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hellkat
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PostPosted: 11:58 - 24 Apr 2021    Post subject: Reply with quote

The word I am currently struggling to get past is "decentralized".

To me, "centralized" (I'm gonna spell these with a zed cos I'm feeling rebellious today) means orderly and accountable. And a blockchain, in my head, is orderly like a nice little goods train of tidy packages.

But "decentralized" is more about outlying things and unmanageable chaos where things are not necessarily verifiable against a set standard. (I want to say "gold" standard but I'm obviously aware one should avoid comparison to any kind of traditional value system.)

So how can you place a value on something that is unable to be quantified? Maybe I already do that, and just don't realise it.

I don't know what I'm bumbling on about beyond that.
*invokes the Stoner Amendment*
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The Artist
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PostPosted: 12:56 - 24 Apr 2021    Post subject: Reply with quote

hellkat wrote:
To me, "centralized" (I'm gonna spell these with a zed cos I'm feeling rebellious today) means orderly and accountable.


To me, centralised means single point of control and subject to the whims of certain people with differing interests to ones self.

Decentralised means no single point of control. If the miners decide to follow a different path, then the majority wins. This whole subject is super complicated and I am not really eloquent enough to put it into words.

Another negative of Bitcoin is that mining hashpower has developed into pools which are by their nature, centralised although there are multiple pools.
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JackButler
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PostPosted: 17:20 - 24 Apr 2021    Post subject: Reply with quote

hellkat wrote:


So how can you place a value on something that is unable to be quantified? Maybe I already do that, and just don't realise it.



What value would you place on a potatoe?

Now strike that thought from your mind & try to imagine that you had not eaten for 5 days. Now tell us what value you would place on a single juicy potatoe.

Forget all of that nonsense & try to imagine that you had not eaten for 8 days, & tell us how much you think that succulent potatoe is worth now.

There are no potatoes available, except for the ones I have in my storeroom.

Do I get to decide how much potatoes are worth, or do you?
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Copycat73
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PostPosted: 18:02 - 24 Apr 2021    Post subject: Reply with quote

you know .. when things are debated in parliament .. members have to declare an interest .. ie. investments in a particular company or group that is within the scope of the debate .. this helps to clarify peoples position and possibly why they take the view/position they do..

so .. i don`t have any investments in so called crypto currencies .. cos i like my shirt on my back..
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Raza
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PostPosted: 19:33 - 24 Apr 2021    Post subject: Reply with quote

My interest is academic.

I do not trade crypto-currencies or crypto-assets.

As far as I can see the main use for cryptos is its ability to facilitate crime. This has brought it to the attention of the Financial Conduct Authority that is seeking to regulate its activity.
https://www.fca.org.uk/news/press-releases/fca-establishes-temporary-registration-regime-cryptoasset-businesses

The FCA is bringing traders into the scope of the Money Laundering Regime. This is likely to increase the cost of trading and make it more difficult for cryptos to facilitate crime.

If memory serves these are strict liability offences where the penalty is up to 7 seven years in prison and an unlimited fine.

Happy days.
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The Artist
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PostPosted: 05:24 - 25 Apr 2021    Post subject: Reply with quote

Raza wrote:
My interest is academic.

I do not trade crypto-currencies or crypto-assets.

As far as I can see the main use for cryptos is its ability to facilitate crime. This has brought it to the attention of the Financial Conduct Authority that is seeking to regulate its activity.
https://www.fca.org.uk/news/press-releases/fca-establishes-temporary-registration-regime-cryptoasset-businesses

The FCA is bringing traders into the scope of the Money Laundering Regime. This is likely to increase the cost of trading and make it more difficult for cryptos to facilitate crime.

If memory serves these are strict liability offences where the penalty is up to 7 seven years in prison and an unlimited fine.

Happy days.


Anyone trading has had to comply with AML/KYC rules since 2017...

I think for the first 5 years of bitcoin, more value was traded on underground market places for sure. The fact that it survived this period of time is what kind of proved it's worth as a resilient decentralised technology.

