/tech/ - Technology★

It's kind of scary how the can make running certain programs illegal.

Does this mean it could be possible to create a law that bans running non-free software and to impose a $1000 fine per day of use of non-free software?

Why didn't they just set a cap on how much power you can buy?

It's humorous that they think they can enforce this.

>>884319

>certain kinds of software

Yes, certain kinds of software that exist solely to generate pyramid money from rubes.

Almost like this is a business, rather than technology, issue.

Outright blockchain ban when?

Obsessive miners are assholes who, initial investment into GPU farms and power bills aside, want and hope to make money literally out of thin air. Hopefully their losses are as high as possible.

>>884312 (OP)

Bitcoin mining was not banned.

Exploitation of the town's resources for retarded purpose was.

>>884350

Exploitation of the town's resources was banned via banning bitcoin mining. They could have just raised the prices on heavy commercial use, but they did not. There's another commercial entity here that bribed the city mayor/council to ban bitcoin mining instead and keep the prices low for them.

>>884323

If they want to they effectively can. They can get any big mining operation, small ones don't make a difference.

>>884351

They may want industry to settle in. Bitcoin isn't a good industry, it employs nearly nobody and generates little no taxes.

>>884364

that's a good point. i wonder how much this really affects personal mining though. the article mentions commercial zoning permits, I imagine warehouses filled with miners being banned, but I can also see them coming down on anyone with a massive power bill on their house and declaring it not zoned for that.

solar would make it irrelevant but if solar was cost effective miners would already be doing it. more proof solar is a meme in it's current state.

>No officer, I'm not mining bitcoin, I'm just growing the devil plant, 100% honest

>>884319

It was illegal to have certain programs on your hard drive while traveling out of USA, because cryptography was considered military tool and export of military tools was forbidden or something.

>>884383

>"hurr this shirt is munition wat u do nao"

>taunting uniformed and armed men who represent the state and the military-industrial complex with shit that triggers and pisses them off

>act all surprised when go after you and bust yo ass

>>884383

I thought it was backwards where the US had encryption, but couldn't include encryption in software it exported to other countries.

>>884385

Encryption was classified as munition for historical reasons (way back, only the military had crypto, and before cheap computers it made sense average people wouldn't need it). That t-shirt contained RSA, making it legally a munition. The point wasn't to travel overseas with it (the code isn't that hard and the algorithm was public), I think, but show how ridiculous the whole situation was.

>>884390

Yes, that's how it was. The problem for distros is they wanted anyone, anywhere, to be able to download, so they couldn't host crypto packages in the US or they'd be breaking the law when someone downloaded from elsewhere. I don't know how others handled it, but debian simply hosted these specific packages outside the US (which was perfectly legal if the teams behind them weren't working in the US, but I don't know how legal it was for a US dev to contribute code).

>>884312 (OP)

>commercial cryptocurrency mining

>commercial

literally means nothing

>>884402

Would you be genuinely surprised by getting detained by Homeland Security and your shit thoroughly searched and/or confiscated because of you wearing a "this shirt is a munition" shirt at an airport? Conversely, would you be surprised by getting bit by a dog after poking him with a stick?

>>884402

How did the distros containing the "offending" code (no matter if source or binary) legally leave the US in the first place (it had to somehow for it to be hosted elsewere)?

>>884312 (OP)

>Bitmine Coining Was Just Manned in a Small Town

>>884312 (OP)

kill self

>>884364

>If they want to they effectively can. They can get any big mining operation, small ones don't make a difference.

Interesting rebuttal with zero substance. They can't possibly know who is mining and trading cryptocurrency without going door to door and this isn't Europe. They can't do <get?> shit.

>>884451

>get list of registered businesses from chamber of commerce/whatever

>get list of power users in descending order from power company/ies

>strike registered businesses from list

>go from there

It's piss easy

>>884446

back when apple made good hardware

>>884316

>bitcoin

>GPU

0/10

>>884429

What about freedom of speech?

Am I not allowed to have whatever shit written on me?

>>884475

>back when apple made hardware

>>884443

Yeah, you go do that.

