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  1. #1021
    jmcc jmcc is offline

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    Quote Originally Posted by gerhard dengler View Post
    I take those points, but none of the crypto currencies are accountable to sovereign state (s).
    That is the key point of many of these cryptocurrencies. They exist without the need to be accountable to a sovereign state or government.

    The established sovereign currencies at least have some measure of sovereign oversight by comparison. Although trying to do an inventory for gold held at Manhattan seemsto be always problematic.

    What about the real, unpublished, crypto ledgers?
    Many of these cryptocurrencies depend on the ledger being publically available. That allows all transactions to be verified. If someone needs to verify a transaction, then they can do so.
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  2. #1022
    jmcc jmcc is offline

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    Quote Originally Posted by Dame_Enda View Post
    Saw that some weeks ago is good. But its also slightly out of date because it stops more or less at the collapse after NY introduced regulations that collapsed many Bitcoin traders around 2014-5. It doesnt cover the doubling of its value this year.
    It was funny to see the banksters getting interested.
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  3. #1023
    jmcc jmcc is offline

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    Quote Originally Posted by Gin Soaked View Post
    The buying power of the euro is pretty stable. And for most people, the currency has a lot of velocity. I can rely on it on an annual basis. Banks will lend against it being valid decades later.
    A cryptocurrency is not necessarily the same thing as a conventional currency. You have control over the money in your pocket but that control ends once you lodge it in the bank. The bank then has control over your money and the state can steal it whenever it wants for a "bail in" or in tax. That's far more difficult with a cryptocurrency.
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  4. #1024
    gerhard dengler gerhard dengler is offline
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    Quote Originally Posted by jmcc View Post
    That is the key point of many of these cryptocurrencies. They exist without the need to be accountable to a sovereign state or government.
    .
    And do you think this lack of accountability to any sovereign is good?
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  5. #1025
    jmcc jmcc is offline

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    Quote Originally Posted by gerhard dengler View Post
    And do you think this lack of accountability to any sovereign is good?
    Yes and no. Yes because sovereigns are untrustworthy. No because people are, in some cases, untrustworthy. The cryptocurrency tries to build the element of trust into its system. The conventional currency has no such architecture and trust is assumed.
    Last edited by jmcc; 30th November 2017 at 05:15 PM.
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  6. #1026
    jman0war jman0war is offline

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    Yes.
    What is the purpose of money?
    It's a medium of exchange.

    It's the sovereign that has decided to turn it into a method of control.
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  7. #1027
    Shpake Shpake is offline
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    Quote Originally Posted by clearmurk View Post
    It went down well below 7300 at one point, but I don't see that candle on the screen. Hmmm.
    Well that might depend on which exchange you were viewing. I got my info on XE.com. I think I read the entry right. Note that I am not recommending this source over others or un-recommending it either.
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  8. #1028
    Shpake Shpake is offline
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    Quote Originally Posted by jman0war View Post
    Yes.
    What is the purpose of money?
    It's a medium of exchange.

    It's the sovereign that has decided to turn it into a method of control.
    Not one to sound pedantic (but your tax money might have contributed towards my 'nomics degree --but there are a few purposes of money:
    1) Medium of exchange ... acting as a proxy of value -- like if you want to buy milk but your deaf and have second hand clothes on offer and I want to sell market my beautiful voice in exchange for alcohol -- well we can't deal with one another.. but once money comes along as a universal exchange I can make my millions as a pop-star and can buy your second hand clothes. So you can get your milk much more conveniently.
    2) Store of value -- well in todays age of hidden asset-price (like houses) inflation maybe not so good
    3) Measure of value ... comparing apples and oranges? well just look up the wholesale or retail price at the going rate on the markets.
    Can solve a lot of disputes.
    Probably a few other functions too, now where did I put them lecture notes! Oh yes, run out of toilet paper again
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  9. #1029
    Dame_Enda Dame_Enda is offline
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    Back to €8217 now. Litecoin has also recovered a bit.
    Last edited by Dame_Enda; 30th November 2017 at 06:58 PM.
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  10. #1030
    johnnypockets johnnypockets is offline

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    Quote Originally Posted by Dame_Enda View Post
    Back to €8217 now. Litecoin has also recovered a bit.
    I nave done much better out of Dash and Litecoin than Bitcoin more recently. But the dream would be for XRP to take off
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