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04-19-2018, 04:52 AM   #991
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If you back off a few feet and look at it, BitCoin and its clones are Ponzi schemes.

04-19-2018, 05:07 AM   #992
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QuoteOriginally posted by Canada_Rockies Quote
If you back off a few feet and look at it, BitCoin and its clones are Ponzi schemes.
some of us don't need any distance to see that
04-19-2018, 05:19 AM - 1 Like   #993
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QuoteOriginally posted by Lord Lucan Quote
I'm not going to take displays of political hand-wringing and navel gazing over saving energy and saving emmissions very seriously as long as there are bitcoin mining farms, some of which are consuming as much power as a town. Here is news of an old coal fired power station being re-commissioned to meet the demand :-

This coal power plant is being reopened for blockchain mining - CNET

Currently the world consumption of electricity for bitcoin mining is about the same as for the nation of Switzerland, and it is riing fast :-

Bitcoin Energy Consumption Index - Digiconomist

I think I shall wait for this bubble to burst before I start feeling guilty about my car.


There are counterproductive things that happen, therefore my counterproductive things are okay, too.
04-19-2018, 05:25 AM - 1 Like   #994
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Bitcoin is no different than any other fiat currency on the planet. And that includes the Euro and the American dollar. They are based upon no hard assets and most of it exists as numbers on computers. It is rather incredible that we think that a piece of paper with the number 100 on it is worth more than a same size piece of paper with the number 10 on it. No precious metals in any of their coinage either.

04-19-2018, 06:09 AM   #995
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QuoteOriginally posted by gaweidert Quote
Bitcoin is no different than any other fiat currency on the planet. And that includes the Euro and the American dollar. They are based upon no hard assets and most of it exists as numbers on computers. It is rather incredible that we think that a piece of paper with the number 100 on it is worth more than a same size piece of paper with the number 10 on it. No precious metals in any of their coinage either.
I agree wholeheartedly as do any Germans whose parents remember the years before WWII when a wheelbarrow full of paper money might buy a loaf of bread if you got to the store quickly enough.
04-19-2018, 06:13 AM - 1 Like   #996
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QuoteOriginally posted by gaweidert Quote
Bitcoin is no different than any other fiat currency on the planet. And that includes the Euro and the American dollar. They are based upon no hard assets and most of it exists as numbers on computers. It is rather incredible that we think that a piece of paper with the number 100 on it is worth more than a same size piece of paper with the number 10 on it. No precious metals in any of their coinage either.
I am reminded of an old science fiction novel about a character [Lazarus Long created by Robert Heinlein (? ) ] acting as the " banker " on a frontier planet when caught by others burning the currency

he argued that in fact what he was burning was, in fact, worthless paper

the value of which was solely determined by the acceptance of the society of the currency [ the paper ] as a medium of exchange for material goods or services\

it was worth only what others would give you for the exchange of the paper

and the supply of the currency must be reduced constantly to avoid inflation



I confess that when I was reading the book, economics was a mere after thought and I didn't bother to critique the thought

---------- Post added 04-19-18 at 08:15 ----------

QuoteOriginally posted by Canada_Rockies Quote
I agree wholeheartedly as do any Germans whose parents remember the years before WWII when a wheelbarrow full of paper money might buy a loaf of bread if you got to the store quickly enough.
it wasn't only Germany

and it wasn't limited to the past

check out what is happening down in Venezuela
04-19-2018, 08:17 AM   #997
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QuoteOriginally posted by Aslyfox Quote
I am reminded of an old science fiction novel about a character [Lazarus Long created by Robert Heinlein (? ) ] acting as the " banker " on a frontier planet when caught by others burning the currency

he argued that in fact what he was burning was, in fact, worthless paper

the value of which was solely determined by the acceptance of the society of the currency [ the paper ] as a medium of exchange for material goods or services\

it was worth only what others would give you for the exchange of the paper

and the supply of the currency must be reduced constantly to avoid inflation



I confess that when I was reading the book, economics was a mere after thought and I didn't bother to critique the thought

---------- Post added 04-19-18 at 08:15 ----------


it wasn't only Germany

and it wasn't limited to the past

check out what is happening down in Venezuela
Point.