>>884481

Baby steps. First we come for the ASIC miners, then FPGAs, and finally the most utterly repugnant GPU/CPU-only coins.

>>884482

Interesting question. From what I understand, there are still serious legal challenges about whether or not official secrets and espionage acts have constitutionally valid power over civilians.

>>884482

Are you underage?

>>884312 (OP)

8chan is so contrarian nowadays, it’s far beyond cringe-worthy.

>>884495

Bitcoin is literally a Ponzi scheme and the less people buy into that, the better.

>>884500

By that logic isn't any investment where you make money a Ponzi scheme then. Since the money isn't magically generated, it had to have come from some other person.

>>884485

how exactly is that relevant?

>>884502

Because typically Ponzi scheme's are painted in a bad light and the way you phrased your comment made it sound like bitcoin was bad, but not other forms of investment.

>>884504

are you retarded?

>>884501

>>884504

The difference between a Ponzi scheme (or other pyramid scheme, legally speaking, "franchise fraud" in burgerstan) and legitimate investment, is that investment seeks to raise funds for some economically productive enterprise, whereas pyramid schemes simply seek to recruit infinite numbers of rubes. Per the FBI:

>"pyramid schemes --- also referred to as franchise fraud or chain referral schemes — are marketing and investment frauds in which an individual is offered a distributorship or franchise to market a particular product. The real profit is earned, not by the sale of the product, but by the sale of new distributorships. Emphasis on selling franchises rather than the product eventually leads to a point where the supply of potential investors is exhausted and the pyramid collapses."

That fits cryptocoins to a tee.

To be crystal clear, I am not opposed to decentralized, anonymous, secure, electronic currency. I am, however, opposed to deflationary pyramid schemes, especially those which hurt people other than the suckers that buy in, through wasting energy and diverting valuable commodities such as computer hardware.

>>884502

Your gross ignorance of societal principles is typical of retards and minors, and I hope you're not retarded

>>884522

nice trollin'

10/10

>>884527

My condolences

>>884316

Wow what a total waste of money, Could have spent a third the "investment" and had more mining power.

>>884516

The thing is though it's a little off. It's not the crypotocurrency. It's the fucking graphics cards. That's where all the fucking money is.

>>884511

What is this from?

>>884557

Imagine if all that power could have been put into Boinc/WCG distributed computing projects. We could have found cure for all forms of cancer and found all ayy lmaos in observable part of universe.

>>884473

Which consumes more electricity? Industrial machine which can't even be plugged into a 120v socket, or GPU bought with Hot Pockets money? Use your noggin you silly cunt.

>>884642

>bloated gif

you need to go back to reddit

>>884657

GIF images are inherently bloated.

>>884642

Go read "Wealth, Virtual Wealth, and debt" by Soddy Frederick, the first edition is old enough and free.

This will give you a good base on currency.

>>884316

At least it isn't amd.

>>884671

How's that GPP going for you, pal?

>>884642

You have no idea how fake money actually is. There is more "money" in the form of debt than exists on the entire planet. All of the money is fake, and I don't mean "fiat" fake either. I mean there physically isn't even enough paper to represent how much money doesn't exist. When your bank says you have x-amount of money in your account, they are LYING to you, they are bluffing 100% in the hopes that you don't actually go check because the day you and everybody else does the financial system would collapse and we would witness a depression like no nation on the planet has ever witnessed before.

Here's how it works:

>deposit $100 in bank

>bank says you have $100, you go about your business

>bank takes your $100 and loans it to some other guy

>bank says other guy has $100, and you have $100, there is now """"$200""""

>>884675

>>884557

>You realize there are a gorillion alts out there

Yeah, and every single one of them is inflationary. There are a handful that don't depend on mining, like FairCoin, but that's the best improvement I'm aware of so far.

>the money to which people generally gravitated

Deflationary "money" isn't money, meaning a medium of exchange that people readily obtain and spend, it's fake investment dead air in the flow of money, which discourages holders from seeking and creating capital investment opportunities as aggressively as possible. That's why all currencies are intentionally designed to be mildly inflationary.

>sound money

Hoarding is a disease, private possession of gold never should've been legalized again.

