Crypto's go exponential

Jim H
By Jim H on Fri, May 19, 2017 - 4:09pm

As of this writing, the total market cap of the top 100 crypto's, as monitored by this website;

https://coinmarketcap.com/

is $66.7B.  The chart of this action is below, and what you see is.. well.. the hockey stick that tells you something is growing in an exponential fashion, vs. linear.     

I am going to argue that this should not be surprising.  I am also going to argue that the action has only just begun, because, for one thing, as Mark Rees has pointed out, we are still in the early innings.  Few people own or understand cryptocurrencies.  Lots of dumb money is chasing garbage in this space... roughly half the current market cap is chasing coins that have no real value proposition (I count Ripple as ultimately valueless - as I read Mark so does he).  

So let's talk about it!

Where is the money coming from?  In case you have not been reading PP.com and other blogs like it (you won't hear the truth on TV or mainstream media) money (debt) and credit have continued their exponential growth after a brief pause in 2008-2009.  If you don't think we live in a wacky and distorted monetary world, just check out this headline from ZH;

http://www.zerohedge.com/news/2017-05-16/both-ecb-and-boj-are-months-awa...

...Germany is not the first country whose bonds are becoming scarce: the ECB has already deviated from the capital key in Ireland and Portugal, where it is running out of bonds to buy. However, the latter two countries are tiny in terms of supply compared to the budgeted monthly purchases from Germany. The German bond scarcity shows that the ECB would struggle to extend the scheme without further changes to its own bond-buying rules ..

So in a very real sense, there is so much money sloshing around that the pool of money is running out of, "assets" to buy.  Is it any wonder that the wonderful, elegant, useful, and money-like blockchain-based cryptocurrencies are being seen as an alternative asset class?  If all the Gov't bonds are worth $58T, and all the stocks and Corp. bonds are worth $116T, and the derivatives market is worth (notional) >/= $1Quadrillion, i.e. $1000Trillion.  Does $68B (total crypto market cap) still sound like a lot?  It's not.  Could crypto's someday reach $1T?  No doubt in my mind.. but there will be gyrations between now and then dumb money will fall away (as they get burned) and the leadership in the list may change (I would predict ETH taking the lead within a year).  

Oh, and Mark and I are not the only geeks (OK, Mark is geekier than me : ) writing about this stuff;

      https://www.wealthdaily.com/articles/ethereum-is-about-to-boom/8674

55 Comments

mrees999's picture
mrees999
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Remember - the public doesn't know about the ethereum news

Don't think this surge is going to stop soon. The public doesn't even know about the news coming out next seek. What you've seen so far is the insiders taking positions.

HOLD ON FOR DEAR LIFE.

sand_puppy's picture
sand_puppy
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Seeking laminated 3x5 card instructions for Crypto-currencies

OK you crypto geeks with such enthusiasm:  Please make a 3x5 card basic instruction set for a person who doesn't know about, and doesn't really want to know (much) about how crypto currencies work.  After Charles encouragement, I am interested in participating in the decentralization of money creation.

1.  Open account here ______

2.  Buy Leger Nano S wallet here ______

3.  etc. etc.

Please do not tell me the pros and cons of countless approaches or give background information.  Just what will fit on a 3x5 card so I can start.

Thanks.

mrees999's picture
mrees999
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Sand Puppy

Buy your ethereum at Coinbase.

I'll send you an extra Ledger Nano S  hard wallet I've got sitting around collecting dust for $20 only used one time. Just PM me. These things are good for millions of dollars and keep your funds safe.

Don't bother spending a lot of wasteful time learning how complex these things are. Just keep things nice a simple.

:-)
 

Tycer's picture
Tycer
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Thanks Mark

I've been following this for a year. So much pixie dust!!!

I finally had my aha moment and dove in yesterday. If Sand Puppy does not take you up on your offer on the ledger, I'd love to.

Kind regard,

Tycer Lewis

Jim H's picture
Jim H
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You know more than you think Sandpuppy

I am interested in participating in the decentralization of money creation.

Most people would not understand what you mean by this, nor the implications.  Previous to Bitcoin, and the follow on coins, the only really money-like assets that were not of a government were Gold and Silver.  They were decentralized because they come out of the earth!  Sure, governments could stamp their imprints on them.. but it still did not change the fundamentals of their creation.  Our founding fathers thought this idea (of decentralized Gold and Silver money) important enough to put it in the Constitution - little good though it has done us.  

So here we are... decentralized money 2.0.  Like Silver, this money (blockchain-based cryptocurrencies) has lots of other uses besides just being a value token, i.e. money .. smart contracts, accounting applications, etc.  Corporations are jumping on the bandwagon (with ETH private branches mainly) not because this is trendy.... make no mistake... they smell efficiencies, aka cost savings.  This is a revolution.   

robie robinson's picture
robie robinson
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I'm with Sandpuppy

A simple set of directions.

Mohammed Mast's picture
Mohammed Mast
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A simple set of directions

My first BTC were given to me as an xmas present by my cheapskate son in law. At the time they were $10 each he gave me 2. lol MY first purchase was a few months later at $90 each. I have lived through MT GOX, the Cyprus and Greek banking thefts and the discovery of BTC by the Chinese. It is astounding to me that not only are more people here not interested but actually are against crypto currencies.

Are they in a bubble? Yes probably so. I have seen all the wild price gyrations since the beginning. But it is wise to remember to never marry an investment until death do you part. Crypto currencies as an investment vehicle require the same due dilligence as any stock, bond, real estate, etc. 

If one has the stomach for it I don't think there is a better day trade or short term investment on the planet. If you are looking for something to buy and hold long term then you better stay abreast of world events. 

To think you are going to get everything you need to know on a 3x5 index card is the height of lunacy. However it is your money and I do sell bridges.

