Prices, Inflation/Deflation, Interest Rates & The Fed

So there exists an account on the blockchain that requires a certain key in order to legitimate entries of an accounting unit called a BTC and these entries must then be submitted for validation across the network of computers running the blockchain, correct?

So what is "it" that you "own"?
It’s an accounting system, just like your bank account. There are no greenbacks in a vault at your bank. You have a number on a screen. The difference is, with the fiat system, someone gets to print money, just not you…you have to trade your most finite and valuable resource to get it: time and effort. Meanwhile the Fed can steal some of that time, the life force you have given, by hitting a button on a computer, without limit.
With Bitcoin, no one gets to print money, and everyone has the same rules.
It is also the ultimate offshore bank, with 10,000 nodes spread all over the world, 100,000,000 users, 1 trillion in assets, and some of the smartest people in the world protecting it from attacks. More people and more money makes it more secure.
 
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Dissimilarty

Sparrow
Orthodox Inquirer
It’s an accounting system, just like your bank account. There are no greenbacks in a vault at your bank. You have a number on a screen. The difference is, with the fiat system, someone gets to print money, just not you…you have to trade your most finite and valuable resource to get it: time and effort. Meanwhile the Fed can steal some of that time, the life force you have given, by hitting a button on a computer, without limit.
With Bitcoin, no one gets to print money, and everyone has the same rules.
So what is "it" that you "own" and in what sense do you "own" "it"?
 
So what is "it" that you "own" and in what sense do you "own" "it"?
Its cryptography. It exists as part of an ever expanding file (400Gb and always expanding) that is shared between all nodes. You own it in an absolute sense, in that it cannot be taken from you by force, nor can anyone stop you from giving it to someone else if you so choose. I believe it is the only property that I actually own and have full control of, without government interference. Here is the very first Bitcoin block in the blockchain, there is one every 10 minutes that updates who owns what.

00000000 01 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 ................
00000010 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 ................
00000020 00 00 00 00 3B A3 ED FD 7A 7B 12 B2 7A C7 2C 3E ....;£íýz{.²zÇ,>
00000030 67 76 8F 61 7F C8 1B C3 88 8A 51 32 3A 9F B8 AA gv.a.È.ÈŠQ2:Ÿ¸ª
00000040 4B 1E 5E 4A 29 AB 5F 49 FF FF 00 1D 1D AC 2B 7C K.^J)«_Iÿÿ...¬+|
00000050 01 01 00 00 00 01 00 00 00 00 00 00 00 00 00 00 ................
00000060 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 ................
00000070 00 00 00 00 00 00 FF FF FF FF 4D 04 FF FF 00 1D ......ÿÿÿÿM.ÿÿ..
00000080 01 04 45 54 68 65 20 54 69 6D 65 73 20 30 33 2F ..EThe Times 03/
00000090 4A 61 6E 2F 32 30 30 39 20 43 68 61 6E 63 65 6C Jan/2009 Chancel
000000A0 6C 6F 72 20 6F 6E 20 62 72 69 6E 6B 20 6F 66 20 lor on brink of
000000B0 73 65 63 6F 6E 64 20 62 61 69 6C 6F 75 74 20 66 second bailout f
000000C0 6F 72 20 62 61 6E 6B 73 FF FF FF FF 01 00 F2 05 or banksÿÿÿÿ..ò.
000000D0 2A 01 00 00 00 43 41 04 67 8A FD B0 FE 55 48 27 *....CA.gŠý°þUH'
000000E0 19 67 F1 A6 71 30 B7 10 5C D6 A8 28 E0 39 09 A6 .gñ¦q0·.\Ö¨(à9.¦
000000F0 79 62 E0 EA 1F 61 DE B6 49 F6 BC 3F 4C EF 38 C4 ybàê.aÞ¶Iö¼?Lï8Ä
00000100 F3 55 04 E5 1E C1 12 DE 5C 38 4D F7 BA 0B 8D 57 óU.å.Á.Þ\8M÷º..W
00000110 8A 4C 70 2B 6B F1 1D 5F AC 00 00 00 00 ŠLp+kñ._¬....

Realestate can be taxed ad infinitum. Your bank accounts can be frozen, property taken by civil asset forfeiture. This you actually own.
 

Dissimilarty

Sparrow
Orthodox Inquirer
Its cryptography. It exists as part of an ever expanding file (400Gb and always expanding) that is shared between all nodes. You own it in an absolute sense, in that it cannot be taken from you by force, nor can anyone stop you from giving it to someone else if you so choose.
So correct me if this is incorrect, but the only "thing" you possess (hopefully exclusively) is the passkey or crypto-key for a specific wallet/account? And this is something you only possess de-facto, not in any legal sense? So if someone were to obtain (forcefully or not, illegally or not) this key, "what" has been stolen?
 
