Bitcoin and Crypto and DeFi and Sometimes Ayn Rand


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Michael wrote: There is plenty more where that came from. Dorsey has even said if it ever came to a choice, to only work on Twitter or only work on bitcoin, he would choose bitcoin every time. end quote

You are correct. At this time I don’t know much about bitcoin or want to, but your phrasing above baffles me. What does work on bitcoin mean? Is it also like twitter, OL, or a blog? Is it like trading dollars for Euros?

I mentioned how bitcoin “is being reported” by Fox Business Channel to now be regulated and more is to come. China as well as the U.S. are going to regulate its citizen’s activities as regards crypto currency. Who knows, China or the U.S. might ban it and arrest anyone who illegally uses it.  And what if there is an accident on the web disrupting “work” on Bitcoin. What if there is a major power outage? FBC has a wall street reporter and dealer who wears a suit resembling a cow and he said it is too soon to start dealing in crypto. So, moo, he won’t be trying to milk it. If bitcoin is just electricity what if there is a solar flare?     

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Nyaa, nyaa. I see no one is interested. Yes, miners! You too can rule the world. It’s all on your computer. What can go wrong? You can’t be scammed with bitcoin. It’s just not possible! And that is a worry I have. It’s backed by what? The price on the DOW at any particular time? What someone is willing to give you for one in hard currency, right then and there? At least the dollar is backed by the U.S. government and not threatened by a solar flare. I shall now cease my old fashioned ideas. Pterodactyl.    

From USA: When Did Bitcoin Start? "The idea behind Bitcoin was introduced to the world on Oct. 31, 2008, at the depth of the financial crisis by a pseudonymous person called Satoshi Nakamoto," says Chetan Chawla, assistant professor of entrepreneurship at North Central College in Naperville, Illinois, who studies cryptocurrencies and blockchain. Nakamoto posted a message on a cryptography mailing list titled, "Bitcoin P2P e-cash paper." In it was a link to a white paper called "Bitcoin: A Peer-to-Peer Electronic Cash System." Both of these are still available online. In these papers, Nakamoto laid out the concept for Bitcoin as a decentralized, digital currency. Being decentralized means there is no single administrator but rather a public ledger of transactions that anyone can store on their computer, says Kris Marszalek, CEO of Crypto.com. "Coins can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries."

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22 hours ago, Peter said:

You are correct. At this time I don’t know much about bitcoin or want to

 

18 hours ago, Peter said:

Nyaa, nyaa. I see no one is interested.

Well, then. That just tells one everything they need to know about "conversing" with Peter. 'Nuff said.

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5 hours ago, Peter said:

... but your phrasing above baffles me. What does work on bitcoin mean? Is it also like twitter, OL, or a blog? Is it like trading dollars for Euros?

Peter,

Not like that at all.

But first, "work on bitcoin" was not my phrasing. Those are Jack Dorsey's words.

And once again, what you gave as examples are not what he meant.

In fact, those example show perfectly where the issue in not understanding is.

But before I try to explain it again, I want to see if you want to hear it.

:) 

Michael

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[[Template forums/front/topics/postContainer is throwing an error. This theme may be out of date. Run the support tool in the AdminCP to restore the default theme.]]

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Get this. El Salvador is going to start mining bitcoin now.

And you know what it is going to use for energy?

Don't forget, the elitists keep saying that bitcoin is causing global warming due to the amount of electrical energy is uses to mine them. 

El Salvador is going to use a friggin' volcano.

The energy is already there.

What a metaphor...

:)

Michael

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9 hours ago, Michael Stuart Kelly said:

El Salvador is going to use a friggin' volcano.

The energy is already there.

Volcano? That deserves one more thought. Lord Grantham: “. . . . consider investing with a “chap in America” named Charles Ponzi who offers a huge return after 30 days.”

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I got the link to these two minutes of absolute clarity from Max Keiser.

As I am new to the Bitcoin and cryptocurrency world, I had not yet heard of Alyse Killeen. After seeing this video, I immediately followed her on Twitter and am now looing at things from her all over the Internet.

Michael

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17 hours ago, Peter said:

Volcano? That deserves one more thought.

Peter,

Sure.

Here is some food for thought.

Nayib Bukele is El Salvador's president.

Or from the New York Post (although there are plenty of stories out in the mainstream about this):

El Salvador volcanoes to power bitcoin mining

Quote

El Salvador President Nayib Bukele — just hours after the country’s legislature approved the “Bitcoin Law,” making it the first to accept Bitcoin as legal tender — revealed Wednesday that the nation’s state-owned geothermal electric company will harness volcanic energy to mine the cryptocurrency.