There are lots of places to learn about the world of crypto currencies. My current favorite daily read is Coindesk. Bitcointalk.org has a wide ranging forum that can provide a good bit of info. 

I would hope that this particular community would embrace crypto currencies just for the mere fact that it is decentralized and democratic (as much as you will find). For all the posts and commentary here about the evils of banking, and fiat currency it is quite amazing that the only solutions proffered here are guns, gold and gardens.

It is high time to join the real revolution that has any chance at making a dent in the neo feudalist agenda

Mohammed Mast's picture
Mohammed Mast
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A simple set of directions

My first BTC were given to me as an xmas present by my cheapskate son in law. At the time they were $10 each he gave me 2. lol MY first purchase was a few months later at $90 each. I have lived through MT GOX, the Cyprus and Greek banking thefts and the discovery of BTC by the Chinese. It is astounding to me that not only are more people here not interested but actually are against crypto currencies.

Are they in a bubble? Yes probably so. I have seen all the wild price gyrations since the beginning. But it is wise to remember to never marry an investment until death do you part. Crypto currencies as an investment vehicle require the same due dilligence as any stock, bond, real estate, etc. 

If one has the stomach for it I don't think there is a better day trade or short term investment on the planet. If you are looking for something to buy and hold long term then you better stay abreast of world events. 

To think you are going to get everything you need to know on a 3x5 index card is the height of lunacy. However it is your money and I do sell bridges.

There are lots of places to learn about the world of crypto currencies. My current favorite daily read is Coindesk. Bitcointalk.org has a wide ranging forum that can provide a good bit of info. 

I would hope that this particular community would embrace crypto currencies just for the mere fact that it is decentralized and democratic (as much as you will find). For all the posts and commentary here about the evils of banking, and fiat currency it is quite amazing that the only solutions proffered here are guns, gold and gardens.

It is high time to join the real revolution that has any chance at making a dent in the neo feudalist agenda

mrees999's picture
mrees999
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Need a crypto expert? Keep it simple. New service announcement

By Extremely popular demand I'm going to do it.

There is a business opportunity here and I'm going to take advantage of it. In a nutshell. I've got the extremely rare and valuable expertise

1. Cryptocurrencies is one of the strangest and difficult to understand technologies based on blockchain. 

2.  It is difficult to purchase - and know how to keep secure. Somebody is needed to make this simple and as automated as possible.

3.  It is difficult to keep up - especially if you are not already an expert. New announcements and paradigm changing technologies come out every week.

4. Unless you are already an expert - you will never learn to do both catch up, and keep up.

5.  This is also the best opportunity to make life-changing amounts of money as we are now in the fetal stages of what will become one of the most powerful historical changes in world history. - The manner of how money itself functions.

6.  You need an expert, and I"ve got over 10,000 hours of heavy research into the technology and have a very rare and valuable talent. For one example - I've turned one $500 dollar investment into a quarter million dollars in just three years.

 

7. Securing your funds has been proven extremely dangerous and keeping your cryptocurrencies on exchanges or held by third parties has been disastrous. You want a way to keep all of your funds under your own control safely.

8. Most people just want easy answers. I'm the guy for your KISS (Keep it Simple Stupid).

9.  I've figured out a way to do all of this. I do almost all of it for you and offer a monthly subscription based service where I allow you for a fee, to see what I'm doing week by week. I’ll explain why I do in a weekly newsletter so you can learn by doing – not spending months reading the boring complex material.

10. I'm not a licensed financial advisor and I don't give financial advice. I simply open my books (wallet) so you can follow me as a one-of-a-kind expert. Learn from the best, without wasting valuable time. Just do it.

11. This is a brand-new business model, and I will only take a limited amount of people for this service on a First Come First Serve Basis.  Send me a PM for more details.  Serious inquires only.

sand_puppy's picture
sand_puppy
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Decentralized but Observable by the Oligarchy

I just want to point out again that crypto currencies may decentralize money creation (good), but they transact over the global electronic network which is under complete surveillance by oligarchy insiders (very bad).

Transactions will be visible to the NSA (government) and the private corporations hired to data-mine your stuff.  This is the group that seeks "full spectrum dominance" and "total situational awareness." 

Crypto-currency transactions are performed in front of the "TV" in Winston Smith's apartment (Orwell's  1984).

So I am not too ecstatic about a blow for freedom being struck here.

-------------------

Quoting from Carroll Quigley, Tragedy and Hope

"The powers of financial capitalism has another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole." [Quigley, pp.324]

------------------

"There does exist, and has existed for a generation, an  international Anglophile network which operates, to some extent in the way the radical Right believes the Communist act. In fact, this network, which we may identify as the Round Table Groups [comparable to the CFR in the USA].   [Professor Carroll Quigley, Tragedy and Hope, p.950]

"At the end of the war of 1914, it became clear that the organization of this system had to be greatly extended... the tasks was entrusted to Lionel Curtis who established, in England and each dominion, a front organization to the existing local Round Table Group. This front organization called the Royal Institute of International Affairs, had as its nucleus in each area the existing submerged Round Table Group. In New York it was known as the Council on Foreign Relations, and was a front for J. P. Morgan and Company.... In fact, the original plans for the Royal Institute of International Affairs and the Council on Foreign Relations were drawn up at Paris." [Carroll Quigley, pp.951-952]

sand_puppy's picture
sand_puppy
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Buying My First Crypto-Currency: Part 1

To many of you this will be pretty obvious.  But to me it is new and unfamiliar territory. 

I am writing this as it is my experience that experts often do not remember the issues of the rank beginner.   They start teaching at the 3rd grade level when the kindergarten level was actually needed.

The software at Coinbase.com was very easy to use and it lead me through step by step.

