[Chugalug] A comment on the Bitcoin .. fraud
rod-lists at epbfi.com
Wed Apr 17 18:41:36 UTC 2013
''Which brings us to bitcoin. It is a digital currency, which a certain variety of techno-utopian futurist crowd views as a form of money unencumbered by the shackles of privacy-reducing international anti-money laundering laws and inflation-tolerant central banks. Its value has been extraordinarily volatile over the last several weeks, rising from $20 a couple of months back, to over $250, to around $60 on Friday, with a couple of trading halts in between.
Bitcoin really is a tiny market in the scheme of things, and its recent gyrations mean that the dollar, euro and yen have nothing to fear from the competition. If a currency can lose 75 percent of its buying power in two days, it may not be the best store of value. "
And if we all clap our hands and believe, Tinkerbell will get better.
Here is the the problem all systems get hacked, including financial systems.
Remember the Hunt Brothers and their effort to corner the silver market.
Or the Contango game to manipulate oil futures by parking full tankers off shore till the price rises.
When it is the banking system, the Futures market, the stock market, etc, we have a host of alphabet soup agencies to deal with that. Who defends the bitcoin system from attack & manipulation who puts their faith and credit on the line to back it?
----- 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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