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Virtual currencies, Blockchain bitcoin
mullokintyre
post Posted: May 24 2020, 07:30 PM
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In Reply To: royco's post @ May 12 2020, 11:32 PM

Royco, I think you should view this youtube. unsure.gif

Bitcoin Billionaire

Mick




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royco
post Posted: May 12 2020, 11:32 PM
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In Reply To: mullokintyre's post @ May 12 2020, 09:33 PM

The value is in the blockchain and the distributed ledger, the crypto part is used to make sure the integrity of the blockchain is kept intact and the fact that it is distributed means no single entity (like a government) can mess with the numbers. Like the libor scandal and an endless string of bigger or smaller scams.

Integrity and trust in a counterpart of an economic transaction and in the currency has extremely high value.
That is why BTC is still here after 11 years, the code is tangible/visible and the coins can be used to pay for real things. Before long the fiat -currencies were also holding tangible value in gold of the actual coin or by gold reserves kept by the central bank but those days are far behind us.









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mullokintyre
post Posted: May 12 2020, 09:33 PM
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In Reply To: nipper's post @ May 12 2020, 09:08 PM

Its one of many conundrums.
I could never really understand why what they call mining (the solving of complex maths) , is anything but a scam.
They produce nothing tangible, use more and more resources to "mine" them, and the rewards get smaller ovee time.
It is such a great pity that the genius of The blockchain technology was not used in creating something a little more worthwhile.
Mick



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nipper
post Posted: May 12 2020, 09:08 PM
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In Reply To: nipper's post @ May 11 2020, 11:45 AM

and herein lies the conundrum (there are other crypto's)
QUOTE
Bitcoin has just gone through a much-hyped adjustment that reduced the rate at which new coins are created. The world's biggest cryptocurrency's so-called "halving" happens roughly every four years.The digital currency relies on what are known as "miners", who run software that races to solve complex maths puzzles in return for Bitcoins.

Monday's halving event means that the reward for unlocking a "block" has been cut from 12.5 new coins to 6.25.

Halving was written into the cryptocurrency's code by its creator, who is known as Satoshi Nakamoto, to control inflation.

This is the third halving since Bitcoin's creation in 2009. The first took place in November, 2012, and the second in July 2016. The next halving is due to take place in May 2024.

Bitcoin's code also means that rewards to miners will continue to halve every 210,000 blocks until they reach zero in around two decades' time, limiting the total number of Bitcoins that will ever exist to 21 million. This is because - unlike currencies such as the dollar, pound or euro - digital currencies have no central banks to regulate their supply.

Supporters of the cryptocurrency say that this scarcity is part of what underpins its value and makes it a potential safe haven against currencies that are vulnerable to devaluation during times of economic crisis.

The digital currency has gained more than 20% since the start of this year, touching $10,000 last week. That came after a report that hedge fund manager Paul Tudor Jones has backed the cryptocurrency as a safeguard against inflation. However some investors have highlighted that halving could make the cryptocurrency less attractive to miners. "The incentive is less for miners now to mine Bitcoin. Miners will probably switch to more profitable cryptocurrencies," Stephen Innes from AXI Corp told the BBC.



- and what about inflation? What does that mean?



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: May 11 2020, 11:45 AM
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Paul Tudor Jones has come out with a worry list about THE GREAT MONETARY INFLATION

QUOTE
COVID-19 is a one-of-a-kind virus that has triggered a one-of-a-kind policy response globally. The depth and magnitude of the economic drop-off took modern monetary theory, or the direct monetization of massive fiscal spending, from the theoretical to practice without any debate.

A. Debt Addiction
B. Money Printing is a Hard Habit to Kick
C. Seeking Refuge from the Great Monetary Inflation

There is a host of assets that at one time or another have worked well in reflationary periods:
1. Gold ... A 2,500 year store of value
2. The Yield Curve ... Historically a great defense against stagflation or a central bank intent on inflating. For our purposes we use long 2-year notes and short 30-year bonds
3. NASDAQ100 ... The events of the last decade have shown that quantitative easing can rapidly leak into equity markets
4. Bitcoin ... There is a lengthy discussion of this below
5. US cyclicals (long)/US defensive (short) ... A pure goods’ inflation play historically
6. AUD-JPY ... Long commodity exporter and short commodity importer
7. TIPS (Treasury Inflation-Protected Securities) ... Indexed to CPI to protect against inflation
8. GSCI (Goldman Sachs Commodity Index) ... A basket of 24 commodities that reflects underlying global economic growth
9. JPM Emerging Market Currency Index ... Historically when global growth is high and inflationary pressures are building, emerging market currencies have done quite well.

https://www.docdroid.net/H1fuimX/the-great-...y-inflation-pdf

In seeking refuge, he grades these "Stores of Value" with 4 characteristics
1. Purchasing Power
2. Trustworthiness
3. Liquidity
4. Portability

and Bitcoin does surprisingly well. Of course, assuming THE GREAT MONETARY INFLATION



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
mullokintyre
post Posted: Mar 30 2020, 05:17 PM
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Not really Currency related, but it is Block Chain related.
If you are struggling for some reading material, have I got a deal for you.
The Fed guvmint have released their BTC roadmap.
It can be found at BCT Roadmap
Don't cheat and just read the highlights, read the whole tome.
Mick



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mullokintyre
post Posted: Mar 18 2020, 07:20 AM
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In Reply To: royco's post @ Mar 18 2020, 02:36 AM

Hi Royco,
I wish I could share your confidence in BTC, but the fact that it gets more difficult to mine BTC over time, plus its finite supply, is its biggest hurdle.
It will be a niche player, may make buckets of money for a few, and may well become a standard means of transaction for some boutique business , but will struggle to get acceptance in the wider world.
However, I have no doubt that Block Chain Technology in its own right will have a massive impact on future electronic interactions.
It would not be just limited to currency, but to digital security, tracing goods and services, stock identification (as in cattle, sheep pigs etc)
For a replacement of current currencies, a new model will have to be agreed upon by many parties, with the rules of engagement clearly laid out before it becomes mainstream.
Justmy 5.5 cents (I included GST).

Mick




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royco
post Posted: Mar 18 2020, 02:36 AM
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from what I understand the global economy is going into a recession that might last years and in total will be worse than the GFC a decade ago and possibly any crisis before that.

The central banks will again do "everything it takes" as they usually do.
Translated that means they will probably increase liquidity and create enormous amounts of extra money at an unseen scale.
Interest rates will not go further sub zero as the effects of that are totally unknown and possibly destructive to the entire financial system.

As we know BTC will always become more difficult to mine and is limited in number.
Therefore the price in traditional USD/EUR could skyrocket over the next 24 months.

Just my five cents.



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mullokintyre
post Posted: Mar 13 2020, 05:03 PM
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Bitcoin stumbled below 4k overnight then rebounded above 5k almost immediately.
Obviously 4k is where the low is.
Not sure where the high is.
Mick



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cooderman
post Posted: Mar 12 2020, 11:19 AM
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In Reply To: nipper's post @ Mar 11 2020, 05:50 PM

QUOTE
Those records should include receipts of purchase or transfer of cryptocurrency, exchange records, records of agent, accountant and legal costs,
digital wallet records and keys, the date of the transactions, the value of the cryptocurrency in Australian dollars at the time of the transaction
and what the transaction was for and who the other party was.

Any legit Exchange or Broker should email you after every closed trade. Should also have your TFN.

For any Traders who think the Gov. isn't watching, do a pre-fill on any Commsec or equivalent Account.





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