1.  I went to Coinbase.com and found the "Get Started" button. which brought me to here.

2.  It asks me if I am setting up a business or individual account.  I click 'individual.'  Next screen.

3.  It directs me to enter my email and full name and the state where I live.

4.  It sends me an email that contains a link that I click on.  (This confirms that I control this email account.)  Next screen.

5.  About here in the process, it asks me to create a password.  I do this.  It advises that it is "too weak" but hey, it is the most complex string of digits, symbols and numbers I am likely to remember, so we will use it anyway.

6.  It asks for my phone number.  I enter my cell phone number.

7.  It sends a text message ('6 digit secret code') to my cell phone.

8.  It has me put that '6 digit secret code' sent to my cell phone into the next screen.  (This confirms that I control this phone.)

9.  Now it give me the option of linking either a credit/debit card, or a bank account, with my new coinbase account.  I choose the debit card option and enter my VISA debit card info.  It then says my card has been rejected.  Hmmm.  I'm flexible.  I can adapt....

10.  So I choose the bank account option.  I enter the name of my bank.  It shows me a picture of a typical check and points out where the 9 digit routing number is along the bottom, and has me enter that.  Then shows me the account number and has me enter that.

11.  It explains that Coinbase will make 2 small deposits (in the range of 1 cent to 99 cents) into my checking account over the next couple of days.  In 3 days, after these deposits have been made, I should return to the coinbase.com website and enter the exact amounts of those deposits.  (This will confirm that I control this bank account.)

------------------

So that is where the story pauses.  Part 2 next week.

This Ledger "wallet" stores ethereum coins off the internet.  It is a little device about the size of a thumb drive.

I can't wait to learn how the purchase works and how to get the ethereum coin onto the Ledger Nano S wallet device.  No idea.  A cable???

Ah yes.  It comes with a cable.

Some how, the wallet connects to the computer, the computer to coinbase.com and somehow the coins can be transferred to the wallet.  I think.  This will be next weeks project.

Mohammed Mast's picture
Mohammed Mast
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A+ It is very easy as you

A+ It is very easy as you have demonstrated to set up an account and start purchasing your coins. You can also get coins by earning them, ie. work or trade for them.  There are places such as bitcointalk.org where you can sell goods and services. The very first purchase with BTC was 2 pizzas for 10k BTC. 

I suggest staying abreast of ETH at Consensys. and Coindesk, Bitcointalk.org and of course Reddit.

Coinbase is an excellent choice to place your trades. They keep most of their coins offline (cold storage). 

Congrats

mrees999's picture
mrees999
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Ethereum Sale Ends Today

The public will start to find out on Monday what the insiders have known what's coming for months. Then you will see the price really explode. You aint seen nothing yet.  People that took my advice three years ago and spent $500 on Ethereum will have 1.1 million dollars come Christmas if Investing.com predictions are correct.

Some of you are already asking what I"m doing now. I'm still years ahead of almost all of you. Some of you guys are just NOW catching on to what I was advising three years ago?  Find my name and see for yourselves if what I'm saying is true.

Just imagine how much money you would have made with an open mind.

https://m.investing.com/analysis/an-ethereum-price-forecast-for-2017-200190384

thatchmo's picture
thatchmo
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OUCH!

Well, I knew there would be a learning curve here.  Bought .233 BTC a month ago.  Put in Nano S.  Thought I'd diversify and exchange half of it to ETH this morning.  Exchanged a trial minimum amount on Shapeshift- took about 25 minutes to complete.  Now I check my wallet, and I have the $3 of ETH, but only $10 of BTC.  Can't seem to see any activity that would indicate where my .22 BTC are now....any ideas?  Aloha, Steve.

ao's picture
ao
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some thoughts that come to mind
(1) If it sounds too good to be true, it isn't.
  Turn your $500 into 1 million dollars.  Hmm ...
 
(2) You can't get something out of nothing (unless you have a lot of willing suckers). 
    Digital information turning into money.  Sounds like modern alchemy. 
 
(3) Limited time only offer.  Hurry, hurry, come and get it while supplies last.  Don't be left out.
    Psychology 101, infomercial section. 
     
(4) If you don't understand it, don't invest in it.
    A little too complex for me, even with a Mensa level IQ. 
 
(5) If you don't hold it, you don't own it.
    Try holding bites and bytes in your hand.  Oops, there goes an electron.
   
(6) I know more than any of you.  Trust me. 
    Yes,you do, on this subject, but I understand human psychology, personalities, and
    expression indicators very well and the bells and buzzers they trigger so no
    thank you.
      Tulips and Enron anyone?
 
(7) With all this money to be made, why aren't you raising every possible bit of cash to invest and why are you wasting time pushing Ethereum to us, the unenlightened ones?
    Reason: As Levi Strauss learned, there's more money to be made selling something
    to the miners than in what is being mined.
 
8) This plays right into TPTB hands.
    Beta testing the future one world currency ... both psychological and
    economic shock testing. 
        Wait until you can only use cryptocurrency at your local garage sale
        and get taxed on the transaction ... and on any and every transaction for
        that matter.
        And if you don't want to comply, your access gets turned off or modulated.
        It's coming, for sure, but I'd rather my conscience be free and know that I didn't contribute to it.
 
9) Never invest in anything in the exponential blow-off phase.
    Reminds me of 2001 and a 400% increase in NetBank value in 4 days (or thereabouts).
 
10) This graphic:
 
That doesn't mean that some folks won't make a lot of money from this.  They will.  But it does mean that someone like myself, who is two years or less from retirement, isn't interested in playing and risking
ANY assets on this.  
 
