CryptoPonzi BTFO

Exploitation of the town's resources was banned via banning bitcoin mining. They could have just raised the prices on heavy commercial use, but they did not. There's another commercial entity here that bribed the city mayor/council to ban bitcoin mining instead and keep the prices low for them.

If they want to they effectively can. They can get any big mining operation, small ones don't make a difference.

They may want industry to settle in. Bitcoin isn't a good industry, it employs nearly nobody and generates little no taxes.

that's a good point. i wonder how much this really affects personal mining though. the article mentions commercial zoning permits, I imagine warehouses filled with miners being banned, but I can also see them coming down on anyone with a massive power bill on their house and declaring it not zoned for that.

solar would make it irrelevant but if solar was cost effective miners would already be doing it. more proof solar is a meme in it's current state.

It was illegal to have certain programs on your hard drive while traveling out of USA, because cryptography was considered military tool and export of military tools was forbidden or something.

Back then debian had "non-us" mirrors (obviously outside the US) where you could download those dangerous codes.

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I thought it was backwards where the US had encryption, but couldn't include encryption in software it exported to other countries.

Encryption was classified as munition for historical reasons (way back, only the military had crypto, and before cheap computers it made sense average people wouldn't need it). That t-shirt contained RSA, making it legally a munition. The point wasn't to travel overseas with it (the code isn't that hard and the algorithm was public), I think, but show how ridiculous the whole situation was.

Yes, that's how it was. The problem for distros is they wanted anyone, anywhere, to be able to download, so they couldn't host crypto packages in the US or they'd be breaking the law when someone downloaded from elsewhere. I don't know how others handled it, but debian simply hosted these specific packages outside the US (which was perfectly legal if the teams behind them weren't working in the US, but I don't know how legal it was for a US dev to contribute code).

literally means nothing

Would you be genuinely surprised by getting detained by Homeland Security and your shit thoroughly searched and/or confiscated because of you wearing a "this shirt is a munition" shirt at an airport? Conversely, would you be surprised by getting bit by a dog after poking him with a stick?

How did the distros containing the "offending" code (no matter if source or binary) legally leave the US in the first place (it had to somehow for it to be hosted elsewere)?

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kill self

It wasn't just software, but hardware, that was restricted. I remember during the 90s tech bubble, when a lot of startups would implode shortly after IPO and be replaced, there were constant bankruptcy liquidation auctions for computers. Since I lived in central California where a lot of the action was, I'd constantly upgrade cutting-edge Macs and accessories at firesale prices for years on end, often getting so much stuff I'd sell the rest (and my older machines) for a tidy sum via newspaper classifieds. As these auctions kept happening, more and more often I'd see shady looking Arabs & Slavs there paying outrageous prices (sometimes higher than retail!) for whole lots of machines, a few times I even resold them computers in the parking lot after they missed the auction.

Of course, eBay (a total sellers market) put an end to that eventually, and the deals I got at those liquidations were never again to be seen.

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Interesting rebuttal with zero substance. They can't possibly know who is mining and trading cryptocurrency without going door to door and this isn't Europe. They can't do shit.

It's piss easy

back when apple made good hardware

0/10

What about freedom of speech?
Am I not allowed to have whatever shit written on me?

Yeah, you go do that.

Baby steps. First we come for the ASIC miners, then FPGAs, and finally the most utterly repugnant GPU/CPU-only coins.

Interesting question. From what I understand, there are still serious legal challenges about whether or not official secrets and espionage acts have constitutionally valid power over civilians.

Are you underage?

Zig Forums is so contrarian nowadays, it’s far beyond cringe-worthy.

Bitcoin is literally a Ponzi scheme and the less people buy into that, the better.

By that logic isn't any investment where you make money a Ponzi scheme then. Since the money isn't magically generated, it had to have come from some other person.

how exactly is that relevant?

Because typically Ponzi scheme's are painted in a bad light and the way you phrased your comment made it sound like bitcoin was bad, but not other forms of investment.

are you retarded?

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The difference between a Ponzi scheme (or other pyramid scheme, legally speaking, "franchise fraud" in burgerstan) and legitimate investment, is that investment seeks to raise funds for some economically productive enterprise, whereas pyramid schemes simply seek to recruit infinite numbers of rubes. Per the FBI:
That fits cryptocoins to a tee.