>>884668

Excellent rec, though for our present times, "A Primer on Macroeconomics for Sovereign Monetary Systems" might be somewhat more relevant.

>>884675

It's called fractional reserve, and without it, capitalism couldn't have happened. Also, credit and money aren't the same thing, private banks can only create credit, which can't be exchanged for money (electronic or physical) unless the bank has enough, while only the mint can create actual money.

>>884661

Of course, that's why everybody should stop posting them, and better, delete them too.

>>884679

I have blocked them from being downloaded anyway. I am just pointing that you're doing stupid shit.

>>884695

>mildly inflationary

>property rights are good

Try picking one. Why should I support an inflationary currency if I have to wage slave? It's another tax that just makes me poorer. It undermines the entire concept of property rights because my money can be taken away at any time.

>>884695

>It's called fractional reserve,

The fact that they came up with a fancy Latinate name for it doesn't make it less of a scam.

>and without it, capitalism couldn't have happened

You're really breakin' my heart here.

>>884702

Deflation leads to market collapse. Fun fact, to get market to stagnate you don't even need to come to zero inflation, a too small inflation is enough to cause it.

Source: pre-war America, post-war Japan.

>>884642

You see, there's a difference between issuing fiat currency and mining crypto currency. Former is done for a purpose of supporting a carefully calculated inflation rate, and latter is done out of greed pure and simple. When governments start printing money out of greed, their whole economy crashes soon after. There's no reason to believe it's not also true for crypto.

>>884709

This is bullshit. It's called the business cycle. Monetary policy is just one part of it. The Central Banking system is dying because without constant new credit then the whole system becomes deflationary too. Unless the FED prints money. But if they can print money then why can't I get free money? Why do the bankers? This is bad because it undermines the whole idea of property rights.

>>884710

The best thing about cryptos is that you can always create another one. The system will never be without money if we are in a 100% crypto world. Your logic assumes only Bitcoin.

>>884710

Additionally. For currency to inflate, there doesn't even needs to be any excessive (or at all) money printing. External factors alone can tank a currency, see Venezuela - for a good while they were spending more money printing cash than it is worth which is a net negative flow of money to the economy, and yet the currency was still inflating like mad. If your currency is doing too good, you may need to print money to keep inflation rate high enough. And if it's doing bad, you're issuing money to cover the shortage of bank notes, it's an effect of inflation, not the cause.

>>884711

It's not bullshit because it actually happened under those circumstances, and did not happened under other circumstances ever. This marks very strong statistical correlation, to the point that you can't divorce the two.

>why can't I get free money

>Why do the bankers

The bankers get jack shit. Printed money is the government's property. See >>884713

>more currencies

So you can print money forever? Didn't you just made an argument against inflation? So how that's supposed to be a good thing?

>>884715

You are equating different cryptos as the same thing and this is a mistake. Different coins have different properties so it is not the same thing. Printing money is theft no matter how much you dress it up. The bankers get money through bailouts, tax payers backing their bad loans, and the FED injecting money into the stock market which the bankers siphon off. Fuck off you shill.

>>884719

Uh-huh. So you don't understand cryptos and don't understand economy, your arguments are self-contradictory, you want free money out of thin air and you complain to no end about things that are only natural.

>>>/oven/

>>884719

The governments are also all indebted to banks so they, and thus us, pay the bankers rent that way too.

>>884723

Found the /pol/tard, go back to sucking off your corporate masters.

>>884723

The money is not coming out of thin air. People assign value to BTC. To acquire cryptos real work is being done, mining which consumes power and physical hardware, unlike the US dollar which is created out of thin air.

>>884725

>oy vey, don't be so antisemitic, goy!

>>884726

You're not fooling anyone, kike.

>>884726

>using power to produce absolutely nothing but waste heat

>real work

Would you look at this dumbfuck nigger.

>>884726

>unlike the US dollar which is created out of thin air.

Even fiat USD carries a promise that the bank can exchange it for actual bullion. Bitcoin doesn't even have that luxury.

>mining which consumes power and physical hardware

And how is that power and physical hardware initially paid for you stupid fuck?