As the great fighter, Joe Lewis (martial arts, not boxing), would say.  "Don't be first and don't be last."
That adage has served me well.
 
 
mrees999's picture
mrees999
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Shapeshift

I found out the hard way that it's really important to put in a 'refund address' That is where any funds go that don't work out for any reason. For a btc transfer it needs to be a btc wallet address.

Their customer support is excellent though. Give them the transaction ID and they will locate it and send it to you for the wallet address you provide.

mrees999's picture
mrees999
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BOOM!!!

PRICE up nearly 40% again overnight. Doubled since Thursday.  YOU AINT SEEN NOTHING YET.

MarkM's picture
MarkM
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Increase limits

So I opened a coinbase account linked to my bank account. It set a limit that I could raise some by verifying my id. Did that. Still wanted a higher limit and the note on the box said that could be obtained by a purchase.

Purchased the max, now it says I must wait 30 days to increase my limit. Any thoughts?

thatchmo's picture
thatchmo
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Ahhhh....

Thanks for the info Mark.  I think you were right on the "refund address" thing.  I contacted SS's cust service and they asked for the various IDs.  As I went to source them, I noticed that my BTC had "mysteriously" found their way back to my "tulip pot" (Nano S)....at a 10% increase in value since yesterday, of course....Away we go....Aloha, Steve.

PaulJam's picture
PaulJam
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coinbase limits

I ran into some limit issues too.  The limits are set by some kind of algorithm based on your trading patterns and your id verification.  You can request different limits if you suspect that your limit is inappropriate.  The algorithm does indeed sometimes set inappropriate limits.

Mine sank down to 50$ per week, after starting out much higher, and increased to $200 after ID verification.  I contacted them to request an increase, they replied that the limit was appropriately set for me, yet shortly thereafter it magically reset to much, much higher.  A mystery.....

thatchmo's picture
thatchmo
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Consider yourself lucky that

Consider yourself lucky that you have access to Coinbase.  TPTB in Hawaii have disallowed their operation here.  Same with Circle....Hard to make a BTC purchase without the Localbitcoin premium and uncertainty....Aloha, Steve.

davefairtex's picture
davefairtex
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your exchange matters

I had a really fascinating extended discussion with a bitcoin arb trader over this past weekend.

This guy makes his living by exploiting BTC price differentials between exchanges.  I got the sense it was a good living.

The primary problem is all about transferring money between exchanges and banks.  Bankers don't like bitcoin - and he said the New York bankers really don't like it.  And if they get together and they decide they don't want to accept currency transfers in or out of a particular exchange, customers at that exchange can no longer withdraw their money.  It is now locked up inside the exchange.  So what happens is, the price of BTC/USD on that exchange goes through the roof, as people on that exchange turn their deposits into BTC (at a premium) and then transfer them elsewhere.

Of course, if you can manage to talk your bank into accepting currency transfers from the "blocked" exchange, you can make serious money.

It will be really interesting to see how this all plays out.

Below, an article about an exchange in Taiwan that started having problems when the banks there decided to start implementing US anti-money-laundering (AML) regulations.  He mentioned this recent event to me specifically.  I had no idea what he was talking about until I looked it up later.

https://news.bitcoin.com/bitcoin-exchanges-victim-banking-problems/

So definitely enjoy the rally, and hopefully mrees can tell you which exchange you should pick.  The exchange is critical - it defines what price you'll pay for your bitcoin (higher in a "blocked" exchange) as well as enabling you to actually take profits, turn your BTC into USD, and buy that sports car you've always wanted.

mrees999's picture
mrees999
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Coinbase limits

They are very strict and they are getting hammered with new account requests. With verification and constant use,  that builds trust, I've seen mine raise from 15k to 50k per week. I've used their GDAX exchange a lot as well so that might help.

I think its wise to also open an account with Gemini out of New York. The fee is only .25 percent and they credit your bank transfers much faster. A lot of people I've read are switching. Might even be an option in Hawaii?

Never hurts to have the bandwidth of two.

thatchmo's picture
thatchmo
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Alas, Gemini is also not

Alas, Gemini is also not doing business in Hawaii....Aloha, Steve.

thatchmo's picture
thatchmo
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Bitcoin Core wallet?

So, my local BTC mentor- she mined 1K BTC in a year with a HP laptop in '09, which she lost to Mt. Gox....- suggests NOT keeping coins on a hardware wallet due to the possibility of failure, and then having to count on the mfgr to fix it.  She suggests keeping on the Bitcoin Core software wallet.  Comments?  Thanks, Aloha, Steve.

Belmontl's picture
Belmontl
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Wallet

Mrees suggested buying a Ledger nano s...works great

Jim H's picture
Jim H
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story of woe...

Wow Steve.. that is a sad story, especially considering where we are today;

So, my local BTC mentor- she mined 1K BTC in a year with a HP laptop in '09, which she lost to Mt. Gox

In case anyone is not doing the math in their head... those 1K Bitcoins mined in the early days, when the mining was easy (in terms of energy/computing power per coin mined) would today be worth... oh.. about $2.7M.. yes, Million. 

Anyway.. the Mt. Gox incident was Mt. Gox and their software storage getting hacked, not Bitcoin itself getting hacked.  Exactly why the Mt. Gox incident should become an object lesson for not using an offline storable hardware wallet like the Ledger Nano S is lost on me.  Nothing is perfect.  Indeed, if you lose your Nano or it gets crushed... the means to recover your coins does depend on a long coded safety password and the fact that Ledger is still a going concern.... so there's that.  But I don't count, "failure" of the dedicated thumb drive itself as much of a risk.  If you want to do your best, put the thing in a separately grounded, humidity controlled Faraday cage, along with your emergency radio and other really critical or duplicate electronics...   

BTW.. I have read that a galvanized metal garbage can makes a dandy small faraday cage when grounded. 

