Sooo, you run a bunch of computers to 'mine' BitCoin'. You waste energy to create what? Some imaginary 'coins' that reside on some computer? I don't buy it. There is no real value to that. If I would go out and actually mine gold in California, then I would have a solid piece of gold that has an inherent value: it is a noble metal and besides being 'precious', it has many uses in electronics, optics, etc. Plus, you can exchange this to your local currency and buy stuff. This BitCoin stuff will one day end very badly... It's the emperor's new clothes.
Bit coin is a digital currency. Block chain is a cyber network. Anything is better than central bank fiat, but that's not saying much. I am suspicious that the whole model will be perverted and undermined by gov't-finance partners rendering the goal of a secure and private medium of exchange unattainable.
In my opinion there's plenty of blockchains/ledger/contract systems more suitable for the task of doing the job academic journals are in fact not doing..
Substack went down so ignore if this is posted twice. Thanks for all these fantastic videos. For the publication/funding ledger, do you envision an altcoin layer on top of BTC? Or do you think everything can be done with BTC alone?
Jessica: I just got into BTC and I was expecting medical information and to my vast surprise I find a goody box of wonderful wonderful Bitcoin information, and THANKS so much! Masterful gift to us all!
Bitcoin is a con, not because it’s a private business currency just like a casino’s digital poker chip, but because electricity is 100% FREE.
It’s a matter of infrastructure for electricity that cost ZERO to capture and use. Electricity infrastructure is by far “cheaper to build and maintain than sidewalks and roads.” It’s all such a scam, both the cost (charging people) for the use of digital currency, which costs ZERO, just like electricity. And the same goes for clean water and communications, which is also abundant and totally FREE—once you wrap your head around the reality that “electricity is infinitely abundant and totally free,” minus the cheap utility infrastructure paid for by cheap fair trade tax (no other tax necessary, not even for society’s limited, subordinate government). My hydro-electric damn says so, and that’s just one of thousands of ways to capture renewable energy for electricity. Damn you bought engineers and money-junkies straight to hell.
"Bitcoin can be stored in your mind with simple memorization of your key phrase."????
if so, what if all our minds are controlled??? Or somebody dies, or there is power outage, or you are forgetful and don't remember the amounts you own, 'somebody' accesses it and takes 5$ worth every month? The digital world is for PARASITES, like the old good BILL SET-Ag (that last bacwards please..)
NO, there are enough ATOMS in this world, that people can trade among themselves with what we got, just put it in the right place and use it for the right stuff, like items NOT 'Made In China'...!!! Have your possessions in YOUR HANDS, be it Au/Ag or the old fashioned $, EURO, Jen, whatever.
JUST DO NOT ALLOW A TRANSFER of HUMAN TIME and WORK by their MINDS, HEARTS AND HANDS INTO SOME HACKABLE VIRTUAL WORLD of Zuckerberg's et al.....
We used to think in 0 and 1's on digital platforms, BUT now, NO MORE, there are two more choices between LIES AND THE TRUTH. Ask Google.
Imagine somebody asks: Where is your home?
answer: In my mind.
Will you pay for this? Let me check with my mind. Etc., etc.
That's like shrinking even the 15 min cities into a total annihilation.
That saying 'everything is in your mind' by MD's, fit's here so good.
What bugs me about bitcoin is how it makes the rich richer . The first to get into the pyramid are the winners and everyone else hopefuls. The utility was that exchange costs would be cheaper ,and that it can be private from authorities . I t was initially utilized by organized crime. Mostly i see its primarily used as aspeculative pyramid type thing. The main value is the blockchain ledger. In reality the blockchain would solve problems in tracking and accounting of commodity trading, but then those manipulating markets would need to already completely capture the market to accept it. Once the blockchain can be appkied to all commodities then central planning and gdp can better and more accurate. Even feeding into a central digital currency backed by blockchains of commodities in different sectors, and be a more better actual proxy for gdp economy and thus psuedo fiat. But bitcoin is just an idea that includes an alternative to the corruption of fiat but initself has its own problems.
