BitCoin

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Bitcoin - Draft Wikipedia Entry

Postby JackRiddler » Fri Jun 11, 2021 9:59 pm

Bitcoin is a massive multi-player online game masquerading as a lucrative asset bubble masquerading as a new global currency system. The game simulates the mining of precious metals. The objective is to discover hidden electronic tokens, which are called coins. The rules require players to apply computer processing power, using the Bitcoin software, toward finding solutions to a complex online math problem. Solutions to the problem are discovered at indeterminate intervals. Tokens are allocated to individual players whose software is first to discover each in a sequence of millions of solutions to the problem. From the point of view of the players, allocation of tokens is essentially random. Outcomes can be affected only by marshalling additional processing power, i.e., running the program on more machines so as to raise the chances of discovering tokens. Committed players buy or build server farms for the purpose of prospecting for bitcoins. Continuation of the game has required an ever-increasing supply of power on a global scale, thus also competing with real-world mining in terms of the overall consumption of energy and resources, and resulting damage to the ecological carrying capacity for human life on earth. The overall supply of tokens that can be discovered is capped at 21 million, and thus exhaustible, and discovery of tokens becomes more difficult over time, all of which again simulates real-world mining for precious metals. The cap presumably would have a radically deflationary effect on bitcoin as a currency, were it actually in use as a currency; although the argument is made that the bitcoin-currency will be infinitely divisible to counteract this. Correspondingly this same imposed scarcity of the virtual token so far has had an inflationary effect on the price for converting bitcoin to conventional currencies, which appears to be the true intent, given the effects: The price for conversion of bitcoin into conventional currencies has skyrocketed and proven to be extremely volatile. Subsidiary markets have been set up to allow speculation on futures.

Created and programmed by an unknown and anonymous entity that published an accompanying manifesto, the game has enlisted millions of players hoping to become rich, or who wish to transfer wealth and enact payments without detection. Other than the promise of material reward, participation is otherwise driven by players' faith in a crude libertarian salvation ideology, in which Bitcoin is supposed to become the new dominant planetary currency. Enthusiasts describe this activity as promising human liberation from the bondage of existing monetary systems and their ruling oligarchies. In place of the oligarchs who randomly inherited wealth, or who lucked and clawed their way into monopoly control of given revenue streams, or who are licensed to create money by lending it at interest, Bitcoin's new elite would arise among those who randomly won sufficient allocations of virtual tokens in the MMPOG or who could otherwise command the flow of Bitcoin wealth independently of any form of regulation, taxation, or capital controls, other than those set by the programmed rules of the game. Players tend to look down upon those who don't get the point of all this, or who fail to see how the hoped-for advent of the Bitcoin system as a new global currency with attendant systems of capital allocation and economics, and with the winning players as the new oligarchy, would constitute an improvement over the existing systems of capital allocation and labor exploitation, as bad as these have proven to be. On the contrary, the Bitcoin MMPOG appears as a fantasy of total neoliberalism, capital without frontiers. For the same reason (among many other reasons) the full Bitcoin utopia is bound to remain a dream, as it would intensify all of the same crisis manifestations that unregulated capitalism already causes.
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Re: BitCoin

Postby dada » Sat Jun 12, 2021 12:45 am

My question here is, how much power from the grid and resulting ecological destruction does the global stock market and financial house network waste and ignore on a daily basis. It seems likely to me, the mining farms are a fraction of the whole. So it's another game, just like the others. Part of the total corporate financializiation of mass production.

Not the kind I'd play, not into games with unlockable content you have to pay for. But what's the problem, like everyone who mines a bitcoin is a zealot, now? There are superfans for every game. And scratch a consumer, find a superfan.

But my question stands. Why do we go on about how much power mining pulls, comparing it to actual metal mining instead of the global strip mining project of corporate finance.

...

"an improvement over the existing systems of capital allocation and labor exploitation, as bad as these have proven to be."

