[Chugalug] A comment on the Bitcoin .. fraud

Stephen Kraus ub3ratl4sf00 at gmail.com
Mon Apr 15 14:27:43 UTC 2013


Randy, thank you, yes, deflation.


On Mon, Apr 15, 2013 at 10:20 AM, Randy Yates <lpcustom at gmail.com> wrote:

> 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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