If you are purely in it for the academic side, go and read about the Iota foundation and see what you think rather than spouting ill informed opinion here.
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The Artist
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PostPosted: 05:27 - 25 Apr 2021    Post subject: Reply with quote

Copycat73 wrote:
you know .. when things are debated in parliament .. members have to declare an interest .. ie. investments in a particular company or group that is within the scope of the debate .. this helps to clarify peoples position and possibly why they take the view/position they do..

so .. i don`t have any investments in so called crypto currencies .. cos i like my shirt on my back..


Well I'm not paid to post here nor an I an elected official so there is no requirement for me to declare anything. I have already mentioned multiple times in the other thread the projects I am most interested in though.

I also repeatedly say don't think of crypto as investments, it is speculation about future use cases. Less gamble than blackjack but more gamble than investing in the FTSE.
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Raza
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PostPosted: 10:09 - 25 Apr 2021    Post subject: Reply with quote

The Artist wrote:

If you are purely in it for the academic side, go and read about the Iota foundation and see what you think rather than spouting ill informed opinion here.


Top line: crypto-currencies are "a share of nothing"

Bottom line: crypto-currencies are "a share of nothing"

What is in the middle of those two lines is irrelevant.

Why do you keep telling me to go research the irrelevant stuff in the middle?

You are not a politician and do not have to disclose your "vested" interests, but indulge us and explain?

The reason for asking is because you appear to be trying to get people interested into buying in.
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The Artist
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PostPosted: 11:07 - 25 Apr 2021    Post subject: Reply with quote

Raza wrote:
The Artist wrote:

If you are purely in it for the academic side, go and read about the Iota foundation and see what you think rather than spouting ill informed opinion here.


Top line: crypto-currencies are "a share of nothing"

Bottom line: crypto-currencies are "a share of nothing"

What is in the middle of those two lines is irrelevant.

Why do you keep telling me to go research the irrelevant stuff in the middle?


Because you obviously don't understand why these "nothings" have value to so many people. If you don't value them or see any potential future value, that is fine but its like someone who never wants to ride a motorbike coming on a motorbike forum and saying you don't understand motorbikes and telling other people how dangerous it is.

Raza wrote:

You are not a politician and do not have to disclose your "vested" interests, but indulge us and explain?

The reason for asking is because you appear to be trying to get people interested into buying in.


I have disclosed exactly which projects I am interested in, in the other larger bitcoin thread. I am not going to say how much because that is not appropriate for obvious reasons.

Don't confuse discussion with shilling. As above, I have repeatedly said this is speculative and can hardly be called investing although it becomes more and more like that each day.

I am just answering questions and correcting misinformation.
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Raza
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PostPosted: 11:55 - 25 Apr 2021    Post subject: Reply with quote

The Artist wrote:

Because you obviously don't understand why these "nothings" have value to so many people.

I am not going to say how much because that is not appropriate for obvious reasons.

Don't confuse discussion with shilling. As above, I have repeatedly said this is speculative and can hardly be called investing although it becomes more and more like that each day.

I am just answering questions and correcting misinformation.


The fact that "nothings" have "value" is economics. Perhaps it is you that needs to go and do some research.

So, crypto-currencies are nothings that only have value when you can convince someone else that they have value. That makes them worse than gambling.

It is interesting that you used the word "shilling".

Thank you.
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Robby
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PostPosted: 13:00 - 25 Apr 2021    Post subject: Reply with quote

This thread is quickly going the ways of other crypto currency threads, and showing the reasons why I keep well out of it.

It's the people. Say any negative things, or ask any vaguely negative noobish question, and all the fanboys will pile in. Thin skins, when lack of confidence could damage their ponzi scheme.

Also the idea that it being decentralised is so great. It's out of the hands of governments, sure, but it means it's effectively in the hands of the people holding the most of the currency. So instead of a central bank with members appointed by politicians that were elected in a vaguely transparent member, the control sits with a bunch of shadowy rich people.

Also the overlap between crypto currency and the alt-right is distasteful.

So as a tool to speculate and make some money, go ahead, I hope you do well. The idea that cryptocurrency as currently operated is the future of money, I doubt it and I hope not. The only thing worse than a global money supply in the hands of governments is a global money supply out of the hands of governments.
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The Artist
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PostPosted: 13:22 - 25 Apr 2021    Post subject: Reply with quote

Robby wrote:
This thread is quickly going the ways of other crypto currency threads, and showing the reasons why I keep well out of it.

