Author: gork

Bitcoin will Revolutionise FX/International Xfer Market   [Copy link] 中文

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Post time 2014-3-2 02:53:50 |Display all floors
Worst Store of Wealth Ever?

Another bum-steer from Max. Kiester! He peddled his Silver Liberation Army in the months before silver peaked in 2011 which then saw a far sharper fall than gold. In 2013, whilst the ETFs for gold were raided in order to supply demand for physical, silver ETFs actually saw a 2.4% increase in stock of silver, indicating the shortage is in gold. So it's Buy GOLD; crash JP Morgan NOT silver.

But now BitCoins have crashed and one of the biggest exchanges has imploded. One victim flew all the way to Japan to complain.

BitCoin is an appalling store of wealth. Gold was always valued even if it is an emotional decision. But BitCoins don't have any such "intrinsic value". As JP Morgan said, "Money is gold and nothing else". The propaganda has twisted this to: "Gold is money. Everything else is just credit", which is a valid point, but not the one that Morgan was making.

Furthermore, not only is BitCoin being inflated at about 10% p.a., which is even higher than Yellen is inflating dollars (of the $3.2bn of hyperinflation in the monetary base, only about $200bn has been lent out so inflation is effectively only about 6% until the other $3trn is lent out), but it has many competitors such as LiteCoin, PhonixCoin etc. So the combined inflation of these cryptocurrencies is HUGE! It's possibly the WORST store of value. Even dollars have legal tender laws to force everyone to accept them in cancellation of a debt and you can only use them to pay the confiscatory taxes, whilst oil exporting nations are illegally invaded if they dump them. When Bitcoins implode completely, taking all other cryptocurrencies, Kiester will have to go into hiding.

And there are further reasons for this. Those who have lost their BitCoins on Mt.Gox have become "resigned to their losses". Without any regulator, there's no one to offer compensation.

Of the BitCoins that have disappeared, I seem to have received 2 Satoshis on Valentine's Day, though the transactions are not marked as confirmed. Perhaps some hacker has decided to redistribute them to everyone. The amount is so small, my wallet refuses to transmit them anywhere.

With sound money about to replace all the above, the Great Satan is opening its doors for wealthy Chinese, peddling the line that there are many corrupt officials. One propaganda story is that the clamp down on corruption in China has resulted in the restaurant business and luxury goods stores seing a collapse in income, as if the entire industries were supported only by officials. The UK is also so desperate for income under the coming sound-money regime, that they've followed the eurozone in offering visas for cash as well as Camoron becoming a pig semen salesman. But the US is seeing all time record numbers of those dropping amerikan citizenship as the TSA gropers block all the exits. And whereas UK/US propaganda highlights the GSK bribery as a "China Scandal" incident, the zionist Daily Telegraphic Nonsense admits that GSK were also caught bribing in the thieved state of Amerika, though that story has been supressed. Everyone has corruption, but in China it is punished, whereas in the US and UK, the goons & thugs merely impose a fine, which is just "taking their cut". No one goes to jail even if the crime results in deaths. The lame excuse from GSK is that the corruption was not according to their policy.

Clearly, propaganda terrorist, Max Kiester, has a mission to impoverish the sheeple in the thieved states of UK and US as part of the goon & thug policy.
Compounding is the magic ingredient.

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Post time 2014-3-5 00:37:57 |Display all floors
St_George Post time: 2013-12-31 01:42
Well that trust has been stretched/abused a lot since money had to have intrinsic value-like being ...

I don't understand it either, other than the very elementary aspects of force, design and psychology. Bitcoin's most trusted exchange turned out to be the worst, Mt Gox. Commiserations to those who lost money with this operator. The code should have been rewritten for the site, given it was compromised with the knowledge of the site, rather than implement an end-user hardware solution, the "Ubi Key" in addition to the usual 2 factor authentication.

Mt Gox made an error there.  
(beast ex machina)

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Post time 2014-3-5 04:20:39 |Display all floors
lebeast Post time: 2014-3-5 00:37
I don't understand it either, other than the very elementary aspects of force, design and psycholo ...

