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ds_mustang

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With the recent news about bank account freezes and asset grabs of Canadians and Russians, I thought it was worth posting a comment I made back in 2013. Back in 2013 it took some foresight to see why crypto might be a good idea, but today you just have to look at the news. Crypto does things that no other asset can do BECAUSE it is digital. Those complain crypto isn't physical might consider the advantages of a digital asset.

----QUOTE---
If you want to understand the power of bitcoin consider the early bitcon adopters and the freedom they have. Some of them are sitting on millions or tens of millions worth of bitcoin. I think Max Keiser must be at around 100 million now. If whatever country they are in gets too restrictive (about bitcoin or anything else) they can just get on a plane and go and their bitcoins go with them. They have no need to beg authorities to let them move their money nor do they have to figure out the legalities and technicalities of shipping (smuggling in more restrictive countries) large amounts of PMs or other physical assets. They don't have to worry about banks freezing their assets or clawbacks from some government. They just go and their bitcoins go with them. They are free. Nothing else does that.

As for those that think it's a bubble... consider will the above people sell their bitcoins? Why would they? It's MONEY. They can spend it. And it's a deflationary money that is free, no bitcoin millionaire will sell their freedom for government controlled fiat. That's what it would take for bitcoin to drop, and it's not going to happen. Instead other millionaires and billionaires will want freedom too and will be buying.
---

Original link here:
 

newmisty

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i view "crypto" as exactly 180 degrees from freedom. There is far to much reliance on a large, complex and vulnerable infrastructure.
 

ds_mustang

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Somebody needs to explain this to the 25,000 Russians who had bitcoin in coinbase...
If you give your crypto to someone else to manage for you, you take those risks. If you don't want to take those risks with crypto, you don't have to. However by comparison, with any large amount of gold you really have no choice. You're forced to have 3rd parties move it, secure it, exchange it, etc. With crypto you can do that yourself, no matter the amount.
 

specsaregood

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Somebody needs to explain this to the 25,000 Russians who had bitcoin in coinbase...
what makes you think there were really 25k russians with bitcoin in coinbase? because they said so?
 

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If you give your crypto to someone else to manage for you, you take those risks. If you don't want to take those risks with crypto, you don't have to. However by comparison, with any large amount of gold you really have no choice. You're forced to have 3rd parties move it, secure it, exchange it, etc. With crypto you can do that yourself, no matter the amount.
Understand your position....but I can easily carry 7figures of pms in a briefcase
 

tigerwillow1

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Somebody needs to explain this to the 25,000 Russians who had bitcoin in coinbase...
To the Russians: If you don't want a government to get your crypto you need to move it off of the exchanges into a private wallet. Having an exchange holding your crypto is similar to a stockbroker holding your stocks or a bank holding your rubles.
 

EO 11110

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mustang -- thanks for explaining your reasons for continuing to invest in it.

sadly, i think this kind of thinking will be costly to many of our countrymen - including some near/dear to me
 

ds_mustang

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Understand your position....but I can easily carry 7figures of pms in a briefcase
And have it immediately seized in the airport or by the cops at a random traffic stop. You simply can't travel with any large amount of wealth in physical form anymore, at least in the US.
 

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What I'm curious about it what happens to crypto coins that have public blockchain ledgers, when a country (or block of countries) shut themselves off from the global internet, as some reports claim Russia is going to do. If you're a Russian with crypto and your country cuts itself off, perhaps you can trade crypto face-to-face with your countrymen, but until it's written to that coin's blockchain, is it really transferred? Does a Russian version of the blockchain essentially split-off from the global version?

As different crypto coins use things like blockchain in different manners, probably some coins will be effected differently than others. But in all the discussion and documentation of crypto systems I've read (which admittedly isn't a whole lot), the unspoken assumption was that there was a single internet upon which transmission of transactions could be made. If the net breaks into regional sections that don't communicate with each other, how will the various flavors of crypto handle it?

I don't have answers, obviously, but it'll be kind of fun to watch what will (might?) happen
 

ds_mustang

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mustang -- thanks for explaining your reasons for continuing to invest in it.

sadly, i think this kind of thinking will be costly to many of our countrymen - including some near/dear to me
That uncertainty is why I have gold too. But the physical gold is much more difficult to deal with than the crypto and you can't travel with it.
 

