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Bitcoin Is Over $7,200!

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Interesting article: https://seekingalpha.com/article/41...rue?li_source=LI&li_medium=liftigniter-widget
There are so many scams out there involving Bitcoin (many of which we are no doubt unaware of) and once these scams start to unravel, it is going to be a very bumpy ride.

Yes it will be a bumpy ride and lots of scams along the way. But what got us here?

Back in 30's the FED embraced Keynesianism (expand the money supply to stimulate growth) - gold was confiscated. King Keynes ransom was to encourage CONSUMPTION to push the economy out of recession. Today, (90 years later) we have a world that over-consumes. Enter Bitcoin - a vector that encourages exactly the opposite - THRIFT! The less you spend, the longer you HOLD, the greater your wealth. Imagine a world that saved; a world that was motivated towards sustainability?

King Keynes pushed the world to CONSUME which has polluted the earth - crypto encourages exactly the opposite - sustainability.
 
Basically, the FED embraced a Keynes in the 30's. Print dollars and encourage consumption to pull out of the depression.

Today, (90 years later), Bitcoin encourages people to save. The more they save/HOLD Bitcoin, the more wealth they will hold.

I thought it was an interesting way of looking at it.

Pro-consumption at any cost has warped our world IMO. Perhaps, we can hope that markets will embrace a crypto/Bitcoin multi-verse and the world will SAVE which would be a more sustainable model longer term.

Certainly would be more humane than the wishes of someone like Rognoff (sp? - negative interest rates/dystopia).
 
Jim Cramer's take on it

I bet they start to tame the bitcoin phenomenon," Cramer said. "I don't necessarily mean it'll go down, although I have my suspicions that short-sellers will use the futures to blast bitcoin lower. What I mean is that, so far at least, bitcoin is the least transparent financial bubble I've ever seen
Famous last words, "This time it will be different."
 
Jim Cramer's take on it

I bet they start to tame the bitcoin phenomenon," Cramer said. "I don't necessarily mean it'll go down, although I have my suspicions that short-sellers will use the futures to blast bitcoin lower. What I mean is that, so far at least, bitcoin is the least transparent financial bubble I've ever seen
Famous last words, "This time it will be different."

Terrel,

I apologize for spending so much time on this thread. I find few things to write about here on the forum anymore. But this is one subject that seems to pull me in.
History and economics have such a huge impact as to who and what we are. Decisions our leaders have made in the past have gigantic repercussions as time moves forward. Our choices in history affect how cities have grown, how people eat, how people interact with one another. I perhaps want to pile too much blame on top of the Keynesian paper pushers. The older I get I see giant membrane bubbles. I see my own health and eating habits as a membrane bubble and a result of consumerism. All the events in my life nothing more than part of this rising tide of the influence of paper money.

A hamburger at a fast food joint, a Jim Cramer on Tee Vee, piles of trash, piles of fake money, piles of fake information, piles of fake everything. Where did it come from? And then if so much is fake, then how real is anything, including myself. What is me? Am I not only a flesh body/mind birthed from the womb of paper money?

To me Jim Cramer is at the epicenter of the paper mache world. How would he know anything? He is nothing more than the urban centric who bloviates outward, powered by paper news and funded by paper corporatism. How would know the first thing about transparency?

We have 21 trillion dollars missing, besides the 21 trillion of deficit, we have no idea about anything. This guy Cramer/Wall Street, Goldman Sachs, Pentagon, CIA, NSA, - want to preach about transparency while they stuff their mouths with paper money? Please Terrell, Please.
 
Jim Cramer's take on it

I bet they start to tame the bitcoin phenomenon," Cramer said. "I don't necessarily mean it'll go down, although I have my suspicions that short-sellers will use the futures to blast bitcoin lower. What I mean is that, so far at least, bitcoin is the least transparent financial bubble I've ever seen
Famous last words, "This time it will be different."
Least transparent? I’m not so sure about that. Every transaction is traceable, every single one since the first; it’s the very essence of Bitcoin and distributed ledger technology. The anonymity that’s hyped is no one knows who owns each wallet, unless it’s admitted to or figured out by transactions, patterns, etc.

Here’s a pretty interesting blog touching on the bubble issue and what my trigger it: https://cryptocurrencyhub.io/the-bitcoin-bubble-post-mortum-822343dcfce5


“Interestingly, how the crash will come is a little mysterious? Bitcoin seems to have no fundamentals other than the system itself. In other words, what can hit bitcoin is risk the whole apparatus might come down perhaps from an attack or some other failure. It may also be dogged by difficulties faced by exchanges who have their own security issues. But there will be no economic indicators of any of this and so the usual story of what triggers a crash isn’t going to be there.

That said, the transparency of the accounts makes this all interesting. The Winklevoss twins used $11 million of their Facebook settlement in 2013 to buy bitcoin and seem to have one of the largest wallets at the moment. These are the billionares and they have the most to gain by being able to exit bitcoin at some point. When they start trading, however, people will know. My University of Toronto colleagues, Katya Malinova and Andreas Park were on top of this issue and have examined the issues associated with such transparency. It is far from clear the Winklevoss twins are in a good position.

My guess is that one of these large wallets will start to divest and that is what will trigger the crash. That will be an interesting day. For those who study financial markets and bubbles, bitcoin is going to create a treasure trove of data.”
 
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Non Seq said,
"Every transaction is traceable, every single one since the first; it’s the very essence of Bitcoin and distributed ledger technology. The anonymity that’s hyped is no one knows who owns each wallet,Every transaction is traceable, every single one since the first; it’s the very essence of Bitcoin and distributed ledger technology. The anonymity that’s hyped is no one knows who owns each wallet,...."

From a previous post:

WSJ--Updated Dec. 7, 2017

"More than $70 million worth of bitcoin was stolen from a cryptocurrency-mining service called NiceHash following a security breach, causing the company to halt operations for at least 24 hours.

Andrej P. Škraba, head of marketing at NiceHash, said to The Wall Street Journal that approximately 4,700 bitcoin had been stolen from a bitcoin wallet, an online account that stores the digital currency. Bitcoin wallets, like other online bank accounts, have been targets of hackers in the past.

“It was a professional attack,” Mr. Škraba said. He declined to elaborate further, saying more information will be revealed at a later date."


So how is every bitcoin transaction "traceable" again? I'm sure the guy who lost $70 million would like to know
 
So how is every bitcoin transaction "traceable" again? I'm sure the guy who lost $70 million would like to know
All transactions, every single one, is traceable in the blockchain. The reason stolen coins aren’t returned is blockchain immutability; no transaction will ever be reversed even in cases of illegal activity. That doesn’t mean some aren’t working on a way to return stolen coins, but without the private encrypted keys it would take a consensus of the community of miners and that’s highly unlikely.

https://www.coindesk.com/what-should-we-do-with-stolen-bitcoins/

https://bitsonblocks.net/2016/02/29/a-gentle-introduction-to-immutability-of-blockchains/
 
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Most likely the truth is ... is that we are slaves and we work until we die - thats how the system works .... I pontificate in here way too much. Lots of corruption going on in this space. Be careful out there, I got a little in it, but I am mostly out now.

I wish the world were an open system, but life is not fair. I will likely die broke. Just no way out of this world for most of us. Just the way it is.
 
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