(Part 3) Top products from r/Buttcoin

I would just sell it and take the ~25% loss. You could do a lot worse. If you want a sound investment strategy, read the Bogleheads investment philosophy. They recommend dollar-cost-averaging your way into a diversified portfolio of low-cost, no-load index funds. You might also check out The Bogleheads' Guide to Investing. It is a great introduction to proper investing (not speculating, which is what crypto "investors" are actually engaged in). Your local public library probably has a copy. Even at $11/hr you can save for a comfortable retirement. If you can manage to save up $1000 in your savings account, you can buy an all-in one fund and simply put a fraction of your paycheck into it every month. It's hard to get rich quick, but easy to get rich slowly.

I think a good starting point would be this book: https://www.amazon.co.uk/Property-Margaret-Davies/dp/1904385842

or this one:

https://www.amazon.co.uk/dp/0521130603

Without getting too philosophical - rights can be eternal and universal from a moral perspective, of course. But you need to invoke this concept exactly because the effective positive law (the one enforced by state institutions) sadly does not always follow the principles so expressed.

Elections in democracies broadly speaking give one vote to every person (more or less at least). Unless you build a fully Sybil-resistant blockchain system with one vote per person you can't replicate this. Also elections aren't "forks" - they _generally_ don't leave behind a "UK classic". This is important because - as we see in the BC universe all the time - it removes the uncertainty about the relative success of the two branches and guarantees (within reason) that all will be bound by the majority consensus. This is jut off the top of my mind so may very well be missing an important aspect!

Its not my theory. Its how the financial system works.

So are you now suggesting that the private commercial banking system finances the US government with dollars? So the US government is completely reliant on banks like JP Morgan? LOL! Your logic may have applied 100 years+ ago. Unfortunately most economic textbooks still think we are on a fixed-rate exchange system.

Modern economics since Adam Smith came about during a time when the monetary system was on a gold standard. This means 90-95% of economic monetary pseudo-theory simply does not apply to our monetary system.

Economic textbooks treat the dollar as if it were a scarce commodity ie continuation of gold. This is why you can't understand what I am saying.

The government issues bonds primarily as a result of what went on during the previous 200years+. As I said a relic of the gold standard. A government bond is merely a savings account, its dollars with a term and a coupon. They decide the terms. Its basically a 'risk free asset'. The government never has to issue bonds to finance itself in a fiat-credit system. It can instruct its central bank to Credit accounts for purchases of good/services that it needs to function. As long as someone is willing to accept dollars for something, the government can pay.

The government is the largest buyer of goods/services in the economy.

Government bonds simply remove dollars created by previous deficits out of the system and replace them with dollars + coupon.

There is no such thing as a 'money supply' in our monetary system. Just entries of debts/credits on accounting ledgers. The value of the credit depends on the borrowers ability to repay the debt. ie. labor producing a good/service to satisfy the debt. Labor power backs money in our system.

The banks do not create money because when they issue loans there is a corresponding liability also created. This is different with the government.

When the government deficit spends it creates new dollars that enter the economy the same way when the private sector 'deficit spends' ie borrows money. Its the same thing, the difference is the government never has to repay back its own debt(vertical money) while the private sector has to repay debts(horizontal money).

This is the crucial difference. When the private sector deficit spends ie takes on huge loans, there is almost always a crisis around the corner because the value of the loans exceeds repayment ability primarily due to the 'magic of compound interest'. When the government deficit spends its own currency to make investments it can never be unable to repay the debt.

Here start reading:

https://www.amazon.com/Deadly-Innocent-Frauds-Economic-Policy/dp/0692009590

In all seriousness, as I've posted a few times, Bitcoin enthusiasts largely fit a profile outlined in one of the best books outlining mass movements.

http://www.amazon.com/The-True-Believer-Movements-Perennial/dp/0060505915/ref=sr_1_1?ie=UTF8&qid=1411180962&sr=8-1&keywords=the+true+believer

It should be mandatory reading in high schools imho, the US would be a better place.

I'm not upset about it, but USA certainly does tolerate National Socialist videos, since they're protected by the 1st amendment.