Tycer's picture
Tycer
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As does a microwave oven

As does a microwave oven (Faraday cage)

Jim H's picture
Jim H
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Microwave...

True in concept Tycer.. the only thing I worry about there is that the ground is dependent on the shared house ground.. and that could (in my mind) become overwhelmed in an EMP or solar flare incident.. hence I like the idea of my faraday cage having it's own ground rod.  Of course.. you could have an old microwave in the basement tied out to it's own ground rod : )

thatchmo's picture
thatchmo
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Yeah, what could have been

Yeah, what could have been re: 1K BTC....I keep my crypto "holdings" on a Nano S.  Works good so far.  I think she was concerned more with the software, "third party" issue, than the hardware possibilities.  But what about that Bitcoin Core wallet, anyone using it?

Question:  with all the new interest in BTC, and I'd guess a steady mining output, where are all the "new" BTC coming from?  Are there that many sellers willing to sell in this growth phase?  Simple supply/demand situation?  Aloha, Steve.

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mrees999
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Coinbase woes

Count yourself one of the lucky. They are getting bombarded with new account requests. They are still a relatively small company (less than 1000 if my memory is correct).  It's about the equivalent of a DDOS attack but with legit users.

I know some that increased their limit by supplying all the document proof they request for tier 2. Up to I think $5,000 per week. After that you have to earn reputation through transactions. They higher the transaction amounts, the higher they raise your limit.

Hope this helps.

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mrees999
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Nano faq - and Plastic Ether

All these questions have been asked thousands of times. See Ledger's FAQ.  Sorry about your friend's BTC loss on Gox, that was hard on everyone - including me that had no funds there. (ok 72 cents - but I could live with that).

Bitcoin core wallet only does BTC, igoring ether and a lot of other promising technology. You can also keep a private wallet stored on paper, or even one of these cool plastic cards wallets:  PS they make great gifts for people new to crypto.

https://ether.cards/

Pretty sure they are EMP proof ;-)

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mrees999
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More mensa bug squashing. Just for sport.

Ah, it's refreshing to get to squash another Mensa wannabe bug.  As you've not mentioned anything original for the last four years that anybody with five minutes and the ability to type "GOOGLE.COM" and spend five minutes of research likely means your iq is likely about 100 points lower than the requirements for Mensa - but you shouldn't give up on your goals big guy - keep swinging for the fences. Beware - much sarcasm to follow as you took the time to take pot shots at something you obviously don't understand. It might be just as entertaining to have you give us instructions on the proper procedures to perform brain surgery.

As you are too embarrassed to use your real name - I'll assume A.O. Stands for "Always Ornery", based on your sad comments.

Google is your friend:

1) Turn $500 into one million:  It will be easy to prove - it's all stored on the blockchain with every bit of history going back to the begining. You do know what a blockchain is don't you? Just need about one more double. That should happen by fall-time I suppose. Aint truth a bitch? You'll need to find a neigherhood kid or somebody less than about seven years old how to show your Mensa IQ brain how to use the website: etherescan.io. I'm sure you could never learn anything like that with Google.

2) Can't get something out of nothing.  Like TCPIP packets? Or the Big Bang?  That created a little something called the universe which, if I'm not mistaken includes everything you know. Yes that's right, including quantum level matter to measure your knowledge!  It may be hard to believe but even people without a Mensa level IQ have hear of that.  Get out much?

3)Get it while supplies last.  Don't remember hearing that from anybody - care to send a link? There is provable supply and demand dynamics just a Google search away. Perhaps you can get one of your grandkids with an iq below 100 to show you how to do that.

4)If you don't understand it... - well, it may be a shocker - but I don't expect a guy like you to ever get it.  Next your going to tell us how you don't understand how TCPIP packet switching and routing works. You can't possibly use the Internet without understanding how it all works! However, I PRAY that we'll all manage ok without you investing in crypto.  Somehow - we'll just have to find a way. WHAT WILL WE DO????  *Searching for panic button now*.

5) If you don't hold it you don't own it.  Haha, That's what I TELL PEOPLE. You have to own the private keys - otherwise it's not yours. A quick Google search would have served you well there to understand the difference between encrypted private and public keys.  Buy hey, if you're that old and you've never had to know it before - why bother now? Who would ever use such a silly technology... Like in your hard drive, your banking system, your cell phone, about any Internet of Things device, Your digital cable or satellite system, the government, the internet itself. However there are plenty of ways to hold the private key access in your hands including several hard wallets, paper wallets, plastic wallets...in fact all it is is a 72 digit number,  you could get creative and insert the qr code into a picture or painting. - Or... some seven year old with a box of crayons write it down for you, maybe between the pony and rainbows.

6)  We know more than you.  Excellent observation Captain Obvious. That's why I encourage people to research it themselves and often lead discussions for people to learn more about the technology. But some people insist we spell it out in a 5x7 card so they don't have to do the work or think. I wouldn't call that lazy, somebody else do the work so others can profit from it? Could that be.... TPTB???  Since you know psychology so well, you can probably read into that line that I think you're a bit lazy and cranky and let's say for PC - 'mentally challenged'. Maybe do something fun and safe for a while. Put on your safety helmet and wait outside in the fresh air for the short bus to come pick you up.

6 - part b.  Tulips was what they said in 2011, 2012, 2013, 2014, 2015, 2016 and now with you... You can even find news reporter commentators on Youtube reruns.(Ask them Googles about "YouTube"). While it was the best investment in any class (baring 2014 when it recovered from a 13,000% rise and needed a correction.) While you are picking derogatory comments, please think of something original while we laugh at you. Last I checked Enron was a company not a bunch of open protocol\ digital commodity exchanged on open markets worldwide 24 hours a day, 7 days a week.