How about, "an upgrade for the mass production of class and economy, as it normally functions." What do you think? Not asking as an editor, I'm trying to translate them into my langauge, to see how they sound.
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Re: BitCoin

Postby dada » Sat Jun 12, 2021 12:55 am

Maybe "an upgrade of the mass reproduction of class and economy," instead of production.
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Re: BitCoin

Postby JackRiddler » Sat Jun 12, 2021 1:04 am

dada » Fri Jun 11, 2021 11:45 pm wrote:But my question stands. Why do we go on about how much power mining pulls, comparing it to actual metal mining instead of the global strip mining project of corporate finance.


Sure. No disagreement here. BTC also ain't the worst thing in the world, although it might become that if the utopian part ever came true. Just playing the thread that's here, instead of a different one.

Because of its special task BTC demands higher processing intensity and thus power than conventional business, but that's also true of HFT, which was already noted 10 years ago,
https://www.wired.com/insights/2011/12/ ... ket-power/

And I'd guess the worst power-suck in this sector is the real-time surveillance state, but I don't know the numbers.
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Re: BitCoin

Postby dada » Sat Jun 12, 2021 1:57 am

See, I'm thinking how can we separate the global real-time surveillance state from the real-time global commercial markets of corporate finance. The real-time surveillance state is one sector of the overall defense network, which keeps the markets secure.

But what pulls most from the grid, wasting the most ecological space, is the thinkers, thinking the biggest thoughts. If there were only some dolphin-safe, resounding weirding wealth we could tap into and draw for free. We'd be doing everyone a favor.

I just walked in, so I can't say as I'm sure I'd know what playing to the thread that was here or a different one looks like. Engaged with your comment from without.

Also, I think the game descriptor would be MMPOARRPG. Massive multi-player online alternative reality role playing game.

But then, social media is a massive multi-player online virtual reality alternative role playing game.
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Re: BitCoin

Postby dada » Sat Jun 12, 2021 2:57 am

But maybe we should ignore the strain thinkers thinking the biggest thoughts puts on the grid, leave it unnacounted for as necessary cost of doing business.

So we're looking for a way to isolate the next biggest source of grid drain. Is there anything else bigger than the global, hi speed commercial markets of corporate finance, and the defense networks?

And can they be separated. If we say the markets are necessary cost of doing business, aren't we admitting the necessity of the defense network with its surveillance state sector, to keep it secure? It seems to me if we must leave the market as heatsink unaccounted for as a necessary power drain, then the defense network that protects it would be a necessity for it. Each one is a necessity for the adequate functioning of the other.

But if I could take isolated measurements, I'd bet that it's the motor on the revolving door that pulls the most megawatts with the most wasteful inefficiency. Winner of the coveted title of world's biggest heatsink accounted for.
Last edited by dada on Sat Jun 12, 2021 3:13 pm, edited 2 times in total.
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Re: BitCoin

Postby dada » Sat Jun 12, 2021 4:37 am

I'm wondering if it would be easier to look at Bitcoin as a commercial product within the corporate financial market. We'd measure the inefficiency of its manufacturing process against other commercial products on the market.

Considering the financial market itself as a sales model like the mass newspaper production industry. Newspaper sells consumer base to advertisers. Corporations sell manufacturing base to traders. Not saying it is exactly, literally the same, just that it is similar. We'd want to look at which corporations have the most inefficient manufacturing processes to compare to Bitcoin. The ones that pull the most power from the grid. Multinational brands. I bet we could find some that are pretty inefficent, pulling wasteful amounts, in many mass production industries. Auto, farming and biotech, fashion, pharmeceutical, appliances, electrical machinery, power tools and toys.

I'm sure there are some other very big ones I've overlooked, that was "off the top of my head." So leaving aside what is necessary, we're looking at inefficiency in the manufacture of other financial products for comparison. Do whole industries, like fashion, pull as much from the grid and as inefficiently as bitcoin? Or will we hit bitcoin levels long before that. Forget to be or not to be, how many multinational fashion corporations does it take to equal the power consumption of bitcoin, that is the question.

So now we're comparing the mining farms to corporate mass manufacturing, of chemical processing plants, textile factories, and corporate, with it's banks of marketing and accounting computers. For a multinational, in many locations around the world. Just looking for a good basis for comparison of power consumption with bitcoin.
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Re: BitCoin

Postby JackRiddler » Sat Jun 12, 2021 9:02 am

dada » Sat Jun 12, 2021 3:37 am wrote:I'm wondering if it would be easier to look at Bitcoin as a commercial product within the corporate financial market.


