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Crypto bill
#11
RE: Crypto bill
(August 12, 2021 at 9:58 am)WinterHold Wrote:
(August 12, 2021 at 8:52 am)Spongebob Wrote: What do you mean "real commodity"?  Crypto currency is backed by nothing, just like regular money.

It's backed by electricity. The more electric power you invest the more "revenue" you get Smile
The perfect scourge from God to the scam of toilet papers known as the Dollar.

-Where is my gold; Dixie?

-Well, uncle Sam stole it all, and gave me toilet papers instead..fooled me that I can get gold; but he stole all the gold an kept it there in a safe, locked in chains away and far from me and James ! We are so poor, so broke, living in cells and mud; while Sam lives in mountains of gold and Rum.

-The lonely thinker.

You're quite deluded if you believe that.  You are describing mining bitcoins.  That's one way to acquire them, but it has absolutely nothing to do with the value of a bitcoin.  The "value" of crypto currencies floats relative to all other currencies, and everything else for that matter, just like conventional currencies.  Even if what you say was true, it has no meaning.  Just because you "paid" 100 killowats-hours for a bitcoin (for instance) doesn't mean you can redeem said bitcoin later for that amount of electricity.  It has no backing, just like other currencies.  Currencies are only worth what society believes they are worth.  It's a mind trick and it has existed since the first cro-magnon traded a sharp rock for a fish.

I don't know where you got that hokey quote but it doesn't mean anything to me.  But here's one for you:

"Islamist terrorism is a cancer on Islam, and Muslims themselves must fight it at our side."

Marine Le Pen
Why is it so?
~Julius Sumner Miller
Reply
#12
RE: Crypto bill
(August 12, 2021 at 11:06 am)Spongebob Wrote:
(August 12, 2021 at 9:58 am)WinterHold Wrote: It's backed by electricity. The more electric power you invest the more "revenue" you get Smile
The perfect scourge from God to the scam of toilet papers known as the Dollar.

-Where is my gold; Dixie?

-Well, uncle Sam stole it all, and gave me toilet papers instead..fooled me that I can get gold; but he stole all the gold an kept it there in a safe, locked in chains away and far from me and James ! We are so poor, so broke, living in cells and mud; while Sam lives in mountains of gold and Rum.

-The lonely thinker.

You're quite deluded if you believe that.  You are describing mining bitcoins.  That's one way to acquire them, but it has absolutely nothing to do with the value of a bitcoin.  The "value" of crypto currencies floats relative to all other currencies, and everything else for that matter, just like conventional currencies.  Even if what you say was true, it has no meaning.  Just because you "paid" 100 killowats-hours for a bitcoin (for instance) doesn't mean you can redeem said bitcoin later for that amount of electricity.  It has no backing, just like other currencies.  Currencies are only worth what society believes they are worth.  It's a mind trick and it has existed since the first cro-magnon traded a sharp rock for a fish.

I don't know where you got that hokey quote but it doesn't mean anything to me.  But here's one for you:

"Islamist terrorism is a cancer on Islam, and Muslims themselves must fight it at our side."

Marine Le Pen

You're speaking about the "exchange rate"; of course "exchange rates" float relative to the desired currency.
You see? it's all relative to the marchent.

Crypto currencies can only be mined by economically capable people who were gifted with "electricity". A dark world will never be able to produce a single crypto coin. 

Bank money has no "real backing" also. Or did you forget 2008 ? BTW that cycle will turn and turn, and the next fall will be harder.

As for the Rightist "Le Pen"; she can go to Trump; I wish the American Deep State kicks their asses in the next fight.
Reply
#13
RE: Crypto bill
(August 12, 2021 at 1:23 pm)WinterHold Wrote: You're speaking about the "exchange rate"; of course "exchange rates" float relative to the desired currency.
You see? it's all relative to the marchent.

Crypto currencies can only be mined by economically capable people who were gifted with "electricity". A dark world will never be able to produce a single crypto coin. 

Bank money has no "real backing" also. Or did you forget 2008 ? BTW that cycle will turn and turn, and the next fall will be harder.

As for the Rightist "Le Pen"; she can go to Trump; I wish the American Deep State kicks their asses in the next fight.

No, I am not talking about exchange rates.  What's marchent?  That's not even a word.  Are you trying to say merchant?  No, that's just looking at one aspect of the marketplace.  Money (of any kind) has value only because people accept that is does and that it remains somewhat limited in supply, meaning you can't grow a money tree.

Dollar bills could only be printed by a civilization gifted with printing technology.  Shillings could only be minted by a civilization gifted with metallurgy.  So what's your point?  Crypto currency is an electronic form of currency and it is no different than dollars or Yen with one single exception, they are not based or managed by any government.  It's not even the first electronic form of money for Christsakes.  Dollars and Rubles can be electonic, too.  Has been for years.