It's the people. Say any negative things, or ask any vaguely negative noobish question, and all the fanboys will pile in. Thin skins, when lack of confidence could damage their ponzi scheme.


I am just correcting misinformation and answering questions. All the negative stuff is coming from people who are saying things that are just wrong. If by "Fanboys piling in" you mean they are answering questions then yes, yes they are. If you are implying they are trying to hide something or shill, then read my last post.

Robby wrote:

Also the idea that it being decentralised is so great. It's out of the hands of governments, sure, but it means it's effectively in the hands of the people holding the most of the currency. So instead of a central bank with members appointed by politicians that were elected in a vaguely transparent member, the control sits with a bunch of shadowy rich people.


Ok, another fundamental misunderstanding of how crypto works. It doesn't matter who holds the coins. I can have 80% of all bitcoin, I still can't fraudulently spend any. Power is in the hands of miners, not holders of coins. There may be some overlap but most will be selling their coins to pay for their electricity and hardware costs.


Robby wrote:

Also the overlap between crypto currency and the alt-right is distasteful.


Eh??? First time hearing that one! Laughing

Robby wrote:

So as a tool to speculate and make some money, go ahead, I hope you do well. The idea that cryptocurrency as currently operated is the future of money, I doubt it and I hope not. The only thing worse than a global money supply in the hands of governments is a global money supply out of the hands of governments.


For the umpteenth time, it is not the future of money, it is just an additional asset class. It has very specific use cases and I hope it doesn't replace traditional banking entirely. Can't have my parents dealing with seeds and other Opsec.

You can be a proponent of crypto without thinking it is going to take over the world.
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Raza
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PostPosted: 14:58 - 25 Apr 2021    Post subject: Reply with quote

So, in a nutshell:

Cryptos only have value when you can convince someone else that they have value.

You going to need to do some more convincing as the price of Bitcoin has fallen by nearly 22% (since 12 April 2021 to 25 April 2021).

For anyone holding those crypto-assets that gotta hurt.
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The Artist
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PostPosted: 16:12 - 25 Apr 2021    Post subject: Reply with quote

Raza wrote:
So, in a nutshell:

Cryptos only have value when you can convince someone else that they have value.


That logic applies to lots of things. If you don't value the tech or think other people will, fine, don't buy any.

Raza wrote:

You going to need to do some more convincing as the price of Bitcoin has fallen by nearly 22% (since 12 April 2021 to 25 April 2021).

For anyone holding those crypto-assets that gotta hurt.


Anyone who bought around the 12th April and is panicked by a 22% drop shouldn't have been touching crypto. No one is promising a profit, especially not short term. Just look at the price over the past 10 years and see the ups and downs.

I am not trying to convince anyone to put their savings into crypto, it is just annoying when people post things that are factually wrong because they don't understand it and then when someone gives a technical explanation, they are accused of trying to make people feel stupid.
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Raza
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PostPosted: 18:03 - 25 Apr 2021    Post subject: Reply with quote

The Artist wrote:

I am not trying to convince anyone to put their savings into crypto, it is just annoying when people post things that are factually wrong because they don't understand it and then when someone gives a technical explanation, they are accused of trying to make people feel stupid.


Earlier you tried to be dismissive be telling me to go and do my research. That did not work on me.

Now you are trying to play the victim. That won't work either.

If you are not trying to convince anyone to gamble on cryptos, then why did you feel the need to say earlier, "Don't confuse discussion with shilling."?

We established earlier that technology does not give crypto-assets value, so a technical explanation serves no purpose other than to obfuscate the fact that:

Cryptos only have value when you can convince someone else that they have value.
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The Artist
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PostPosted: 18:35 - 25 Apr 2021    Post subject: Reply with quote

Raza wrote:

If you are not trying to convince anyone to gamble on cryptos, then why did you feel the need to say earlier, "Don't confuse discussion with shilling."?


Because you were implying I was trying to convince people to "invest" in crypto when I am not, I am just answering questions and correcting misinformation.

Raza wrote:
Cryptos only have value when you can convince someone else that they have value.


That logic applies to lots of things. If you don't value the tech or think other people will, fine, don't buy any.

