[Chugalug] Bitcoin = scam

James Nylen jnylen at gmail.com
Wed Aug 7 10:47:06 UTC 2013


Randy, I agree... I think much of the negativity towards Bitcoin is
unwarranted.  I understand unwillingness to spend money on something that
has less real value than a tulip, but that shouldn't translate into anger
when it turns out to actually have made some people a lot of money.

Source:  http://buttcoin.org/


On Tue, Aug 6, 2013 at 10:35 PM, Randy Yates <lpcustom at gmail.com> wrote:

> You guys were saying the same thing when it was $9 per bitcoin. If you'd
> taken a $100 risk, you could have brought in around $2400 last month. I'm
> not saying that I'd start using bitcoin as my currency of choice at the
> moment. I'm just saying that there have been plenty of negativity toward it
> on here and I only wish I'd swept some of that aside and bought about 100
> bitcoins last year when it was low. I could have paid a chunk of my house
> off this year.
>
>
>
> On Tue, Aug 6, 2013 at 9:50 PM, James Nylen <jnylen at gmail.com> wrote:
>
>> 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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