[Chugalug] Bitcoin = scam

Stephen Kraus ub3ratl4sf00 at gmail.com
Wed Aug 7 12:32:16 UTC 2013


Also, I'd point out that you are effectively doing with Bitcoins what many
Libertarians claim the US Federal Reserve is doing: pulling money out of
thin air.
On Aug 7, 2013 7:21 AM, "Stephen Kraus" <ub3ratl4sf00 at gmail.com> wrote:

> Its not anger. Its confusion.
>
> Also, its a fiat currency.
> On Aug 7, 2013 6:01 AM, "James Nylen" <jnylen at gmail.com> wrote:
>
>> 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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