>>884726

Printing dollars also consumes power and requires hardware (such as printers). The result are physical dollar bills, while the "result" of coin mining is just bit patterns which only satisfy the condition of being solutions to some algorithm, and have no practical use whatsoever. Assigning value to them is just as arbitrary as assiging value to dollars, and dollars do have some practical uses if necessary (such as wiping your ass or making a campfire).

>884738

It's the same with credit cards and anything online, the consumers eat that shit up.

>>884741

Uh no sweetie, if I use my own money (no credit) then I don't pay shit to anyone. My only fee is the prepaid card issue & support fee.

>>884742

Wrong. The fee is part of the regular price that even those who use cash pay. You think you are the one winning when dealing with banks? How delusional are you?

>>884702

If you're a wageslave, inflation is pretty much irrelevant, since the prices of both labor and consumer commodities are effected equally by currency inflation (it's true that the "real dollar" price of labor has stagnated, but this is due to neoliberalism, not inflation). If you have substantial amounts of savings, inflation encourages you to put them in an interest-earning deposit, better yet an investment instrument such as a bond or fund, or best of all to engage in entrepreneurship and seek out promising enterprises for investment.

Seriously, look up "free silverites" and the "cross of gold" speech, deflationary money was debunked over a century ago.

>>884705

Not saying capitalism is great, but it's the system we have to work within at the moment, and a step up from feudalism.

>>884726

>pointless waste

>real work

TOP CONMAN

>>84732

>Even fiat USD carries a promise that the bank can exchange it for actual bullion

The actual source of fiat money's value is that it's the only legal tender for paying taxes. If taxes didn't exist, there would be no demand for dollars.

>>884732

Bitcoin isn't a "promise" like a paper dollar is. Bitcoin is the currency itself. There's nothing to exchange it into.

>>884733

>no practical use whatsoever

The practical use is that it ensures the integrity of the network. If everyone stopped mining, it would be trivial to execute a 51% attack on the network.

>>884738

>needs

You can send a transaction with no transaction fee if you want.

>>884745

There's no inherent reason why a cryptocoin couldn't simply be "pre-mined", eliminating the pointless waste of mining.

>>884745

>its only "practical" use is ensuring its own integrity

circular argument discarded

>>884746

Mining is the process which adds transactions to the blockchain. Are you saying the blockchain should already contain every single transaction that will happen in the future. I don't believe we have the technology to predict the future yet.

>>884747

Maybe you misunderstood me. Mining does not ensure the integrity of mining. If I had said that, that would be a circular argument. If you reread what I said, I explained that mining ensures the integrity of the bitcoin network.

>>884744

>due to neo-liberalism

Which also believes in printing money. The whole system is fundamentally dishonest and always leads to collapse. The cryptos represent the first time in millennia that we have the ability to try something new in the banking space. Advocating for printing money is the past.

>>884750

It exists solely to encourage excess calculations for the sole purpose of pyramid scheme activity, rather than just to execute transactions. It's not strictly necessary, and cryptocoins do exist without it, e.g.:

https://fair-coin.org/en/ecological-blockchain-consensus1

Granted, all such coins I'm aware of are still deflationary, and of course this doesn't solve the transaction efficiency problems that exist in all current blockchain tech, but there are a number of potentially viable solutions in the works that could make blockchains work for useful volumes of transactions.

>>884751

Neoliberalism has little to do with monetary policy. It consists of fpur things: 1) Offshoring. 2) Mass economic immigration. 3) Privatizing natural monopolies. 4) Deregulation.

>>884752

Neo-liberalism needs cheap interests to work. Otherwise how can you pay for

1) Offshoring

2) Mass economic immigration aka gibs

3) Privatizing natural monopolies

4) Deregulation

I'm going to add a fifth item to your list.

5) Leveraged buyouts

The Central Banks manipulate interests rates down for corporations and governments.

>>884753

I'll agree the two certainly don't conflict. The loans handed out to encourage it greased the skids, but for instance simply stripping down and selling off domestic industry provided a great deal of capital for establishing cut-rate foreign factories where slave labor was readily accessible.

