[Chugalug] A comment on the Bitcoin .. fraud

Rod-Lists rod-lists at epbfi.com
Wed Apr 17 18:46:07 UTC 2013


yep
----- 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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> >
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> 
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