On the Nature of Things | Forum

noddy wrote:

Enki wrote: Indeed, but the reality is that we have a liquidity trap where the dollar is being captured by rent seekers and not flowing to lower levels because those lower levels are losing the value of their labor due to increases in the efficiency of automation.

well the problem is that everyone is a rent seeker, left wingers, right wingers and centrists alike, we all love garunteed money for low stress reasons.

between the government, the working families who still have jobs and the corporations i think you will find these liquidity trapped unemployed have exactly the amount of resource that their "betters" think they should have - to the cent.

bitcoin or variations upon it, will not change this one iota - all that will happen is that the crypto currency becomes part of the standard basket and the rest adjusts to suit, or it becomes the backbone of the blackmarket.

no other outcome is possible.

Except that what a blockchain fork allows is the ability to issue and trade a currency. So anyone can create currencies.

It seems that anyone has.

Typhoon wrote:It seems that anyone has.

One step removed from trading gift cards, jugs of Tide laundry detergent and prison cigarettes.

Typhoon wrote:It seems that anyone has.

Yep.

Typhoon wrote:

Seems like a currency that is racist.

Good idea, but beercoin or tequilacoin would be more liquid. But every bit as racist.

I tried to sell some young hotties a few orgasmcoins the other day..... but they weren't buying...

bannana prices are very volatile in australia - they are highly susceptible to disease and storms.

would be an interesting currency if you are on top of the weather and news

They should have called the coin 'Tallyman' instead of bananacoin.

6Tou8-Cz8is

ABC | Cryptocurrency backed by gold being developed by Perth Mint to entice investors back to precious metals

An interesting combination of the oldest and the newest.

Typhoon wrote:ABC | Cryptocurrency backed by gold being developed by Perth Mint to entice investors back to precious metals

An interesting combination of the oldest and the newest.

One problem here is the coin would be an equity. Every use might require gain/loss accounting and incur processing charges.

perth mint has succesfully sold virtual gold products before - to them its just a variation on well established theme.

helps they have a shitload of gold and the support of the local government, so the downsides also come with upsides.

noddy wrote:perth mint has succesfully sold virtual gold products before - to them its just a variation on well established theme.

helps they have a shitload of gold and the support of the local government, so the downsides also come with upsides.

Perth mint is well known. In US there are two basic types of gold, currency and bullion. If I but gold currency no problem but non-governmental products are subject to capital gains taxes when traded. Big accounting headache if trading or used in daily commerce as blockchain coin. Perth is the novelty Gold round/bar kingpin.

Chinese ACChain wants to tokenize everything. Real estate, asteroids you name it. They want to replace Cede as the ultimate controller of all assets.

With digital assets the ownership stays with the blockchain and you get usufruct but remain a secondary holder. Just like stock, you cannot get a registered ownership certificate anymore. Cede, Inc owns the stock you pay for (street name) but gives you an IOU designed to look like you are the primary owner but really you are last in line should the stock go south.

that makes sense but i suspect their market is the rainy day, hedge against finanical cockups market more than the day to day transaction market.

the cryptocoin you stash rather than spend as per the gold its based on.

There is an ongoing movement in to separate usufruct from ownership. The general idea is to marshall the legal ownership of assets into a seperate corporation (claiming easier conveyance) while giving the owners a usufruct which requires payment of rent to the owning corporation to maintain active status.

True ownership has been removed from citizens in real estate and securities. Alloidal title does not exist anymore and all securities are owned by Cede, Inc. with the purchaser at the bottom end of a lengthy hypothecation. "Homeowners" are legally merely tenants upon the land, authorized by government. Ownership certificates are no longer issued for stock, individuals just get iou's valued at the posted 'market' value. It is a type of modern feudalism where all is owned by the sovereign and the citizen merely granted use.

Blockchain currencies do the same thing with cash. Marshalling cash under blockchain ownership is necessary before negative interest rates can be applied effectively, and the ability of the individual to accumulate true capital is eliminated.

Soon the only true capital left for individuals will be portable physical assets. If all currency goes to blockchain and and all assets are tokenized we will be left in a neofeudal status that will make communism look liberal.

everything is rented now, ownership is an archaic concept.

even if you think you own something like a house or a car the yearly license/tax/rates fees make a mockery of the concept anyway.

noddy wrote:everything is rented now, ownership is an archaic concept.

even if you think you own something like a house or a car the yearly license/tax/rates fees make a mockery of the concept anyway.

This is why people like portable physical assets. Gold and silver bullion, ancient coins, etc.

jury is still out if that remains true once the boomers hit full retirement and requiring pensions and healthcare.

http://www.bbc.com/news/technology-42892380

"Samsung's foundry business is currently engaged in the manufacturing of crypto-currency mining chips," it said in a statement given to the BBC.

dedicated custom hardware from samsungs fabs would change the game massively, all the wild west operations using GPU farms will get destroyed.

it also represents quite the commitment in terms of the future of these crypto currencies, south korea is betting on them becoming mainstream.

noddy wrote:http://www.bbc.com/news/technology-42892380

"Samsung's foundry business is currently engaged in the manufacturing of crypto-currency mining chips," it said in a statement given to the BBC.

dedicated custom hardware from samsungs fabs would change the game massively, all the wild west operations using GPU farms will get destroyed.

it also represents quite the commitment in terms of the future of these crypto currencies, south korea is betting on them becoming mainstream.

Not all cryptocurrencies can be ASIC-accelerated. Ethereum for example, if I understand correctly, is basically an implementation of a Turing machine for all practical purposes and therefore requires a general purpose processor to execute its smart contracts.

If you want to bet on the cryptocurrency market without dealing with its volatility. Buy Nvidia.

NVidia cards are dumb expensive because of Ethereum mining. And Crypto is merely a side venture for them, they aren't even focused on it.

NVidia has contracts with Hyundai, Volkswagen, Uber and Baidu for driverless cars. They are also focused highly on data centers and their cards are being optimized for AI applications.

I think Nvidia very close to being the dominant chipmaker. All of the markets they are in, they are the top tier and all of those markets are poised for explosive growth over the next decade.

You realize your old occuply fleabag from the past would be throwing bricks through your window right now, right?

Enki wrote:If you want to bet on the cryptocurrency market without dealing with its volatility. Buy Nvidia.

NVidia cards are dumb expensive because of Ethereum mining. And Crypto is merely a side venture for them, they aren't even focused on it.

NVidia has contracts with Hyundai, Volkswagen, Uber and Baidu for driverless cars. They are also focused highly on data centers and their cards are being optimized for AI applications.

I think Nvidia very close to being the dominant chipmaker. All of the markets they are in, they are the top tier and all of those markets are poised for explosive growth over the next decade.

Nvidia are definitely poised for success. It's a solid investment. Immigrant Jen-Hsun Huang is a real American success story. But the chip market is undergoing profound changes. It's becoming increasingly feasible for giant chip consumers like Apple, Google, Facebook, Microsoft, and Amazon to design their own chips. Apple's effort is particularly impressive, spanning CPUs to GPUs to neural network accelerators to everything in between. They won't be buying Nvidia for their mobile devices.