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Thread: Bitcoin returns are very impressive

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    United States Administrator ThePythonicCow's Avatar
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    Default Re: Bitcoin returns are very impressive

    Quote Posted by Chuck (here)
    For information only...

    New currencies like Ripple, had the ability to process 1,000 transactions per second (TPS) are now at 50,000 TPS, clearly competing with the likes of VISA for efficiencies and settlements.

    Rather than every computer on the network processing each transaction, the scaled blockchain figures out how many computers (nodes) are necessary to validate each transaction and divides up the work efficiently. These are done in clever ways using shards like Etherium is considering this year as a hard fork (change in direction) with Casper or something like it. This relies on a 'Proof of Stake' (PoS) protocol instead of 'Proof of Work' (PoW)... or perhaps even a blend of the two. Etherium currently processes 7-15 TPS. In the evolved state it will have capabilities of 100,000 TPS!

    Clearly, banks will not survive as they currently exist. In my view, they will have to 1) evolve using blockchain technologies and 2) require regulations to protect them.
    Yes - I also expect that some evolution of blockchain technology will be a major part of our future financial infrastructure. However the notion that this will be a financial infrastructure freed from the dominance of the hidden hands of the "big guys" and the "deep state" will go by the wayside.

    We had similar dreams and similar limitations early in the development of personal computers, such as the Atari and the IBM Personal Computer, Commodore PET, Atari 8-bit family, Apple II, Tandy's TRS-80, and various CP/M machines.

    Those PC's seemed too limited to fulfill the dreams we had for them, but they had (seemed to have) the potential to free us from the big corporate bondage of IBM and the seven dwarfs. Around about 1970, Dennis Ritchie and Ken Thompson, inside Bell Labs, used a tiny (by the standards of the day) PDP-7 minicomputer to escape from the big corporate operating system world of Multics and give birth to the Unix/Linux operating systems that I have been working with since I joined Bell Labs in 1978.

    Now it's Microsoft, Intel, Apple, Google (with their Android), Amazon (with their cloud), and some Asian manufacturing giants who are dominating the scene, and 99.9+% of all desktop, laptop, smartphone and tablet users are held captive to whatever is provided to them by a few big corporations, while a tiny fraction explore outside these walled gardens, using such tiny computers as the Rasberry Pi, and a somewhat larger fraction of us continue to develop and contribute to what's now called "Open Source" software (I manage only a handful of takes to public projects on Github every few years now.)

    I anticipate a similar evolution for blockchain technology as we have had for so many other new, ground breaking, technologies in my lifetime.
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    Australia Avalon Member Chuck's Avatar
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    Default Re: Bitcoin returns are very impressive

    Thanks Paul. My post was mostly meant to address the scalability that you address for Bitcoin. You are correct; it suffers from extreme lack of scalability. That is also its charm.

    The 2nd generation of cryptocurrency however, like Etherium will have 100,000+ TPS. This is 2 orders of magnitude faster than VISA. Why?

    Because they are going global and preparing for cashless.

    The central banks of China, Japan, North Korea and Russia (just to name a few) are already on board ... gives one an idea right there of the war between factions... and what is in store for the US dollar as the world's reserve currency.

    Anyway, some might suggest to buy a couple (ETH or BTC), hold them and sell them before they get regulated in order to buy ones freedom ... or whatever is left of it.

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    Default Re: Bitcoin returns are very impressive

    All you need to know is that Blythe Masters -- of JPMorgan silver manipulation -- is now running a block chain development firm to run a version of the technology for the bulge bracket banks.
    When in doubt, do the next right thing.
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    Default Re: Bitcoin returns are very impressive

    Quote Posted by mgray (here)
    All you need to know is that Blythe Masters -- of JPMorgan silver manipulation -- is now running a block chain development firm to run a version of the technology for the bulge bracket banks.
    mgray, what do you mean by that?

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    Default Re: Bitcoin returns are very impressive

    Quote Posted by Chuck (here)
    Quote Posted by mgray (here)
    All you need to know is that Blythe Masters -- of JPMorgan silver manipulation -- is now running a block chain development firm to run a version of the technology for the bulge bracket banks.
    mgray, what do you mean by that?
    Blythe Masters is a high profile winner, taking lead positions for the "big boys". She doesn't take losing positions.
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    Default Re: Bitcoin returns are very impressive

    Masters was the driving force behind the silver price suppression when she ran commodities for JPMorgan. She was forced out as the collusion between Deutsche Bank, HSBC and JPMorgan to control silver prices was made public.