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What I'm curious about it what happens to crypto coins that have public blockchain ledgers, when a country (or block of countries) shut themselves off from the global internet, as some reports claim Russia is going to do. If you're a Russian with crypto and your country cuts itself off, perhaps you can trade crypto face-to-face with your countrymen, but until it's written to that coin's blockchain, is it really transferred? Does a Russian version of the blockchain essentially split-off from the global version?

As different crypto coins use things like blockchain in different manners, probably some coins will be effected differently than others. But in all the discussion and documentation of crypto systems I've read (which admittedly isn't a whole lot), the unspoken assumption was that there was a single internet upon which transmission of transactions could be made. If the net breaks into regional sections that don't communicate with each other, how will the various flavors of crypto handle it?

I don't have answers, obviously, but it'll be kind of fun to watch what will (might?) happen

just like to add that the news flow of the crackdowns/crimes in crypto are likely to have a chilling effect, stifling demand for them. the safety/security/privacy problems will increasingly deter people from investing in the codes. the marginal buyer wont want to deal with the intricacies of keeping it safe and keeping it where govs cant see it

hard to have a bright future with flat or falling demand
 

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Somebody needs to explain this to the 25,000 Russians who had bitcoin in coinbase...
Even I, a Digital Special Ed case, know it is Coinbase not BitCoin doing damage to it's users and clients.
 

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Somebody needs to explain this to the 25,000 Russians who had bitcoin in coinbase...
nefarious Russians... they wouldn't think of doing it to the average Joe... would they?
 

Goldbrix

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nefarious Russians... they wouldn't think of doing it to the average Joe... would they?
RUSSIAN IS PROBABLY ONLY A TEST RUN. Sorry about yelling to lazy to retype it.
 

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back in 2013.
2013, hummm
to early to invest in bitcoin
 

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Somebody needs to explain this to the 25,000 Russians who had bitcoin in coinbase...
Please, for all your worth, move your BTC into a wallet where you hold the keys or seed phrase.
 

BeefJerky

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With the recent news about bank account freezes and asset grabs of Canadians and Russians, I thought it was worth posting a comment I made back in 2013. Back in 2013 it took some foresight to see why crypto might be a good idea, but today you just have to look at the news. Crypto does things that no other asset can do BECAUSE it is digital. Those complain crypto isn't physical might consider the advantages of a digital asset.

----QUOTE---
If you want to understand the power of bitcoin consider the early bitcon adopters and the freedom they have. Some of them are sitting on millions or tens of millions worth of bitcoin. I think Max Keiser must be at around 100 million now. If whatever country they are in gets too restrictive (about bitcoin or anything else) they can just get on a plane and go and their bitcoins go with them. They have no need to beg authorities to let them move their money nor do they have to figure out the legalities and technicalities of shipping (smuggling in more restrictive countries) large amounts of PMs or other physical assets. They don't have to worry about banks freezing their assets or clawbacks from some government. They just go and their bitcoins go with them. They are free. Nothing else does that.

As for those that think it's a bubble... consider will the above people sell their bitcoins? Why would they? It's MONEY. They can spend it. And it's a deflationary money that is free, no bitcoin millionaire will sell their freedom for government controlled fiat. That's what it would take for bitcoin to drop, and it's not going to happen. Instead other millionaires and billionaires will want freedom too and will be buying.
---

Original link here:

This resembles a recruitment speech for a MLM scheme.
 

ds_mustang

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This resembles a recruitment speech for a MLM scheme.
Except for the fact it's a bunch of basic facts rather than emotional nonsense or meaningless buzzwords.
 

Goldbrix

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With the recent news about bank account freezes and asset grabs of Canadians and Russians, I thought it was worth posting a comment I made back in 2013. Back in 2013 it took some foresight to see why crypto might be a good idea, but today you just have to look at the news. Crypto does things that no other asset can do BECAUSE it is digital. Those complain crypto isn't physical might consider the advantages of a digital asset.

----QUOTE---
If you want to understand the power of bitcoin consider the early bitcon adopters and the freedom they have. Some of them are sitting on millions or tens of millions worth of bitcoin. I think Max Keiser must be at around 100 million now. If whatever country they are in gets too restrictive (about bitcoin or anything else) they can just get on a plane and go and their bitcoins go with them. They have no need to beg authorities to let them move their money nor do they have to figure out the legalities and technicalities of shipping (smuggling in more restrictive countries) large amounts of PMs or other physical assets. They don't have to worry about banks freezing their assets or clawbacks from some government. They just go and their bitcoins go with them. They are free. Nothing else does that.

