[Chugalug] A comment on the Bitcoin .. fraud

Stephen Kraus ub3ratl4sf00 at gmail.com
Mon Apr 15 14:18:10 UTC 2013

And Lynn, I think you are probably one of the smartest people here, so I
find it hard to criticize your argument because they are usually fairly
well thought out.

My other big thing with Bitcoins is the rapid inflation. I mean look at
that guy who paid for a pizza in bitcoins a couple years ago, the amount he
paid for the pizza would now be worth hundreds of thousands of dollars!

Even inflation from the early 1900s to now isn't nearly that bad.

On Mon, Apr 15, 2013 at 10:10 AM, Stephen Kraus <ub3ratl4sf00 at gmail.com>wrote:

> I criticize it because numerous economics professors criticize it.
> Look, I'm all for you doing Bitcoin, its your time and your processing
> power, not mine.
> But lets be perfectly honest: When a bunch of people who spend their
> entire lives studying economic systems inside and out say its a waste and
> it will lead nowhere, I'm of the mind to take their opinions into account.
> Especially when a Nobel Laureate is saying so.
> Right now, I've watched the Bitcoin trends from Mt. Gox and it is bouncy
> as hell, repeatedly bubbles then pops. It doesn't matter how often it
> spikes if it cannot stay consistent at a certain value for long or trends
> rapidly up and down.
> Just read this thread, ignore some of the goofiness and listen to some of
> the people in it. I find their opinions seem to reflect a lot of people I
> know in the economics fields:
> http://forums.somethingawful.com/showthread.php?threadid=3543334&pagenumber=70#lastpost
> On Mon, Apr 15, 2013 at 9:29 AM, Lynn Dixon <boodaddy at gmail.com> wrote:
>> What is surprising to me is the vast number of people that will jump in
>> and criticize the currency after doing no research on it.  They will read a
>> few articles on the web, or maybe even some horrid bitcointalk forum posts
>> and simply make an assumption that is usually incorrect.
>> The currency works, and works well. I have been mining for a while now,
>> nearly two years, and I have personally made some impressive returns.  I
>> have also used the currency quite a bit. I have used it as a vehicle of
>> exchange when dealing with foreign currency, I have used it as a vehicle of
>> exchange for goods and services, and I even accept bitcoin as payment for
>> my web hosting company.
>> On Mon, Apr 15, 2013 at 8:02 AM, Mike Robinson <miker at sundialservices.com
>> > wrote:
>>> These are just my thoughts – but I see a bully pulpit here, and I'll be
>>> brief.
>>> If you wanted to fleece a bunch of nerds, how would you do it?  Well,
>>> first of all, you'd promise them, one way or another, "easy money."  In
>>> fact, knowing that many of them spend hours each day in gam-environments
>>> where guns never run out of ammo, you'd promise them "make your own money."
>>>  An altogether synthetic currency system.  "World Money, Release 2.0."
>>> You'd slow-roll the whole thing.  Just toss the ball out onto the field
>>> almost unmentioned.  Aside from the obvious need for plausible denial when
>>> the sheet hits the fan, you're playing hard to get, in the form of a
>>> cryptographic-based puzzle that can only be brute-forced, but that can be
>>> shown to be solvable.  Add a few more promises – that the supply of this
>>> "money" will always be limited (never mind how) – and wait for the
>>> Powerball Effect to take hold of its own accord.  A very large number of
>>> paper cards are thrown away near my driveway, because I live on a country
>>> road about a quarter-mile from a convenience store.  I pick them up by the
>>> hundreds.
>>> Meanwhile, start selling supplies .. for real money.  And books, of
>>> course.  Every now and then, grab a quiet instant-success headline, say by
>>> selling a Ferrari (a Ford will NOT do ...) for this "new money."  Then wait.
>>> It's a Crowd Psychology 101 play, people, and I just want to say ..
>>> there are some things in this ol' world that are truly ancient, and finding
>>> new and creative ways to rip off your fellow-man by leveraging his own
>>> gullibility is one of them.  I don't want my Chattanooga virtual friends to
>>> be among those many that will eventually be hurt.
>>> #undef soapbox .. Thank you.
>>> – Mike Robinson
>>> (615) 268-3829
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