Henry Hazlitt, in 'The Failure of the New Economics', quoting Keynes:

"For my own part I am somewhat sceptical of the success of a merely monetary policy directed towards influencing the rate of interest. I expect to see the State, which is in a position to calculate the marginal efficiency of capital-goods on long views and on the basis of the general social advantage, taking an ever greater responsibility for directly organizing investment."

Hazlitt replies:

So there you have it. The people who have earned money are too shortsighted, hysterical, rapacious and idiotic to be trusted to invest it themselves. The money must be seized from them by politicians, who will invest it with almost perfect foresight and complete disinterestedness (as illustrated, for example, by the economic planners of Soviet Russia). For people who are risking their own money will of course risk it foolishly and recklessly, whereas politicians and bureaucrats who are risking other people's money will do so only with the greatest create and after long and profound study. Naturally the businessmen who have earned money have shown that they have no foresight; but the politicians who haven't earned the money will exhibit almost perfect foresight. The businessmen who are seeking to make cheaper and better than their competitors the goods that consumers wish, and whose success depends upon the degree to which they satisfy consumers, will of course have no concern for "the general social advantage"; but the politicians who keep themselves in power by conciliating pressure groups will of course have only concern for "the general social advantage". They will not dissipate the money for harebrained schemes in East Africa; or for crop supports that keep submarginal farmers in business and submarginal acreage in cultivation; or to build showy dams and hydroelectric plants that cannot pay their way but can swing votes in the districts where they are built; or to set up Reconstruction Finance Corporations or Small Business Administrations to make loans to projects in which nobody will risk his own money. There will never be even a hint of bribery, or corruption, or the gift of a mink coat to a minor official by the beneficiary of the loan...
This is the glorious vista that Keynes unveils. This is "the new economics"

(Ellipsis in original)


A easy, I already quit smoking & only drink socially


This is why men don't need makeup but women do


Yes

Bitcoin is a trade token with no real substance, just like fiat

I believe Bitcoin will be remembered as the capstone of the fiat epoch, not as the cornerstone of a hard money era


This seems like an excellent red pill for normies - explains the fiat/fractional banking dilemma in simple terms

nostr:nevent1qqs9c7ye4pz8s9x69xqvjwj06faatdzn4yjnwcw9av0areksh76fy8qpz3mhxue69uhkummnw3ezummcw3ezuer9wcpzpad4ta45fwye0v4kaprf56jhlrfl8vh0yupr2s6yt3qwemzgtmnyqvzqqqqqqy935e2x


I found this persuasive:

nostr:nevent1qqsgqswycjy7mzwlwpwetlg2y292k88jn96m39gqy4lxnrdn5mam8hsppamhxue69uhkummnw3ezumt0d5pzpad4ta45fwye0v4kaprf56jhlrfl8vh0yupr2s6yt3qwemzgtmnyqvzqqqqqqyj4sdmk

The footage of thousands of emaciated Jews being liberated from Buchenwald suggests standard socialist work-camps & supply chain breakdown. If the point of the camp was only to kill them, why did they stick around long enough to get emaciated? Why was there housing built for many thousands of prisoners? The strongest evidence of the Holocaust thus casts doubt on the purely genocidal aim of the Nazis.

The Warsaw uprising suggests that some, possibly many or all of the mass graves found in the East were the result of decimation rather than genocide. Decimation is a practice dating back to Ancient Rome in which 10% of a rebellious population is killed - hence the prefix deci, as in ten. 70,000 Jews were rounded up after the Warsaw uprising, and 7,000 killed. This is still murderous and (in my view) criminal, but historically common.

I think it's also possible that a program of deliberate genocidal euthanasia killed some proportion of Jews and others, and that the number so murdered has been inflated by disease, exhaustion,  and starvation following supply-chain breakdown, as well as simple lies. The absurd "evidence" of Treblinka should encourage us to be skeptical about Majdanek & Auschwitz, but of course by itself proves nothing of these other camps.


I view Bitcoin as the ultimate fiat token
(pun intended)


I agree, except probably we disagree about which epoch Bitcoin defines


This is a reductio ad absurdum of itself


https://www.zerohedge.com/geopolitical/macleod-end-road-dollar

If I understand correctly, Macleod argues:
1) The fiat dollar cannot long continue without metal backing
2) The existing regime cannot back the fiat dollar with metal


https://www.zerohedge.com/markets/costco-gold-indicator

I'd seen the Costco story, but what strikes me as especially interesting is the notion of Covid toilet paper-style shortages

I already believed we would see something like that in a collapse, but the comparison to Covid TP makes it much more concrete and easier to imagine how that might play out


My little brother is several years younger than me. Growing up, we lived with our shared mother & his father (my stepfather). Because of his young age & father's temperament, my brother got away with any violence he wished to inflict on me, while I was punished severely for any attempt to retaliate.

Eventually, when my brother was a young teen and I was a college student, I had a broken arm in a sling, which due to the location of the break could not be placed in a hard cast. My brother at one point hit me in my broken arm (not particularly hard) and I turned and punched his right shoulder hard enough to knock him to the floor.

He never hit me again.


So that's what she did to me


I think in theory restaurant supply should be able to get you powdered lean (which is used for soup) plus tallow if you want to make your own


If you're in the US grassland beef has mostly-authentic grass-fed pemmican (their "salt free" product)

The inauthentic part is they don't completely dry the lean, so it's not shelf-stable


Also pemmican :)


Nah

I'm the whole thing


Spooky


The only reason a CB would own gold is to give their currency value


Yeah but mostly fighting the Soviets consisted of giving aid to the Soviets (eg nukes, grain), becoming more centralized & bureaucratic, and letting our secret police do whatever they wanted


Foggy Bottom+City of London is the International Community


I don't mind idiots who lack the power or intention to harm me


I ate a grass-fed ribeye & watched some Brood War


IMO the most beautiful of the "basic" coins from major sovereign mints

https://youtu.be/1I1po_P1PFM?si=NJswMvJKw7RBQQAr


Is this a scheduled outage or an emergency?


Where are banks closed? Germany?


Make life, not just a living


Something I found out recently:
Earth is in an ice age right now!
When there is ice at the poles, this is an ice age & historically is not always the case.

So the idea that getting a little warmer would be a huge catastrophe is obviously nonsense, although of course coastal cities would have to adapt with retaining walls (as the Netherlands has already done) or with migration.

https://en.m.wikipedia.org/wiki/Ice_age


Fiat food is especially cruel to women


Oh, and statins provide basically zero life expectancy - any benefit in heart disease is offset by other risks


I'd heard good things about Matrix but never tried it


https://youtu.be/fuj6nxCDBZ0?si=PmPKt61wAUyZAJHO

LDL:
Normal LDL is protective, higher is better.
Unhealthy (oxidized) LDL is damaging, higher is worse.
Oxidized LDL is poorly re-absorbed by the liver & piles up in the bloodstream, hence the convential wisdom that high LDL is dangerous.

Tests:
There's particle size, where large LDL molecules are healthy and tiny ones are bad (iirc).
I think there's also some other test of LDL oxidation in particular.

Heart Disease:
If you're worried about heart disease the gold standard is a coronary artery calcium scan. They use an X-ray to look for buildup of calcium in the arteries around the heart - looking for disease directly rather than just some statistically associated blood marker.

Diet:
Carnivore diet should reverse arterial blockage, particularly if you're eating foods which are high in vitamin K (eg egg yolk, caviar, I think liver is decent also).


Plastic isn't made out of fossils
It's fat deposits from plankton

Limestone is made out of fossilized shells though


TFW you choose dark side in KOTOR


Nah, saving real money (metal disks) prevents this by allowing the peaceful division of labor to continue


Consider Mises' regression theorem & Menger's theory of money (also Moldbug's thoughts on money as a mechanism of saving)

1) We start in an undeveloped market or barter economy.
2) In order to exchange my good A for what I really want B, I either need to find somebody who has B and wants A (tough) or I need to find somebody who wants A and has some good C which is more widely desired than A, which I might trade for B directly or with the aid of further intermediaries. (Menger)
2b) Alternately, in order to exchange my good A for what I really want B in the future, I might need to exchange for some more durable good D, hold D for a period of time, and exchange for B, possibly with further intermediaries. (Moldbug)
3) In either of these scenarios, the good C or D has trade value to begin with because of its real uses and physical properties. Gold for example is a ductile metal & easily reshaped. As it becomes widely recognized that the good is desirable for savings or trade, it becomes generally accepted - money.
4) The exchange ratio of gold for various goods (prices) yesterday forms the basis of exchange ratios (prices) today. (Mises)

So if the king introduces a new paper money out of the blue nobody will know how to price it. Historically I am not aware of any currency that was introduced in this way - the Euro for example started as a weighted basket of European currencies.

Bitcoin has no industrial or consumption use, but only trade value. It seems to be a substitute for dollars which are a substitute for gold. When the current fiat regime dies I fully expect Bitcoin to die with it. Outside of areas with a functioning precious metal economy (eg Utah goldbacks) I expect a reversion to barter. I don't believe I will have any difficulty getting people to accept metal disks. Scarce, durable, and obviously valuable commodities should be easier to spend than anything else.

But why would people accept Bitcoin in such a scenario? Right now, acceptance is driven by fiat markets. If I'm a business owner I don't need my supplier to take Bitcoin because I can just convert to fiat. If fiat dies, I can only take Bitcoin if my supplier does, and so can he, and so on. The only people still taking it will be True Believers.


You had it right the first time


Bitcoin is currency, not money


I've never bought a sat, although I've been tipped a few thousand on nostr (up to $3 or $4 now)

But yes, gold
Also silver (speculating on re-monetization in case of crisis)
US nickels (melt value over 5c, hedges both inflation & deflation)
Brass & lead
Frozen beef
Etc

If Bitcoin did take over I could sell gold for it, maybe I'd lose some of the monetary premium but gold is a useful commodity, seems unlikely to go to zero.
Instead, I expect Bitcoin to die when fiat dies.


Compared to 99.9% of humans who have ever lived, yes absolutely, but so are most Americans.


Seed oils
Nitrates
Corn syrup


Clear it every time you pick it up


I know some tradesmen who make more money than my office job


The war for freedom is an individual battle, not a collective one

To tell yourself the truth is enough


It sounds like Panishyan gave away the farm to the muzzies... trying to cozy up to the West?

