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Accepting Bitcoin Since 2011: Room77 in Berlin - Ep.87
Joerg Platzer, owner of Room77, a bar in Berlin that has accepted Bitcoin since 2011, describes how patrons who wanted to pay with Bitcoin originally had to type long Bitcoin addresses into their laptops, how people's interest in Bitcoin correlates with the markets and how the demographics of the Bitcoin users have changed over time. He discusses why the bar discourages users from sending their Bitcoins from Coinbase, Circle and BitPay, how crypto companies can surveil their companies more than banks do, and how they impose U.S, laws on other jurisdictions.
He also talks about the Lightning Network point-of-sale device that they're using, how what he believes to be the first routed Lightning Network payment occurred at Room77, and how surprised he by the number of people eager to pay via Lightning. Plus, he reveals which other coins he is open to, and which ones he is not.
Published by Unchained Podcast on 23 Aug 2019
Published by Christoph Bergmann on 16 August 2019
BSV is the best chance to realize the promise of a real Internet of Value. Value Handles support this route.
If you are in cryptocurrency for a while, you probably heard of the nebulous term „The Internet of Value“. Particularly Ripple promotes its „XRP Ledger“ with this slogan, but it’s quite common in the whole space. For example, the infamous r/Bitcoin forum has the subtitle „The Internet of Money“.
Usually this catchphrase suggests that cryptocurrency is more than money: A spectacular phenomenom, merging money and the Internet, building something entirely new, with applications, so far ahead, that you couldn’t even imagine what can be done with it.
However, in most cases it is just a glossy phrase to market sending money over the Internet with a blockchain. Often it contains sending other value, like tokens, and in most profoundest cases, like Ethereum, it offers smart contracts, which execute more sophisticated rules for sending.
But in all cases, it remains a payment system. Nobody seems to realize, that to become an Internet of Value, Bitcoin (or any blockchain) needs to become first … an Internet itself.
Source: BSV Blockchain
How Keynes Failed To Comprehend Say’s Law
By Craig Wright | 16 Aug 2019 | Economics
John M Keynes tried to make Say’s law into the fundamental issue defining macroeconomics.
I believe that economics everywhere up to recent times has been dominated, much more than has been understood, by the doctrines associated with the name of J.-B. Say. It is true that his ‘law of markets’ has been long abandoned by most economists; but they have not extricated themselves from his basic assumptions and particularly from his fallacy that demand is created by supply. Say was implicitly assuming that the economic system was always operating up to its full capacity, so that a new activity was always in substitution for, and never in addition to, some other activity. Nearly all subsequent economic theory has depended on, in the sense that it has required, this same assumption. Yet a theory so based is clearly incompetent to tackle the problems of unemployment and of the trade cycle. 
In his attempt to “return to the doctrines of Montesquieu” [1, 4], Keynes completely botched the analysis and meaning of Say’s law.
Keynes suggested that Say’s law meant that “supply creates its own demand” . Basically, the infamous error that has led to so much misery in the twentieth century comes from Keynes’ unfounded belief that Say’s law would lead to all produced goods being purchased and consumed. The resulting analysis derived from this irrational fallacy was that Say’s law could not explain the business cycle  and also made an assumption of “full employment” — a point still maintained by Keynesians even today .
There is, of course, a major flaw in their logic. The circumstances that lead to high levels of unemployment do not forbid production and a resultant consumption from occurring.
A new equilibrium will come from the altered supply and demand structure.
Kates  extrapolated Say’s law in relation to unemployment more eloquently than Keynes ever could: “The classical position was that involuntary unemployment was not only possible, but occurred often, and with serious consequences for the unemployed.”
But what is Say’s law, and why was Keynes so wrong?
Say’s  law of markets was defined in his grand work: “A product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value.”
Simply put, the statement means that a producer in the selling of a product becomes a consumer and purchaser. The revenue obtained through the production of a good that is traded successfully creates a market in the distribution of free or disposable income. The producer does not create wealth and goods simply to collect the means of the transaction, money, but for another end; the producer creates wealth in order to consume. To do so, the producer becomes a buyer and a consumer, and thus creates demand.
