Author Topic: The First Digital Country  (Read 217 times)

Crypto

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The First Digital Country
« on: December 28, 2017, 08:52:16 am »
The First Digital Country

A good backup for when your current country foolishly starts to crack down on Bitcoin and the Internet.

You can have dual citizenship and become a virtual e-resident and have a business in Estonia to keep your assets safe.

https://www.google.com/amp/s/www.inverse.com/amp/article/39556-estonia-reveals-3-crypto-token-ideas-that-could-revolutionize-borders#ampshare=https://www.inverse.com/article/39556-estonia-reveals-3-crypto-token-ideas-that-could-revolutionize-borders

                       $$$


unix

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Re: The First Digital Country
« Reply #1 on: December 28, 2017, 07:05:39 pm »
Hm, an interesting thought.

Not much on details however
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Crypto

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Prime Consultant Territory
« Reply #2 on: December 30, 2017, 07:31:36 am »
All of this seems to be prime Consultant Territory.

Just do all the research on being an E-Resident and also on how to create digital wallets and how to buy and sell bitcoins and other coins and how it started and what is all about.

These days with Google and dark web search engines if you are willing to put a lot of time and effort into it you can become an expert in some particular area at least more than 99+ percent of the world.
In these especially hot topics there are always people willing to pay for that expertise especially if you can simplify it and give a comprehensive explanation.

You might be able to find a lot of clients who would pay big money to sit down for an hour or two and get answers to all the questions they have and it could be on a regular reoccurring basis taking care of the details of buying and selling.

          $$$



unix

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Re: The First Digital Country
« Reply #3 on: December 30, 2017, 10:16:34 pm »
The global landscape is really changing.

I think this whole cryptocurrency might go global, i.e. popular in the next 10 years.  Remember the internet has been around for years but really took off in the 90's. I think it's the same thing.  I don't know if bitcoins is it. 

The advantages are: anonymity and you cut out banks and govts out of the equation. They are too huge to ignore.

My concern is this.  Can the supply of a cryptocurrency be inflated at will to the point where your account can turn to 0.000 of whatever currency it's designated in?

Who controls this inflation, if any?

Secondly, the mining term is misleading. They don't mine anything, or don't create new bitcoins. They act as authentication of the existing transactions. yes, they get paid for it but only because of the service they provide.
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ArnoldW2

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Re: The First Digital Country
« Reply #4 on: December 31, 2017, 09:14:11 pm »
Unix wrote:
Quote
Can the supply of a cryptocurrency be inflated at will to the point where your account can turn to 0.000 of whatever currency it's designated in?
Who controls this inflation, if any?

Let's begin with a very basic equation from economics:

Price level = (Money quantity X Money velocity) / (Supply of all real values)

The way to prevent the value of a currency from falling to zero is to have a hard limit on the Money Quantity.
BitCoin has a hard limit.  Government fiat currencies don't, which guarantees that they will all - eventually - fall to zero.  Eventually could be centuries away.

But BitCoin is not the only crypto-currency in use.  All the crypto-currencies that become widely used (as money - not for speculation) are part of the Money Quantity.

In theory, there is no limit to how many crypto-currencies can be created.  In practice, there must be a limit to how many can be used by people.  Assuming that the number of government fiat currencies (not much over 100) is roughly how many crypto-currencies the world can actually use, the overwhelming majority of crypto-currencies will be virtually unused.  Of those that become widely used, I expect that some will fall to zero, but most will just fluctuate.

Based on two assumptions:
    1.  The number of crypto-currencies in-use is limited.
    2.  Every crypto-currency has a hard limit on you many units can be created.
the values of crypto-currencies won't go to zero, but some might fall to something not much above zero.

A world of competing crypto-currencies will have problems, just as the world of competing fiat currencies has problems today.  I expect the problems of crypto-currencies (assuming they escape government control) to be less bad.

ilconsiglliere

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Re: The First Digital Country
« Reply #5 on: January 01, 2018, 06:36:56 am »
Its dot com v2.0. Same deal.

The Gorn

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Re: The First Digital Country
« Reply #6 on: January 01, 2018, 07:53:06 am »
Another thought about crypto currencies.

The US government probably has the technical and intelligence means and resources to successfully destabilize Bitcoin like currencies.

If what it takes is hacking bitcoin exchanges to wipe them out... the NSA/CIA has back doors into common security protocols like SSL, and they definitely can get access to all computer networks. TOR was developed by our own government, after all.

I could see state actors or even the US government toppling Bitcoin by wiping out exchange after exchange, and inducing panic selling and loss of confidence, just to remove the competition.
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ilconsiglliere

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Re: The First Digital Country
« Reply #7 on: January 01, 2018, 11:04:12 am »
Another thought about crypto currencies.

The US government probably has the technical and intelligence means and resources to successfully destabilize Bitcoin like currencies.

If what it takes is hacking bitcoin exchanges to wipe them out... the NSA/CIA has back doors into common security protocols like SSL, and they definitely can get access to all computer networks. TOR was developed by our own government, after all.

I could see state actors or even the US government toppling Bitcoin by wiping out exchange after exchange, and inducing panic selling and loss of confidence, just to remove the competition.

I agree. This is very possible because Bitcoin and the other crypto currencies threaten the dollar's hegemony. There is a lot of power in being the world's reserve currency. There is no way they are going to allow some IT dorks to take it away from them.

Ask yourselves the following question: Do you think the Federal Reserve wants competition? Do you think the Federal Reserve wants their power over the markets diminished? NOPE