To be crystal clear, I am not opposed to decentralized, anonymous, secure, electronic currency. I am, however, opposed to deflationary pyramid schemes, especially those which hurt people other than the suckers that buy in, through wasting energy and diverting valuable commodities such as computer hardware.

Criminals are already starting to target cryptomining companies to steal GPUs in the shittier parts of Canada so small towns might be trying to get rid of miners since it might attract crime.

lapresse.ca/actualites/justice-et-affaires-criminelles/affaires-criminelles/201803/13/01-5157205-deux-mineurs-sequestres-ligotes-et-asperges-deau-de-javel.php

At $6-10k and already those absurd predictions of people who casually commented or joked on the internet about cryptocurrencies being kidnapped and tortured to death for their non existent cryptowallets seem plausible barely 5 years later.

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Your gross ignorance of societal principles is typical of retards and minors, and I hope you're not retarded

nice trollin'
10/10

My condolences

Wow what a total waste of money, Could have spent a third the "investment" and had more mining power.

The thing is though it's a little off. It's not the crypotocurrency. It's the fucking graphics cards. That's where all the fucking money is.

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FUCKING CRYPTONIGGERS AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

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What is this from?

You realize there are a gorillion alts out there that let you try out different flavors of the bitcoin formula, don't you? If you think you or someone else does a better job then bitcoin, you should put your money where your mouth is.
Bitcoin is deflationary only because that is what Satoshi correctly predicted would be the money to which people generally gravitated. Sound money is deflationary.

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Imagine if all that power could have been put into Boinc/WCG distributed computing projects. We could have found cure for all forms of cancer and found all ayy lmaos in observable part of universe.

Which consumes more electricity? Industrial machine which can't even be plugged into a 120v socket, or GPU bought with Hot Pockets money? Use your noggin you silly cunt.

You mean like the Jews are doing right now and have been doing for over a century in America? Schlomo detected.

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you need to go back to reddit

GIF images are inherently bloated.

Go read "Wealth, Virtual Wealth, and debt" by Soddy Frederick, the first edition is old enough and free.
This will give you a good base on currency.

At least it isn't amd.

How's that GPP going for you, pal?

You have no idea how fake money actually is. There is more "money" in the form of debt than exists on the entire planet. All of the money is fake, and I don't mean "fiat" fake either. I mean there physically isn't even enough paper to represent how much money doesn't exist. When your bank says you have x-amount of money in your account, they are LYING to you, they are bluffing 100% in the hopes that you don't actually go check because the day you and everybody else does the financial system would collapse and we would witness a depression like no nation on the planet has ever witnessed before.

Here's how it works:

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Yeah, and every single one of them is inflationary. There are a handful that don't depend on mining, like FairCoin, but that's the best improvement I'm aware of so far.
Deflationary "money" isn't money, meaning a medium of exchange that people readily obtain and spend, it's fake investment dead air in the flow of money, which discourages holders from seeking and creating capital investment opportunities as aggressively as possible. That's why all currencies are intentionally designed to be mildly inflationary.
Hoarding is a disease, private possession of gold never should've been legalized again.

Excellent rec, though for our present times, "A Primer on Macroeconomics for Sovereign Monetary Systems" might be somewhat more relevant.

It's called fractional reserve, and without it, capitalism couldn't have happened. Also, credit and money aren't the same thing, private banks can only create credit, which can't be exchanged for money (electronic or physical) unless the bank has enough, while only the mint can create actual money.

Of course, that's why everybody should stop posting them, and better, delete them too.

I have blocked them from being downloaded anyway. I am just pointing that you're doing stupid shit.

Try picking one. Why should I support an inflationary currency if I have to wage slave? It's another tax that just makes me poorer. It undermines the entire concept of property rights because my money can be taken away at any time.

The fact that they came up with a fancy Latinate name for it doesn't make it less of a scam.

You're really breakin' my heart here.

Deflation leads to market collapse. Fun fact, to get market to stagnate you don't even need to come to zero inflation, a too small inflation is enough to cause it.

Source: pre-war America, post-war Japan.

You see, there's a difference between issuing fiat currency and mining crypto currency. Former is done for a purpose of supporting a carefully calculated inflation rate, and latter is done out of greed pure and simple. When governments start printing money out of greed, their whole economy crashes soon after. There's no reason to believe it's not also true for crypto.