    Given her previous role, now she is working on block chain technology, which may lead to insight into controlling BTC prices.
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    Default Re: Bitcoin returns are very impressive

    Quote Posted by mgray (here)
    ...
    Quote Posted by Paul (here)
    I whole heartedly agree with Tom Gleason that the distributed database schema update algorithm used by Bitcoin and similar cryptocurrencies is fundamentally too slow for high transaction volumes. Visa, for example, handles about 2000 transactions per second, whereas Bitcoin handles about 7 transactions per second.
    Here's a clue how some of this might go down.

    An MIT Technology Review article posted a couple of days ago begins:
    China’s Central Bank Has Begun Cautiously Testing a Digital Currency

    The People’s Bank of China has developed a digital currency that’s designed to scale to the number of transactions made every day across the country.

    by Will Knight June 23, 2017

    China’s central bank is testing a prototype digital currency with mock transactions between it and some of the country’s commercial banks.

    Speeches and research papers from officials at the People's Bank of China show that the bank’s strategy is to introduce the digital currency alongside China’s renminbi. But there is currently no timetable for this, and the bank seems to be proceeding cautiously.
    Further down in the article, it quotes Yao Qian, deputy director of the Technology Department of the People’s Bank of China, as expecting that the blockchain will not be used to directly handle the transaction load in real time, but rather as the more permanent distributed ledger maintained by the participating banks to determine the permanent record of who has what.

    Quoting from further down in the above linked MIT article:
    One of the main concerns voiced by other central banks looking at digital fiat currencies is that they could undermine the commercial banking system by making it possible for anyone to have an account with the central bank.

    China’s digital currency is designed to avoid this problem. In a paper published in Tsinghua Financial Review, an academic journal, and posted online recently, Yao Qian, deputy director of the Technology Department of the People’s Bank of China, wrote that a digital currency could be integrated into the existing banking system, with commercial banks operating digital wallets for the central bank’s currency.

    And while other countries have proposed following Bitcoin’s architecture and many of the largest banks in the world are experimenting with it, the currency developed by the People’s Bank of China is also different in design.

    Yao writes that the currency would only use a distributed ledger in a limited way. A blockchain might not be used to process transactions, as this could prove an insurmountable bottleneck for a currency with such a huge transaction volume as the renminbi. But such a distributed ledger might be used to periodically check who owns what. “The ownership of digital currency can be verified directly by the issuing bank, so as to realize peer-to-peer cash transaction[s],” Yao writes.
    In terms I would use, I'd guess that this implies something such as:
    • Customers, large and small, would have digital wallets with the banks where they held accounts.
    • Transactions between parties having accounts at different banks would happen near instantly.
    • Later (in the hour or day?), these transactions, including those between accounts at different banks, would be be batched and permanently recorded on a distributed blockchain maintained by the participating banks.
    This makes more sense to me.
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    Default Re: Bitcoin returns are very impressive

    this from Joseph P Farrell:

    CHINA BREAKS ENTANGLEMENT RECORD, AND SOME HIGH OCTANE SUSPICIONS

    If you've been following the development of crypto-currencies, cyber-security, quantum entanglement, or financial clearing, you'll want to take notice of these articles shared by Mr. T.M. and Mr. J.K., for China has crossed another threshold on the path toward satellite-based quantum entanglement communications systems, and therefore, toward a much more secure means of financial clearing:

    read more...
    https://gizadeathstar.com/2017/06/ch...ne-suspicions/

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    Default Re: Bitcoin returns are very impressive

    Hi Paul... happen to know anything about this Bitcoin "split" thing that's supposed to be happening?
    All the above is all and only my opinion - all subject to change and not meant to be true for anyone else regardless of how I phrase it.

