[Chugalug] A comment on the Bitcoin .. fraud

Joshua Estes f1gm3nt at gmail.com
Mon Apr 15 15:44:57 UTC 2013


@Aaron, I don't think I understand your point. From my understanding about
bitcoin blocks https://en.bitcoin.it/wiki/Block it contains a transaction
log. I understand that as the more people mining will cause blocks to
become harder to find. Fast forward into the future when the very last
block is mined and no more bitcoins will be created. What happens at that
point? Are blocks still created? Why should I try to generate blocks if
there is no reward for doing so? When this happens, does the entire system
break down?

Some of this is just my own ignorance and I don't think could be considered
valid since I haven't taken the time to really dig into the code and make
sure I understand a lot of this stuff. If any can answer, please do.

- Joshua Estes

@JoshuaEstes

"If you live periods of your life in misery, when you remember back to
those times, all you'll remember is the misery. The misery robs you of
great memories you could otherwise be making."


On Mon, Apr 15, 2013 at 10:09 AM, Aaron welch <n2nightfall at gmail.com> wrote:

> Josh, the difficulty would increase to make finding blocks that much
> harder and the value that much higher.  Imagine it like the first stock
> certificate for GE or Coke and how much those would be worth today after
> all the stock splits.
>
> -AW
>
>
> On Mon, Apr 15, 2013 at 10:47 AM, Joshua Estes <f1gm3nt at gmail.com> wrote:
>
>>
>> https://www.google.com/search?q=inventor%20committed%20to%20mental%20institution
>>
>> Even the smartest people are wrong some of the time.
>>
>> 1: When you start out learning something say economics, you read
>> everything you can on the subject. Eventually you can recall things based
>> on previous work or come up with your own theories. At some point you
>> believe in your idea so strongly that no one else is right. You die, you
>> leave your legacy of books and papers behind.
>> Goto 1;
>>
>> This process repeats itself over and over again. One of my biggest
>> questions I have with bitcoins, which I haven't bothered to ask yet, is if
>> each block contains transactions that are to be tracked. What happens when
>> the last block is found? Does the system fail at that point? Bitcoins
>> interest me because it makes me ask questions, other people's questions
>> about bitcoins interest me as well. Nothing is set yet and this whole
>> "experiment" could fail.
>>
>>
>> - Joshua Estes
>>
>> @JoshuaEstes
>>
>> "If you live periods of your life in misery, when you remember back to
>> those times, all you'll remember is the misery. The misery robs you of
>> great memories you could otherwise be making."
>>
>>
>> On Mon, Apr 15, 2013 at 9:27 AM, Stephen Kraus <ub3ratl4sf00 at gmail.com>wrote:
>>
>>> 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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>
>
> --
> Aaron Welch
> Chief Mechanic @ Geek Ventures
> 423-505-9999
> n2nightfall at gmail.com
> "Enabling people to do great things with their own ideas."
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