That's basically what it is, isn't it?

We'd measure the inefficiency of its manufacturing process against other commercial products on the market.


As sold to the players, the BTC 'manufacturing process' is the simulation of a manufacturing (resource extraction) process that is programmed intentionally to become less efficient over time. I keep coming back to comparisons to precious metal mining rather than other financial products (which it also is) because that's what's in the design. The simulation continues all the way to the phase in which the rate of resource extraction peaks (like peak oil, e.g.) and there follows a phase of scarcity of new product, scramble for the last bits, willingness to deploy previously unthinkable methods to extract product like blowing up mountaintops and drilling the ocean floor at decreasing net energy. That's what makes the ecological aspect of BTC fascinating as well as criminal (in the way of the system as a whole). The simulation from the start has included the post-peak and exhaustion phase, and requires ever-increasing energy to get at the final BTCs to be awarded. (That this is part of creating the asset inflation should be self-evident, and really qualifies BTC as an openly conducted scam.) To your earlier comparison of the BTC market's required power consumption and ecological destruction as compared to that of Wall Street and FIRE as a whole, the difference is that Wall Street demands increased destruction as the result of its own constant pursuit of growth but regards the power bill as a cost, and doesn't mind greater efficiency if possible, and is even happy to advertise bullshit about how it's all green now because they use recyclable building materials and have a couple of plants on the roof of their tower. Whereas the BTC MMPOG is programmed intentionally to require constant hardware upgrades and exponential increase in processing power (and electrical consumption, notwithstanding "efficiencies") so as to get at the last BTC. After which they are all given away and only the holders get raptured up into the heaven of owning BTC at one trillion or whatever their fantasy is. (Zero)

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Re: BitCoin

Postby Belligerent Savant » Sat Jun 12, 2021 9:32 am

Belligerent Savant » Thu Oct 03, 2013 4:59 pm wrote:.

BitCoin has been referenced a number of times within numerous threads; there seems to be an effort to push this concept further into the mainstream of late.

coffin_dodger posted a youtube clip in the "End of Wall Street Boom" of Karen Hudes, former World Bank lawyer, discussing [among other topics] discarding the Fed/current fiat money system and suggested the use of BitCoin [and metals, etc].

Here's another related clip of Hudes and BitCoin:

http://allthingsbitcoin.org/2013/09/18/ ... f-bitcoin/

By Greg Hunter’s USAWatchdog.com

Former World Bank Senior Counsel Karen Hudes says, “It’s pretty clear where we’re headed, and that is something called permanent gold backwardation. That’s a fancy word for people losing confidence in paper currency. That means the value of currency in the future is less than today.” How bad is “permanent gold backwardation”? Hudes, who spent 20 years at the World Bank, says, “This is not just a bad event. This is like the meltdown of all meltdowns. What it means is you cannot finance international trade.” Hudes goes on to say, “Just think about what that would mean in terms of the jobless rate. It’s going to make any depression we ever had (the 30’s, 2008) pale in comparison.” Hudes says even though the credit ratings agencies rate U.S. debt high, they know just the opposite is true. Hudes contends, “This is actually an underhanded move because they know the U.S. dollar is going to lose its status as an international currency.” What would that look like to the man on the street? Hudes predicts, “Prices would change on a daily basis. They would double. The number of families that would be employed would be in the minority . . . there would be lawlessness.” Join Greg Hunter as he goes One-on-One with former World Bank lawyer Karen Hudes.


Then there's this simple little informational guide:



And some 'polarizing' comments post-article here:

http://www.bloomberg.com/news/2013-10-0 ... rcle.html#!