If anyone has any genuine technical questions rather than just arguing over the concept of whether it has value or not, I am happy to answer.

If anyone wants to discuss whether it has value, go to a crypto exchange and see what people are paying for them. There is the value. If you think it will go down in value, borrow some leveraged and short the hell out of it!
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Raza
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PostPosted: 18:59 - 25 Apr 2021    Post subject: Reply with quote

The Artist wrote:

Because you were implying I was trying to convince people to "invest" in crypto when I am not, I am just answering questions and correcting misinformation.


Now who is providing misinformation? Prior to your denial, I was implying nothing of the sort.

Subsequently, I feel that, "The lady doth protest too much".

So, we have established that technology does not give crypto-assets value and a technical explanation serves no purpose.

And, now you agree that "cryptos only have value when you can convince someone else that they have value."

Albeit that "this logic applies to lots of things". Like second-hand toilet paper perhaps?
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Jmoan
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PostPosted: 19:14 - 25 Apr 2021    Post subject: Reply with quote

I thought the mining was was the value of calculating something useful. Is there any chance that what it's calculating is being used for something else


Raza wrote:

The FCA is bringing traders into the scope of the Money Laundering Regime.


A regime that already endangers the public.

The "War on Cash"
https://www.youtube.com/watch?v=tA41dSCwEzA
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Raza
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PostPosted: 19:31 - 25 Apr 2021    Post subject: Reply with quote

The Artist wrote:

genuine technical questions

If anyone wants to discuss whether it has value, go to a crypto exchange and see what people are paying for them. There is the value. If you think it will go down in value, borrow some leveraged and short the hell out of it!


I have a genuine technical question.

Are you regulated by the Financial Conduct Authority to give financial advice?
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Pjay
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PostPosted: 19:36 - 25 Apr 2021    Post subject: Reply with quote

Raza wrote:
"cryptos only have value when you can convince someone else that they have value."


Anything is only worth what someone else is willing to pay/trade for it.

Do you see all of your pounds in physical form?

I have been months without having cash on my person. Does that mean the money in my account that use with my card has a physical form?
Numbers are traded, nothing else, the same as in bitcoin.

You not understanding that mining is integral to the value doesn't make it worth any less in the real world. The real world doesn't care that you don't have a clue how it works.

If you want to know the value of any given crypto, you can quickly find it here:
https://coinmarketcap.com/

That is how much other people are willing to pay at any given time for any given crypto.

Just because you dont see or hold it, that doesn't take away its value. The same as you never see or hold the money you use on your cards.
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Raza
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PostPosted: 20:10 - 25 Apr 2021    Post subject: Reply with quote

Sorry Pjay but that is not correct.

For example, you may invest in a house, its value collapses and you cannot sell it. However, you still have somewhere to live.

We were not talking about physical money. In fact, we were not talking about money at all.

If your bank goes bankrupt then the Bank of England will step in and compensate you up to quite a high amount £85,000. If you gamble on Bitcoin and it goes belly up then you're screwed.

Mining and Blockchain are the techniques used to shroud crypto-assets with smoke-and-mirrors to hide the fact that you have a share of nothing.

I hope this helps you.
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notabikeranym...
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PostPosted: 20:20 - 25 Apr 2021    Post subject: Reply with quote

Raza wrote:
The Artist wrote:

Because you were implying I was trying to convince people to "invest" in crypto when I am not, I am just answering questions and correcting misinformation.


Now who is providing misinformation? Prior to your denial, I was implying nothing of the sort.

Subsequently, I feel that, "The lady doth protest too much".

So, we have established that technology does not give crypto-assets value and a technical explanation serves no purpose.

And, now you agree that "cryptos only have value when you can convince someone else that they have value."

Albeit that "this logic applies to lots of things". Like second-hand toilet paper perhaps?


Tldr; have fun being smug about being wrong.

I've earned over half a million from crypto to-date so saying it's valueless is very stupid.

There are an infinite amount of use cases with blockchain technology.

Nobody owes you an explanation or needs to compile information that you can readily look into yourself if you weren't utterly closed off in your mentality. You remind me of the dinosaurs who thought the internet was magic and who claimed that seeing a real-time human on a hand-held device from across the world would be impossible.