Bukele said the country is already designing a mining hub that will use “very cheap, 100% clean, 100% renewable” energy from volcanoes to power the operation, which effectively would be a bank of super-powered computers that solve the complex mathematical equations required to mine Bitcoin.

“Our engineers just informed me that they dug a new well,” Bukele tweeted, saying it would generate 95 megawatts of energy — enough to power more than 500 homes for a year. “What you see coming out of the well is pure water vapor.”

John Galt's brother just might be running El Salvador right now while here in America, we have elevated Wesley Mouch's entire family to the government.

(As a non-Bitcoin aside, it just occurred to me that Fauci is exactly how I have always imagined Wesley Mouch looked like. :) )

Michael

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Aaaaannnd...

Here's something a little different from across the pond.

How cow poo is powering crypto mining

Quote

At Philip Hughes farm, near the Berwyn mountain range, not far from the Snowdonia National Park, in Denbighshire, cattle chew the lush valley pastures and flocks of sheep clothe the hills.

In a green shipping container next to a large domed tank, a very different kind of farm also thrives in this idyllic landscape - a cryptocurrency farm.

Philip Hughes's family have farmed the land for generations - but now he is turning his hand to mining, using powerful computers powered by renewable energy to generate new cryptocurrency.

And that energy is derived, as Philip puts it, from "cow muck".

Anaerobic digestion

A big six-cylinder engine running at 500rpm turns methane given off by decomposing cow manure into electricity.

The process is called anaerobic digestion.

In the absence of oxygen, microbes break down the manure and produce methane, which can be combusted to produce heat and electricity, instead of entering the atmosphere where it would act as a powerful greenhouse gas.

What's left over can be used as fertiliser.

Mining Ethereum

About two-thirds of the electricity generated by the anaerobic digester helps power the farm and the farm's caravan park - but the remainder powers mining rigs, specialist computers about the size of a suitcase.

They are working on complex computations that serve to verify transactions and in return are rewarded with new cryptocurrency - a process that can consume large amounts of energy.

Presently, they are mining Ethereum.

Now how cool is that?

:)

Michael

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7 hours ago, Michael Stuart Kelly said:

John Galt's brother just might be running El Salvador right now while here in America, we have elevated Wesley Mouch's entire family to the government

I have been waiting for the O'ist / Rand shaming. If you don't invest in bitcoin crap you are not an objectivist. BULLSHIT. 

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2 hours ago, Peter said:

I have been waiting for the O'ist / Rand shaming. If you don't invest in bitcoin crap you are not an objectivist. BULLSHIT. 

Peter,

I'm not telling you what to invest in.

Where did you ever get that idea?

It is true that Bitcoin will increase in value as the people who hold their money in fiat currencies migrate to it. If that is an interesting investment for you, then invest. If not, don't. I'm not telling you one way or the other.

I am telling you that bitcoin will end up replacing fiat currencies the world over so you will eventually have to use it. And part of the reason is that it is a technological wonder that is changing the world.

Bitcoin exists at root as a digital currency, not as an investment. Over the years, it has proven to be an incredibly lucrative investment. But that is not its reason for existing.

Also, what is this: "O'ist / Rand shaming"? Wokeness applied to Objectivism? Dayaamm! Now I've seen it all...

:) 

Added to that, where on earth did you get the idea I would ever use Objectivism for shaming anyone?

I'm about the most shameless creature on earth.

But Nayib Bukele is looking a lot like John Galt's brother right now... Remember that John Galt got free energy from the atmosphere? Bukele is getting free energy from a volcano.

:) 

Michael

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I don't know where to put this, but, maybe, right here in a thread devoted to the opposite of everything the man stands for seems like a good place.

I just received an email saying that George Soros has passed away. It is not in the news now, but will be in the news a bit later as the day goes on.

I don't know if it is true, but the source is a good one.

Let's see...

Michael

 

 

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13 hours ago, Michael Stuart Kelly said:

I got the link to these two minutes of absolute clarity from Max Keiser.

As I am new to the Bitcoin and cryptocurrency world, I had not yet heard of Alyse Killeen. After seeing this video, I immediately followed her on Twitter and am now looing at things from her all over the Internet.

Michael

Wow!

Danny Taggart live !

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3 hours ago, Michael Stuart Kelly said:

I don't know where to put this, but, maybe, right here in a thread devoted to the opposite of everything the man stands for seems like a good place.

I just received an email saying that George Soros has passed away. It is not in the news now, but will be in the news a bit later as the day goes on.

I don't know if it is true, but the source is a good one.

Let's see...

Michael

 

 

Don't toy with us, Michael...don't toy with us...:)

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