7)  I assume that you are referring to me 'pushing' ethereum. - Why don't I do what Levi did?  Hmm. Why didn't I think of that? https://www.peakprosperity.com/discussion/108198/new-blockchain-ico-project-help-wanted  Wow, you got me there slugger.

Let me think - you posted your rebuttal on Sunday... The price of ether was $129 - It crested the next day around $195 - Just as I predicted and advised. The same day you were dogging it. There went your credibility.  Anybody ever take your advice?  Take a little poll around here to see  if anybody that took my advice ever lost money.

ONE DAY profit of $60 per ether - or. Somebody taking my advice last January bought it at $10. A modest investment of $1000 would have bought 100.  Now would have $19,000. This is a nice return, I'm sure a smart man like you, did better.  Go ahead and find it for me... Here's a picture to help. I realize words are complex.

Why am I wasting time pushing?...hmm... because it has made a lot of money? It really isn't hard making money on it.  It involves turning on my computer, checking coinmarketcap.com - this involves a few strenuous mouse clicks.  Followed by an involuntary smile. Then...since I've got time to kill - I write to others so they can also enjoy smiling.  Making people smile - is kind of a kick for me. In fact - I would even say...rewarding.  Other than a few tips here and there, I'm not really making anything from it.  I do get to stretch out my sarcasm legs though now and then. But wow gramps, you make it easy. This one day 33% gain must really chap your hide. Grit your teeth Bucky - you aint see nothing yet. Bite onto something...this is going to hurt you a lot more than it's going to tickle me.

8)  Typical tin foil hat conspiracy without any education on the matter foil. DOGS AND CATS SLEEPING TOGETHER - MASS HYSTERIA!!!! (get your seven year old neighbor kid (the one you yell at to keep off your lawn) - to Google this - ("YouTube", "Ghostbusters"," dogs and cats living together")

You reference : TPTB - Spooky men who will not be names... It's "Those Guys". "The Ones In Charge". Depending on who you talk to this is:

  • Space Aliens
  • God \ Allah \ Jesus \ Thor
  • The "Government"  (whose we still don't know)
  • The bogy man
  • NSA \ CIA \ Secret Service\KGB\North Korea\Mrs Burrel - my 5th grade teacher\ The Communist\the Democrats\The Republicans\Obama\Trump|Clinton\the UN\EU\ or the damn trouble making Canadians -(Adam)
  • Builder burger \ George Soros \ Hollywood
  • All rich people
  • The Jews, Christians, Muslims, Buddhist, Jehovah Witness, or Mormon Missionaries
  • illuminati \ Free Masons
  • We cannot put it past them because they are so organized and have it together so well in such a manner that over hundreds of years they've managed to keep their dasterdly deeds secret for the pre-anointed day of reckoning when they will enslave THE WORLD.  Unless you pay ONE MILLION DOLLARS Mwahahahahaha. (Again...grandkid, Google, Youtube, Austin Powers)

Even Commander and Conspiracy Chief ,Alex Jones ,gave up on these arguments for bitcoin years ago.

Oh man, we're having fun now...

  Beta testing the future one world currency ... both psychological and  economic shock testing. 

Which currency is that?  Bitcoin, Ether, Ethereum Classic, Dash, Litecoin, Monero, Zcash, Dodgecoin, Auger, Steem, Gnosis (800 more I won't go into - and thousands more to come)? Because there can only be one?  How do you suppose they stop everybody from switching to the next? Go ahead - I'll wait (while I rightclick refresh on coinmarketcap and smile again). (A 'right-click' involves extending one's hand out to the computer mouse - and then firmly griping said mouse and extending one's index finger, look carefully at your mouse on see that there is a split down the center indicating a separation.
 
See that there is now a left hand side and a right hand side. Your left is the side where that bully from school kept slugging your arm and calling you 'Farthead". Your right side is where you wouldn't normally wear a wedding ring if you could have convinced "Large Marge" with the uni-brow and hairy back to marry you. But she had quote \ unquote - 'standards'). Now, if you are looking at yourself in the mirror to check your own eyebrow connection situation you'll need reverse hands).  So, use that right hand side and press that button until you hear a small clicking noise. - Careful now, you don't want to let any electrons get loose like you think can happen with your 72 digit number.
 
 
Wait until you can only use cryptocurrency at your local garage sale  and get taxed on the transaction ... and on any and every transaction for  that matter.
 
Spoken like a true Tax Evader. Well - Mr Ornery - some of us don't want to go to jail for federal crimes, but for others that want to keep some of their transactions private - they can still use ether, or dozens of other digital blockchain based currencies,  because it has something called z-snarks and zero-ring signatures. It's all complex cryptography terms (you know, that weird stuff that lets them internets work) that obscure (that makes to keep hidden) both buyer and seller, and amounts if so chosen.  So those gosh darn pesky TPTB agents of destruction are going to have a harder time forcing you to play 'in bounds' when everybody can simply opt out into other currencies of their choice.  Does your brain hurt? Go put your safety helmet back on.
 
        And if you don't want to comply, your access gets turned off or modulated.
 
Your access gets turned off or modulated.  Modulated? You mean they make you change the pitch and tone of your voice. Gosh - NO... not that....ANYTHING BUT THAT!  But seriously - comply? You mean they will refuse to let you buy Bitcoin? Ethereum? or any of another 1000 currencies that they can't kill? I can't imagine the incredibly smart poeple from Mensa it would take to figure out a way to exchange it for another currency the moment it is received , the new currency, not bound by restrictions to be used freely anywhere in the world, and then changed back in seconds when you need it again on the radar. Because even China is so good at firewall protection against VPN, Port hopping, Sha3 encrypted lines and their is NO WAY people in restricted zones could ever use Facebook and twitter to get messages across. Nobody would ever think to use txt messaging, or email to send money (yes you can email crypto).
 