04-19-2018, 02:48 PM - 1 Like   #998
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QuoteOriginally posted by Lord Lucan Quote
I think I shall wait for this bubble to burst before I start feeling guilty about my car.
Don't feel guilty. My 1991 pickup truck with it's 460 (7.5L) gets 6-8 miles per gallon of gas. I've never felt guilty for three reasons:
One, I pay for the gas;
two, it gets the job done;
and three, until a better solution exists from producing and disposing of the lithium batteries in a vomit Prius, I'm fine with driving my vehicle.
04-19-2018, 03:58 PM   #999
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QuoteOriginally posted by gaweidert Quote
Bitcoin is no different than any other fiat currency on the planet. And that includes the Euro and the American dollar. They are based upon no hard assets and most of it exists as numbers on computers. It is rather incredible that we think that a piece of paper with the number 100 on it is worth more than a same size piece Noof paper with the number 10 on it. No precious metals in any of their coinage either.
Well I wouldn’t say nothing backs the USD. The combined REAL assets of the United States Government - the government, not the private economy - as represented by the buildings, land, ports, roads and highways, resource values* on and under the land, military assets, possessions in other countries, and other real assets, has a value estimated at $75 Trillion. That doesn’t count the net financial assets in possession of the government or its agencies, which you might also call fiat assets.

The US Gross External Debt @ 12/31/2017 was $19 Trillion Dollars

That’s why people will lend us half a Trillion dollars a year to finance the deficit.


* If the United States took a simple royalty on every barrel of oil pumped from leases on Federally-owned land and exported the oil to other counties (all oil transactions globally occur in US Dollars, so in this example the dollars would come back to the US and be extinguished), the United States could pay down 100% of its externally held debt in 65 years. However, since the Dollar is the world’s Reserve Currency, removing that liquidity from the global economy would cause a permanent Depression. There wouldn’t be enough currency in circulation to operate the global economy. At this time, no other country or alliance of countries has the capacity to create enough currency to replace the USD if such a change were to occur.

CryptoCurrencies such as Bitcoin academically meet all the qualifications to be a legitimate currency. One of the attributes is that it must be hard to get. The mining aspect meets that qualification. Conceptually, CrytoCurrencies are elegantly brilliant. That’s the academic allure.

Bogus, sure, but conceptually brilliant.

Last edited by monochrome; 04-19-2018 at 04:14 PM.
04-21-2018, 03:38 AM   #1000
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QuoteOriginally posted by Lord Lucan Quote
I'm not going to take displays of political hand-wringing and navel gazing over saving energy and saving emmissions very seriously as long as there are bitcoin mining farms, some of which are consuming as much power as a town. Here is news of an old coal fired power station being re-commissioned to meet the demand :-

This coal power plant is being reopened for blockchain mining - CNET

Currently the world consumption of electricity for bitcoin mining is about the same as for the nation of Switzerland, and it is riing fast :-

Bitcoin Energy Consumption Index - Digiconomist

I think I shall wait for this bubble to burst before I start feeling guilty about my car.
Pointing fingers doesn't help though. There'll always be a worse offender, but we all need to do something.

As for mining... my hope is that these projects shift to a more scientific nature. Mining is based around proofing some work, some effort was put into it, in order to create something of value. At the moment most of these projects are doing nonsensical calculations that only eat up energy. But the scientific community is in dire need of processing power... especially the less commercial ones that can't afford to spend on supercomputers. Now if mining could be done (and would be profitable) with these projects... I know there are some projects that do it, but they need more polishing, and most of all they need to be more profitable. One way to do it would be by government interference. Put incentives into place for projects that create added benefit. With all the processing power that is currently going into mining useless coins cancer could be cured. Or Alzheimer.

We are in the early stages of mining digital currencies, I truly hope we are moving in the right direction.

Also, yes, digital currencies are brilliant, and they solve some problems. However there's so much more that could be done with them. Unfortunately the projects that didn't attempt to do so much got a head start, and now the better projects can't get critical mass to take off.

As for ponzi scheme... I don't think so. Not the actual currencies, though there certainly are ponzi schemes around it. These coins are mostly unregulated, and a target of many gold diggers looking for a quick buck. So there happens lots of manipulation tactics that are illegal with regular stocks and currencies. And so the value jumps up and down.
04-21-2018, 08:20 AM - 1 Like   #1001
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OK.


Racer has to put on his moderator hat this morning . . . . . . . .




Seems the discussion has strayed a bit, and is leaning towards talk of things of a political nature.


Please move on to the subject of the thread, like this (Racer takes off his moderator hat):


One of my vehicles (I own many) is a 2001 Dodge Ram 3500. Cummins turbo diesel, 6 speed manual transmission. Hauls the race trailer, with race car, spares, tools, fuel and other associated stuff, and a slide in camper. Does it all without a whimper.