COMMENTS

BigInMemphis 1 hour ago
The only advantage of a currency of this sort would be to by-pass the parasites of Wallstreet and to be able to move money around without the IRS seizing your account.
• Ed 3 hours ago
Mainstream politicians and big corporations have too much at stake to let Bitcoin succeed. In theory, it provides a level of free markets that the world has never seen. In reality, it is a threat to the Fed, and a conduit for criminal enterprises. Both doom this innovative idea.
o
o

• Nick Reil in reply to Ed 3 hours ago
Probably the biggest threat. I think it's rare that a technology comes along, though, that literally makes moving money more efficient, and new things possible, and that it get "beaten down". I thought we were out of the Dark Ages (though now it's the "State" that would be controlling knowledge/technology, and not the "Church").
Concerning "criminal enterprises", I don't think bitcoins are really as anonymous as people think. In fact, they're "pseudo-anonymous", as there's a public ledger of all transactions ever. You control this with policies like "know your customer", as with a traditional bank. Of course, people can always freely exchange bitcoins peer-to-peer (in person, say), but this is no different than cash in hand.
o
o

• Nick Reil 3 hours ago
Bitcoin is an internet-based protocol, similar to TCP/IP. It's a "techno tour de force", to quote Bill Gates. TCP/IP has and never will be replaced, but rather it's been built on top of over the years (http, etc.). Similarly, technology can be built on top of bitcoin.


• Dale H. (Day) Brown, A post-polio medical marijuana posterboy 3 hours agoCollapse
Install the Bitcoin mainframe and server on a solar powered dirigible that can maintain a position over the high seas where the USA has no jurisdiction. The altitude offers wireless communications unaffected by surface weather.
o Like
o Reply
o F

• Matt Gonglach 4 hours ago
Hi guys, it's incorrect that Ripple 'runs on Bitcoin' - they're both cryptocurrencies but are very different.


• • Jonathan 4 hours ago
I will admit, I know very little about bitcoins, but if 99% of what normal consumers buy/spend their money on can't be had with bitcoins, how on earth will bitcoin ever become mainstream?


• • Nick Reil in reply to Jonathan 3 hours agoCollapse
[20 years ago]: "I will admit, I know very little about the internet, but if 99% of what normal consumers buy/spend their money on can't be had on the internet, how on earth will the internet ever become mainstream?"
• Jonathan in reply to Nick Reil 3 hours ago
That's not even close to the argument. The internet wasn't a substitute for anything. It was something brand new.
o

• Nick Reil in reply to Jonathan 3 hours ago
If the Bitcoin protocol is not something "brand new", please educate everyone on another decentralized, "programmable money" that's existed prior. We'll all wait here...
o

• Nick Reil in reply to Jonathan 3 hours agoCollapse
It's a perfect comparison. I'd recommend reading Satoshi's original paper if you want to better understand the underlying technology. Bitcoin is an internet-based protocol, and it is a new technological paradigm. It's also a solution to the "Two Generals Problem" in the computer science realm.
o
• Disqus in reply to Jonathan 4 hours ago
Think about it as physical gold. You can use it to do business with anyone and it's not controlled by any central authority. The advantage of it over gold is that you don't have to carry a heavy metal in your pocket.
o

• Jonathan in reply to Disqus 4 hours ago
That is incorrect. I can't buy groceries with it, can't pay my utilities, the gas pump won't take it, my landlord won't accept it, and I can't use it on the train for my ticket. I suppose there are some businesses who could possibly value it as a medium of exchange, but eventually there will be commodities they can't buy with bitcoins. You will then have to find away to convert them to actual currency, and that will most definitely involve a spread, and then the whole concept is defeated.
o

• Jonathan in reply to Jonathan 3 hours agoCollapse
Yes that is the caveat. More people have to start accepting it for it to catch on, but I think there are a lot of hurdles. My main contention was with the comparison to gold, because you can't really purchase things with gold.
o

• Disqus in reply to Jonathan 4 hours ago
It depends on how popular it gets. If people can trade between themselves with a different medium, and this medium becomes widely accepted because of its freedom from any central controllers, some day you might buy groceries, etc... with it.

• • Disqus 4 hours ago
Sooner or later debtors will start leveraging bitcoins the same way banks did with gold in the last centuries. Bitcoin "certificates" will start being traded and that will be the end of its independence from banks. Fractional lending of bitcoins will destroy it because most societies are used to the never ending expansion of the currency base.


