[Chugalug] Bitcoin = scam

James Nylen jnylen at gmail.com
Wed Aug 7 01:50:01 UTC 2013


Stephen,

I think Bitcoin shows some truly interesting qualities.  It is hard to
counterfeit, transparent, and easy to spend.  Digital currencies based on
cryptography show great promise in terms of libertarian free-market ideals.

I must disclose that I made a small investment in Bitcoin a couple years
ago, so my conclusions are subject to the usual biases.  Thus far, though,
I'm glad to have been part of the experiment.


On Tue, Aug 6, 2013 at 1:37 PM, Stephen Kraus <ub3ratl4sf00 at gmail.com>wrote:

> 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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