>>884752

>FairCoin

Notice how to create a new node you have to go to a centralized source. Bitcoin is completely decentralized.

If you have to trust a centralized source, you may as well store the money in a regular database like PayPal does.

>>884774

Sort of. The central authority is itself decentralized, consisting of current "verified" nodes in a democratic assembly, which can vote admit or reject members based on compliance with rules passed by the assembly. The identities of these verified nodes are concealed amongst all other nodes on the network, and as such are anonymous

>>884806

https://fair-coin.org/en/faircoin-faqs

>A maximum of eleven chain admins can be assigned.

It also says that these eleven people have the ability to add or remove nodes. Unlike bitcoin where everyone has the power to join / leave the network or even change blockchain parameters, for FairCoin it's all up to a centralized comity of 11 people.

>>884745

>Bitcoin is the currency itself. There's nothing to exchange it into.

That's the point I was trying to make m8, are you sure you're in-favor of bitcoin? Because you can't seem to present a good case for it

>>884695

>private possession of gold never should've been legalized again

You can fuck right off you boot-licking faggot. The government has no right to tell me how much gold I can own. The government has no right to tell me what kind of software I can or cannot run on my computer. The government has no right to tell me which currencies I can or cannot purchase. The government has no right to do any of these things, because I am a free citizen, not a fucking serf. The first government official to try and impose such unconstitutional laws on me gets a bullet to the head.

>>884813

These admins merely act on the decisions of the general assembly. Changing parameters on BitCoin causes a fork, which this democratic structure is intended to ameliorate the need for, and which would also be the worst-case scenario for abusive admins.

>>884844

>goooooooold

>a currency

Maybe all that gold would be better off as an industrial feedstock, rather than hoarded in a pile under your mattress for you to masturbate on.

>>884847

>a currency

It's certainly more of a currency than the debt we currently use. At least with gold, I know that there's only so much in existance, and that (((certain individuals))) aren't creating "money" out of thin air through fractional reserve banking.

>would be better off

And? You gonna argue that the government should have the right to confiscate anything they wish if they determine it would be "for the greater good?"

My private property is my private property, and I will do with it whatever I damn well please. Just as everyone else can do with their private property whatever they please. If you want to give the government the power to confiscate anything at will, just put on a slave collar and admit you enjoy being abused. Unless you envision yourself as the one in charge of such a government apparatus, in which case I'd advise you to suck start a shotgun so the world will have one less sociopath in it.

Luckily I live in America, where citizens are at least for now able to own certain pieces of private property that prevent the government from confiscating their other private property, at least outside of shithole failed state tier states like Commiefornia.

>>884813

>debt

>in our own currency

>mattering at all to sovereign states

Learn MMT

>muh property

Only exists because society has decided, for our own collective benefit, to enforce the boundaries of such a concept. What benefit is there to pyramid schemes hoarding"hedging" resources instead of engaging in productive capital investment?

>>884851

>debt somehow doesn't matter if the institution incurring it is a nation

This is your mind on Keynesism.

>only exists because society has decided to enforce the boundaries of such a concept

No, it exists because my AR-15 says it exists, and I've got over 10,000 notices, to be mailed out at 3,000 fps upon request, informing potential hostiles of my intent to preserve what is mine.

>what benefit is there

I don't give a shit what the benefit is. Again, if I want to pile up all the gold I can buy and masturbate all over it, I damn well will, and if anyone feels so strongly against my right to do so and wants to take any action to prevent me I will ensure that they never have such feelings (or any other feelings, for that matter) ever again.

>(((productive capital investments)))

Sure thing Schlomo. Giving all my money to the banksters so they can give it to someone else, all while promising me that the money totally still exists because they've written down a number on a slip of paper, is totally a good investment.

>>884856

>Keynesism

Old meme. Debt denominated in a currency, "owed" by the issuer of that currency, can simply be paid off with more issuance, and inflation taxed away, eliminating it without a ripple through the flick of a pen.

>muh ar-15

You're outnumbered millions to one, if you weren't, you and your fellows would've already voted the Fed out of existence.