So correct me if this is incorrect, but the only "thing" you possess (hopefully exclusively) is the passkey or crypto-key for a specific wallet/account? And this is something you only possess de-facto, not in any legal sense? So if someone were to obtain (forcefully or not, illegally or not) this key, "what" has been stolen?
He who has the key, has the Bitcoin, simple as that. Now let’s say someone breaks into your house, steals your pass phrase or key because it’s sitting on your computer desk. You could use a backup and move your bitcoin to a new wallet before they can spend it and they wouldn’t get anything. Or you can use multiple keys in multiple locations, and require 2 of 3 to move the bitcoin, or 3 of 5. Leave 1 key with your lawyer, 1 with your brother, 1 in a safe deposit box. However you want to do it.

a legal sense as far as mathematics…I’m sure the Jews in Weimar Germany owned their property legally, until they didn’t. The Chinese, Russians, Mayans, Carthaginians, all legally owned property, until the rules changed.
 
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The Sovereign Individual: How to Survive and Thrive During the Collapse of the Welfare State​

this book came out in 1997 and predicted a lot of what is happening this decade, including the existence of a digital money out of government control.

an excerpt:
“As it does, the capacity of nationstates to redistribute income on a large scale will collapse. Information technology facilitates dramatically increased competition between jurisdictions. When technology is mobile, and transactions occur in cyberspace, as they increasingly will do, governments will no longer be able to charge more for their services than they are worth to the people who pay for them. Anyone with a portable computer and a satellite link will be able to conduct almost any information business
anywhere, and that includes almost the whole of the world's multitrillion-dollar financial transactions.
This means that you will no longer be obliged to live in a high-tax jurisdiction in order to earn high income. In the future, when most wealth can be earned anywhere, and even spent anywhere, governments that attempt to charge too much as the price of domicile will merely drive away their best customers. If our reasoning is correct, and we believe it is, the nationstate as we know it will not survive in anything like its present form.”

Excerpt From
The Sovereign Individual
James Dale Davidson, Lord William Rees-Mogg

“In cyberspace. the threats of physical violence that have been the alpha and omega of politics since time immemorial will vanish. In cyberspace, the meek and the mighty will meet on equal terms. Cyberspace is the ultimate offshore jurisdiction. An economy with no taxes. Bermuda in the sky with diamonds.
When this greatest tax haven of them all is fully open for business, all funds will essentially be offshore funds at the discretion of their owner. This will have cascading consequences. The state has grown used to treating its taxpayers as a farmer treats his cows, keeping them in a field to be milked. Soon, the cows will have wings.”

Excerpt From
The Sovereign Individual
James Dale Davidson, Lord William Rees-Mogg
 
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“Like an angry farmer, the state will no doubt take desperate measures at first to tether and hobble its escaping herd. It will employ covert and even violent means to restrict access to liberating technologies. Such expedients will work only temporarily, if at all. The twentiethcentury nationstate, with all its pretensions, will starve to death as its tax revenues decline.
When the state finds itself unable to meet its committed expenditure by raising tax revenues, it will resort to other, more desperate measures. Among them is printing money. Governments have grown used to enjoying a monopoly over currency that they could depreciate at will. This arbitrary inflation has been a prominent feature of the monetary policy of all twentiethcentury states. Even the best national currency of the postwar period, the German mark, lost 71 percent of its value from January 1, 1949, through the end of June 1995. In the same period, the U.S. dollar lost 84 percent of its value.6 This inflation had the same effect as a tax on all who hold the currency. As we explore later, inflation as revenue option will be largely foreclosed by the emergence of cybermoney.
“New technologies will allow the holders of wealth to bypass the national monopolies that have issued and regulated money in the modern period. The state will continue to control the industrial-era printing presses, but their importance for controlling the world's wealth will be transcended by mathematical algorithms that have no physical existence. In the new millennium, cybermoney controlled by private markets will supersede flat money issued by governments. Only the poor will be victims of inflation.”

Excerpt From
The Sovereign Individual
James Dale Davidson, Lord William Rees-Mogg
 
“Lacking their accustomed scope to tax and inflate, governments, even in traditionally civil countries, will turn nasty. As income tax becomes uncollectable, older and more arbitrary methods of exaction will resurface. The ultimate form of withholding tax--de facto or even overt hostage-taking will be introduced by governments desperate to prevent wealth from escaping beyond their reach. Unlucky individuals will find themselves singled out and held to ransom in an almost medieval fashion. Businesses that offer services that facilitate the realization of autonomy by individuals will be subject to infiltration, sabotage, and disruption. Arbitrary forfeiture of property, already commonplace in the United States, where it occurs five thousand times a week, will become even more pervasive. Governments will violate human rights, censor the free flow of information, sabotage useful technologies, and worse. For the same reasons that the late, departed Soviet Union tried in vain to suppress access to personal computers and Xerox machines, western governments will seek to suppress the cybereconomy by totalitarian means.”