This is bullshit. It's called the business cycle. Monetary policy is just one part of it. The Central Banking system is dying because without constant new credit then the whole system becomes deflationary too. Unless the FED prints money. But if they can print money then why can't I get free money? Why do the bankers? This is bad because it undermines the whole idea of property rights.

The best thing about cryptos is that you can always create another one. The system will never be without money if we are in a 100% crypto world. Your logic assumes only Bitcoin.

Additionally. For currency to inflate, there doesn't even needs to be any excessive (or at all) money printing. External factors alone can tank a currency, see Venezuela - for a good while they were spending more money printing cash than it is worth which is a net negative flow of money to the economy, and yet the currency was still inflating like mad. If your currency is doing too good, you may need to print money to keep inflation rate high enough. And if it's doing bad, you're issuing money to cover the shortage of bank notes, it's an effect of inflation, not the cause.

It's not bullshit because it actually happened under those circumstances, and did not happened under other circumstances ever. This marks very strong statistical correlation, to the point that you can't divorce the two.
The bankers get jack shit. Printed money is the government's property. See
So you can print money forever? Didn't you just made an argument against inflation? So how that's supposed to be a good thing?

You are equating different cryptos as the same thing and this is a mistake. Different coins have different properties so it is not the same thing. Printing money is theft no matter how much you dress it up. The bankers get money through bailouts, tax payers backing their bad loans, and the FED injecting money into the stock market which the bankers siphon off. Fuck off you shill.

Uh-huh. So you don't understand cryptos and don't understand economy, your arguments are self-contradictory, you want free money out of thin air and you complain to no end about things that are only natural.
>>>/oven/

The governments are also all indebted to banks so they, and thus us, pay the bankers rent that way too.

Found the Zig Forumstard, go back to sucking off your corporate masters.

The money is not coming out of thin air. People assign value to BTC. To acquire cryptos real work is being done, mining which consumes power and physical hardware, unlike the US dollar which is created out of thin air.

You're not fooling anyone, kike.

Would you look at this dumbfuck nigger.

Even fiat USD carries a promise that the bank can exchange it for actual bullion. Bitcoin doesn't even have that luxury.
And how is that power and physical hardware initially paid for you stupid fuck?

Printing dollars also consumes power and requires hardware (such as printers). The result are physical dollar bills, while the "result" of coin mining is just bit patterns which only satisfy the condition of being solutions to some algorithm, and have no practical use whatsoever. Assigning value to them is just as arbitrary as assiging value to dollars, and dollars do have some practical uses if necessary (such as wiping your ass or making a campfire).

Crypto is a system where every transaction needs a third party which takes a cut in order to complete. It's clearly anti-consumer to pay someone a cut of your unrelated transaction. But bitcoin proponents don't see them as users of the systems, they want to be the third party that takes a cut off unrelated transactions.

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It's the same with credit cards and anything online, the consumers eat that shit up.

Uh no sweetie, if I use my own money (no credit) then I don't pay shit to anyone. My only fee is the prepaid card issue & support fee.

Wrong. The fee is part of the regular price that even those who use cash pay. You think you are the one winning when dealing with banks? How delusional are you?

If you're a wageslave, inflation is pretty much irrelevant, since the prices of both labor and consumer commodities are effected equally by currency inflation (it's true that the "real dollar" price of labor has stagnated, but this is due to neoliberalism, not inflation). If you have substantial amounts of savings, inflation encourages you to put them in an interest-earning deposit, better yet an investment instrument such as a bond or fund, or best of all to engage in entrepreneurship and seek out promising enterprises for investment.

Seriously, look up "free silverites" and the "cross of gold" speech, deflationary money was debunked over a century ago.

Not saying capitalism is great, but it's the system we have to work within at the moment, and a step up from feudalism.

TOP CONMAN

The actual source of fiat money's value is that it's the only legal tender for paying taxes. If taxes didn't exist, there would be no demand for dollars.

Bitcoin isn't a "promise" like a paper dollar is. Bitcoin is the currency itself. There's nothing to exchange it into.

The practical use is that it ensures the integrity of the network. If everyone stopped mining, it would be trivial to execute a 51% attack on the network.

You can send a transaction with no transaction fee if you want.