• • elixer8062 7 hours agoCollapse
What happens when the next digital currency comes around? What's to stop others from joining the party? Will people start shunning bitcoins to the point that they're almost worthless?

• manpro broker 9 hours ago
As long as the Fed can create money/dollars out of thin air and as long as someone /markets accept them then what is the problem ? I believe it was Chairman Bernanke that said that he was not printing money , it was only electronic transaction/credit to an account. What is the difference here ? I guess it is like anything else, it works until it doesn't ! Look out below when it doesn't !
o

• Rob Monroe in reply to manpro broker 6 hours ago
The difference here is that US law forces everyone (banks, business, and even you and I) to accept $USD as payment. You can always barter for things, but you can't refuse $USD and force that purchaser to pay you in another currency. If your employer offers $USD, you MUST accept it. That isn't true for bitcoin.
What gives US dollars value, the ones printed out of thin air, is the fact that US law forces you to accept and to use them. US law doesn't do that for bitcoin, so the bitcoins made out of thin air are just that, nothingness.
Until there is a change in US law, bitcoin is a speculative bet, like beanie babies or hockey cards, and not an investment in a currency, and definitely not a store of value.
o

• clooneysfolly in reply to Rob Monroe 5 hours ago
Truly bitcoin is like gold--relying solely on peoples' acceptance of it, not some legal mandate.


• Rob Monroe in reply to clooneysfolly 1 hour ago
Steward Pid -
Gold of $100 USD if you're going backward in time. You'd take neither (or you should take neither). You'd take canned goods, a shotgun, some bottled water, some soap. Frankly, if you wanted to bring real stored value with you, you'd bring some antibiotics, some anti-malaria drugs, and some baby formula. Those three things would be worth an infinite amount of gold in the past. Being able to save people's lives, that is true stored value. You'd be able to have anything you wanted ... or you could bring some gold, and be the somewhat less poverty stricten malaria victim ...


• Stewart Pid in reply to clooneysfolly 4 hours ago
Dumb analogy ... earlier this week I saw a good example of the true value of gold.
Think of a time machine that someone invents and you can go back 500 years in the past ... should you take a couple of hundred bucks cash or the equivalent gold? Bitcoins are the same except they aren't legal tender.


• Buzz Leapyear2 20 hours agoCollapse
"Bitcoin’s future is largely in the hands of regulators"
Bullchit. Bitcoins are in the hands of the people and that is what is driving the "regulators" apechit.
It's world wide and nobody gives a fcck what the USA has to say about it.
The World Wide Web is global and despite the NSA it is not "regulated" by one group of tightazzes in DC.
• johnmichael2 21 hours ago
Let's see how long it takes this bubble to pop.


• Dorlan H. Francis 21 hours ago
This is a NONSENSE FAD. Currency MUST be created by governmental authorities. Why aren't economists speaking out against this idiotic idea. Is it because they do not know the danger of this fad?

• Disqus in reply to Dorlan H. Francis 4 hours agoCollapse
Government stopped issuing currency in 1913. You need to do some studying.

• C. H. in reply to Disqus 3 hours ago
The Fed Issues currency. Who appoints the Feds president? Seems like goverment to me...


• • Disqus in reply to C. H. 2 hours ago
Again... "Appoints" doesn't mean "chooses". FED is independent from government. If government issued its own currency, it would not have to borrow it from the FED at interest and charge you taxes to pay for it.

• • Dominik Z in reply to Dorlan H. Francis 8 hours agoCollapse
Actually one of Hayek's last books is about private currencies... he won a Nobel prize in economics...
• Guest 21 hours ago
Just like anything else, if the politicians don't get their cut, they'll eventually shut it down.

