[Chugalug] A comment on the Bitcoin .. fraud

Aaron Welch n2nightfall at gmail.com
Mon Apr 15 18:23:05 UTC 2013

I think this is happening today.  It's too much money not to be doing it now.  Market cap passed $1 Billion this month.


On Apr 15, 2013, at 12:30 PM, Randy Yates <lpcustom at gmail.com> wrote:

> By the way, I'm not claiming to be an expert in economics. It's not a science, despite the claims. I've seen too many economics experts arguing with other economics experts with totally opposite views. A chemist can't turn mercury into gold by talking about it. A nobel prize winning economics expert, however, can change a lot about the economy by simply making an appearance on TV or writing an internet article. 
> Need a for instance on that. The recent Bitcoin bubble is a direct result of news articles and such about dun da da dun Bitcoin. 
> I also don't view bitcoins as a viable currency, and if I were an economics expert, I'd make a few media appearances stating that. People would lose faith in bitcoins....they'd stop mining and buying/selling them. The price would plummet. Then I could go buy a bunch. Then I'd get one of my colleges to go on TV saying that they are a great investment. The price would rise back up, and I'd be so rich I'd never have to read another economics book or even look at a number if I didn't want to. 
> On Mon, Apr 15, 2013 at 12:20 PM, Randy Yates <lpcustom at gmail.com> wrote:
>> 2140 is the estimated year of the last bitcoin I think. Also, bitcoins can be divided into 8 decimal places. If there are 21,000,000 bitcoins...you could also look at it like there are 2,100,000,000,000,000 units of currency.
>> On Mon, Apr 15, 2013 at 12:13 PM, Dan Lyke <danlyke at flutterby.com> wrote:
>>> On Mon, Apr 15, 2013 at 7:10 AM, Stephen Kraus <ub3ratl4sf00 at gmail.com> wrote:
>>> > I criticize it because numerous economics professors criticize it.
>>> I don't think you need to look to outside sources for reasons to be
>>> skeptical of bitcoin, on the other hand there are tremendous profits
>>> to be made from bubbles if you can figure out when to get off.
>>> Objects have value because people collectively  believe they have
>>> value, but currencies also have the property where too much rarity
>>> means they're no longer usable as a currency. Collector's items aren't
>>> fungible, which means they don't work as currency: You have to find a
>>> buyer for that specific item.
>>> I believe the overall concept is flawed for a simple reason: Currency
>>> supply is capped at at 21 million bitcoins. Over time bitcoins will be
>>> lost, people will die and not leave codes to their wallets, hardware
>>> will fail, entropy occurs.
>>> Which means that the currency supply will, inevitably, shrink. This,
>>> to a point, encourages hoarding, until people lose faith in the
>>> currency and it collapses entirely.
>>> The question is: how far off is that time?
>>> So, yeah, you won't find me playing in that bubble, but if you wanna
>>> soak some suckers on the rise up, no skin off my nose... And who
>>> knows, that rise may last for years and years.
>>> Dan
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