[Chugalug] Bitcoin = scam

Stephen Kraus ub3ratl4sf00 at gmail.com
Tue Aug 6 17:37:47 UTC 2013


I've tried explaining this before, but unfortunately people are really
bought into the idea, and its none of my business what they do with their
time and processing power.

Its pretty much a pyramid scam, insufficient as a dependable currency and
fluctuates too quickly.

Buy, people can do as they please, but its along the same lines as claiming
vaccines cause autism.
On Aug 6, 2013 12:01 PM, "Mike Robinson" <miker at sundialservices.com> wrote:

> 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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