Also sounds like the Russians let it go


Plato would know - he's one of those evil men


Fiat is a sinking ship
Bitcoin is the crow's nest
Gold is dry ground


It's peel all the way down


Lul at least if you buy some gold flakes you're getting a tiny amount of real money


Where?


Bitcoin is also created out of thin air


Never (ie not by 2030)


They're commies and the machine they're mad at is industrial capitalism which produces all the wealth they enjoy (not to mention their musical & recording equipment)


Honestly this is something in mainstream economics I don't understand

Supposedly people trusted the banks because the paper notes were more secure than the gold

Which I guess could be true for a check but certainly not for bank notes, since if someone steals the paper notes they get the gold

So how does carrying your seed phrase on a piece of paper make things more secure? I guess you could only carry part & memorize the rest, or just carry a hint


Stack 'em


Root cause - a currency token associated with no real asset

Solution - a currency token associated with no real asset


Post boog memes?


Just wait till you find out about the Universalists


"We saw that we'd been given a law to live by, a *moral* law, they called it, which punished those who observed it—for observing it. The more you tried to live up to it, the more you suffered; the more you cheated it, the bigger reward you got. Your honesty was like a tool left at the mercy of the next man's dishonesty. The honest ones paid, the dishonest collected. The honest lost, the dishonest won. How long could men stay good under this sort of a law of goodness? We were a pretty decent bunch of fellows when we started. There weren't many chiselers among us... Within one year under the new plan, there wasn't an honest man left... That was the evil, the sort of hell-horror evil that preachers used to scare you with, but you never thought to see alive. Not that the plan encouraged a few bastards, but that it turned decent people into bastards, and there was nothing else that it could do—and it was called a moral ideal!"

"Mistakes of this size are never made innocently. If men fall for some vicious piece of insanity, when they have no way to make it work & no possible reason to explain their choice—it's because they have a reason that they do not wish to tell. And we weren't so innocent either when we voted for that plan... We didn't do it just because we believed that the drippy old guff they spewed was good. We had another reason, but the guff helped us to hide it from our neighbors and from ourselves. The guff gave us a chance to pass off as virtue something that we'd be afraid to admit otherwise. There wasn't a man voting for it who didn't think that under a setup of this kind he'd muscle in on the profits of the men abler than himself. There wasn't a man rich and smart enough but that he didn't think somebody was richer and smarter, and this plan would give him a share of his better's wealth & brain. But while he was thinking that he'd get unearned benefits from the men above, he forgot about the men below who'd get unearned benefits too. He forgot all about his inferiors who'd rush to drain him just as he hoped to drain his superiors. The worker who liked the idea that his need entitled him to a limousine like his boss's, forgot that every bum and beggar on earth would come howling that *their* need entitled them to an icebox like his own. *That* was our real motive when we  voted—that was the truth of it—but we didn't like to think it, so the less we liked it, the louder we yelled about our love for the common good."

Part II, Chapter X, The Sign of The Dollar
Atlas Shrugged


Oh yeah dollar rallied today, good spot to sell for real money


IMO Schiff looks a lot healthier now than he did 15 years ago


Hooray


Awhile back I was advocating the death penalty for violent felons & got suspended - then I deleted & haven't felt tempted to go back

I think xwitter is using simple filters for violence, without the deeper analysis of what the person is really advocating


I haven't got an ounce of the stuff


NSA confirmed


💯%
Turn off the "money" printer
Hang violent criminals
Lash property criminals
Permit/encourage armed self-defense

and then you can have open borders, because people won't want to come for either private or public crime


$300k of gold coins is about 10 pounds at current prices and can be stored in a home vault or transported in a suitcase.

There are fractional options for gold like combi-bar (1g pieces, worth maybe $70 at current prices), goldbacks (1/1000tz pieces worth around $4 at current prices), & digital transfers.


I suspect liberty ideas are amplified abroad (eg Javier Milei) by US State dept. as an anti-communist & therefore anti-China ploy.

If so, I celebrate but hope to avoid excessive GAE control.


Tell me you don't understand commodity money


Monetary competition pushes towards a single unit (which enjoys monetary premium).

Silver's role as the mechanism for small payments is jeopardized by goldbacks & digital transfers of gold.


It seems like the criminals share certain characteristics


For physical gold between 1mg and 0.5g I think the goldback is clearly the best (only?) option.

It's unclear to me whether silver can make a monetary comeback if it enjoys a free-market exchange rate to gold & we end fiat & fractional banking. If it does, that would reduce the need for minimal fractions of gold.

I think the 1/20 tz Goldback doesn't make much sense given that 1/10 tz coins & 1g combi-bar are available at such lower premiums. Do you imagine goldbacks circulating alongside higher-weight coinage? Or Goldback only?


Red pill posting:
https://mises.org/library/anatomy-state


You cannot (completely) control your emotions,  but you can control the outlook that produces them & your reaction to them.

Feeling envy is IMO not a mortal sin, but continuing to focus yourself in a way that makes you envious and/or reactingto envy in a way that nurtures that envy, are.


Warning: people don't like it when you do this


It's $1000 a year


Lul


"starting"


Maybe you should measure in a real commodity like gold?

Every price is an exchange rate between two things
There is no "price level"


Seed oil got grandfathered into GRAS because they were in US foods before the regulatory regime started.

The marketing is largely Ansel Keyes & the vegetarian diet doctors (many of whom have religious or ideological convictions promoting vegetarianism). They vilified saturated fat & had to promote something else. Another key proponent was USDA, who was tasked with promoting produce and then with setting diet guidelines. Shockingly, the one task influenced the other.


https://image.nostr.build/42d7eb91458998290630f093429c3619f0ac0b05dc34a61b683e53c0fa86fce0.jpg
#meme #memes #memestr #nostrmemes

Some extra, unrelated info for us, the #Bitcoin nerds:
Current block number is 809,361 and the next #halving ETA is 25 Apr 2024 19:30:45 UTC. Tick tock, next block and pura vida, #plebchain fren 🤙💜


Fiat dining


Yes.
🪙


Since going full carnivore I've become much more sensitive to plant toxins

Meats with celery (or Swiss chard) make my mouth feel dry & itchy (astringent?)
Then my stomach hurts; over the next few days my dandruff gets much worse and I excrete some sort of irritating material from my eyelids (similar to oxalates)

Or the whole thing is psychosomatic


The difference between rape & sex is consent.

The fact that I can quit my job is what makes it not slavery.
The fact that I don't have to take out loans (and can discharge them in bankruptcy) makes it not slavery.

Yes, he who does not work shall not eat. That's not an imposition of a slavemaster but physics.


Celery no good

Sadly most cured meats will either have nitrates or celery which is rich in nitrates


I haven't pinned my hopes on central banks, but this is still heartening:

https://www.zerohedge.com/markets/new-era-gold-estimated-world-official-gold-holdings-reach-record-high


I think that particular claim is probably true, or at least close.

Most claims like this I've seen are based on the Edict of Diocletian, a series of maximum price controls passed by the Roman emperor in response to persistent inflation despite monetary reform. These are dictated prices, not market prices. Nonetheless they do tend to roughly mirror current prices. I would expect the metal price of agricultural goods and basic labor in the late pre-industrial age to closely mirror Roman prices.

I don't believe in a general principle that metal purchasing power remains flat. I think with technological progress, capital accumulation & expanded division of labor real costs should fall. Looking at USA through the 1800s for example I believe we see mild price deflation over the century.
In contrast, capital atrophy can raise prices, especially making worse an already-inflationary regime.

We also know of certain periods where precious metal supply suddenly spiked, producing temporary price inflation & decrease of real purchasing power. Roman emperor Trajan acquired silver mines in Spain producing temporary price inflation in silver, and the California gold rush produced temporary price inflation in gold.

However, generally yes, precious metals maintain purchasing power well over long periods. The rate of dilution (from mining) is usually quite modest & roughly mirrors population growth. There are also multiple natural balancing effects. If the metal has high purchasing power, mines can more readily afford mine employees & equipment, producing more metal. Conversely mine activity & metal supply stagnates when the purchasing power of the metal is low. Another balancing effect comes from the fact that precious metal mining can't really be much more efficient than other forms of mining (or even other industrial activity in general). So, the availability of precious metal tends to closely parallel the availability of other commodities, producing stable relative prices.


Bottle feeding? Cringe


“We can’t change the leadership of an organization every three or six years and expect the organization to perform in an outstanding way,” says Robert McDonald, the former CEO of Procter & Gamble and a longtime Republican whom President Barack Obama nominated to lead the Department of Veterans Affairs in 2014. “You’ve got to have continuity of leadership.”

So... the President isn't actually the leader & democracy has to be a lie in order to work


"Trump, if elected again, could effectively order the Justice Department to jail anyone he wants, for no other reason than he has the power to do so as president."

Lul projection much?


I don't think there's video
The interviewer published the same text transcript with no video link


A relay validates the notechain & allows you to confirm all the notes are genuine


Rope was always sufficient


Did liberty fail?

https://www.lewrockwell.com/2023/09/bretigne-shaffer/please-dont-lay-the-crimes-of-the-coercive-state-at-the-feet-of-liberalism/


Wake babe, Ministry of Truth just dropped new history

Now Eurasia nuked Eastern Oceania

https://www.zerohedge.com/geopolitical/von-der-leyen-speech-suggested-russia-dropped-nuke-hiroshima


"Secrecy does not imply wrongdoing. Privacy is a prerequisite for freedom. I have a lock at my bedroom. It doesn’t mean I do anything illegal in my bedroom. I am not a slave; I am a citizen. I can have privacy."

https://www.zerohedge.com/geopolitical/our-system-collapsing-real-time-tucker-carlson-gives-bombshell-interview


Yes, but

My impression is that Saudi is more authoritarian than totalitarian

Meaning you can say what you want as long as you don't mess with the regime (probably also Islamic blasphemy would also get you in trouble)

If you are in a non-permissive environment be aware of the consequences of your behavior


The banks are safe & effective


GM - video sites + amethyst are my only online social media


I like that the Bitcoin is still made of gold
Y'all know what money is


Yes, of course


The Feds seized about 1/4 of the US gold. Much of the rest was held privately or sent (by the New York banks) to Switzerland. What was seized was largely foreigners' gold holdings within the US, especially gold coming in foreign payments as the order was enacted.