The Chinese army hacked into the Japanese computers......and stole all the bit coins.




I've made my living, Mr. Thompson, in large part as a gambler. Some days I make twenty bets, some days I make none. There are weeks, sometimes months, in fact, when I don't make any bet at all because ...

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Post time 2014-3-5 09:36:30 |Display all floors
The problem at MtGox was mostly that people leave their cryptos in virtual wallets online, instead of moving it from their own wallets on their own PCs to the market for exchange, and then back to their wallets or banks.

If you leave crypto currency in an online wallet at an exchange, and the exchange or wallet goes down.

Sing bye bye crypto.

The only crypto currency that I can see that is of any real worth is Gridcoin.

Gridcoin crypto currency is awarded through BOINC usage.

What is BOINC?

BOINC is where netizens let universities and academic research institutes use the netizens computer as part of a world wide distributed super computer.

Gridcoins are awarded for work units done for BOINC.

So, you get and install BOINC, select who you want to let use your computer.
It may be SETI or even the Chinese Academy of Sciences.

You may be assisting with gene sequencing or math research.

Bitcoin mining consumes over 24 megawatts of power around the planet.
People chasing the invisible virtual marbles.

Gridcoin is helping to reward you for letting science use your computer.

I would rather the 24 megawatts went to a good use.

The day I stop learning will be the day I die. Maybe.

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Post time 2014-3-14 04:16:20 |Display all floors
Despite the implosion of BitCoin on Mt.Gox and numerous other stories of BitCoins being thieved, the Schwing-Schwing Show continues to desperately peddle BitCoins. Silver no longer appears to feature. Perhaps because it's now hit its target (and lower) price relative to gold for the new monetary World order.

It seems obvious that these crypto currencies are a very poor, if not the worst, store of value, yet Maximum Kiester and his guests claim the opposite that they're similar to gold!!! This suggests Maximum Kiester has the remit to distract investments away from gold.

When the general wisdom of the suckers finally catches on that these crypto-currencies are designed to impoverish them, then the crypto-currency craze will become known as the krapto-currency craze and the crypto currency named after Maximum Kiester will become known as ButtCoin.
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Post time 2014-3-18 16:24:19 |Display all floors
Reggie Middleton has defended Buttcoin, noting the media suggested that the end of Mt.Gox spelled trouble for it.

But Middleton, an occasional guest on the Schwing-Schwing Show, offers as evidence the fact that the price of Buttcoins has failed to implode on other exchanges.

However, as the public warnings go, past performance is no indication of future returns. So what Middleton is offering is B.S. All he offers is a smear of Mt.Gox which was, at one time, the leading exchange.

You also have to ask why the other exchanges were unaffected. Are Buttcoins being manipulated to maintain a high price? Will they fall along with the USD during a hyperinflationary run on the dollar?
Compounding is the magic ingredient.

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Post time 2014-6-19 10:00:26 |Display all floors
This post was edited by gork at 2014-6-19 10:03

Dump This Scam You Suckers!

In recent weeks, a British-based "mining pool" called GHash has amassed nearly half of the Bitcoin computing power and has briefly gone over 50 percent.
. . .
If GHash amasses more than half of the computing power devoted to Bitcoin, it could in theory control the flow of transactions, freeze people out of the network and keep all future bitcoins for itself.

- Bitcoin faces biggest threat yet: a miner takeover

It's worse than that. They could re-write the blockchain and thieve ALL the Buttcoins. It's bad enough that Buttcoins only have a nominal value that could fall to zero at any time and that it has an infinite number of competitors, meaning infinite inflation on top of its current rate of about 12%pa. Plus with the highest nominal price, which has recently been exposed by Zero Hedge as having been artifically raised in the second half of 2013, it has the furthest to fall of any of the krapto-coins. Any state actor with a supercomputer can obliterate the blockchain. Given the anonymity of Satoshi Nakamoto, my guess is he's the NSA.
Compounding is the magic ingredient.

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