>bankers

An interest-earning deposit account is the exact least profitable of investments. Inflation is intended to force big savers to aim a little higher, so the economy doesn't stagnate and die from their autism.

>>884859

>can simply be paid off with more issuance, and inflation taxed away

This is the end result of fractional reserve banking. Runaway inflation causing a loaf of bread to cost a million dollars, all paid off by 90% tax rates.

Doesn't that just sound like such a fun world to live in?

>you're outnumbered millions to one

I don't know if you're frum Yurop or some shitlib part of America, but I don't think you're aware just how much of the country hates your guts.

>inflation is intended to force big savers to aim a little higher

And what gives the government the right to force people to buy something, you sniveling little jew rat?

>>884861

>Runaway inflation

Which can't occur if that money is immediately taxed away, since fiat money doesn't go into some magical "gubmint coffers" before being "spent", but is instead deleted from existence, and all funds required for budget outlays simply created et instantio.

>the country hates your guts

Whose, the fat cats trying so hard to avoid investing money in the real economy, we're forced to issue negative-interest bonds to pry some loose?

>And what gives the government the right to force people to buy something

The demands of the people, that's what eminent domain is for, after all.

>>884864

>if that money is immediately taxed away

Ah, so people totally won't panic-sell dollars when they hear that the government is just deleting all its debt by printing trillions of dollars.

Also,

>immediately taxed away

Ah, so we'll just confiscate $20 trillion in other peoples' assets to balance out the $20 trillion we print.

What is it with leftists and trying to make their shitty economic systems work by stealing everyone else's shit? It's like you think you're entitled to just take everything everyone owns, because you think it's for the "greater good."

I've made up my mind on you, jew rat. You're clearly sociopathic, what with the whole "I should get to take whatever I want because other people are merely stepping stones to be used in the never-ending quest to achieve the Greater Good (TM)".

>the fat cats

So that's how leftists define working class Americans...

>we're forced to issue

Funny how commie societies always moan about how they were "forced" to restrict peoples' rights because those dang-dirty serfs had the gall to disagree with their vision of the Greater Good (TM).

>the demands of the people

Funny how I don't see the people clamoring to ban gold or confiscate $20 trillion in assets to pay off debt that never should have been racked up in the first place.

>>884874

>people want political change

>that means they'll totally support my pipe dream communism!

My only wish is that you will be the one to try to take my shit, so that I can have the satisfaction of seeing the look on your face as several softball sized holes sprout out of your chest.

>>884849

>Luckily I live in America, where citizens are at least for now able to own certain pieces of private property that prevent the government from confiscating their other private property, at least outside of shithole failed state tier states like Commiefornia.

Laughable

en.wikipedia.org/wiki/Eminent_domain

>>884886

>the government does unconstitutional stuff

Is this supposed to be some kind of revelation?

First person to step foot on my private property without my consent gets ventilated. The government can try to take my shit if they want, and maybe they'll kill me in the process, but I can guarantee you that if they were to try it, there'd be a lot of little kiddies crying that night because Daddy Spook didn't come home from work.

>>884895

>without just compensation

Confiscating $20 trillion in assets is not "just compensation", /leftypol/.

>>884896

>debt instruments created through embezzlement from corrupt administrations

>assets

>bonds fully repaid

>not just compensation

Rewarded as a traitor deserves

>>884897

>random people are responsible for the debt

Is this the same logic you use to suggest that blue collar workers are the bourgeois?

You still haven't explained how you're going to confiscate that $20 trillion without a lot of government officials being rendered permanently horizontal, BTW.

>>884902

Because you specifically mentioned using taxation to prevent hyperinflation when you destroy the value of the US dollar by printing $20 trillion to cancel the debt.

>>884864

>>884903

And why would taxes targeting greedy parasites have any bearing on anyone else?

>>884906

>thinking you're going to get $20 trillion from "greedy parasites"

If by "greedy parasites" you mean the average Joe, sure. Then again, jews like you really do seem to hate the working class, so maybe that is your idea.