Excerpt From
The Sovereign Individual
James Dale Davidson, Lord William Rees-Mogg
 

Dissimilarty

Sparrow
Orthodox Inquirer
Yes, youve made it abundantly clear that your thought on this issue is animated by a spirit of fear, anarchy, rebellion, and a desire for liberation. Its curious that you cant help yourself from constantly asserting them even when asked a simple technical question , almost as if they are themselves the driving force behind btc's value.

My simple point is that you own nothing and are very happy.
 
Its Peter Theil's favorite.
In August, Alastair Campbell, Blair’s former right-hand man and a prominent remainer, wrote about The Sovereign Individual at length on his blog. He called it “the most important book you have never heard of”.

"Some of these forecasts had an accuracy that still amazes. Rees-Mogg and Davidson envisaged a “new digital form of money”, for example, to “consist of encrypted sequences … unique, anonymous and verifiable … tradable at a keystroke in a multitrillion-dollar wholesale market without borders” – Bitcoin in other words, a decade before it was actually invented."

 
Yes, youve made it abundantly clear that your thought on this issue is animated by a spirit of fear, anarchy, rebellion, and a desire for liberation. Its curious that you cant help yourself from constantly asserting them even when asked a simple technical question , almost as if they are themselves the driving force behind btc's value.

My simple point is that you own nothing and are very happy.
They are absolutely, without question what gives BTC value. My spirit is not one of fear or rebellion, but one of hope. This is just a change in society we have to navigate…you can deny that change is happening, or prepare for it. I don’t need a ruler to tell me I need a shot, have to wear a muzzle, while stealing my wealth at an accelerating rate. An involuntary power relationship like that is just as immoral as slavery, in fact it is slavery.
 

kurtybro

Woodpecker
Offtopic to the thread title but ill just leave this here ; the real problem is hardware/software and the infrastructure of the internet. If every piece of hardware you use is tainted by backdoors, then is encryption really safe? If the infrastructure of the internet is such that every user has to "sign on" using their real identification and is constantly monitored and surveilled (helped by the tainted hardware they use) can there really be any sovereignty? Remember, internet standards are being changed all the time, with some very sneaky ones that make the entire ecosystem more centralized.
 

kel

Ostrich
What do you guys think about the growing NFT market? I've been investing in it to beat out hyperinflation and really it's the future anyway. The best part is no one govt can control it, among other benefits.

NFT market for the discerning investor...
The real use case for NFTs is solid IMO (people have likely been using NFTs already without calling it that by name) but right now it feels like super scammy pyramid days. That can be fine if you can time the pyramid right, though. I'm still asking myself if the bubble has already popped or if it's going to run for a while yet, I'm tempted to get in on it, even though I know it's essentially gambling right now.
 
Offtopic to the thread title but ill just leave this here ; the real problem is hardware/software and the infrastructure of the internet. If every piece of hardware you use is tainted by backdoors, then is encryption really safe? If the infrastructure of the internet is such that every user has to "sign on" using their real identification and is constantly monitored and surveilled (helped by the tainted hardware they use) can there really be any sovereignty? Remember, internet standards are being changed all the time, with some very sneaky ones that make the entire ecosystem more centralized.
Bitcoin was the antidote to the centralization problem. It is decentralized, and Web 3.0 will further decentralize it. No longer are you subject to the whims of AWS or Microsoft cloud, you can run programs on distributed computers all over the world. You can build a company that has no CEO or employees, just an autonomous organization that you can capitalize and contribute to anonymously. I can get internet service billed to my company and connect to anything i want through a VPN or Tor. Technology gives individuals the same defense against violence as the gunpowder revolution gave serfs against knights on warhorses.
Just because the concept of the nation state has lasted 500 years, doesn’t mean it will continue. Just as hunter-gatherers could ill conceive of a Roman empire. The Information Age will starve government to death.
 
The real use case for NFTs is solid IMO (people have likely been using NFTs already without calling it that by name) but right now it feels like super scammy pyramid days. That can be fine if you can time the pyramid right, though. I'm still asking myself if the bubble has already popped or if it's going to run for a while yet, I'm tempted to get in on it, even though I know it's essentially gambling right now.

I was being so sarcastic...I didn't think anyone would take such an absurd thing seriously.
 

BURNΞR

Pelican
Ridiculous that something that’s basis of our entire modern life and we don’t understand shit about it to the point where we argue whether two polarly opposite scenarios are happening

Yes, I see this impasse happening in almost every area of discussion. How can you tell who is correct if 2 views are clashing? My take is that the person with the theory/perspective that more accurately and precisely predicts the future is the correct one.
 
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