As for those that think it's a bubble... consider will the above people sell their bitcoins? Why would they? It's MONEY. They can spend it. And it's a deflationary money that is free, no bitcoin millionaire will sell their freedom for government controlled fiat. That's what it would take for bitcoin to drop, and it's not going to happen. Instead other millionaires and billionaires will want freedom too and will be buying.
---

Original link here:
Correct me if I am wrong but back in 2013 One could not BUY BitCoin one had to "MINE" it.
 

Flight2gold

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Last time I looked, the other day, some 121 million people worldwide use BTC.
What happens when 5 billion use BTC?
Just like Spock said, "Pure Energy".
 

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With the recent news about bank account freezes and asset grabs of Canadians and Russians, I thought it was worth posting a comment I made back in 2013. Back in 2013 it took some foresight to see why crypto might be a good idea, but today you just have to look at the news. Crypto does things that no other asset can do BECAUSE it is digital. Those complain crypto isn't physical might consider the advantages of a digital asset.

----QUOTE---
If you want to understand the power of bitcoin consider the early bitcon adopters and the freedom they have. Some of them are sitting on millions or tens of millions worth of bitcoin. I think Max Keiser must be at around 100 million now. If whatever country they are in gets too restrictive (about bitcoin or anything else) they can just get on a plane and go and their bitcoins go with them. They have no need to beg authorities to let them move their money nor do they have to figure out the legalities and technicalities of shipping (smuggling in more restrictive countries) large amounts of PMs or other physical assets. They don't have to worry about banks freezing their assets or clawbacks from some government. They just go and their bitcoins go with them. They are free. Nothing else does that.

As for those that think it's a bubble... consider will the above people sell their bitcoins? Why would they? It's MONEY. They can spend it. And it's a deflationary money that is free, no bitcoin millionaire will sell their freedom for government controlled fiat. That's what it would take for bitcoin to drop, and it's not going to happen. Instead other millionaires and billionaires will want freedom too and will be buying.
---

Original link here:
Unless the power goes out.....
 

Flight2gold

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BTC doesn't need the power grid or the internet to transfer from wallet to wallet. It's been demonstrated to transfer from phone to phone using hiking go antennas over a 20 mile range. You can also use sat phone, ham radio and sms, no power or internet needed. When everything comes back up your wallet updates. The problem here is who will believe that what they received was a real transfer. The same goes with gold/silver in a shtf scenario. How do you test for internal lead?
 

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Flight2gold

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I believe you could buy btc when it started in 2009. It was worth about 1/8 cent.
 

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Bitcoin is money?

How come I can't get it?

Someone can give me dollars...pounds...pesos...rubles.

But I can't be given bitcoin without a computer, an internet link, antiviral programs...an account somewhere...electronic means of coverting it to something I can spend at the beer store...

That doesn't sound like money. That sounds like some sort of credit or voucher account.
 

Flight2gold

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Bitcoin is money?

How come I can't get it?

Someone can give me dollars...pounds...pesos...rubles.

But I can't be given bitcoin without a computer, an internet link, antiviral programs...an account somewhere...electronic means of coverting it to something I can spend at the beer store...

That doesn't sound like money. That sounds like some sort of credit or voucher account.
BTC is a store of value and a medium of exchange. I guess it doesn’t feel like a currency because of its decentralized nature. It’s hard to tax. Sure, the blockchain ledger is public but you have no idea who that could be. It’s volatility makes it a terrible currency right now also. It’s creation was due to mistrust of banks and the fiat system in general so it probably may never feel like a currency. Soon you’ll probably be using a QR code off your phone to pay for things, be it central bank digital dollar or some other crypto. I’m sure we’ll all feel that.
 

Casey Jones

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Decentralized nature? Gee, I have to have a computer, internet access, a Coinbase account, a Paypal account...providing all those people my personal data...just to use it.

Somehow, when someone gives me a euro, I don't need to have or give out any of that. I just need to find a place that takes euros. Or dollars.

Sounds to me, like bitcoin is VERY centralized. You have to be plugged into The Matrix to transact with it.
 

Flight2gold

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Decentralized nature? Gee, I have to have a computer, internet access, a Coinbase account, a Paypal account...providing all those people my personal data...just to use it.

Somehow, when someone gives me a euro, I don't need to have or give out any of that. I just need to find a place that takes euros. Or dollars.