Your theory must be right because "the government" AKA TPTB is so successful of keeping drugs out of the country - hell, even out of jails -  that they could keep a total complete lid on people using ways to exercise freedom using the idea whose time has come. Let them bring their armies because it's been proven over and over that they can stop and idea whose time has come. Haha...not a student of history Mr Mensa? Please-  that's kindergarten material.
 
        It's coming, for sure, but I'd rather my conscience be free and know that I didn't contribute to it.

Please say it isn't so.  I don't know HOW the world will go on.

9) - Your investment advice - Um... I think we covered that already.  Ok with you Sparky?

10).  Because of Disney's Pirates of the Caribbean. I've read where some people have a psychological disorder where they have a difficult time separating fact from fantasy. I understand this and I don't want to make light of anybody's disabilities.  So I will no longer question your "Mensa Level" IQ. I won't speak about your irrational fear of "He who must not be named". Or the "One World Currency" that even Alex Jones gave up one using. I won't bring up the fact that you've missed out on the best investment of your lifetime and are trying your darndest to make others follow your idiotic misery. I guess it's lonely over there for your miserable company.

I won't bring up the fact that your ramblings might appear to some as sour grapes. Just relax... At your age, heart attacks are a real concern so keep your blood pressure down - don't EVER look at coinmarketcap.com, or any number of places that track the prices of crypto. Most people already know we are headed to a bubble that will pop, but by all means don't you take advantage of it by getting in before the others do.

Perhaps, it's all a movie. Maybe you're right. Lay back down there little fella and take deep breaths. Always Ornery: - Now click your heals three times and say "There's no place like home.. There's no place like home'..there's no pla.......

This was all just a bad dream slugger. Nobody made a 20 bagger investment in less than six months this year while you warned them to stay away....That's just. not. possible.

Next?

Tycer's picture
Tycer
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Posts: 588
I like the gift cards. Thanks

I like the gift cards. Thanks again Mark. 

Kind regards,

Tycer

Jim H's picture
Jim H
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Crypto market cap now.. drumroll please... $100B

When I started this thread WAY BACK on May 19th... the total market cap of the top 100 crypto's was about 66B.  Well, the exponential growth continues.. this morning we are surpassing $100B.  Needless to say that ETH has benefited.  

Will it continue?  Is it too late to participate?  IMO we are still in the early innings.  Have central banks around the world stopped creating more and more Fiat currency that some people may want to exchange for these?   

https://bitcoinmagazine.com/articles/price-analysis-cryptocurrencies-hit...

davefairtex's picture
davefairtex
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Posts: 4354
tech indicators

FWIW, both my candle code and my pattern code continue to give BTC marks of good health.  I was not 100% sure the code would apply, since it was trained on equities, but it has done a decent job.  The only iffy signal it had was a few weeks back at the previous high.  Then the swing low came in relatively soon after and it was back to the races.

Bid under bitcoin right now appears to be relentless.  I'll post something when something bad pops up on my radar.  I don't follow it every day, but - every few days for sure.

From the google trends data, the breakout doesn't appear to be about new people putting money in - I'm guessing its existing traders increasing their positions.

I'm actually really happy about bitcoin's move, mainly because my code seems to actually work on it.  :)  One of my theories is that price & volume behaves the same everywhere.  I'm happy to see the theory work out.

So far anyway.

Mohammed Mast's picture
Mohammed Mast
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BTC

An idle question Dave. Do you have skin in the game?

davefairtex's picture
davefairtex
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skin

A very small number of skin cells.  Shavings, you might say.

I'm waiting for the usual correction to take a real position.  I'm terrible at buying breakouts, so I never do that anymore.  I'm working on some code to help me do this properly, but its not finished yet.

And when I do buy, will be ETH, not BTC.  I only chart BTC because it has enough history to make my code happy.

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Jim H
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Wow!

And when I do buy, will be ETH, not BTC.  I only chart BTC because it has enough history to make my code happy.

Cool!  I look forward to discussing the future of ETH with another interested party Dave.   On the other hand I will kind of selfishly hope that you don't end up owning any because there is not a meaningful pullback until it's $400  : )

LOL

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Bheithir
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Posts: 24
I noticed that too

Today I was showing a co-worker the charts on the cryptos and noticed on coinmarketcap.com that it was $100 Billion. If my memory serves me right it was only $84 B on the 25th of May. What a jump!

davefairtex's picture
davefairtex
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interested parties

JimH-

Even if I don't ever buy, I'll remain an interested party, because the underlying tech could easily be an opportunity for me to start some new business.

And if such a thing were to go well, I'd expect the return from such a business to vastly outstrip anything I could make from buying ETH.

Maybe there is something at the confluence of AI and blockchain tech.  Who can say?

I also think there's a possibility that we'll need a new currency in the future.  I don't think the built-in deflationary currencies like BTC will be what we need, if the outcome we get in the real world is also deflation.  If things go badly, perhaps it will need to be something like CHS's labor-backed currency, or a community-issued currency, or a real-world-asset-backed currency, like the Rentenmark.

The currency will need to have a relatively stable value, to be useful; it can't be a item of speculation.  And maybe there will be real-world representations: printed notes with QR codes on them that can be validated using your phone.

And I'm thinking it might be implementable using ethereum platform as the backend for recording the asset-backing, controlling the currency issuance & validation, as well as the electronic payment.

You know, we could start the implementation process now, so its ready to roll out if/when TSHTF.  Take the best of those local currencies implemented during the 1930s depressions, and code them up.  Devolve currency issuing power to the local communities, have exchange rates between them, ability to print physical notes, validate authenticity of notes using phones to prevent counterfieting, etc.