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    Default Re: Bitcoin returns are very impressive

    Quote Posted by Sam Hunter (here)
    Hi Paul... happen to know anything about this Bitcoin "split" thing that's supposed to be happening?
    They are creating a new variant of bitcoin, called Bitcoin Cash. Every Bitcoin (or fraction thereof) that anyone holds now will also get, automatically, the equivalent amount of this new Bitcoin Cash as well.

    This new Bitcoin Cash has an 8 times larger block size, enabling the miners to keep up with the current Bitcoin transaction volume.

    ... so much for the idea that Bitcoins are in limited supply ... the supply is essentially about to double over night (not to mention all the alternative crypto's, such as Ethereum, Ripple, Dash, ..., which effectively also increase the total supply of cryptos.)

    ===

    The current crypto currencies are all just experiments and early hype, to fine tune crypto currency technology, and to get early adopter humans sold on the idea.

    Main line crypto currencies will end up being as deeply controlled by the elite bastards as main line Web search engines (aka Google), smartphones (aka Apple and Android), online shopping (aka Amazon and Alibaba), and social media (aka Facebook and Twitter) are controlled by the same elite bastards. Some of those main line crypto currencies will be "gold backed" ... just as paper currencies were for so many centuries ... meaning that the elite bastards hold the gold, and the masses hold the worthless, mass produced, tokens. All serious funding of personal, corporate or government activity will be debt financed ... as has also been the case for a long time.

    The "big reset" of the US Dollar as the world's primary currency will result in new big government and big corporate (such as Amazon) crypto currencies, some "gold backed", but all deeply controlled and surveilled.

    They're setting us up for this big reset, and have been setting us up for at least a decade now.
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    Default Re: Bitcoin returns are very impressive

    Quote Posted by Paul (here)
    They're setting us up for this big reset, and have been setting us up for at least a decade now.
    ... actually ... since 1988 at least, as evidenced by this well known 1988 Economist magazine cover:

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    Default Re: Bitcoin returns are very impressive

    The questions then, which only history (if allowed to be told honestly) will tell, are...

    "How painful to folks in the US will the reset be?"

    "Will pain be felt by other countries and/or regions of the world and if so, how much?
    All the above is all and only my opinion - all subject to change and not meant to be true for anyone else regardless of how I phrase it.

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    Default Re: Bitcoin returns are very impressive

    Anyone do a cross reference on the Wanacry ransom worm and the bitcoin spike?

    Here's some data from the IT side:
    https://youtu.be/B9nKEckPU1M?t=6m45s

    I bet there's a pretty strong correlation.... enough to make it seem a bit suspicious.
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    Default Re: Bitcoin returns are very impressive

    Quote Posted by Sam Hunter (here)
    "How painful to folks in the US will the reset be?"

    "Will pain be felt by other countries and/or regions of the world and if so, how much?
    Some pain is necessary, especially for Americans, to "persuade" them to go along with some major changes, such as losing the exhorbitant privilege of living in the country that issues the world's reserve currency and that has half the world's military, intelligence, financial, and narcotics business.

    The pain will vary in at least two major ways.
    1. Those who figure out what is happening and adapt will have less pain, on average, than those who are trapped in a failed paradigm.
    2. If the elite intend, and realize such an intention, to radically depopulate America, that will be, at this earthly level, far more painful than if they don't.
    The greatest pain may already be underway, for decades now, in those foreign (outside the US) lands subject to the Imperial Overreach of the American Empire. Many in the rest of the world, once they adapt to the crises and resets, may welcome the collapse of the American Empire.
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    Default Re: Bitcoin returns are very impressive

    Quote Posted by TargeT (here)
    I bet there's a pretty strong correlation.... enough to make it seem a bit suspicious.
    At some level they are deeply entangled, yes. The connection might be fairly direct, with the Wannacry ransom attack driving up demand for Bitcoin. But it is at least and certainly indirect, with such crypto ransom attacks being one of the means to make crypto currencies seem (1) valuable, (2) anonymous, and (3) in need of government policing.
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    Default Re: Bitcoin returns are very impressive

    Just connecting some dots. First AlphaBay market goes down (they have known for years that illegal market but acting only now) than btc-e (one of the largest trading cryptocurrency) goes down too and now they announce bitcoin split, I think that the time has come for big players to seize control of cryptocurrency. It may be Bitcoin or Ethereum, I think we are slowly going for a unified global digital currency.

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