#datechain


Is it mozzarella?


Medieval Europe got civilized because violent criminals got the rope

Keep doing that for a couple hundred years and only cucks & men with self control are left

Then those with self control outcompete the cucks


It's a PPK clone.
Official PPKs were made in various countries, clones even more.

The company (Bersa) was founded by Italians who had worked for Beretta in Italy.
I'm not aware of a Nazi connection.


Things that have increased dramatically or only existed in the past 200 years:

Proactive policing
Large, centralized nation-States (really since Westphalia, peak around WW2 and declining since)
Mass incarceration
Drug prohibition
Fiat currency

You might complain that socialism is when the government owns the means of production, but ownership means control


Tilt the tube into your hand


Hard money 🧡 https://image.nostr.build/30f619523771fc626013b2201d0fd88322a77c3a7ebcaf9ae4f22755ff12faec.jpg


Krugs & Eagles so you can actually circulate them
Or cap em


IMO the most beautiful State coin of the past few years

https://youtu.be/Ip2K9RzAYuY?si=YppqfS5qskNT0WMN


Look at the data you posted

In June there were more mass shooting than casualties, including the shooters

WTF kind of mass shooting kills less than 1 person?


Sooner or later... sic semper


*European countries, not Europe as a whole obviously


US doesn't have daily mass shootings either, and has a larger population than Europe


Very silly


There's also private businesses


The South Dakota #Goldback series is now available! This is the 5th state to join the network.

#Goldbacks #Gold #Money #Currency #CBDC

https://youtube.com/shorts/xMvbI5bB_g8


LFG!


(chicken(cardinals()belts)


Why is it made of gold?


At what rate?


I thought they changed something functional?


It's currency, not money.


The real WMDs


I read the Python script comments, it says it's looking for USD values & filters out other currencies

If the transactions were merely the data sufficient to run the chain I don't see how it could encode fiat price information. Address A sends X satoshis to address B. None of those tell you the value & certainly none tell you the exchange rate to fiat. Even if you posit that people are sending even dollar values that doesn't actually narrow down the price to a single dollar estimate. Bitcoin could be at a fiat price of Y, or 2Y, or 10Y, etc.


Gold is already only valued for its utility, like everything else.


Gold will always be scarce, unless some unimaginably strange events happen.

Even if Bitcoin completely takes over the financial system & gold loses all monetary premium, gold would still be scarce.


Different companies will issue their own digital claims on #gold , and by competing provide one layer of protection.

Historically the New England banks (especially Boston) served as a pro-specie bulwark, demanding note redemption and driving unsound banks out of business. The Federal Reserve was created as a government-backed cartel to force sound banks to expand currency and credit in unison with unsound banks - so instead of specie the unsound banks would be able to "redeem" in the notes of other banks. Expansion in concert prevented banks from driving each other out of business. Still, ordinary Americans could drive unsound banks out of business, and so the cartel was forced to default to them in 1933. Then foreigners could drive the unsound central bank out of business, and was forced to default to them in 1971.

Sometimes it seems Bitcoiners presume that everyone needs to be honest for gold to work, but in fact all that's needed is *anyone* to be honest. This is why the dishonest banks had to create a government cartel, had to disconnect US citizens from international gold, and have sent the US to war repeatedly to stop gold from emerging as a financial alternative. The real WMDs were Gaddafi's gold dinar & Hussein's plans to break from the US dollar system to trade in Euros & gold. In 2014 China purportedly told the US it wanted to go on the gold standard & the US replied that would be an act of war. But as the world has more equal technology and more evenly distributed industrial capacity, the US loses the ability to bully the rest of the world off gold. A world without a hegemon is a world where fiat dies quickly.


A little good news

https://www.cnn.com/2023/09/20/europe/poland-ukraine-weapons-grain-intl-hnk/index.html


That's the idea


Exactly

But also post to other video hosts like rumble, bitchute, odyssey


I don't understand... why is the chain recording USD values?


His arguments:

1) Gold supply is somewhat elastic.
This is true but historically maximum dilution rates are around 5% and they occur only when the purchasing power of existing gold is maximized (recovery from collapse of fiat systems). His scenario presumes gold can temporarily go to a very high purchasing power (thereby promoting mining), which is a reason to own gold.

1b) Exact gold supply is unknown.
So what? This is true also of all other commodities as well generally of currencies and even many collectibles.

1c) The value of gold derives from its scarcity.
This is simply false. The value of a good is the use to which its owner or buyer could or does put it. Scarcity plays into that because if we only have a little we will only use the good for absolutely essential things, like drinking water in a desert, which we value highly. But scarcity alone does not make the poop of endangered species especially valuable. More broadly, scarcity is a limitation on supply while demand is the source of valuation.

2) Gold's fiat price is relatively flat from the last blow-off top.
This is a bull argument, not a bearish one. If you don't cherry-pick the time scale the dollar declines vs gold by something like 8% compounded annually over long periods of time. Being flat vs the last blow-off means now is a good time to sell dollars.

2b) Gold's fiat price doesn't keep up with expansion of the money supply.
Here he is just wrong. He shows a chart demonstrating that gold's fiat price does trend perfectly in line with monetary debasement, but picks a peak in relative gold price in 1980 to claim otherwise.

3) Gold is difficult to use for small payments.
This is partly true. We have silver, copper, high-premium fractional gold instruments like goldbacks, and digital transfers of claims on gold. There are also low-premium instruments like Valcambi's combi-bar that break into fractional pieces. If you don't trust the digital claims, then don't leave a bunch of gold in the system for extended periods. Even Bitcoiners will briefly accept suspect stablecoins in order to make a transaction (as conversations here on nostr have shown me). Many are paid in fiat but save in Bitcoin. Perhaps this mindset should be applied to claims on gold and physical gold in one's own possession.

4) Gold is difficult to cross borders with.
This is just wrong - gold is among the easiest physical assets to bring across borders. It is less bulky and easier to conceal than almost any other commodity. He cites a $10k disclosure but doesn't mention that US 1tz coins have an official face value of $50 - so you can bring 199 of them before disclosing. Bars I believe are not disclosed at all. Moreover the use case of Bitcoin to send value across borders applies perfectly to digital claims on gold - which may  default eventually but sending money across borders does not require a long holding period.

5) You don't go forward by going backward.
You do when you've gone the wrong direction and need to turn around.

6) Gold's fiat price didn't perform well in Covid panic, "only" going from $1500 to $1900.
This is silly. Gold insures against financial turmoil & fiat collapse, not literally everything. The actual return is good. What return should gold have had in order to meet his expectations? He doesn't say.

I think his target audience seems to be people who want to speculate in gold to make a lot of fiat. He calls them goldbugs but even in his doomsday scenario quotes prices in dollars. In my view, the point of gold is fiat will die, not to make a lot of fiat.


Zelensky politely listens to Zelensky speech
https://rumble.com/v3jkes5-zelensky-attends-zelenskys-un-speech-in-editing-fail.html


Be cheerful and at ease

The victory of reality over delusion is inevitable and not up to you


So if they could credibly claim to stop printing you would be fine with fiat?

I would not.


What's in it?


Also: Buying 1 sandwich in 2030


You use a certain amount of energy computing blocks. How do you get back or redirect that energy? Isn't it mostly lost as heat?

If your datacenter produces currency, that currency belongs to the datacenter owners and operators, not the electric grid operators. You could spend currency importing additional fuel but that was true regardless of what task the datacenter was doing to produce currency. You could be renting out cloud storage or crunching numbers for LLM chatbots.

Is Bitcoin mining the most efficient way to turn electricity back into some form of currency? I doubt it. One compelling alternative is turning air and water into ammonia, which can be used to fertilize crops or burned as a fuel for mechanical or electrical output. Or you could perform those other datacenter tasks.

Moreover, Bitcoin is convertible into electricity at variable rates, not a fixed rate. I can't buy Bitcoin now and have any confidence about how much or how little electricity it will buy in 5 years. Supposedly this is the great weakness of fiat - that my fiat dollars will buy an unknown amount of real goods.

I suspect this unknown is the chief appeal of Bitcoin. Bitcoiners seem to hope that Bitcoin will increase in trade value vs real goods, while they (and I) believe fiat will tend to decrease in trade value vs real goods.

If you think Bitcoin will continue to increase in trade value vs real goods forever, why? Whatever wonderful mathematical properties it has can be duplicated in other cryptocurrency. Do you think all cryptos matching or exceeding the current properties of Bitcoin will go up in value forever?


I don't want people to buy gold, I want them to sell dollars

My problem with the paper world is the value isn't real - the "money" (actually currency) is just a meaningless token. How does Bitcoin improve on that?


2 raw yolks 0 whites a day is ideal IMO


Emo hitler


Mixed messages from this anti-suicide PSA


I think the main problem paper money solved was small payments, not large.

The smallest common gold coin (1/10tz, current metal value around $200, after premium probably $250) or the smallest common gold bar (1g, current metal value around $60, after premium probably $100) available today are far too valuable to buy a sandwich or a dozen eggs.

Historically silver & copper were used for small payments due to their lower value. This created problems when some countries adopted silver as their base money and others adopted gold (with silver only as a token standing in for gold at some fixed rate). With different countries offering different relative values for gold & silver, the coins were traded to where they were valued most highly and countries experienced chronic shortages of one or the other, depending on which was valued higher relative to foreign countries. In countries with freely floating exchange rates between the metals, this sometimes resulted in chronic shortages oscillating between silver and gold depending on the policies and markets elsewhere.

Goldbacks & digital transfer of gold both solve the small payments problem. It is unclear to me whether they do so well enough to prevent re-monetization of silver and copper in the event of fiat collapse.

Digital transfer also solves the problem of very large payments, but I think this is a problem for industrial trade, not for ordinary people. Under a gold standard, a house is likely to cost 100tz (or less), which is 7 pounds (under 4kg). This is hardly an onerous burden for the largest purchase of one's life. A nice but not extravagant vehicle today might cost something like 25tz, less than 2 pounds (1kg). For everyday spending, bulk and weight are not drawbacks of gold (or arguably even silver).

The other problem paper notes supposedly solved was security. Checks and their descendant, digital transfers, may improve security, but paper notes do not. I am little comforted if my gold is safe in a bank vault while some thief pockets my only claim on that gold.