Each implementation could have the different features enabled, or not.  You want it anonymous?  Then no validation.  How about accountable?  No more black money.  Its up to you.

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mrees999
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Community crypto currencies - look into bancor token ICO

The ICO for the Bancor token is next week. Probably not available to US Citizens curtsies our convoluted laws during the ICO - but they can't stop people from purchasing these from each other or the worldwide exchanges. 

It is built to encompass community currencies worldwide and become a 'super currency'. I spoke with the leader of the Ithica Dollar - work-hour based currencies who edited the white paper. This one looks very interesting.  If you aren't an american...or don't have a VPN with exit points out of the US.

https://bancor.network/

davefairtex's picture
davefairtex
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looks interesting

mrees-

The bancor thing looks interesting.  I am going on too little sleep right now so I can't quite wrap my brain around how it works (or satisfy myself that it works) but the goal of providing an automatic bid for the thinly-traded local currencies seems like an important part of the puzzle.

I also think we need to have an assembly-of-parts local currency (technology) implementation on ethereum platform.  I don't think I'm talking about yet another *coin that one could promote with the hope that a surge of popular interest results in it shooting the moon and becoming an instant windfall for all the early buyers, but rather a software system that allows organizations to roll out a currency painlessly - with the list of check boxes for the different features you want your local currency to have.

I'd like it to include paper too - a printing mechanism that imprints serial numbers of the notes in QR codes (perhaps, on one side only), to allow the currency to move between mediums - from digital to paper and back again.

To my mind, this would greatly broaden the number of people who would adopt, since people in general are much happier with physical stores of value than they are with digital stores of value.

You could also have the fun task of "printing money at home."  You'd record the printing operation in the blockchain, which would debit your electronic account and construct a new "note record" to back up the paper you just printed.

Mohammed Mast's picture
Mohammed Mast
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Posts: 40
Shavings

Well Dave sorry you missed the opportunity when BTC was $1800 just a short time ago. Could have made $1000 a pop. Well I guess there have been lots of opportunities you have missed in the last 8 years with cryptos. But I am sure all the opportunities with gold more than make up for it. 

davefairtex's picture
davefairtex
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Posts: 4354
different philosophies

MM-

I think we have different philosophies.  If I miss a trade, I shrug and move on.  I prize my inner peace too much to sit and stew over what I coulda-woulda-shoulda done.

What's more, my code actually suggested that I buy.  I thought that was kind of nifty.  Next time, I'll be more willing to jump in.  I just prefer ETH rather than BTC, strictly from a utility point of view.

And if there is no next time, I'll be ok with that too.

Having my life or happiness somehow depend on me getting trades correct - that's not a fun place to be, so I try hard not to be there.

mrees999's picture
mrees999
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Posts: 262
Paper Crypto

There are already several examples turning digits into paper wallets.  Some are very nice-looking looking somewhat like national currencies. Of course, they all have their blockchain public\private key on them that act as their own serial number. However, they need to keep the private key private so that is the trick. But perhaps you could code something that could scan some specially encoded method of adding a salted password that examines the exposed scrambled private key on a paper note as some kind of modern 'looking glass' that converts the gobblygook to an actual usable private key upon use.

I have a strong feeling though that paper is on the way out and smartphones are rolling out at less than $20  - governments might be handing them out as it saves them money over creating coin and printing paper. M-Pesa has been doing this in Kenya for over a decade and it took over their economy.  The younger up-and-coming generations have no problem never seeing paper cash.  

Looking over the horizon -

My opinion anyway.

davefairtex's picture
davefairtex
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Posts: 4354
paper wallets vs banknote clones

mrees-

Yeah I was distinguishing between paper wallets (which could have an infinite amount of value in there) and boring old banknotes which had a fixed amount of cash.

Think of the paper coin note as a one-shot wallet that contains a fixed amount of coin; the wallet is created as a side effect of printing the note, and then it gets zeroed out when you convert the note back to digital cash.  The "extraction code" (private key?) can be on the back, with a machine-readable serial number on the front.  You could even slap a permission string on the back that requires the payor to give an "ok" to effect the transfer.  Those notes would be labeled differently, and clearly its not a private key, just a request-for-private-key that requires an ack from the owner for it to work.

One interesting thing about notes is that they can't be stolen by computer hackers.  They can, of course, be stolen by thieves.

An important thing I learned when I was just starting out: when developing the second system, always build a bridge between your new system, and the previous version.  If you want to wait until all the people who like banknotes go away, that's - what - 40 years?

Put another way, if you could loop in the banknote fans into the *coin world, why not?

Lastly; they have the virtue of being spendable if your phone breaks, or loses its charge.  That does happen every now and then.

Mohammed Mast's picture
Mohammed Mast
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Posts: 40
Coin notes

Sounds old school and cumbersome. And what is the intrinsic value of paper besides btu's?

davefairtex's picture
davefairtex
Status: Diamond Member (Online)
Joined: Sep 3 2008
Posts: 4354
old school

MM-

Old school, cumbersome, and appeals to the rich older crowd who currently would probably be too afraid of digital wallets, but might well be willing to buy paper certificates they could stuff away in a safe deposit box.

But I guess if you don't want their filthy, dirty, cumbersome old-school money...never mind!

I'm guessing you aren't a user interface designer.

Personally, I think they'd sell like hotcakes.  Another old-school phrase, sorry.

Mohammed Mast's picture
Mohammed Mast
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Posts: 40
Philosophy

My philosophy is to make money. If yours isn't then that is fine. You spend a lot of time denigrating cryptocurrency , when a lot of people have made a lot of money investing in it over the last 8 years. Yet you are developing some kind of charting program to assess the best time to trade. mrees has been posting for years here the best time to trade. Good luck with supplying shovels and pans to the miners.

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