Now, where i could see some interesting use of privatecapital is in the creation of a blockchain based on land purchase and put into community trusts . This the blockchain is based on a finite value , and likely one of the most accurate and measurable….land
Myfriend here in canada created the first crypto fund. He really had to do a bunch of research to get everything past the regulatory commision. I am pretty sure when i spike to him in the process that the original claim of bitcoin ofnot being traceable and able to sieze accounts has been proven false .
Special K - "When banks loan you money, they print that money into existence, diluting all other dollar holders. Most people don’t know this and think the loan is coming from other bank customers who have savings deposited at the bank. Not so."
Indeed, commercial bank deposits are the result of lending, not the other way around.
From a system standpoint Commercial Banks do not loan out the public’s savings. It is absolutely false to speak of the commercial banks as financial intermediaries not only because they are capable of “creating credit” but also because all savings held in the commercial banks originate within the banking system.
It's simple if you know the difference between a debit and a credit: an IOU begets bank credit, at the same time on the other side of the journal, that debt begets a counterpart, new credit money. Hence, money is debt viz all money is an IOU.
In this system all assets, liabilities, credits and debits are IOU's, no CASH is ever printed or specie minted in this process. This is a credit based system and the above describes the CB's unique ability, the prestidigitation or creation of credit money from thin air (EX NIHILO), or manna from heaven.
The ability of this special club (and you ain't in it) is in counterdistinction from their customers: NB's (non banks) and other financial intermediaries (Non CB's, S&L's, Thrifts, Credit Unions, etc.) who use already existing CREDIT MONEY, none of these ends creates new "money", but it can create new debt.
Ones and Zeros floating around in the aether. Not my idea of money.
Bitcoin is not private though. Monero is. Bitcoin is the on and off-ramp to crypto and privacy coins.
We all need to dis-intermediate, because intermediation is how we are controlled, bled and suppressed.
Intermediation prevents (real) innovation, and perpetuates control-structures..
Sooo, you run a bunch of computers to 'mine' BitCoin'. You waste energy to create what? Some imaginary 'coins' that reside on some computer? I don't buy it. There is no real value to that. If I would go out and actually mine gold in California, then I would have a solid piece of gold that has an inherent value: it is a noble metal and besides being 'precious', it has many uses in electronics, optics, etc. Plus, you can exchange this to your local currency and buy stuff. This BitCoin stuff will one day end very badly... It's the emperor's new clothes.
“cannot be seized and can be accessed anywhere in the world that has an internet connection.”
And therein lies the fatal weakness.
So much wrong with academic publishing now. While responding to a terrible response piece in one journal I found they had published hundreds of articles in just a few months... https://okaythennews.substack.com/p/breaking-sokal-cubed-is-this-the
Bit coin is a digital currency. Block chain is a cyber network. Anything is better than central bank fiat, but that's not saying much. I am suspicious that the whole model will be perverted and undermined by gov't-finance partners rendering the goal of a secure and private medium of exchange unattainable.
In my opinion there's plenty of blockchains/ledger/contract systems more suitable for the task of doing the job academic journals are in fact not doing..
Substack went down so ignore if this is posted twice. Thanks for all these fantastic videos. For the publication/funding ledger, do you envision an altcoin layer on top of BTC? Or do you think everything can be done with BTC alone?
Thank you for a treasure trove of information on this subject. I totally get blockchain but have been blocked on crypto.
Jessica: I just got into BTC and I was expecting medical information and to my vast surprise I find a goody box of wonderful wonderful Bitcoin information, and THANKS so much! Masterful gift to us all!
Bitcoin is a con, not because it’s a private business currency just like a casino’s digital poker chip, but because electricity is 100% FREE.