Now you are just regurgitating what I've already established.  I KNOW common currencies (dollars, euros, pounds...etc) have no backing; that's what I've been trying to explain to you.  And before anyone else says it, yes, dollars and pounds...etc, were once "backed" by gold and silver, for a very long time.  But even that was an illusion because precious metals themselves have no intrinsic value other than in some very limited applications.  As money, gold and silver can be volatile as well.  If you don't believe me, then explain why Diocletian had such a difficult time with inflation in the 3rd century Roman Empire despite their money itself being made of gold and silver (partly, at least).  The entire concept of money is an illusion, so stop with this nonsense that crypto is something different.  It isn't.  It's just money.

BTW, the 2008 economic collapse had essentially nothing to do with the value of money. It was caused by all the bad real estate investments by the big banks, which started to collapse and take with them all the markets and freeze the money supply. You really know nothing about economic theory, do you?
Why is it so?
~Julius Sumner Miller
Reply
#14
RE: Crypto bill
(August 12, 2021 at 1:49 pm)Spongebob Wrote:
(August 12, 2021 at 1:23 pm)WinterHold Wrote: You're speaking about the "exchange rate"; of course "exchange rates" float relative to the desired currency.
You see? it's all relative to the marchent.

Crypto currencies can only be mined by economically capable people who were gifted with "electricity". A dark world will never be able to produce a single crypto coin. 

Bank money has no "real backing" also. Or did you forget 2008 ? BTW that cycle will turn and turn, and the next fall will be harder.

As for the Rightist "Le Pen"; she can go to Trump; I wish the American Deep State kicks their asses in the next fight.

Money (of any kind) has value only because people accept that is does and that it remains somewhat limited in supply, meaning you can't grow a money tree.
I'm not discussing the definition of money, or philosophical matters.
Moving on:

Quote:Dollar bills could only be printed by a civilization gifted with printing technology.  Shillings could only be minted by a civilization gifted with metallurgy.  So what's your point?  Crypto currency is an electronic form of currency and it is no different than dollars or Yen with one single exception, they are not based or managed by any government.  It's not even the first electronic form of money for Christsakes.  Dollars and Rubles can be electonic, too.  Has been for years.

Paper money = bonds for exchanging it with the commodities it backs; you know that; right?
In a nutshell: you have 20 Dollars. Technically you should go to the bank and exchange it with "real gold", actually money was that all across history, until Nixon changed the rules and banned the exchange of money with gold, and the age of Petrodollar began.
Read here:

https://en.wikipedia.org/wiki/Nixon_shock#Background

America stole the world's gold under Nixon and gave you toilet paper instead. The Dollar is a currency you exchange for American protection and American standards; but America is falling now.

Crypto is the new free evolution, let America have all the gold it wants; computers and electricity are the new commodity. You will understand it after its too late with this mentality.

If Biden have brains; he will know the sinful history his empire followed and compensate for it by demolishing banks.
Reply
#15
RE: Crypto bill
Crypto -costs- electricity to mine, it isn’t backed by it. Your god is shit at curses, too?

Meanwhile, gold is important to consumer electronics. What do you think crypto miners are paying for when they exchange their useless tokens for real money to buy more computers with?

What do you think is powering the plants they pay, in American dollars, to feed them electricity? Do they burn Bitcoin in the boilers?
I am the Infantry. I am my country’s strength in war, her deterrent in peace. I am the heart of the fight… wherever, whenever. I carry America’s faith and honor against her enemies. I am the Queen of Battle. I am what my country expects me to be, the best trained Soldier in the world. In the race for victory, I am swift, determined, and courageous, armed with a fierce will to win. Never will I fail my country’s trust. Always I fight on…through the foe, to the objective, to triumph overall. If necessary, I will fight to my death. By my steadfast courage, I have won more than 200 years of freedom. I yield not to weakness, to hunger, to cowardice, to fatigue, to superior odds, For I am mentally tough, physically strong, and morally straight. I forsake not, my country, my mission, my comrades, my sacred duty. I am relentless. I am always there, now and forever. I AM THE INFANTRY! FOLLOW ME!
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#16
RE: Crypto bill
(August 12, 2021 at 5:39 pm)The Grand Nudger Wrote: Crypto -costs- electricity to mine, it isn’t backed by it.  Your god is shit at curses, too?

Meanwhile, gold is important to consumer electronics.

No; gold was a perfect standard until America failed to deliver its promise to cover the demand after WW2:

https://en.wikipedia.org/wiki/Bretton_Woods_system


Quote:In 1967, there was an attack on the pound and a run on gold in the sterling area, and on 18 November 1967, the British government was forced to devalue the pound.[38] U.S. President Lyndon Baines Johnson was faced with a difficult choice, either institute protectionist measures, including travel taxes, export subsidies and slashing the budget—or accept the risk of a "run on gold" and the dollar. From Johnson's perspective: "The world supply of gold is insufficient to make the present system workable—particularly as the use of the dollar as a reserve currency is essential to create the required international liquidity to sustain world trade and growth."


!! Does God suck, or America suck big time? 