Few understand it because it's in Deutsche :P


One thing I’ve noticed when offering #goldbacks is that they leave no one indifferent. People reactions range between suspicion and ecstasy but often strongly lean towards one or the other side of the spectrum.

- suspicion: people barely want to touch the #goldback or even look at the it. They think you’re trying to scam them. They see the note as nothing more than a piece of plastic whereas they much prefer receiving a piece of paper.

- ecstasy: people have no idea what it is or how much it is worth but they are in love with the apparence of the shinny note. It’s almost like they just won a Willy Wonka golden ticket. Receiving a  goldback made their day.

In my experience, 20% lean towards being suspicious and the remaining 80% lean towards being ecstatic.

#Gold #Money #Currency


"Tradition" according to Bernanke
But obviously it's because they might need real money sooner or later


#Gold is the money of kings, #silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves. Norm Franz

🧡 #bitcoin #hardmoney https://image.nostr.build/c6cc91ca17a09ebbec05c5ab68a8ad3620c9c710ae36a4c110becae076d4ad62.jpg


I think Euro, Yen and maybe Pound are dying even before the Dollar (really Federal Reserve Note).

But the Treasury is under pressure and likely to play a major role in blowing up the fiat financial system.


https://www.unz.com/article/black-people-and-morality/

Harsh, but seems to me far closer to the truth than the regime narrative


An optimistic take

https://www.lewrockwell.com/2023/09/no_author/covid-juice-3-0-hits-the-shelves-in-germany/


I have not insulted your intelligence or insinuated that you are incapable of understanding an argument. Please be civil.


"Gold is a pet rock"
"Gold is a barbarous relic"
"We only keep gold because it's tradition"

When you find yourself repeating the talking points of Paul Krugman, John Maynard Keynes, and Ben Bernanke, maybe you need to reconsider your stance.

Even in a hyperbitcoinized world gold would still be a scarce and useful material.


Yes, monetary regression matters more than the currency mechanics in the long run.


If it's not real, then it does not do anything.

Imagine telling an atheist it doesn't matter whether God is real, it matters what God does. Do you think the atheist would find that convincing?


Bitcoin is (crypto)currency, not a liability

My problem with fiat is the nation-States divorced the real underlying asset from the currency.
Bitcoin is a currency that never had a real asset - essentially fiat from birth.


Much of the information here already public - police blocking escape routes for example

The interesting thing is it was the top recommendation in the Google News Maui wildfire coverage

So why?
1) There are some positive stories involving police, so maybe the story is supposed to be the police were trying to help and there was a lot of chaos and confusion (ie not really blameworthy)
2) Simple glitch in the algo promoting non-regime content
3) Limited hangout - trying to reveal certain police failings that are least damaging & minimize more damaging information

https://www.civilbeat.org/2023/09/harrowing-eyewitness-accounts-cast-doubt-on-official-lahaina-fire-narrative/


I identify as an anarcho-fascist. With respect to the things over which I exercise no control I am an anarchist. The things over which I hold authority (fasces) I am a fascist.

My greatest enemies are the fasco-anarchists, who exercise authority only where they lack control and refuse to exercise authority over those precious few things they do in fact control.


If I do X with my property, somehow nobody else is allowed to do X with their own property. Very strange.

On the other hand I think copyright is sensible, but should end when the work is made public (published; I believe this was how copyright originally worked). The author's life + however many years rule is ridiculous.


biosecurity


Take away the "money" printer
Sell 💵 for 🪙


Skinny Fetterwoman clone abusing the lack of Senate dress code


Goose

nostr:nevent1qqsxfszxhjldc8s06ssht24slphp8q965h2e6nzxns8gmp3eq8qrqdcppamhxue69uhkummnw3ezumt0d5pzpmyeahz4vlszs90mz5pq9p0zl2pepycuah6eeq7khvk97mhp2v9eqvzqqqqqqy8zjaru


He was one of the generals running the war effort (but not the head) and then chief of staff of the military for 2 weeks. But I don't see a record of him being chief or staff for Hitler personally or for the general government.

But yes, he was a high ranking Nazi military commander & later ran NATO.

From what I understand most of the war crimes were committed in the East by military officials. Any member of the military general staff at all is likely to deserve some blame. Under the modern standard by which anyone remotely affiliated can be charged with war crimes (eg random old German women who were Nazi secretaries in the 40s), probably he would be hanged.


Bandits


Feral jelly sandwich
Big tree
Danger noodle


You're not paying attention to detail.

When you say "send me the sats" would you be satisfied if I sent a flash drive with the existing blockchain on it? Strictly speaking I've sent you ALL the sats.

I suspect not.
You're not talking about sats as a real entity in computer memory, you're talking about sats as accounting units (which I am saying do not exist).

I can run all the nodes I want without thereby duplicating into existence more sats. But the "sats" are real in *only* this sense - as entries in computer memory. The scarce "thing" you are trading doesn't exist. What exists is a record that can be duplicated independently of how much Bitcoin it records (ie the Bitcoin is not scarce in this sense).

A helpful comparison is the (hyperinflated & abandoned) Weimar Reichsmark, which sells for more than zero as a historical document but has zero value as a currency. Because of this, the 10 trillion mark note sells for approximately the same as the 10 thousand mark note, not a million times as much.

Yes, currently the accounting units of Bitcoin trade for more than zero real goods. This is true also of US "dollar" accounting units, which are equally fiction.


Are UTXOs really uniform? Don't they each have a unique and traceable history?

I'm not so sure that fiat fails to meet your definition, or at least that it does a worse job than Bitcoin. Only so many dollars (or Federal reserve notes) have been created to date - this is scarcity. The notes are not uniform but the accounting unit is, and Bitcoin hardware wallets are not uniform. I'm not sure why a commodity cannot have a central issuer, or why the dollar (which is created out of thin air by many banks) should not qualify but Bitcoin (which is created out of thin air by many computers) should.

Moreover I am willing to bet I could find other cryptocurrency that meets these criteria at least as well as Bitcoin. Zero-knowledge-proof privacy coins seem rather more uniform, for example.

As I said, my definition of commodity is uniform material; this is with uniformity being judged by the market so grade A eggs may be seen as a different uniform material than grade B.

Most definitions of commodity say something along the lines of raw material, which I think is slightly inaccurate as gasoline and crude oil are both considered commodities but one is made from the other. I think being material is a key part of what it means for something to be a commodity, which Bitcoiners would have no idea of questioning but for their rejection of fiat currency and embrace of a digital immaterial token.


Very close, but not dead-on

Who creates the tickets?
Why should any of us care to accept these tickets from the creator in exchange for coats or anything else?
If we want to trade these tickets around, how do we know how much they're worth against various real things?

If I can take the ticket into a department store and trade it for a coat, in the short term and for me it is just as good as if the ticket creator gave me the coat. A coat is a coat (at least in this metaphor) & a troy ounce of 99.9% gold is a troy ounce of 99.9% gold. But what will the department store do with the ticket except make their way back to the coat check and demand a coat? If for some reason these tickets are widely accepted and there begins to be some doubt about whether they will be widely accepted in the future, perhaps because people increasingly understand the coat check has no coats, people will dump the tickets while they're still good for anything they can get their hands on.

This panic, which Mises called the flight to real values, I believe will happen to both fiat currency and Bitcoin because there is no real stable asset. For now both of these accounting units exchange for various real goods.


If it is a commodity, what is the industrial demand?
What can you do with this stuff?
Where does the stuff come from? What is it made of? What processes lead to it being economically recoverable?

Also, to me a commodity is a uniform material. Bitcoin being immaterial is not a commodity. Is there a definition you can give that includes Bitcoin as well ordinary commodities like oil and salt?
Does your definition exclude fiat currencies?
Does your definition exclude other cryptocurrencies?


Yes - the coats - the real asset - the gold - the cold, hard cash

We have tickets but no coats, currency but no money

(How can cash be cold and hard?)


Are sats real?
If you mean a pattern in computer memory, they are not scarce.
If you mean the accounting unit, what are they counting?


Sats & bitcoins are tickets, not coats.

The difference is that coats have a trade value because they have a use value, while the tickets have trade value only.

Bitcoiners try to reverse this and say Bitcoin makes a perfect money because it has only trade value - but this is backwards. This makes it a currency and makes it completely ineligible to be considered money.


It really exists in computer memory.
But if you think Bitcoin is real in that sense, it is not scarce.


I can see gold, I can touch it.

What do you mean by "real" when you say Bitcoin is just as real?

I agree the ASICs are real. But I suspect you mean the thing the ledger tracks is real. Is it?


Metaphor of how we got fiat currency:

You check your coat (gold) into the coat check (bank) and get a paper ticket (note or bill).
The coat (gold) is the real thing of value, and the ticket (note) is just a stand-in for it.
If all the coat check (bank) requires to give you back your coat (gold) is the ticket (note), you can transfer the ticket to someone in order to transfer the coat.

Imagine the coat check (bank) starts issuing more tickets than they have coats.
This is inflation.
This allows them to transfer more coats worth of value than they actually possess, but if the people all came and demanded their coats there wouldn't be enough.

To resolve this in a free market, the coat check (bank) would be seized by authorities and the directors made to provide the coats (gold) they had promised - out of first coat check (bank) property and if that's not enough out of their personal property.

Instead, the authorities were cut in on the deal and allow the coat check to operate without providing any coats (gold) at all.
This is fiat currency.

The fiat mindset shuffles currency around without any underlying money. We have claims for money, which in ancient times were actually redeemable for money, but now we are so psyoped we call these defaulted paper claims "money".

Bitcoin gives us a decentralized coat check with more sensible rules. But where are the coats?


Gold is real


Fiat is a cargo cult - the simulation of the behavior of our forefathers.

We have secure buildings where we go to get green slips of paper, just like they did.
We have shiny gray metal disks for small change, just like they did.
We reckon our accounts in this "money" just like they did.

And yet, many of us realize some important element has been taken away.
Increasing numbers of people realize that something is rotten.

So we reject the cargo cult, without understanding why "the planes don't land", and find some other way of organizing and some other means of exchange.

Bitcoin is another cargo cult - an imitation of prior practices stripped of meaning.
We use a ledger to carefully track who has how much - of what?
Points, credits, Bitcoins, the name doesn't matter.
It is accounting minus the thing being counted.
Some important element has been taken away.

https://youtu.be/xPRpdPrUlb8?si=v-utfCtRDiQmZi6I


Are you familiar with the theory that the Matrix "desert of the real" is just another layer of simulation?
It is a way to take those who rebel and give them the illusion of resistance while actually they accomplish nothing at all.