You can even buy National Socialist books like "Mein Kampf" on Amazon.com

https://www.amazon.com/Mein-Kampf/dp/0395925037

Pollution is not possible because the invisible hand of the free market will guide consumers to buy less of the polluting company’s product, thus putting it out of business. Unregulated free markets cannot have externalities because the risks of losing business are prices into the market. It’s true![0]

[0] https://www.amazon.com/Atlas-Shrugged-Ayn-Rand/dp/0451191145

A YouTube video by one of the two most prominent economists of the 20th century, and the single most prominent monetary economist in history.

If you prefer the long form you can read this:
http://www.amazon.com/Monetary-History-United-States-1867-1960/dp/0691003548

You should read this book:

https://www.amazon.com/Money-Whence-Came-Where-Went/dp/0691171661

Limited inflation is good because it acts as a tax on stuffing money away under the proverbial mattress.

This doesn't just encourage consumption but it encourages investment. The point is to encouraging putting the money to work. That can be into things like green energy it doesn't necessarily have to go into plastic crap from china. You're conflating the entire economy with consumption. If you get metaphysical its all consumptive, but all that DNA-based organisms have ever done for a billion or so years is consume their environment in one way or another, the goal of humans should be to do so in a balance so we don't destroy it in the process.

And your logic on jobs is bad. People aren't poor because things are too expensive because of inflation, they're poor because they don't have jobs. The way to destroy more jobs would be through deflationary collapse and increasing the value of money, decreasing its velocity and decreasing demand and causing layoffs. That would increase the value of the money of wealth hoarders at the expense of those who hold no wealth.

And given that wages are taxed at up to 35% an additional 2% to 4% tax on money which is held and not reinvested is not a substantial yearly burden. The magnitude is not that great to see negative effects on the economy (although stagflation of 15% clearly had bad effects and the magnitude of that clearly becomes comparable).

Yup. It wasn't a class for me as much an excellent book that surveys the history of economic thought: http://www.amazon.com/New-Ideas-Dead-Economists-Introduction/dp/0452288444

I just finished reading

http://www.amazon.com/The-Age-Cryptocurrency-Challenging-Economic/dp/1250065631/ref=tmm_hrd_title_0?ie=UTF8&qid=1422474277&sr=8-1

If you want an objective look at the subject, that's where I would go. If you want to validate your pre-conceived notions (either for or against), by all means go elsewhere.

Well, it's no Moon People or anything :)

I read Tulipomania recently because it seemed appropriate for the times. I also read another book on speculation which started with tulips as well of course so covered a bit of the same ground.

I'm planning to read Extraordinary Popular Delusions at some point since it always gets referenced but don't have a copy yet and a lot of other books I do have already that I still want to get through.

Its from this book and people like the World Bank economist use it because Robert Shiller is one of the world's leading experts on the phenomenon.

Many people, not just butters, need to read Enough.

There's even a book called.

Lewis fell on the wrong side of a hype train once before.

Wonder if he'd get fooled again?

The deleted post:

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Another (very very small) possibility is someone (with the means) who wants to damage bitcoin's reputation. Some possibilities:

• A Bank's dirty tricks department, working with one of their day traders, collaborating with other financial elements. Quite an easy thing to compartmentalize.
  
• Organized crime elements (a variety of reasons - laundering eg) - could be working with financial elements - see deep capture / overstockCEO's site if you don't believe that this stuff happens, eg: https://www.youtube.com/watch?v=0EoOEw-hq-o
  
• Central Bank / National Security apparatus - see threat in crypto, and have been slowly buying throughout the past few years, knowing the effect of a well planned dump, and negative media can slowly kill bitcoin. Conservative / Right Wing anti-socialist, or anti-communist powers behind the scenes may see Bitcoin as part of some socialist / communist plot (yes these guys are that crazy), and Yes people, this media manipulation stuff is possible: http://www.amazon.com/The-Mighty-Wurlitzer-Played-America/dp/067403256X
  
• An competing alt / crypto project that bought up btc for a while (with a lot of backing) and dumps to pump theirs (they assume that their coin will succeed and be THE crypto)
  
• A few early adopters who started alt-coins and want to destroy btc to pump theirs
  
• Professor Bitcorn, conspiring with Jeff Robinson, and Ken Hess (jk)