>>884429

At an airport it could be a problem (personally, I wouldn't risk it, airports are bad enough without you actively trying to give them a reason to ask you if you're really that stupid), although the guys there probably wouldn't know of the ban and wouldn't care what the t-shirt said (remember it was before the Patriot Act, you could even carry dangerous chemicals like water with you). But outside the airport it'd be perfectly legal, just like having crypto on your computer was legal so long as it didn't leave the country.

>>885150

Why does that image have SUV hidden in it?

>>885172

like steg?

>>884903

do they not understand that the US government borrows money to operate and doesn't have a net profit?

>>885439

False on at least two levels:

1) Sovereign "debt" denominated in the fiat currency issued by that sovereign exists only so long as the sovereign wishes it to, as that debt can be shrunken or eliminated at will through inflation.

2) In the case of many countries, including the US since 2010, sovereign debt has such a low interest rate that it is exceeded by inflation. This means every dollar of "debt" the US government takes on actually earns profits, from investors, right into the taxpayer's pocket:

https://www.weforum.org/agenda/2016/08/negative-real-interest-rates-are-nothing-new-so-why-the-fuss

>>885449

>exists only so long as the sovereign wishes it to

And what the fuck do you think is going to happen when we say "whoops, we're not paying shit!" No one will ever lend money to us ever again, because they know we won't pay them back.

So what will we do when our current government, which runs trillion dollar deficits without all the programs leftists want to implement (and this with the average american giving one third of their income to the government!) suddenly can't borrow anymore? Raise taxes to 100%? I'll say it again: fuck you, you goddamn bootlicker. You're all the same, you far leftists and far rightists. You just want the government boot placed firmly upon your neck so they can "keep you safe" and provide you with all the bread and circuses you need to keep the populace docile.

>eliminated at will through inflation

I want to see you try and live when a loaf of bread costs a billion dollars. I really, truly, want to watch you suffer as you slowly starve to death. You'll probably still bleat away about how "none of this is a problem! The government can just make it all go away at will!" as you're dying, like the good little True Believer that you are.

>>885449

the central bank is de facto independent. if the government seizes the central bank it would destroy its international credit and due to the fact that it is constantly borrowing to fund its spending would lead to a national collapse.

>>885874

>And what the fuck do you think is going to happen when we say "whoops, we're not paying shit!"

Given the fact, as demonstrated by negative interest, that's exactly what we've been doing for years, and investors are still lining up to buy those bonds as fast as we print them? I think absolutely nothing is going to happen.

>muh hyperinflation

As I stated above, this is countered using taxes. In fact, aside from creating demand for fiat money, this (destroying fiat money to fine-tune inflation) is the sole function of "taxes" in a fiat system, since outlays are actually funded by simply creating fiat money from air.

Hyperinflation can only occur if the obligations driving it are denominated in a foreign currency, which obviously isn't the case for the USA or other major economies.

>>885879

Central banks are only independent insofar as they're supposed to remain aloof from the interests of individual political administrations in favor of a longer term policy. Responding to high debt or taxes with inflation is precisely one of their routine intended behaviors.

>>884554

Seems to be a Russian nonsense song.

https://www.youtube.com/watch?v=tVj0ZTS4WF4

>>885915

So what do you intend to do with the inflation exactly, since today fags seem to be pouring it into various meme assets such as real estate and crypto instead of it actually growing anything like it's supposed to.

>>884732

>Even fiat USD carries a promise that the bank can exchange it for actual bullion.

Not for the last hundred years it hasn't, retard.

>>884312 (OP)

communism will win. the buttcoin was the last hope of the ancap tinfoils. and now that its proved to be a complete failure as a means of exchange it will fade into obsolesence. the banks just used the block chain tech to improve their existing systems. the coins have no purpose.

eventually due to the automation the taxes will need to be raised on the bourgeoisie business owner class to pay for UBI. this will be implemented some time in 2021 after orange hitler gets voted out in 2020.

>>886786

You can still to this day exchange currency for bullion though, you fucking retard. We still mint gold coins. The difference is our currency runs under the assumption that only a small percentage of people would want to do that. Because the reserve does not have enough gold to pay every American.

