So the expanding oil consumption underpins the strength of the dollar and the US is compelled to print dollars to meet the demand. Things change in those terms regularly enough but not on the scale HJ is talking about, albeit i'll defer to experts in economics on that one. From a purely historical perspective there's only been a half dozen major changes in monetary systems in the West in the Common Era. Usually is tied to a change in hierarchical structures within society generally. Roman Empire had one, then when it fell away the West had feudalism and so on.
                                                                                                          You are technically correct...the best kind of correct
                                                                                                          World Record Holder for Long Distance Soul Reads: May 7th 2011

                                                                                                          Comment


                                                                                                            Originally posted by Hitchhiker's Guide To... View Post

                                                                                                            AIB *seem* to be more tech competent. But yeah, I've no idea. Denny was saying on twitter that they now have a 100-strong team of data scientists, which strikes me as quite progressive and means they've probably at least considered their data mapping, data constraints.
                                                                                                            They definitely are - they have spent a few years completely training all their staff in Scrum Agile, building proper teams and reporting structures that include accountability.

                                                                                                            BOI on the other hand just hired some consultancy's and a load of contractors while hoping for the best on a transformation project that nobody was really responsible for. It was very much setup to fail in hindsight while AIB is setup to succeed.

                                                                                                            Comment


                                                                                                              Originally posted by Hectorjelly View Post

                                                                                                              This could be done with a couple of lines of code. Anyway, the issue isn't anywhere as simple as you are making it out to be. Nobody knows what the future will hold. I read a great quote by Tyler Cowen recently “Every era’s monetary institutions are virtually unimaginable until they are created.”
                                                                                                              The current monetary system, dating back to about the beginning of the 18th century has been pretty highly correlated with good outcomes!

                                                                                                              The issue around inflation is critically important, as its the main reason all previous systems have failed. You have to have flexibility to allow divergent growth and overall growth in the system.
                                                                                                              "We're not f*cking Burundi" - Big Phil

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                                                                                                                Originally posted by Hitchhiker's Guide To... View Post

                                                                                                                All Bretton did was establish the US dollar as a global reserve currency
                                                                                                                What about the world bank? The IMF?

                                                                                                                Also, something for you to ponder. What would happen if the gold mines dried up?


                                                                                                                Comment


                                                                                                                  Originally posted by Hectorjelly View Post
                                                                                                                  As I've mentioned a few times, this price rise is fueled by institutional money that isn't going to stop anytime soon. https://decrypt.co/48277/grayscale-b...aise-week-ever.

                                                                                                                  I was very surprised at the lack of awareness of crypto the last time it came in earnest, it seemed like a lot of people had formed opinions that were many years out of date.
                                                                                                                  Thats an advertorial if ever I saw one tho.

                                                                                                                  Lots of funds and investors will invest in crypto because its going to increase in value or at least is very volatile and widely traded by regular joes which means that with their better algorithms, faster networks and better ability to predict they will have a big edge over me on my app.

                                                                                                                  I dont think that fund managers really care if crypto has any real world use or longevity but they will push money into advertising it so that it appears to be and it rises. Capitalism 101 imo.

                                                                                                                  I know that is probably very cynical but most of what I know about crypto has come from some lads from Consensys second hand but they didn't see crypto as a top ten use for the Blockchain even if it was funding their business. They are also far smarter than me and did so much more research into it.

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                                                                                                                    @Hitch - you are the board game master, yes? Can you recommend a couple for a family with psychopathic tendencies and a low boredom threshold pls?
                                                                                                                    "We are not Europeans. Those people on the continent are freaks."

                                                                                                                    Comment


                                                                                                                      I'm not taking advice from any forum that advised you'd be mad to buy Tesla promptly before it went up 1000%

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                                                                                                                        Originally posted by Hectorjelly View Post

                                                                                                                        This could be done with a couple of lines of code. Anyway, the issue isn't anywhere as simple as you are making it out to be. Nobody knows what the future will hold. I read a great quote by Tyler Cowen recently “Every era’s monetary institutions are virtually unimaginable until they are created.”
                                                                                                                        I thought one of the selling points of bitcoin was that it was a limited supply? That's fundamentally opposed to any sort of functioning system.

                                                                                                                        Also, something for you to ponder. What would happen if the gold mines dried up?
                                                                                                                        The amount of gold that makes it into reserves from mining is a rounding error.

                                                                                                                        Last edited by Denny Crane; 17-11-20, 17:22.

                                                                                                                        Comment


                                                                                                                          Originally posted by Denny Crane View Post

                                                                                                                          I thought one of the selling points of bitcoin was that it was a limited supply? That's fundamentally opposed to any sort of functioning system.



                                                                                                                          The amount of gold that makes it into reserves from mining is a rounding error.
                                                                                                                          Each bitcoin can be broken down into one-hundred-million satoshis.
                                                                                                                          Happiness is not a goal; it is a by-product. ~Eleanor Roosevelt

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