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BitCoin from the USER's viewpoint
| September 21st, 2018 at 11:07:36 PM permalink | |
| Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 | https://en.bitcoinwiki.org/wiki/IOTA
Sweden is using technology developed by Iota. But this algorithm actually speeds up the more people that use it, as opposed to blockchain which slows down and becomes hugely energy intensive. The current Iota coin was started on 13 June 2017 @ 63.85 cents and it's value fluctuates like any other cryptocurrency peaking at over $5 in December of 2017. Sweden's crypto currency will on parity with the national currency (the crown or krona). So there is no direct connection, but I just assumed the publicity would attract people to the current coins. In all countries electronic money is generated by commercial banks and is based on debt. Commercial banks can go bankrupt, but more importantly they are free to charge fees. Now that SWISH (the phone app linked to bank accounts) has reached 6.5 million users in a country of only 10 million people, the commercial banks are thinking of instituting fees. The phone app is now so widespread that for many people it has replaced physical banknotes and coins entirely. The central bank of Sweden swears that they do not orchestrate the supply of banknotes and coins, but they function entirely on supply and demand. It is a dubious claim since they also set interest rates. When interest rates are negative, commercial banks have to pay money to send physical cash to the central bank for storage. There are already many reasons for commercial banks to hate physical banknotes, but paying a fee makes it totally repugnant to them. As a result Swedish banks will not handle any cash at teller window of banks. They keep nothing in vaults, and ATMs are very limited and all controlled by one company. To make matters worse, many ATMs will not accept cash deposits, so businesses don't want to collect cash because it is difficult to bank. So the central bank is planning to issue digital currency to supplement physical cash. They swear that they are not trying to get rid of physical cash completely, but provide a supplement. But once again you have to look at the facts. Physical cash is now circulating at 20 banknotes per capita (5 of which are worth about $2 which is a coin in the Euro zone and most independent western currencies in Europe). Sweden no longer has the ability to produce their own banknotes, and as of this summer they no longer have a contract with a foreign company. So once their current supply of banknotes begins to get tattered, they will have to let a contract. Even their coins are produced in Finland. Danish and Norwegian banknotes are produced at Oberthur Fiduciaire, a French company founded in the 1840s. |
| September 22nd, 2018 at 7:41:00 AM permalink | |
| DRich Member since: Oct 24, 2012 Threads: 51 Posts: 4959 | Paco, that is what I thought. I just didn't understand why you thought Iota would spike because of the Sweden news. At my age a Life In Prison sentence is not much of a detrrent. |
| October 2nd, 2018 at 11:42:12 AM permalink | |
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18193 | 20% Amazon Discount when you buy with Bitcoin. Use your judgment here. But the way it works is someone has a gift card they cannot use and want Bitcoin. You send them Bitcoin, they buy and send it to you. Site escrows the funds. I have not checked it out deeply but if it works as they say there is no reason not to do it. DISCUSS. The President is a fink. |
| October 2nd, 2018 at 11:58:44 AM permalink | |
| Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
All I know is if I had bought BC on Sept 4th, when I started looking at this, at $7200, today it's $6500 and I would not be happy. My money would be worth 10% less in just a month. If you take a risk, you may lose. If you never take a risk, you will always lose. |
| October 2nd, 2018 at 12:10:18 PM permalink | |
| DRich Member since: Oct 24, 2012 Threads: 51 Posts: 4959 |
True, but if you bought $7,200 worth six years ago it would be worth $9.3 million. At my age a Life In Prison sentence is not much of a detrrent. |
| October 2nd, 2018 at 12:35:01 PM permalink | |
| Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
And if my grandfather was Cherokee, I'd be NA. I don't see your point. I didn't need it 6 years ago. If you take a risk, you may lose. If you never take a risk, you will always lose. |
| October 2nd, 2018 at 12:43:10 PM permalink | |
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18193 |
So buy and sell the same day or few days if you have an AMZN purchase. All currencies fluctuate in value relative to one another. The President is a fink. |
| October 2nd, 2018 at 12:46:22 PM permalink | |
| Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
I only want BC for online casinos. If you take a risk, you may lose. If you never take a risk, you will always lose. |
| October 2nd, 2018 at 12:49:16 PM permalink | |
| AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18193 |
You don't want to save 20-30%? The President is a fink. |
| October 2nd, 2018 at 1:08:32 PM permalink | |
| Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
What? If you take a risk, you may lose. If you never take a risk, you will always lose. |