And gets 15 to 18 mpg.








Also makes a great camping rig.





04-21-2018, 10:42 AM - 2 Likes   #1002
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QuoteOriginally posted by Racer X 69 Quote
OK.



One of my vehicles (I own many) is a 2001 Dodge Ram 3500. Cummins turbo diesel, 6 speed manual transmission. Hauls the race trailer, with race car, spares, tools, fuel and other associated stuff, and a slide in camper. Does it all without a whimper.


And gets 15 to 18 mpg.
I've been on a highway trip in one of those, (I forget why, could have been something to do with one of my friend's MGs,) Sure do have plenty of beans, also pretty comfortable, considering skinny me was riding in one of the jump seats.

Here's our new guy, I forget if you were in the initial conversation about our truck-shopping here, and eventual S-10 acquisition. This is actually a case where my housemate's got electric for commute and, really, most stuff she does. And this guy's for hauling and the like. No real idea what mileage we'll get, (One of those Vortec V6es, previous owner did a pod filter intake and upgraded injectors and 'upgraded' (Well, less-restrictive, anyway, but louder,) exhaust. There's still a bunch to do (waiting on big parts order) but I've gotten a few things going to make him run cleaner, (Yaknow, it's nice when your PCV system's actually held in place, stuff like that,) and I'm planning on going to full synthetic oil in the diffs and probably transfer case for efficiency's sake, not to mention who knows when or if anyone's necessarily bothered to change it at all.

And, yeah, this tight engine bay is proving to be about as much of a joy as expected, even for my skinny hands, but the 'strong but compact' combination overall is really proving to have been the right move for getting around on this land. There is this general sense they just took a full-sized truck and crammed it into a smaller space.

04-21-2018, 11:58 AM   #1003
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QuoteOriginally posted by Ratmagiclady Quote
I've been on a highway trip in one of those, (I forget why, could have been something to do with one of my friend's MGs,) Sure do have plenty of beans, also pretty comfortable, considering skinny me was riding in one of the jump seats.

Here's our new guy, I forget if you were in the initial conversation about our truck-shopping here, and eventual S-10 acquisition. This is actually a case where my housemate's got electric for commute and, really, most stuff she does. And this guy's for hauling and the like. No real idea what mileage we'll get, (One of those Vortec V6es, previous owner did a pod filter intake and upgraded injectors and 'upgraded' (Well, less-restrictive, anyway, but louder,) exhaust. There's still a bunch to do (waiting on big parts order) but I've gotten a few things going to make him run cleaner, (Yaknow, it's nice when your PCV system's actually held in place, stuff like that,) and I'm planning on going to full synthetic oil in the diffs and probably transfer case for efficiency's sake, not to mention who knows when or if anyone's necessarily bothered to change it at all.

And, yeah, this tight engine bay is proving to be about as much of a joy as expected, even for my skinny hands, but the 'strong but compact' combination overall is really proving to have been the right move for getting around on this land. There is this general sense they just took a full-sized truck and crammed it into a smaller space.
I read your other post where you introduced us to him.

I like the tire and wheel package. It has a beefy stance, looks good. The alloy wheels are a good fit for that vintage of S-10.
04-21-2018, 12:46 PM - 1 Like   #1004
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QuoteOriginally posted by Racer X 69 Quote
I read your other post where you introduced us to him.

I like the tire and wheel package. It has a beefy stance, looks good. The alloy wheels are a good fit for that vintage of S-10.
Yeah, I think the look's really cute, and the extra width could come in handy. Still less thrilled that there's spacers involved, on general principle, but at least those are only on the rear. I'm sort of thinking that if we end up needing a real set of winter tires or for some other purpose, I might just see about maybe some sixteen-ish inch steelies or rims from a later S-10 to fit the disc brake conversion without the spacers; in the former case it's pretty easy just to get pairs in whatever offset it takes to square em back up. (On investigation it seems this truck may have come with the factory wide package, but what they swapped the rear axle from didn't, hence the spacers.)
04-21-2018, 12:51 PM   #1005
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Just be careful of the door hinges, they have a rep for breaking if you open them too vigorously.
Truck looks good though and should give good service after the synthetics upgrade. I have to agree on the snow tires on steel wheels for winter, you will scoot over the junk with good snow tire during any storms.
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