There are supernatural events in the "real" world such as Neo's resurrection and his abilities in the third film. These suggest that the real world is another simulation to be hacked (or glitched).

This is Bitcoin - a more perfect fiat to keep you in the fiat mindset. You've taken the cargo cult headphones and improved the shape. And the planes even seem to land, just as they seem to land for the cargo cult against which you are rebelling. But will they keep landing? Have you got the headphone shape so absolutely correct that they will always land?

https://youtu.be/xPRpdPrUlb8?si=v-utfCtRDiQmZi6I


I'm a city dweller with a small concrete patio

But if I had my druthers I'd have some land organized for permaculture with locally native nuts & fruit (to attract wild game for hunting or act as starvation foods or to sell)

Ideally I'd have running water & beavers since aqua productivity is so high


I mostly agree, but a warmer, more tropical world is beneficial for humans.

I also don't think we should put positive value on biodiversity or recycling. Biodiversity will look after itself and in any case we should be promoting ourselves and species with which we have synergistic relationships (eg dogs horses & cattle). Recycling will occur naturally on the free market. If it's cheaper to dig something out of the earth than to recycle, that tells us something about the current distribution of resources and capabilities.

nostr:nevent1qqsxvjzuvjnkthxtlttt8spmyuk0um4nyza4fl35fyk3zwrlqzuh3eqpz3mhxue69uhhyetvv9ujuerpd46hxtnfdupzqx7n9gux57lx76yt8hrufq80cgwdj34586kpfwjt57p543m6y0nfqvzqqqqqqyhzyh5p


Sir James Cowperthwaite, British architect of the "Hong Kong economic miracle" was asked what developing countries should do to grow economically.

He replied: "Abolish the office of national statistics"


There's a difference, as I have twice acknowledged.

But US mint buying back "dollars" is not merely "allowing a market to exist".

The fact that someone somewhere wants to give up gold for "dollars" is not backing or relevant. The fact that the issuing government of those "dollars" will make that trade is relevant.


Unironically this is one of the arguments circumcision advocates give - you can't get foreskin cancer if we amputate your foreskin


Heh

I think the Titanic has already hit the iceberg and we're about to see the ass end of the ship lift out of the water


Just listened to Bitcoin Audible #765  with nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev and something finally clicked at the extent of the Ponzi.  There is no market for houses or cars without borrowing against your future earnings. The market for $80k cars (if everything is paid in cash) isn’t enough to support production.  But, the market for a $1250 per month for 60 months car payment is there.

The entire debt based economy is just pulling forward future demand, so it’s a matter of time before it gets out over its ski’s and falls forward into recession.

People make better decisions in a sound money economy. This helps explain why so many people are making so many bad decisions.


Maybe.

JPY is pushing 150 to USD (actually FRN) which is JP Min of Finance line in the sand.

If it finds "support" above 150 that will be huge.


I agree. But, you *can* turn dollars into specie directly at the Mint, which is (with the caveats I mentioned) redemption.
If Federal Reserve Notes are theoretically worth 42.5 $/tz, then gold at 2000 $/tz is dramatically overpriced. 2700 $/tz is even more so, but obviously by lesser proportion.

The official brokers are private, but they get the current coins directly from the mint - you can order mint-sealed tubes of current-year coins. Does the fact that dealers act as a middle-man actually matter economically?

https://www.apmex.com/product/258634/2023-american-silver-eagles-20-coin-mintdirect-tube


IMO the ukronazis want to socialize (band together) the Ukrainian people by purging the ethnic Russians (not necessarily Jews)

So defending the ukronazis by pointing out they are somewhat tolerant of Jews (eg Zelensky is Jewish or part Jewish or something) is missing the point


When the street grifter calls you "big man"


I can't wait until it all comes out and we get these kind of videos about the banksters


Super = above
And she is certainly superweight


This must be fake.

The general tone is definitely possible.
The master/slave kink I don't think could be published in a lefty rag, it's too anti-PC.


Hasn't it been climbing for a couple days? Did it dip again?


Some errors occured:

Conflict: [com.vitorpamploma.amethyst]


If I'm reading this right, it means that less-saturated fats cause more rapid & numerous tumors, which matches my prior expectation


I have play store amethyst + obtainium hooked to git.. for some reason obtainium can't update amethyst, it downloads but when it goes to install I get an error. Do I need to uninstall the play store version?


The more you tighten your grip, the more star systems will slip through your fingers


https://catalog.usmint.gov/coins/coin-programs/american-eagle-coins/#oos=true

But you're better off going through one of their 7 or so officially approved bullion dealers, since the Mint individual sales are higher premium & focused on proofs & modern "numismatic" coins as opposed to bullion simple

Eg APMEX, Miles Franklin


F35s (to client States)


U.S. National Debt Tops $33T for First Time

Comments ( https://news.ycombinator.com/item?id=37563335 )

https://www.nytimes.com/2023/09/18/us/politics/us-national-debt.html


Firefighters
Sheriffs
Sole proprietorships & partnerships
Privately-held corporations in non-political, non-heavily-regulated industries
Custodial banks (Schwab, Fidelity & TDA)
Credit unions

These may not be "institutions" in your sense, but I'm sympathetic to these & haven't seen corruption:
Mises Institute
Ayn Rand Institute
Federalist Society
Low Carb Down Under
Watts up with that
Gun Owners of America


It's a stealth plane & this is all just marketing


I hadn't thought of it but nostr would definitely be good for 3D printed gun community which tends to get banned elsewhere


I limit US pork for that reason
Pigs are auto enzyme digesters and "bad" fats are stored with little modification

I do lean towards grass finished beef; the same effect is present to a lesser degree in ruminants (as shown by omega ratios) but I think grain finished is OK


Those properties conferring value is contingent on a positive valuation for the underlying good in the first place.

If I had a bank vault that could only secure normal water, would anyone be impressed that I could secure it really, really well?

Similarly, Bitcoin excellently secures and transports the thing the ledger tracks, which turns out to be nothing at all. If Bitcoin could perform those functions so well for actual money, that would indeed be remarkable. But I will not agree that the 'nothing' the ledger tracks is money merely because it would be wonderful if it were.


That's the cuck pride flag


It's up to the people
Sell 💵 for 🪙


Stealth plane missing
Seems like a giant marketing stunt

nostr:nevent1qqsdpv0v6qefky6w457g4lcmxduq2vzpkmwpzldn6ua7d205deu9fhcpz3mhxue69uhhyetvv9ujuerpd46hxtnfdupzpqt3frpkjq24gqd5j3vqsu0mq4j2t740h9z5syl0990jwp4ujv6eqvzqqqqqqycmw29y


Backing means the issuer redeems the currency for the backing asset

The issuer here is nominally the Federal Reserve but in practice the US Federal government

So the Federal Government offering a real asset for dollars is a form of backing (with the caveats that gold redemption is not at a fixed rate & it's a different agency)

I'm not aware of a USFG plan to offer cow turds for dollars


The dollar is kinda sorta backed by gold.

You can go to the mint & get gold at "free market" rates, which is redemption (except that proper backing should be at a fixed rate).


So the later bitcoins store more energy than the earlier ones? Are they worth more?


How much energy does a Bitcoin store?


You determine the value, but it's not a whim. It's not something you can make up however you want. If I decide that salt is worth more to me than gold & sell everything I own to buy salt, I will probably discover that in fact there are limits to what I can do with salt and the real well-being or satisfaction I get from the salt is less than I might have hoped. When I discovered this, I will have to sell or otherwise dispose of the salt, which reveals my low valuation upon experience.


It's not backed by math, backing means the issuer holds the asset which is the real object of value and the currency is merely a stand-in.

You don't have a particular right to go to a "miner" (psyop term) and demand a particular amount of math for your Bitcoin, and even if you did that math wouldn't have any particular value.

And being un-inflatable only adds value to a currency if it already has economic value.

Weimar Reichsmarks are in some fixed quantity (trillions or quadrillions) but still none can be issued. While the paper mark has some value now it is as a historical relic, the actual accounting units are worthless, which you can see because the trillion reichsmark note fetches almost the same price as a hundred thousand reichsmark note (or at least not 10 million times as much).

Similarly there are only so many of the hyperinflated Zimbabwe notes but the $50 trillion note sells for almost exactly the same as the $50 billion note. So the accounting unit is worthless.

What brought down the Beanie Baby craze was not the exponential creation of stuffed animals, but the failure of new products to reach new highs.

Bitcoin is a more perfect liquidity receptacle than Beanie Babies so I suspect we will continue to see it gyrate and pump until fiat dies. But I expect it to die then too because there's no "there" there. The ledger tracks nothing.


In quantity, supernova

In price, people wanted gold for jewelry or to fashion simple metal instruments (like lead, gold is malleable & makes good plumbing)

Then because it was durable people decided to save gold (later selling it to others for material uses).

But that can't happen with Bitcoin, there is no base case of jewelry or conducting electricity or whatever to bootstrap from. Instead it is a derivative of fiat which is a derivative of gold.


Subjective value doesn't mean I can make up whatever I want, it means I value things according to the highest use to which I (the subject) can put them.

For Bitcoin that is only trade, and it has that value only because others value it for trade, and they value it for trade only because still others value it for trade. Do you see the circularity?


Right now the Bitcoin market price (and thus real value) is above zero - I don't dispute that

I am claiming it will return to zero because there is no real asset, precisely when, as and because fiat currency dies


How did it go from zero to 21 million?


It's only a means of exchange if it's valuable
Do you see the circularity?


If it's backed by metal it's not fiat - you can express your lack of confidence in the issuer by redeeming the currency for the metal and peacefully withdrawing from the system

Fiat makes this peaceable withdrawal impossible (at least, not for everyone)


Already was - where did it come from?


Machine labor theory of value

Value comes from the highest use to which I can put a good, not from the difficulty of its creation or acquisition


Pure gold is a very soft metal and can be hammered into shape with a rock.

But I'm planning for fiat collapse, not the literal evaporation of all tools.

I think in a fiat collapse I might lose electricity or Internet temporarily.

I don't think my metal coins will evaporate.


