[Chugalug] Bitcoin = scam

Mike Robinson miker at sundialservices.com
Tue Aug 6 16:54:10 UTC 2013

I'll call it what it -is-:  it's a scam directed at nerds.  "... and two to take him."

The con consists, first, of posing a computationally-difficult yet not-insurmountable crypto problem.  It can be solved; it just takes a long time.  So, nerds are instantly absorbed in the "challenge for a challenge's own sake," namely, to solve the problem.  They can be counted on not to examine the whole proposal too-seriously, because nerds generally consider themselves to be trustworthy and thus are too-trusting.

"Someone (but we don't actually know who ...) said" that the number of bitcoins would be limited .. which is a necessary premise if you're being conned into thinking that you're mining for gold.  "Tokens can only be used once."  And most importantly, "the verification software cannot be tricked into giving a false-positive."

Subtly, now, the nerds are suckered into giving-up REAL CURRENCY ... more than $100 USD at this point ... which they don't mind doing because, of course, they're sure that Nothing Comes Down (-and- that there is something holding it Up in the first place).

It's pointless, though, to argue these points with people who have caught "digital Gold Fever."  The only thing that can be done in that case is to sell them shovels and picks, which is precisely what Leland Stanford, among many others, did.  Well, I have nothing to sell you, but I'll rest my case at this point and disregard the inevitable rebuttal.  Presumably, you're not going to lose any money that you can't afford to lose.

On Aug 5, 2013, at 5:50 PM, chugalug-request at chugalug.org wrote:

> Call it what you will, but those who got into Bitcoin early have done
> extremely well.  Also, there is a pretty clear exponential trend relative
> to the dollar, which implies its value is still increasing.

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