Do your own research and stop exuding this arrogance over something you're obviously clueless about.

If you had done your own studies on blockchain and made a solid argument against why crypto is inherently valuable, I'd pay attention but it's apparent you're full of shit.

I'm not here to give you financial advice or prove shit to you, but just know you're very wrong and you could make a lot of money being open to crypto.

There are several parallels between modern day crypto ICOs and IPOs of the dotcom bubble that you're missing out on.

EDIT: Also you talk about bitcoin not being insured. Duh. Everyone knows it's an unregulated market. Everyone knows there's risk. That's why smart investors hedge their risk against fiat-backed stablecoins like USDC which is essentially insured with a dollar peg in audited federal bank accounts.

Why are you pretending you know what you're talking about? You sound risk-averse and ignorant.

Also let's conveniently ignore that 40% of fiat was 'printed' in the last year, that hyperinflation is on it's way, and that federal reserve banking is the biggest fucking scam of the century. Your safe little insured money in the bank is devaluing faster than you can accrue interest. Fact.

Imo, investing in volatile unregulated markets is some of the most lucrative money you can make. Unless you're one of those little forex kids doing it the "regulated way" and getting arse-raped trying to compete with investment bank algorithms and hedge funds designed to make your trading efforts completely unprofitable at all costs.
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Raza
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PostPosted: 21:18 - 25 Apr 2021    Post subject: Reply with quote

Perhaps, you can explain without being so foul mouthed, why, if you are making so much money that you need to draw other people into buying into cryptos?

Is it because the exponential growth in cryptos cannot be sustained and you need suckers to buy-in so you can cash out?

If that is not the case then why don't use use all the money that you have made to buy more cryptos?
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notabikeranym...
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PostPosted: 21:42 - 25 Apr 2021    Post subject: Reply with quote

Raza wrote:
Perhaps, you can explain without being so foul mouthed, why, if you are making so much money that you need to draw other people into buying into cryptos?

Is it because the exponential growth in cryptos cannot be sustained and you need suckers to buy-in so you can cash out?

If that is not the case then why don't use use all the money that you have made to buy more cryptos?


I'll talk how I want and I don't need you to buy in with your £50 to push any prices up. I've already made money at this stage I'm not here to convince anyone and never have tried to convince others to buy in. I tell most people not to because they blind ape into shitcoins and get scammed. That's the problem with having custody of your own currency. You are responsible for it, it isn't insured, so if you are a complete moron with your money and do something dumb you pay for it and not mummy bank.

I just wanted to point out that you're wrong and will remain a wage slave with your current mindset. I implore you to learn about crypto and learn about investing before you rubbish either, but do it yourself. My gripe is you haven't researched shit before thinking you're the authority on it and know better. That's arrogant at best.

Also I've heard your ponzi argument many times. The fact is for the price of anything to move up, people have to buy in to reduce supply. It's the same with stocks and commodities. The less gold in circulating supply for example, the more it goes up in value per gram.

On your "why don't you use your money to buy more cryptos" jibe, I do regularly reinvest in a bunch of cryptos. The whole point is to grow capital whilst managing risk and moving profits into stablecoin. 50% of my net-worth is in crypto with a large majority in stables, but I've already cashed out six figures to buy a house very soon. Before you rubbish that and say "they won't accept money from crypto", my friend's already done it.

Anyway, back to this idea of ponzi/cash out/buying shit, this is the same as something like trading gold. You cash out to buy things with fiat, although I've already spent 5 figures with crypto directly without ever having to cash out to fiat. You probably couldn't trade gold directly for much else. Actually crypto is better and has more utility than gold, even though Bitcoin is mostly seen as the SoV of Crypto.
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Raza
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PostPosted: 23:17 - 25 Apr 2021    Post subject: Reply with quote

I am genuinely glad that you have made money from crypto-assets.

From what you have said earlier, it appears to me that you understand the risks and know what you are doing. That's great it works for you.

It's like any industry when you know what you are doing.

You recognize that some people go into buying crypto-coins and getting scammed. In the thread above I was highlighting the risks.

I tend to respond badly when I am being patronized. You know how it is. Anyway, I'll try not to be so smug in future if you'll stop swearing all the fucking time.
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