Gold is entirely sufficient to blow up the fiat ponzi, but I suspect silver (or even some base metal) will be the trigger

When Comex runs out of something I think we'll have a run on the commodity "bank"


The nice cryptographic and mathematical properties provide economic value only if Bitcoin already has economic value.

A secure, transportable, etc token that's not actually worth anything wouldn't send or store "monetary value".

While Bitcoin has a nonzero price right now so does fiat.

My problem with fiat is there are no coats - there's no real substance behind the tickets. It's cargo cult economics, acting out the ritual of economic action but drained of the underlying meaning. The same applies perfectly to irredeemable cryptocurrency.


It's not a commodity, it's a currency.

The whole "Bitcoin is a commodity" thing is a psyop, as is calling it a coin, calling the accountants miners, images of gold coins, etc

Define commodity - I suspect it will either be a uniform material or some incredibly complex definition that includes all the uniform materials + Bitcoin but excludes the other cryptos


Yes, as a speculation during fiat collapse I think Bitcoin might temporarily spike in real value.

Similarly, fiat might have a temporary deflationary spike before hyperinflation. I have no desire to hold a bunch of Federal Reserve Notes to speculate on such a situation.


Is South Sea Company stock free? Give me a share


Why should there be demand for Bitcoin in a post-fiat world?

Only because it has value in trade. And it has value in trade only because there is demand.

In contrast there will be nonzero demand for oil, meat, and yes even gold in a post-fiat world and even excluding the possibility of trading it on to someone else.


My argument is we will revert to barter & only True Believers will accept Bitcoin, and they will quickly lose faith when they see how few other True Believers there are.

Also, you might lose electricity or Internet temporarily.


Vibe


Inflation (including fractional reserve) = you have too many tickets for your coats
Fiat = there are tickets but zero coats

So Bitcoin purports to fix the inflation problem but not the fiat problem. But if there are any tickets and zero coats, that is too many. The ticket supply has already been inflated.

The point of gold is not to limit inflation, the point of gold is to be the unit of value, and inflation undermines that function which is the problem with inflation. But it's not just an arbitrary and meaningless unit which could be anything - or nothing. Gold emerged as commodity money because of its durability (suitability for saving). But it was worth saving in the first place only because it had value, and it had value ultimately because it is a useful physical material.

All of the wonderful properties of Bitcoin (security, transport, etc) are useful only if the bitcoins already have value for some other reason (eg speculation). So why should Bitcoin have value in the first place?

If you want to wave the problem away & just note that somehow or other the Bitcoin market price has risen above zero: note that so has the fiat market price (in gold, or salt, or oil, etc).


Is the market wrong to value gold?
Is the market wrong to value fiat notes?

The Bitcoin maxi case can't depend on the current valuation of Bitcoin because doing so validates fiat & gold as well (and of course the historical value of South Sea Company stock & Enron stock would be defended as well)


Subjective value (at least in the Austrian sense) does not mean you just make it up and it can be whatever you want

Subjective value means you value a good based on the highest use to which you (the subject) can put that good

For Bitcoin that highest (and only) use is trading it to someone else, which historically does depend on fiat. When the value of fiat goes to zero (because it is no longer desired in trade), the value of Bitcoin will go to zero in the same way and for the same reason.


It's a decentralized accounting unit which does not track any real thing


Way, way more scarce - there isn't any!


Fiat can also be exchanged for electricity, Bitcoin, compute-time, etc

Your challenge is to explain why Bitcoin has value and fiat in some fundamental sense does not (or will not)

So just pointing to the nonzero market value at present doesn't advance your case unless you intend to defend fiat as well, which currently shares nonzero market value


That depends on Bitcoin having value which it does in the current fiat regime, but so does fiat.

If Bitcoin didn't have value, it's security and transportability (etc) would not add to its value.

Do you see the circularity?


Money must be physical because it must be a commodity - it arises out of real exchange in the market of real goods. You could not have a leader create some new paper currency out of nothing and impose it - how would anyone know what prices to charge?

See Mises' regression theorem - the value of BTC derives from fiat which derives from gold which derives from the physical use to which gold may be put.

If aliens came & reprogrammed our brains to find gold ugly & useless (for jewelry, filling teeth, scanning electron microscopes, etc) then I would predict it's market value (as measured in oil or salt or meat etc) to drop dramatically.


Yes exactly - there are no coats, and so long as nobody in the world has any coats this system is better than other systems with claim check inflation.

But what if somebody opens a seemingly-trustworthy coat room with actual coats?

Obviously we know about this whole missing coats problem so you wouldn't want to leave your coat in there indefinitely


Machine labor theory of value


That's not backing.

When FRNs were backed by gold you could take them to the Federal Reserve (or the US Treasury) and demand gold.

The issuer who created the notes "backed" them by pledging a real asset - the notes were merely a stand-in for that real asset.

I don't have a particular right to go to the miner & demand any particular amount of energy for my Bitcoin.

Similarly, gold takes energy to find, recover & refine, but it is not backed by that energy. If you think it is, then we could ask what backs the energy. Hopefully you see why this leads quickly to absurdity.


Subjective value = the highest use to which I (the subject) can put this good

This is the Austrian/Misesian notion of subjectivity

In contrast the Objectivist/Radian notion of subjectivity is something like "I just make up whatever I feel like"

Economic value is subjective in the Austrian sense, which frankly the Objectivists would call objective


Why does Bitcoin have nonzero value?

It's secure and can be "sent" instantly etc etc
But those processes are only valuable if Bitcoin is valuable

So why does Bitcoin have nonzero value?


That's not what backing is
Backing a currency means you can take that currency to the issuer and get something of real value for it

The monetary value of a currency = face value × expected redemption

So USD and JPY trade at steep discounts and EUR and BTC trade at steep premiums


That capacity depends on Bitcoin having nonzero value in the first place.

Currently irredeemable currency enjoys nonzero value and irredeemable cryptocurrency enjoys nonzero value. But as goes one so goes the other, because they are all irredeemable currency.


Why do I want Bitcoin except to exchange for fiat or to use as a stand-in for fiat?

The obvious non-fiat thing in which to price Bitcoin is gold, but if we're pricing things in gold why do we need Bitcoin? Do you see the dilemma? How does Bitcoin ever "get under" gold logically and become the more basic unit of value?


Again, the energy theory of value. Like Marx's labor theory of value, this is incoherent.
Is it information or energy?

And no, the 1tz coin is worth 10x as much as the 1/10tz coin for the same reason 10 barrels of oil are worth 10x as much as 1 barrel of oil - namely you can do 10x as much with the material.

The $100 bill is worth the same post-fiat as the $1 bill because you can do exactly the same things with them. The $100 bill is worth more now only because the fiat credit system gives you more points for it. When that system collapses obviously the $1 and the $100 will have the same value - just as Zimbabwe $50trillion notes and Zimbabwe $50 notes (from the hyperinflated currency) already have the same value.

This problem applies to Bitcoin as well. There is no reason that 1 Bitcoin is worth more than 1 satoshi except that it counts for more fiat credit - unlike oil where it is very obvious that 1 barrel is worth more than 1 gallon.


Zapped


If we could teleport gold around the world that would be a great invention.

But we cannot, and the people who are telling you that Bitcoin is digital gold have not thought through why Bitcoin enjoys nonzero valuation right now. They take it as a given that Bitcoin has a nonzero fiat price, which it certainly does. But why?

Why exactly did the pizza manager gift two pizzas for a bunch of Internet points he didn't understand and had no use for? Was he the first true believer? Did he read an advance copy of Broken Money?

Or if Bitcoin was already trading for a few cents or fraction of a cent, why?


USD value will go to zero
Bitcoin value will go up in USD terms forever

I agree with all that - but notice Bitcoin still goes to zero when USD does.

(And now you say no, Bitcoin won't actually go up in USD terms forever, I didn't mean it, I meant it goes up in real value forever)


A nice tactic I see also from communists

"I've been convinced but can't actually make an argument so read this lengthy book rather than debate ideas directly, and if the book doesn't convince you the problem is with you"

nostr:nevent1qqsg4d3njsjwf3a2wjcfwp3j3qem68a4tvzk62zsfe45qngzksn3u8qpz3mhxue69uhhyetvv9ujuerpd46hxtnfdupzpwfsfxnwy4r6x6nkjtvsuja2szgpy5npw42x59enw32da7dtd8fsqvzqqqqqqy0zl8ne


You will own nothing and you will be happy


How exactly would gold die? People just giving it away on the street corner? The physical material is unlikely to evaporate.

When Bitcoin dies, it won't be "free", it just won't be traded. No one will think about it, no one will accept it as payment. It will be just another fad of the past, like Furby or South Sea Company stock.


You own the claim on Bitcoin, but not the actual Bitcoin (which doesn't exist)


What's the money value of an email?


It's a product of the fiat bubble - a capture mechanism for excess fake credit - another epicycle in the fiat theory of money

Bitcoin might even go up in real terms before fiat completely dies, just like there can be fiat deflation before the end


So you agree the US Dollar (Federal Reserve Note) has value?

But that might change?
Maybe the valuation of Bitcoin might change as well.


There is no Bitcoin, there is only an accounting record of how many Bitcoins Mr. Satoshi owes you


The difference is if I am "stuck" with precious metals I can trade/sell them to a jeweler, or a dentist, or an electrician, or a scientist with a scanning electron microscope - who wants the metal not for trade but for practical use.

The possibility of non-trade use creates the certainty of trade use.


Gold can fill a tooth cavity, or coat a surface for a scanning electron microscope, or conduct electricity.

The money value of gold derives logically & chronologically from its material use.

The value of fiat derives from gold. The value of Bitcoin derives from fiat. You've just added another derivative, another epicycle on the fiat hallucination.


It's a little more useful. It's a physical metal I can shape into a bowl to carry water.


If you can't trust or enforce gold, why do you imagine you can trust & enforce shipments of oil, or grain, or manufactured goods?

This is my point - there isn't really anything special about gold (except for uniformity and durability which make it an excellent money but don't somehow predispose it to theft)

Either we develop enough trust to conduct remote trade in physical goods, in which case we don't need Bitcoin
Or we fail to develop that trust in which case we also don't need Bitcoin


US Federal Reserve Notes "have value"
Euro notes "have value"

Who are you to tell a billion people in the Western world whose use these notes every day that their notes don't really have value?