Reminds me of the guy trying to lift a huge load then farts and collapses. Blowing an A-bomb, pulverizing nations and millions of people, just to collapse with a shortage of "supply" then blame the world for not having enough gold !
Reply
#17
RE: Crypto bill
It seems like two things can be true. America might suck, but crypto isn’t a curse on us, or the dollar, nor does it devalue gold or fossil fuels.
I am the Infantry. I am my country’s strength in war, her deterrent in peace. I am the heart of the fight… wherever, whenever. I carry America’s faith and honor against her enemies. I am the Queen of Battle. I am what my country expects me to be, the best trained Soldier in the world. In the race for victory, I am swift, determined, and courageous, armed with a fierce will to win. Never will I fail my country’s trust. Always I fight on…through the foe, to the objective, to triumph overall. If necessary, I will fight to my death. By my steadfast courage, I have won more than 200 years of freedom. I yield not to weakness, to hunger, to cowardice, to fatigue, to superior odds, For I am mentally tough, physically strong, and morally straight. I forsake not, my country, my mission, my comrades, my sacred duty. I am relentless. I am always there, now and forever. I AM THE INFANTRY! FOLLOW ME!
Reply
#18
RE: Crypto bill
(August 12, 2021 at 5:58 pm)The Grand Nudger Wrote: It seems like two things can be true.  America might suck, but crypto isn’t a curse on us, or the dollar, nor does it devalue gold or fossil fuels.

Gold will never lose its value; remember that its used in circuits and computers, it goes hand-in-hand with Crypto.
But would Trump and Rightists leave you alone ?

BTW I'm still holding my theory that their wing is mutating larger and larger in the shadows.
Reply
#19
RE: Crypto bill
(August 12, 2021 at 5:36 pm)WinterHold Wrote: I'm not discussing the definition of money, or philosophical matters.
Moving on:

In fact you have been discussing, or rather fumbling through, monetary theory this entire thread.  You need to educate yourself on economics a bit.  Thank god you aren't getting into philosophy.

Quote:Paper money = bonds for exchanging it with the commodities it backs; you know that; right?
In a nutshell: you have 20 Dollars. Technically you should go to the bank and exchange it with "real gold", actually money was that all across history, until Nixon changed the rules and banned the exchange of money with gold, and the age of Petrodollar began.
Read here:

https://en.wikipedia.org/wiki/Nixon_shock#Background

America stole the world's gold under Nixon and gave you toilet paper instead. The Dollar is a currency you exchange for American protection and American standards; but America is falling now.

OK, now I understand what you are carrying on about.  Of course I know about this, but as usual you are misinterpreting it.  I suppose its not the best thing for the rest of the world that the US dollar has become the global currency, but the US did kick just about everyone else's butt, so too bad, so sad.  It's what you've got.  But no, the dollar has not been worth anything in gold since the 70's.  It was a necessary change in monetary policy and probably overdue.  I guess the only reassuring thing I can say about this is that if the dollar hadn't become the global currency, it would have been Francs or Pounds or maybe Yen.  Certainly wouldn't have been sand dollars...


Quote:Crypto is the new free evolution, let America have all the gold it wants; computers and electricity are the new commodity. You will understand it after its too late with this mentality.

OK, computers are nothing but a tool.  Electricity is just what powers computers.  These things aren't mystical.  Crypto may possibly be a massively disruptive new form of currency or it may be a flash in the pan; we won't likely know for a while.  It depends a lot on how it's used and how those that control it maintain its supply.  I think you're under the impression that crypto is some kind of force for freedom or liberation.  I seriously doubt that but it remains to be seen.  What is dangerous about it is that no government controls it, so what happens if crypto replaces dollars and Yuan as the global currency?  That could change a lot of things for the better or for the worse and neither of us know which.  You have to understand, we've never seen this movie before.


Quote:If Biden have brains; he will know the sinful history his empire followed and compensate for it by demolishing banks.

You want Biden to shut down all the banks???  Shows what you know.  That would hurt the average person more than anything.  Banks make money secure.  Banks make it possible to buy a house.  Banks make business possible.  Even if you are fond of Crypto currency, you'll still need banks.  Crypto isn't a bank; you can't borrow bitcoin that I know of.  Of course you don't understand this; your people don't allow interest.
Why is it so?
~Julius Sumner Miller
Reply
#20
RE: Crypto bill
Just to clarify, the crypto ammendment actually has nothing to do with the military spending.

So its not a case of someone spending 50 billion on crypto instead of the military.

Senators wanted to improve the writing of a crypto bill with amendments because it was written badly.

Senator shelby literally said I refuse to let this be written correctly unless I get more money for the military.

They originally agreed to add on the military spending but then it was objected to by Bernie Sanders.

So it became an option of be rejected by Bernie or by the guy who wants military spending.

On a bill which has nothing at all to do with the military.

Whether or not the American military needs another 50 billion isn't even on my mind.

Its simply that a senator can say I know nothing about your amendments to this bill but I object to these amendments because I think I can get some more money for what I want.
And literally say that without even trying to be sly or crafty with it.


Are you ready for the fire? We are firemen. WE ARE FIREMEN! The heat doesn’t bother us. We live in the heat. We train in the heat. It tells us that we’re ready, we’re at home, we’re where we’re supposed to be. Flames don’t intimidate us. What do we do? We control the flame. We control them. We move the flames where we want to. And then we extinguish them.

Impersonation is treason.





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