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  1. #1041
    clearmurk clearmurk is offline
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    Quote Originally Posted by EUrJokingMeRight View Post
    Not by a long, long way my cynical friend

    Property, Eircom shares are just a few of the ones that I've watched collapse.....

    The candle, the tyre, the telegram, satellites are all fantastic and have driven us forward as a race...but blockchain will make our national populations truly global, without borders, without intermediaries.

    I think that is going to be a very fertile environment for human thought and independent human capital to flourish.
    For the purpose of transparency and all that, care to comment on Tether printing and the reported correlation with Bitcoin price pumps. How does this differ from the official QE by Fed, ECB et al?
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  2. #1042
    jmcc jmcc is offline

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    Quote Originally Posted by EUrJokingMeRight View Post
    corruption hates the honesty of cryptographic mathematics.
    True. But those on the other side of the equation understand that security is a moving target. What was secure in the past will not necessarily be secure in the future.
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  3. #1043
    EUrJokingMeRight EUrJokingMeRight is offline
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    Quote Originally Posted by clearmurk View Post
    For the purpose of transparency and all that, care to comment on Tether printing and the reported correlation with Bitcoin price pumps. How does this differ from the official QE by Fed, ECB et al?
    Tether, from the little that I know about it, is for keeping a 1:1 ratio between different Fiat currencies such as Euro, USD etc. So for tether to keep a 1:1 ratio with these currencies one would imagine that it must match issuance of thse currencies with issuance of tether. Maybe the FED and ECB are issuing notes to buy bitcoin?
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  4. #1044
    clearmurk clearmurk is offline
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    Quote Originally Posted by EUrJokingMeRight View Post
    Tether, from the little that I know about it, is for keeping a 1:1 ratio between different Fiat currencies such as Euro, USD etc. So for tether to keep a 1:1 ratio with these currencies one would imagine that it must match issuance of thse currencies with issuance of tether. Maybe the FED and ECB are issuing notes to buy bitcoin?
    Terrific. We can expect the amount of Tethers to eventually equal the amount of Fed issued dollars. Hong Kong (China?) will have taken over the world economy. Implication for Bitcoin - to the Moon!!
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  5. #1045
    EUrJokingMeRight EUrJokingMeRight is offline
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    Quote Originally Posted by jmcc View Post
    True. But those on the other side of the equation understand that security is a moving target. What was secure in the past will not necessarily be secure in the future.
    Sure. Live for today as tomorrow never comes...
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  6. #1046
    gerhard dengler gerhard dengler is offline
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    Quote Originally Posted by EUrJokingMeRight View Post
    Centralisation of power and authority leads to dictatorships and lack of public accountability. Whether or not such 'dictatorship' is decided by popular vote or not, ie 'democracy' etc is neither here nor there.

    Sure being given the option of 'voting' is nice and empowering I suppose in and of itself but really its inconsequential at the end of the day. People still have to trust that the sovereign will act in the 'national interest', 'public interest' and the 'common good'.

    Now if you ask two people from different socio economic backgrounds what their interpretation of the 'national interest', 'public interest' and the 'common good' are you will get two different answers I'd wager.

    Now consider a position whereby you have a trustless system, ie cryptocurrency such as Bitcoin. In other words I can transact with you and you can transact with me without either of us needing to know ANYTHING about each other and without the need for an intermediary, be it a Bank/Visa/Mastercard/sovereign state etcto oversee/interefere/take a cut of the transaction then all of a sudden there is no real need for either of the above with regard to individual citizens transacting with each other.

    Now when individuals start getting that idea into their heads then, much as like what has happened with religion of late, people will question the legitimacy of 'sovereigns' (what is that these days when citizens cannot get to vote on things that affect them everyday such as tax rates, water charges, immigration, bonuses and expenses for politicians/public servants, transport, revenue spend) and that I hope will lead to an evolution of the 'authority' over society that ejects the archaic one that we currently live under.

    Transparency is like cancer to sovereigns.

    corruption hates the honesty of cryptographic mathematics.
    Thanks for your answer.

    I'm neither pro or anti, cryptocurrencies.
    The fact is that I do not know enough about them, and how they operate, to hold an informed opinion.
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  7. #1047
    jman0war jman0war is online now

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    This video spells out a nice use case for crypo as Offshore funds that are resistant to seizure.
    https://www.facebook.com/businessins...5267675759071/

    Also there's some draft legislation making the rounds in Germany that call for a backdoor to all internet connected devices. Sounds chilling.

    https://www.thelocal.de/20171201/ger...-device-report

    Remember how WikiLeaks abruptly had all their bank accounts frozen without any due process? https://wikileaks.org/Banking-Blockade.html

    Pendulum needs to swing back toward people and privacy.
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  8. #1048
    jmcc jmcc is offline

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    Quote Originally Posted by EUrJokingMeRight View Post
    Sure. Live for today as tomorrow never comes...
    Sky was supposed to be immune from hacking and it had algorithms designed by one of the guys who developed the RSA algorithm. It was compromised in about five seconds. Smartcards were meant to make pay TV immune from hacking and yet dodgyboxes are still available (I think). And people can still watch TV content streamed online. WiFi was supposed to be unbreakable. It was hacked multiple times. GSM sim cards were supposed to be uncopyable. They were compromised about 20 years ago.

    Enigma was thought to be unbreakable and yet it was compromised. As was Tunny and a multitude of other systems.

    SHA1 was initially secure and it was replaced by SHA2. SHA2 was chosen for Bitcoin before the Snowden releases. The use of ASICs (chips designed specifically for a purpose) has accelerated mining of cryptocurrencies though this was, apparently, expected at the time. I think that were some converstations about this (amongst people who discuss these kinds of topics) but I'd have to go back and check. However, if someone was to make a breakthrough with the theory behind some of these hashing functions, then it could cause massive problems for some of these cryptocurrencies. Even a successful attack on the algorithms used to protect wallets could have devastating consequences.
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  9. #1049
    forest forest is offline
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  10. #1050
    gerhard dengler gerhard dengler is offline
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    Quote Originally Posted by jman0war View Post
    This video spells out a nice use case for crypo as Offshore funds that are resistant to seizure.
    https://www.facebook.com/businessins...5267675759071/

    Also there's some draft legislation making the rounds in Germany that call for a backdoor to all internet connected devices. Sounds chilling.

    https://www.thelocal.de/20171201/ger...-device-report

    Remember how WikiLeaks abruptly had all their bank accounts frozen without any due process? https://wikileaks.org/Banking-Blockade.html

    Pendulum needs to swing back toward people and privacy.
    Internal Revenue Services (IRS) in USA is apparently taking a lot of interest in Bitcoin activity. It is said that they're seeking to see if gains/losses have been disclosed in the tax filings of owners of Bitcoin.
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