• p-reid 21 hours ago
If the Winklevoss boys are in it, I don't want to be!
o

• gsoros510 in reply to p-reid 18 hours ago
For all those people saying this is a fad, have you actually used it?
You will see how much better it is than any existing payment system when you actually use it.
Transferring money between two people in an untraceable anonymous way is has many use cases.
I cannot see this thing disappearing anytime soon

• C. H. in reply to gsoros510 3 hours ago
Bitcoin is very much NOT untracable and anonymous. They keep record of EVERY transaction. If not the goverment would have shut it down long ago. (Moneylaundering charges anyone?)
Also I doubt anonymous transactions were ever the idea behind bitcoin. Who needs anonymity except when breaking the law? The idea behind bitcoin was to go around the banking system that is miliking everyone for nothing (why does a wire cost so much, especially to a foreign county? I bet you not a single employe of a bank actually spends even 10 seconds of work on your wire, its all electronically automated. Doesnt stop them from charging what you would pay someone for working a couple of hours.) and to circumvent the system where money can be created out of thin air, like is the case with fiat currencies.


• Stewart Pid in reply to gsoros510 4 hours agoCollapse
Can you get me some good dope ... I'll pay in bitcoins.


How far we've come, eh.
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Re: BitCoin

Postby dada » Sat Jun 12, 2021 9:48 am

(response to Jack) Yes, and planned obsolesence built into corporate strategy is criminal and ecologically ruinous.

And yes, we're agreeing then, in that Bitcoin is a commercial product within the corporate financial market. But I think we're not agreeing that it would be easier to look at it that way, as in diiscuss it on its material terms, exploring the nature of its inefficient manufacturing process in relation to all the inefficient manufacturing processes of mass production, not just the crudes of metals and oils, intead of exploring the topic of bitcoin the game, and how it is marketed to the fans. Is a worthy academic topic, certainly, as a matter of social anthropology.

Also the boom and bust bubble cycle of the markets is a constant violence against terra, our only home, which is expected, planned for and profited from at both ends. A feature of the system so common as to be a fixture, and we have to wonder if it, too, is something that the "siimulation from the start has included."
Last edited by dada on Sat Jun 12, 2021 10:33 am, edited 2 times in total.
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Re: BitCoin

Postby dada » Sat Jun 12, 2021 10:10 am

Also might say that the fashion industry, with its product lines that are guaranteed to be out of style next season, which always begins last week, thus ensuring a continuing cycle of mass manufactured products and mass manufactured culture, is an ecologically unfriendly, to put it mildly, and so criminal enterprise.
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Re: BitCoin

Postby overcoming hope » Sat Jun 12, 2021 10:26 am

Crypto has clearly become the plaything of big institutions when you see a bunch of these crypto’s dump in exact unison clearly that’s what’s going on
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Re: BitCoin

Postby dada » Sat Jun 12, 2021 10:56 am

Jack: To your earlier comparison of the BTC market's required power consumption and ecological destruction as compared to that of Wall Street and FIRE as a whole, the difference is that Wall Street demands increased destruction as the result of its own constant pursuit of growth but regards the power bill as a cost.

dada: Right, but the question this raises in the context of the discussion is whether or not we regard the power bill of the global commercial financial market as a necessary cost of doing business, or not. Whether or not the global corporate finance market considers the power bill a cost, how we decide to approach it here will determine the direction our explorations will investigate, by accepting the cost as necessary and on the balance unanalyzable in relation to this thread, or as evidence of ineffiicient manufacturing, power bill not a necessary cost but a waste, that may be on the balance analyzed here in relation to bitcoin manufacture.
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Re: BitCoin

Postby dada » Sat Jun 12, 2021 11:42 am

So what happens here is the building of tension, between the material study and the social study, mass production and mass culture. Exploration of the topic can go in either direction. By continuing my own personal exploration into the material conditions at the expense of the social conditions, now the topic of discussion looks like "which is what aboutism, the material analysis, or the social analysis?"

Of course it is clear from the start that the bitcoin thread has a ghostly trademark, indicating that the mainline is mass culture social study,, and exploration of bitcoin within mass production material study is an off topic warp pipe, as determined by ghostly intellectual property right.
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Re: BitCoin

Postby dada » Sat Jun 12, 2021 1:10 pm

So thinking that the mainline of the topic leads to the end or goal of the stage, on a level that is a continuing exploration in a social production of mass culture. The warp pipe takes us to the first stage on a level that is a continuing exploration in a material culture of mass production. We know what the level where the warp pipe opens out on is an exploration of, by virtue of the level indicator signs above the warp zone portal outlets.
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