It’s a matter of infrastructure for electricity that cost ZERO to capture and use. Electricity infrastructure is by far “cheaper to build and maintain than sidewalks and roads.” It’s all such a scam, both the cost (charging people) for the use of digital currency, which costs ZERO, just like electricity. And the same goes for clean water and communications, which is also abundant and totally FREE—once you wrap your head around the reality that “electricity is infinitely abundant and totally free,” minus the cheap utility infrastructure paid for by cheap fair trade tax (no other tax necessary, not even for society’s limited, subordinate government). My hydro-electric damn says so, and that’s just one of thousands of ways to capture renewable energy for electricity. Damn you bought engineers and money-junkies straight to hell.
WHAT???
"Bitcoin can be stored in your mind with simple memorization of your key phrase."????
if so, what if all our minds are controlled??? Or somebody dies, or there is power outage, or you are forgetful and don't remember the amounts you own, 'somebody' accesses it and takes 5$ worth every month? The digital world is for PARASITES, like the old good BILL SET-Ag (that last bacwards please..)
NO, there are enough ATOMS in this world, that people can trade among themselves with what we got, just put it in the right place and use it for the right stuff, like items NOT 'Made In China'...!!! Have your possessions in YOUR HANDS, be it Au/Ag or the old fashioned $, EURO, Jen, whatever.
JUST DO NOT ALLOW A TRANSFER of HUMAN TIME and WORK by their MINDS, HEARTS AND HANDS INTO SOME HACKABLE VIRTUAL WORLD of Zuckerberg's et al.....
We used to think in 0 and 1's on digital platforms, BUT now, NO MORE, there are two more choices between LIES AND THE TRUTH. Ask Google.
Imagine somebody asks: Where is your home?
answer: In my mind.
Will you pay for this? Let me check with my mind. Etc., etc.
That's like shrinking even the 15 min cities into a total annihilation.
That saying 'everything is in your mind' by MD's, fit's here so good.
What bugs me about bitcoin is how it makes the rich richer . The first to get into the pyramid are the winners and everyone else hopefuls. The utility was that exchange costs would be cheaper ,and that it can be private from authorities . I t was initially utilized by organized crime. Mostly i see its primarily used as aspeculative pyramid type thing. The main value is the blockchain ledger. In reality the blockchain would solve problems in tracking and accounting of commodity trading, but then those manipulating markets would need to already completely capture the market to accept it. Once the blockchain can be appkied to all commodities then central planning and gdp can better and more accurate. Even feeding into a central digital currency backed by blockchains of commodities in different sectors, and be a more better actual proxy for gdp economy and thus psuedo fiat. But bitcoin is just an idea that includes an alternative to the corruption of fiat but initself has its own problems.
Now, where i could see some interesting use of privatecapital is in the creation of a blockchain based on land purchase and put into community trusts . This the blockchain is based on a finite value , and likely one of the most accurate and measurable….land
Myfriend here in canada created the first crypto fund. He really had to do a bunch of research to get everything past the regulatory commision. I am pretty sure when i spike to him in the process that the original claim of bitcoin ofnot being traceable and able to sieze accounts has been proven false .
Special K - "When banks loan you money, they print that money into existence, diluting all other dollar holders. Most people don’t know this and think the loan is coming from other bank customers who have savings deposited at the bank. Not so."
Indeed, commercial bank deposits are the result of lending, not the other way around.
From a system standpoint Commercial Banks do not loan out the public’s savings. It is absolutely false to speak of the commercial banks as financial intermediaries not only because they are capable of “creating credit” but also because all savings held in the commercial banks originate within the banking system.
It's simple if you know the difference between a debit and a credit: an IOU begets bank credit, at the same time on the other side of the journal, that debt begets a counterpart, new credit money. Hence, money is debt viz all money is an IOU.
In this system all assets, liabilities, credits and debits are IOU's, no CASH is ever printed or specie minted in this process. This is a credit based system and the above describes the CB's unique ability, the prestidigitation or creation of credit money from thin air (EX NIHILO), or manna from heaven.
The ability of this special club (and you ain't in it) is in counterdistinction from their customers: NB's (non banks) and other financial intermediaries (Non CB's, S&L's, Thrifts, Credit Unions, etc.) who use already existing CREDIT MONEY, none of these ends creates new "money", but it can create new debt.