Well, all you need to be is somebody who can think & realize the notes are an accounting unit divorced from reality. The same is true of Bitcoin.


Yes - my prediction is that when Federal Reserve Note & Euro both die so does Bitcoin.

It is also possible somebody could back Bitcoin with gold by offering to buy Bitcoin for gold at some fixed rate & selling Bitcoin for gold at a slightly different fixed rate (creating a spread). But they would be limited in "issuance" & I expect they would just create their own ledger rather than try to use Bitcoin.


If the supplier of my business takes Bitcoin now, almost certainly they turn it into fiat (possibly collateralized stablecoins) in order to pay their suppliers. Or maybe their supplier does. When fiat collapses, I can't keep taking Bitcoin unless my supplier does, and he can't keep taking Bitcoin unless his supplier does. And so on. So only if you have self-sufficient systems in which everyone takes Bitcoin can it continue to circulate.

Instead, most people will turn to physical barter and we will rebuild a monetary system (likely) based on precious metals.


I take metal disks and guard them with my life & smokeless powder

There is no trade without trust, except perhaps physical barter (and even there is a degree of trust)


Bitcoin in your memory is also imaginary

If you can get others to imagine with you, that particular form of imagination can prove very effective - for a time

We are going to wake up from the fiat dream at some point, and Bitcoin will be left behind


Either we develop trustworthy systems in which case Bitcoin is not needed
Or we do not develop trustworthy systems in which case Bitcoin is insufficient

Gold did work for thousands of years. Why are you so confident of the success of fiat? A few decades is nothing in human history.


USD also goes to all time highs in those places


GLD & LBMA are easy to seize, my personal safe less so.


Do you really believe Nixon had the power to end a 5,000 year old practice with a mere announcement?

That's the show talking my man


US got way ahead in industrial & technological terms & was able to force most of the world into effectively a tribute system

That lead is practically gone


A currency being backed by something means you can redeem the currency for that thing.

When the dollar was backed by gold, you could go to the issuer of dollars and demand gold. The dollar had value because gold had value, not because there was stored energy or the accounting system or anything like that.

With Bitcoin you have no particular right to go to the miner and demand energy or "blocks". So it is unbacked just as fiat currency now is.

Moreover, the energy used to create Bitcoin does not confer value. This is a variation of the labor theory of value, which has rightly been discarded for subjective theory of value - see my longer post in this thread (replying to Sec Yellen) for a more complete explanation.


No, I don't. But it is unbacked - a currency without a money, just like fiat. It is just as worthless for that reason.

Fiat has mathematical problems that Bitcoin does not.
Fiat has economic problems that Bitcoin also does.


before this institution came along you lived at the level of subsistence and worked far harder for far less reward


It's not on this planet


Yes, but also Gaddafi was trying to put Africa on a gold standard.


Do you deny that Bitcoin is a human creation?


Unbacked = it is a meaningless accounting unit (like the Federal Reserve Note); it has no real value

When fiat dies so does Bitcoin (and all unbacked cryptocurrency)


Give up on decentralization.
Give up on "trustless" currency.

We have to build trustworthy systems to do real commerce.
If you want to ship oil or grains or manufactured goods around the world you need trustworthy security & dispute resolution.
If you have trustworthy security & dispute resolution we can also ship precious metal around the world.
If you can ship precious metal around the world in a trustworthy way, then you can transact in electronic claims on precious metal.
If you can transact in trustworthy electronic claims on precious metal, there is no need for irredeemable cryptocurrency.

Bitcoin is an elegant solution to the wrong problem.
It is technologically sophisticated but economically illiterate.

Like Karl Marx, Bitcoiners (typically) assume that the difficulty of producing a good imparts that good with value. Marx was focused on human labor while Bitcoiners are focused on machine labor (energy). But this is simply not a coherent theory of value. If all goods can be reduced to a single scale of value, then why does exchange occur at all? Exchanges become more for less (exploitative) or equal for equal (pointless) rather than A for B (mutually beneficial).

The labor theory of value was rightly discarded for subjective theory of value. For exchange to make sense in the first place, the parties must disagree on the relative valuation of the goods or services exchanged. I prefer a snack of cookies to carrots, you prefer carrots to cookies, and so we trade. If we agreed on the relative valuation, the individual who had the more-valuable-to-him good would not give it up for a less-valuable-to-him alternative.

So the value of a good is the highest use to which the individual can put it, which varies from person to person. For Bitcoin, this is only the ability to trade it on to the next fellow. So long as there is an infinite chain of fellows, this works well enough.

But, the acceptability of Bitcoin right now depends on fiat, which depends on gold. If I want my business to accept Bitcoin I can take it and exchange it rapidly for fiat (including collateralized stable coins). So I don't have to care whether my supplier takes Bitcoin. But if fiat collapses & my supplier does not take Bitcoin, I need to find a new supplier or stop accepting Bitcoin. And my supplier is in the same boat, and his supplier, and so on. Unless you have a local economy which is self-sufficient and where everyone takes Bitcoin without exchanging it for fiat, Bitcoin acceptance will likely diminish dramatically during a fiat collapse. Only the "true believers" will take it.

The rest of us will turn to physical barter and rebuild a monetary system (likely) based on precious metals. We could then have markets which exchange Bitcoin for precious metals (or claims on metals). But again, what would be the point of Bitcoin in a world where we have trustworthy electronic claims on precious metals?

So the question is - how do you ever get to hyperbitcoinizatjon? How do you ever get to general acceptance of Bitcoin without some other underlying money or currency which people regard as the real deal? How do you make everyone a "true believer"?


You should take some Federal Reserve Notes and demand redemption, see what they do

See:
12USC411 guaranteeing redemption on demand
12USC354 authorizing only gold for the purpose
18USC334 making it a felony for them to refuse
And of course US Constitution Article 1 Section 10 - authorizing only gold & silver as legal tender


Bitcoin is unbacked currency just like fiat


Dal TX Fed is Soviet brutalist - a big concrete bunker (ok with some glass but still horribly ugly)


All men are equal = courts should be impartial

Not
All men are clones
Or all men have the same capabilities
Or all men are born with the same potential

But instead all men are politically equal
All men have basically the same rights & obligations (if any)
All men are born with the same moral worth (to be enhanced or denigrated by the individual's own conduct)

So when a dispute comes before a judge, that judge should consider the conduct of the individuals involved, not their identity categories


But if I wanted to upload anything controversial/political I would copy it elsewhere and try to push people to that


Some content I like isn't available elsewhere (mostly esports & high quality documentaries)

For news/politics/finance I don't mind the YouTube algo & I then find those commentators elsewhere


Imagine seems like some commie nonsense to me

Imagine no possessions
I wonder if you can
No need for greed or hunger
A brotherhood of man
Imagine all the people
Sharing all the world

"You'll own nothing and you will be happy"


I doubt.

US Gov has too much debt to allow rates to rise over decades from here.
Maybe if voters out RINOs and elect an America First/libertarian/constitutional conservative Congress they can cut spending & hold the line on bank bailouts.
But that's unlikely, and assumes the financial system holds together long enough.
So, I doubt.


My experience was different.
I was on a year-plus job search a couple years ago; perhaps things have gotten much worse since then.

Like this author, I was also primarily marketing a specific skill (SQL rather than creative writing).

I found Indeed gave me a far greater real response rate than LinkedIn, and a couple months of Indeed searching got me several interviews & 1 job out of a couple hundred applications, as compared to far more time-consuming applications on LinkedIn numbering in the thousands which resulted in 2 interviews.

Perhaps if job sites are not working for this guy he needs to pick up the phone or even visit businesses in person?


Absolutely scarce assets (land) become valued above their free market values, especially in the presence of fractional credit expansion + fiat depreciation. People borrow depreciating currency to buy (nominally) appreciating assets, producing a speculative bubble.

So the end of fiat/fractional banking should reduce the value of assets which are merely scarce.

What does this imply about the (real) valuation of Bitcoin in the event of fiat collapse?


Yes, also the biggest eco-disasters come from State bureaucracies, eg. Aral Sea & Nord Stream.

Common law had mechanisms to resolve disputes involving pollution. The polluters lobbied for regulation in part to replace common law liability with a regulator they captured and cartel-ized.


It's going to zero when USD dies


Rumble, bitchute, Odyssey

Or maybe in the future we'll rent encrypted cloud serving & you can host whatever you want

Then link on social sites


Hooray


That's why it's called pirrh


Act out that theory, try to take my life or property, and my actions will speak louder than your words.


Most anti-theist zealots in Western culture are post-theist Christians (largely Platonist / Augustinian)

https://www.unqualified-reservations.org/2007/09/how-dawkins-got-pwned-part-1/

https://fvdb.wordpress.com/2010/04/20/the-duel-between-good-and-evil-aristotle-versus-plato-ayn-rand-versus-kant/


The solution is suits at common law (ie liability rather than regulation)


Bank fracking? WTF we need as much energy as we can get


I agree, good action drama


Isn't that like million dollar Bitcoin? What's the ratio of sats to bitcoins?

And the answer is yes, because in such a circumstance $100 might buy you a cup of coffee if you're lucky


The US Federal Reserve has been forced to default on gold.
Soon it will be forced to default on math.

https://www.lewrockwell.com/2023/09/no_author/lots-of-red-ink-at-the-fed/


I agree with all that


I consider this a symptom of psychological fascism; with the name derived from ancient Roman fasces
(not specifically from 1930s Italian trade unions or post-Marxist socialism or anything like that)

Individuals increasingly orient all behaviors around authority (fasces) and violence. Authority becomes not just direct, but also indirect and communal. The normal individual is permitted authoritarian or violent behavior along a certain pattern (think Maoist struggle sessions or Covid mask Nazis). But this indirect authority is largely illusory - the power an individual enjoys by engaging in the socially dominant behavior is not really any greater than he could exercise alone.

So there is a constant need to make the authority real via ritual, violence, and propaganda. I see the 6ft spacing, one-way aisles, cloth masks, etc as a crisis (not apex) of authority.

I think a natural part of the pattern is for individuals to exercise authority over the realm of biology. Supposedly a major factor of the downfall of ancient Sparta (which I consider the archetypal fascist Republic, in the sense discussed here) was strict racial purity laws intended to maintain the soldier class as distinct from the slave class. Eventually the soldiers were simply too few in number, and Sparta faded into irrelevance and ruin.