Wouldn't expect a bitcoin fag to know anything about how currency works though

>>884332

>>885873

>>884430

The offending packages were developed overseas.

>>886949

No, you stupid fucking retard. There is no bank in the country that will exchange your monopoly money for gold. The dollar has not been a representative currency for fucking decades now. The phrase "fiat currency" literally means that it represents nothing. Go fucking try it at your bank and tell us how it goes, you stupid retard nigger.

>>884624

You need a LOT of GPUs if you want to make decent money with them.

>>886999

>Bully them with incentives and penalties to execute infrastructure upgrades and other useful, aggressive projects.

Everyone hates tolls though, unless you're going to make them do it for a loss.

>And the threat that if they don't do it

The last few years showed that the banks are perfectly happy with borrowing money from the federal government and not using it on anything useful except for bubbles.

>we'll be forced to tax them and direct funds to the task ourselves.

Then they just move their money out of the country. Also due to corruption whenever the government tries to spend money on something it needs everyone in the supply chain milks it for the maximum amount of cash possible.

>>886999

>Yes, automation has led to job displacements in particular occupations and industries in the past, but there is no basis for claiming that automation has led---or will lead—to increased joblessness

>Yes, automation has taken jobs before

<but it won't this time because we say so

Come on nigger. Really?

>>887014

>Then they just move their money out of the country

That's not a very realistic proposition for a hegemon like the US or Europe, if the choice was made to kill access to tax havens. What are they going to do, sell consumer goods to the Chinese?

>>887022

>displacement

Old jobs dying in favor of new jobs. For instance paper pushers being replaced with keyboard jockies.

>joblessness

Overall number of jobs, regardless of profession.

>>886999

>faith and credit of the american people

>something

>>887027

>Old jobs dying in favor of new jobs

In most cases it's fewer new jobs than there were old jobs though. For example a dozen miners being replaced with one machine operator.

>>887027

What new, revolutionary job will the burger flipping robot create by it's, ahem, "displacement" of it's human counterpart? What job did the factory robot create for it's human counterpart?

>>887034

False, read the article, "automation" is linked to job growth.

>>887037

>What new, revolutionary job will the burger flipping robot create by it's, ahem, "displacement" of it's human counterpart?

Mechanics, technicians, stockers, inspectors, etc. As in Japan, the dispersal of fewer larger restaurants into more smaller vending machines will lead to increased volume due to convenience and cheapness.

>What job did the factory robot create for it's human counterpart?

Chink ant people child slave

>>887051

>Chink ant people child slave

Ah, fresh and dank memes my friend.

>Mechanics, technicians, stockers, inspectors, etc.

All of those are already things and the numbers cannot possibly rise enough to keep the majority of jobless people in jobs.

>As in Japan, the dispersal of fewer larger restaurants into more smaller vending machines will lead to increased volume due to convenience and cheapness.

Well, consumption might go up but if the money and job numbers don't follow track it doesn't matter much does it? We saw it with the overseas-ing of American factory jobs. The only thing Americans got from that really was jobs in the safety industry slapping a sticker -- excuse me, 100 sticksers -- on a ladder telling you not to be retarded.

Not only do we have studies shining a light on this reality but history itself says it's a bad idea.

>>887055

Offshoring was fundamentally different from mechanization, because instead of increasing productivity, it outright substituted expensive labor with cheap labor coupled an overall decrease in mechanization.

>>887059

When you hear stories about "China's 140M-strong middle class", keep in mind that group is usually defined by having an "annual nominal disposable income per capita" greater than US$10k. For comparison, that number in the US as a whole is about $45k, and about the same in Japan, Australia, Canada, and most of Europe, whose combined population is about a billion:

http://www.scmp.com/news/china/money-wealth/article/2042441/chinas-middle-class-rise-more-third-population-2030-research

3rd-world consumer markets do exist, but they're very raggedy ass.

>>887096

> disposable income

That's some primo good goy brainwashing right there. The concept alone is staggeringly stupid, and conjures up an image of some poor sod throwing money out the window while the jews on the ground floor catch it in their hats and umbrellas.

>>884922

bitcoin is being manipulated, the technology has improved yet its still being kept low.