The simple answer here is that production is the cause of consumption. Without sales, one cannot make purchases. In other words, you need to not only produce in order to buy and consume, but to sell. To sell, you need to produce items and services that people want, and you need to do so in an economically sound manner.
In other words, you also need to make a profit. Marx may have thought of profit as theft from the worker, but without profit, there is no reason to produce. Worse, a loss means that the available capital is actually decreased and the ability to consume is further diminished. So profit is an essential part of the exchange process.
We see from Say’s law that improved production leads naturally to greater levels of consumer spending, or:
- The supply of X creates the demand for Y.
Here, supply means not just production, but the production of goods that consumers actually wish to buy. Which are goods that are sold.
Economic growth starts when productivity increases. New goods create new markets and a new equilibrium.
Logically, it is simple to see that spending for the production of goods and services must come before the spending of capital in order to consume.
Keynes’ hypothesis and greatest fallacy lay in a failure to understand Say’s law. He understood it to mean that recessions were caused by failure of demand.
Say had proposed that recessions were caused by failure in the structure of supply and demand.
What it meant was fairly simple: recession follows production errors. When a producer fails to determine just what a consumer really wants, he continues to make and stockpile goods that cannot be sold at a profit (if at all). It was a common situation in the USSR where goods were estimated to be worth less than the value of the materials used in their manufacture.
As the stockpile increases, producers cut back on production, income (the profit margin) shrinks, and there is less capital available to buy consumption goods. The end result is that consumer spending eventually drops to precipitously low levels.
Keynes did not want to fix capitalism; he wanted to build his own tower. Unfortunately for us all, it is a tower of cards that has repeatedly fallen over in the wind of change due to having been built on a foundation of logical flaws and grossly misrepresenting errors.
 Keynes, John M. (1939): The General Theory, French Ed., Preface.
 Keynes, John M. (1936): The General Theory of Employment, Interest and Money (London: Macmillan), pp. 25–26.
 Say, Jean-Baptiste (1832): A Treatise on Political Economy, p. 134.
 Devletoglou, Nicos E. (1969): The Economic Philosophy of Montesquieu, Kyklos, Blackwell Publishing, vol. 22(3), pages 530–41.
 Kates, Steven (1998): Say’s Law and the Keynesian Revolution (Northampton, Mass.: Edward Elgar), p. 18.
CSW 22/09/19 09:50
The original paper had the following: While network nodes can verify transactions for themselves and are only vulnerable to reversal, the simplified method can be fooled by an attacker's fabricated transactions for as long as the attacker can continue to overpower the network
CSW 09:55 Uhr
And, this is why you cannot plan a double spend: The receiver generates a new key pair and gives the public key to the sender shortly before signing. This prevents the sender from preparing a chain of blocks ahead of time by working on it continuously until he is lucky enough to get far enough ahead, then executing the transaction at that moment. Once the transaction is sent, the dishonest sender starts working in secret on a parallel chain containing an alternate version of his transaction. Not, you have a key and an address and use it again and again.
Source: MetaNet ICU Slack
<h2>How to meme bitcoin to the moon</h2>
<p>Michael Goldstein (bitstein)</p>
<p>How many of y'all were at the dinner last night? Okay, great. I had a lot of fun. It was fantastic. I don't know how we will beat it next year, but we will figure something out. I am Michael Goldstein, and welcome to my ridiculous tedtalk. A lot of people talk about price fundamentals, but I am going to talk about how to troll and take the curves hard.</p>
<p>A month ago today, a pivotal moment in US history occurred in the US congress. The honorable representative Warren Davidson declared on congressional record that there is bitcoin, and then there is shitcoin. I shared the expression of the woman on the right-- exact same feeling.</p>
<p>We have also had guys like Joe Kernan on CBNC Squawk Box which is suddenly my favorite show, saying look at the stock-to-flow at the next halvings. He was saying $55k after the next halving. A little bearish, but okay.</p>
<p>This is our meme world, and everyone else is just living in it.</p>
<p><a href="https://ohmysatoshi.com/how-to-meme-bitcoin-to-the-moon">Read on</a></p>
Michael (Bitstein) Goldstein at BitBlockBoom 2019
Published by Crypto Cousins on 19 Aug 2019