Sounds to me, like bitcoin is VERY centralized. You have to be plugged into The Matrix to transact with it.
I’m looking at a paper wallet. It’s so faded I can barely see the private key. Its worth about a dollar of btc. I can send you some of that wallet. Just give me your wallet address. Do you know my name? Country of origin? Did I use a pc, coinbase or PayPal?
Did I use the internet? Was there power available?
The answers to all these questions could theoretically be no. Decentralized? Yes.
Edit:
Russia just said they will accept payment for their oil in rubles, gold or bitcoin. When a country sends them btc for their oil that said country has to actually say, “hey, Russia, payment is on the way”.
You know why?
Because Russia will receive payment into their wallet and have no idea who sent it.
 
Last edited:

Casey Jones

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So, you're going to exchange a "bitcoin" privately?

And how will you know you don't just get a file of checksum gibberish? How can you POSSIBLY validate it without being plugged into the Matrix, the infrastructure?
 

Flight2gold

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So, you're going to exchange a "bitcoin" privately?

And how will you know you don't just get a file of checksum gibberish? How can you POSSIBLY validate it without being plugged into the Matrix, the infrastructure?
I mentioned theoretically while noting the decentralized blockchain that BTC runs on.
No, in general, with everything working validation is 100%.
Bitcoin Core can be used offline on a node to validate transactions but like anything else in life, trust but verify, be it gold, silver, seashells or tulips.
Why?
I understand your argument, I do, but this is an uphill battle. Crypto is here. The US digital dollar is upon us. This will overtake anything invented in the last 100 years.
 

Casey Jones

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So is fiat-money here.

It's disaster. It's created collapses all through human history. It's done nothing BUT create failure later.

Nonetheless it is here.

So I have to use it. That doesn't mean I have to celebrate a move from hard-money to fiat.

This goofball e-token scheme, doesn't even have the success record of paper money.
 

newmisty

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Flight2gold

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So is fiat-money here.

It's disaster. It's created collapses all through human history. It's done nothing BUT create failure later.

Nonetheless it is here.

So I have to use it. That doesn't mean I have to celebrate a move from hard-money to fiat.

This goofball e-token scheme, doesn't even have the success record of paper money.
Well, grab your popcorn because we're all about to witness the change over of the world reserve currency to a digital form. The biggest monetary battle in history is upon us.
BTC/crypto vs the CB digital currencies.
It will all come down to faith. Faith in the centralized or faith in the decentralized.
Hang on.
 

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Sounds like the perfect plot for a horror flick.
That's exactly it.

Already we're seeing the evolution as it rolls out. Crypto-tokens, morph into CBDCs. Computers, meantime, shrink in size; and become merged with cellular telephony systems...creating a mobile computer that is NOT controllable by most users (cannot practically connect/disconnect; cannot remove programs, cannot determine which networks to allow/not).

The mini-computer tracks location and records use of payment programs. Soon, CBDCs and other crypto uses.

Soon, buyers' habits and general financial status, recorded in real-time to algorithms with central banks and other government agencies.

And soon, validations of transactions become PERMISSIONS on transactions, based on WHAT is being purchased, and from whom. Only certain goods, and from certain persons, are permitted transactions.

Cancelling becomes a real threat. Get your monthly Jab, or your FedCoin is cut off. And your bitcoin. You better BELIEVE Coinbase will go along with this - just as many Linux versions' repositories go along with Google's demands for OS changes. Else, like Brave Browser, they're just made not to work.

So, what comes of this, is the hell of Communist Chy-Nuh...worldwide. We're all slaves to the Elite Globalists.

But that's not the end of it. We can't all produce for pennies, and the Elites get rich. Who will buy what we make and are not paid for? What good will money be, when they have it all? Without economies of scale and a large population to consume, who will make cars, aircraft, ski resorts, highways...harbors and shipyards that service ships and yachts...all of that?

There was a reason why, when China or the USSR wanted industrial or consumer goods, they turned to the US, sixty years ago. The USSR had equivalent population, and China, more. But they couldn't build or support the infrastructure to make appliances, earthmoving equipment, factory tooling...railway locomotives...et cetera...
 

newmisty

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we're all about to witness the change over of the world reserve currency to a digital form. The biggest monetary battle in history is upon us.
BTC/crypto vs the CB digital currencies.
Sounds just like our elections, the battle between two evils. Ie: lose/lose situation.
 

ds_mustang

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So, you're going to exchange a "bitcoin" privately?

And how will you know you don't just get a file of checksum gibberish? How can you POSSIBLY validate it without being plugged into the Matrix, the infrastructure?
Yeah you have to have a network connection to use crypto. If you're living off the grid in the woods, griping about computers like Ted Kaczynski, crypto isn't for you.