[Chugalug] A comment on the Bitcoin .. fraud

Rod-Lists rod-lists at epbfi.com
Wed Apr 17 18:44:19 UTC 2013


When steve Forbes and I agree on something. 
Hell is about to frezeover.
http://www.forbes.com/sites/steveforbes/2013/04/16/bitcoin-whatever-it-is-its-not-money/

----- 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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