There's no inherent reason why a cryptocoin couldn't simply be "pre-mined", eliminating the pointless waste of mining.

circular argument discarded

Mining is the process which adds transactions to the blockchain. Are you saying the blockchain should already contain every single transaction that will happen in the future. I don't believe we have the technology to predict the future yet.

Maybe you misunderstood me. Mining does not ensure the integrity of mining. If I had said that, that would be a circular argument. If you reread what I said, I explained that mining ensures the integrity of the bitcoin network.

Which also believes in printing money. The whole system is fundamentally dishonest and always leads to collapse. The cryptos represent the first time in millennia that we have the ability to try something new in the banking space. Advocating for printing money is the past.

It exists solely to encourage excess calculations for the sole purpose of pyramid scheme activity, rather than just to execute transactions. It's not strictly necessary, and cryptocoins do exist without it, e.g.:
fair-coin.org/en/ecological-blockchain-consensus1
Granted, all such coins I'm aware of are still deflationary, and of course this doesn't solve the transaction efficiency problems that exist in all current blockchain tech, but there are a number of potentially viable solutions in the works that could make blockchains work for useful volumes of transactions.

Neoliberalism has little to do with monetary policy. It consists of fpur things: 1) Offshoring. 2) Mass economic immigration. 3) Privatizing natural monopolies. 4) Deregulation.

Neo-liberalism needs cheap interests to work. Otherwise how can you pay for
1) Offshoring
2) Mass economic immigration aka gibs
3) Privatizing natural monopolies
4) Deregulation
I'm going to add a fifth item to your list.
5) Leveraged buyouts
The Central Banks manipulate interests rates down for corporations and governments.

I'll agree the two certainly don't conflict. The loans handed out to encourage it greased the skids, but for instance simply stripping down and selling off domestic industry provided a great deal of capital for establishing cut-rate foreign factories where slave labor was readily accessible.

Notice how to create a new node you have to go to a centralized source. Bitcoin is completely decentralized.
If you have to trust a centralized source, you may as well store the money in a regular database like PayPal does.

Sort of. The central authority is itself decentralized, consisting of current "verified" nodes in a democratic assembly, which can vote admit or reject members based on compliance with rules passed by the assembly. The identities of these verified nodes are concealed amongst all other nodes on the network, and as such are anonymous

fair-coin.org/en/faircoin-faqs
It also says that these eleven people have the ability to add or remove nodes. Unlike bitcoin where everyone has the power to join / leave the network or even change blockchain parameters, for FairCoin it's all up to a centralized comity of 11 people.

That's the point I was trying to make m8, are you sure you're in-favor of bitcoin? Because you can't seem to present a good case for it

You can fuck right off you boot-licking faggot. The government has no right to tell me how much gold I can own. The government has no right to tell me what kind of software I can or cannot run on my computer. The government has no right to tell me which currencies I can or cannot purchase. The government has no right to do any of these things, because I am a free citizen, not a fucking serf. The first government official to try and impose such unconstitutional laws on me gets a bullet to the head.

These admins merely act on the decisions of the general assembly. Changing parameters on BitCoin causes a fork, which this democratic structure is intended to ameliorate the need for, and which would also be the worst-case scenario for abusive admins.

Maybe all that gold would be better off as an industrial feedstock, rather than hoarded in a pile under your mattress for you to masturbate on.

It's certainly more of a currency than the debt we currently use. At least with gold, I know that there's only so much in existance, and that (((certain individuals))) aren't creating "money" out of thin air through fractional reserve banking.

And? You gonna argue that the government should have the right to confiscate anything they wish if they determine it would be "for the greater good?"

My private property is my private property, and I will do with it whatever I damn well please. Just as everyone else can do with their private property whatever they please. If you want to give the government the power to confiscate anything at will, just put on a slave collar and admit you enjoy being abused. Unless you envision yourself as the one in charge of such a government apparatus, in which case I'd advise you to suck start a shotgun so the world will have one less sociopath in it.

Luckily I live in America, where citizens are at least for now able to own certain pieces of private property that prevent the government from confiscating their other private property, at least outside of shithole failed state tier states like Commiefornia.

Learn MMT
Only exists because society has decided, for our own collective benefit, to enforce the boundaries of such a concept. What benefit is there to pyramid schemes hoarding"hedging" resources instead of engaging in productive capital investment?