[Chugalug] A comment on the Bitcoin .. fraud

Randy Yates lpcustom at gmail.com
Mon Apr 15 14:20:49 UTC 2013


Isn't that rapid deflation?


On Mon, Apr 15, 2013 at 10:18 AM, Stephen Kraus <ub3ratl4sf00 at gmail.com>wrote:

> 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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>>>>
>>>>
>>>
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>>
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