Ancient Rome combined the Spartan notions of authority with Athenian (really Aristotelian) conceptions of reason. In my view this generated a train wreck or chain reaction that has continued to evolve throughout the West (and especially USA which consciously imitated Roman institutions).

Perhaps I am too optimistic, but I think the only resolution possible (and inevitable) is anarcho-capitalism. The scale of reason, the individual human mind, must be matched to the scale of authority.


Does he know about saving money?

I understand you're crazy about Bitcoin but I suggest saving silver as a hard money to teach children


Yes, but the corporation there is trade unions, guilds, etc not particularly business. Moreover the "merger" is not some mere overlap but complete union.

https://en.m.wikipedia.org/wiki/Corporatism
https://en.m.wikipedia.org/wiki/Corporation_(feudal_Europe)

I think it's somewhat defensible to label "fascist" cases in which business corporations in particular have outsized influence on the State, but that's not what Mussolini was describing.

His notion of the corporate state is corporative - an embodiment. The State itself is made up of the bodies or organs of society. It ceases to be a truly separate institution. As Mussolini famously said: "All within the state, nothing outside the state, nothing against the state."

It is not that institution A (say, Boeing Aerospace) has a lot of influence on institution B (US Federal Government). They are to be really merged, to be indistinguishable in some real sense.


Many such cases

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I'm doubtful that physical dependency on an internally-produced chemical is a meaningful construct.

Even so, many things provide dopamine, not just the specific "addictive" behavior. Habituation would suggest that the individual should get more dopamine from a non-habitual source than from their habitual source. So physical dependency should promote variety of behavior rather than behavioral "addiction".


I'm with Matt Walsh on this one - addiction should be understood as physical dependency, not merely some destructive habit


Lead on, good fellows


The etymology is the rather obvious "count" (conter)

So just what is being counted?
Once upon a time, it was silver, then gold. But now?


"Progressive" education = Prussian schooling = mass indoctrination

But originally the adjective "progressive" was applied to the noun "Christian"

Check out this "super-protestant" program: https://content.time.com/time/subscriber/article/0,33009,801396,00.html

In my view the divide is Aristotelians vs Platonists (who were pagans) and this applies also to Christians (Aquinas vs Augustine) and atheists (Rand vs Kant)

Aristotle/Aquinas/Rand:
The normal world is real & the normal man can understand it; man should aim for some form of well-being or self-cultivation in accordance with individual reason.

Plato/Augustine/Kant:
The normal world is unreal or unknowable or secondary to some other unknowable realm. Man should aim for gratification of his whims, or self-sacrifice for others, or duty to the group or State.

I have my own criticisms of Rand but I agree with her basically realist/rationalist orientation and the basics of this historical outline
https://fvdb.wordpress.com/2010/04/20/the-duel-between-good-and-evil-aristotle-versus-plato-ayn-rand-versus-kant/


Actual liberalism is concerned with liberty, hence the name, not some abstract notion of dignity to be achieved via mass public slavery to the socialist State

https://mises.org/library/liberalism-classical-tradition


The ledger is useful but not scarce
The ledger entries are scarce but not useful


No it's not


I personally see video hosting as something that's likely to retain some centralization and I'm at peace with that

I like rumble, odyssey, bitchute currently
Also YouTube for less political topics


Police have been repeatedly found in court to have no particular duty to actually protect individuals.

A man was stabbed in a NYC subway car while 2 policemen literally watched without helping. The victim sued and lost. The police had no particular obligation to arrest the criminal or protect the victim.

There is no social contract between the State and the citizen. One of the principles of contract law is that both parties are obligated to do or give something of value to the other. With the State, all obligations belong to the citizen and all rights to State officials.


https://youtu.be/N1LetB0z8_o?si=tWoxJ_yZabZh7xeH

I knew about BBC's early call of WTC7 collapse but I didn't know other news outlets also reported it


Yes, he is, but I'm not worried about it. They left (IMO) as much to escape Zelensky as Putin.


This was olden times
He'd probably bring opium


Niggaz wit coins?


The past no longer exists
The future does not yet exist

Motion is not a thing, it has no weight or spatial dimension

Epur si muove


Not the first ever, although they tried not to admit it

https://www.npr.org/2008/03/07/87974932/case-stokes-debate-about-autism-vaccines


What is money?
🪙


Yer jus askin for a meme dump, boy


Every normal man must be tempted, at times, to spit on his keyboard, post the black flag, and begin roasting anons


I don't have any special interest in Iran beyond chatting with you


Disney/Bud Light show the globalists want to use capitalism to impose their values but don't understand incentives run the opposite direction. They can take over a bunch of companies & run them against consumer interests, but that's just a bonfire of wealth. Over time the winner will be the entrepreneur who best meets the needs & desires of the consumer.


Assuming your account number (whatever you call it) is anonymous or pseudonymous, yes

Which stresses non-KYC


All of authority is fake. Life is permissionless. But we are aware of risk & reward.


I saw video a while back of women refusing to cover their heads, supposedly in Iran. Is mass public action possible? How strong is support for the regime among common people? Are they enthusiastic or resigned?


Different people run unlicensed "pirate" radio stations but the authorities shut them down if they can

There's ham (amateur) radio but it's a separate network from FM/AM/CB

I checked and it's licensed, although it's only $40 (~5 hours of menial labor, 1-2 hours of skilled labor)


What kind of radio are you talking about? Here in USA my car can receive & play FM or AM radio. To broadcast in those bands is supposed to require a special licence.

But I also have a handheld radio (CB) I keep in the car along with other emergency equipment.

Do all of these require licenses for you?
And even if they do, assuming you can get the equipment you can listen to any of these frequencies without broadcasting your location


I agree with all that except to point out that your first reference to Bitcoin (as currency) was technically accurate and your later reference to Bitcoin (as money) was inaccurate


What else can you do with them?


CPI ex everything


That's a position, not a game

The initial position has 20 legal moves for each side, which is a pretty decent estimate of the average number of legal moves, and games can go for 60+ moves (30 per color) quite readily

2^(8×26) = 4.1×10^62
20^60 = 1.2×10^78

So there are quite certainly more games than possible configurations of 26 bytes, in fact as games fairly frequently go 100 moves or more by both sides there are dramatically more games

On the other hand if you store the game score rather than the position, 12 bits is sufficient per move to indicate the origin square & destination square of a piece (8×8 grid = 3 bits × 3bits).

Origin+destination is sufficient for everything except pawn promotions which would need a further 2 bits (4 possible promotion targets) per promotion. There are 16 promotions possible per game so 32 bits, which can live as a separate array sorted by origin square of the pawn.

This gives 3N+4 bytes to store an actual game, where N is moves by both players (how chess players normally count turn number).

The quickest possible checkmate, the Fool's mate delivered by Black on move 2, would take only 10 bytes - less than a single position in the method above.


Sure, but you can't ignore the real history of unions - particularly the use of violence to intimidate would-be strikebreakers and employers.

There's also the economic aspect - you can't drive up wages beyond productivity without driving employment volume down. You can't pay a bunch of union reps without that money coming out of workers' paychecks somehow or other.


Well, in 1932 FDR ran at least partly on ending the big government programs of Hoover (who was no laissez faire radical)

But there is no excuse for the re-elections


What was the supposed crime? I knew about all the murder but not why they did it


Arrest? Lynch


Interesting. I'm tempted to blame only fiat but the competency crisis and pre-fiat decay should probably share the blame.


Ceiling birds do seem to make their nests in pigmented homes


I mute on sight, only had to do so to about a dozen and now I never see it


I think this reflects well on both Carlson & Milei.

Milei comes across as having exposure to libertarian thought (equality before the law, non-aggression) but also deeper familiarity (eg cogent references to multiple of Hayek's works)

If Milei is a WEF double agent he's indistinguishable from the real thing.

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Capitalism is you earn a high enough standard of living to buy tickets rather than having to peep at the game


I won't wear a dress but the rest sounds good


No way - pistol grips are banned


Fire Engineer at 37:30 says neither office fires nor kerosene (jet fuel) can melt steel, and deforms it only gradually as it heats/weakens it, producing a gradual rather than sudden collapse

https://youtu.be/DgwlFY-4Txc?si=r2UnHAauSb5m8qAb


It's happening in real time

https://fred.stlouisfed.org/graph/fredgraph.png?g=18R8C


My experience has been that whole foods are much cheaper than processed foods, and don't take much longer to prepare, especially for simple meals.

Budget carnivore (cream/butter, ground beef, eggs) I think can be done for under $10/day, and premium carnivore (eg grass-fed steak, pasture-raised eggs, wild salmon) costs me $20-30 per day as a 200+ pound adult male. Normal diet with snacks cost me something similar in the past.

I think you could probably construct a healthy-ish diet for under $5/day (eg cheap calories from olive oil & starches, cheap protein from factory chicken, pork & eggs, also mussels; if you're eating plants for VitC you could go into protein sources like canned sardines or tuna)

I think the idea that whole foods are expensive and cooking is difficult and unpleasant is basically another psyop


Don't fight it - DM me
#datechain


Source?


It's a savory condiment


Then it explodes


Unironically yes


It seems to me Google is clearly superior to Apple and clearly imperfect

I'm on my current phone for awhile yet, but in the future considering a "dumb phone" or a privacy-centric alternative


I'll believe it when I see it

The pro-Ukr narrative
(long glorious march to victory which any day now will break through)

seems to me much less plausible than the pro-Rus narrative
(grinding Ukr military down with artillery)


I see it in Texas & West Coast as well.

I blame the fiat/fractional Ponzi as well as the regulatory state.

I think things are going to get much worse but also much more rapid. Hopefully we can get thorough the worst of it in a couple years and start to rebuild


Quite the opposite - all my culture needs is for its forcible suppression to cease


If it's the official government number, they have substitution effects

So if steak goes up in price more than hamburger, they assume people switched to hamburger


https://x.com/TuckerCarlson/status/1702079713622299100?s=20

Inflation in Argentina - this is why I sell excess fiat currency for real assets


"I do not ask you to lay hands on the tyrant to topple him over, but withdraw your support and you will behold him - like a great Colossus whose pedestal has been pulled away - fall of his own weight and break into pieces"

Etienne de la Boetie
The Politics of Obedience: The Discourse of Voluntary Servitude

https://mises.org/library/politics-obedience-discourse-voluntary-servitude