[Chugalug] Bitcoin = scam

Randy Yates lpcustom at gmail.com
Wed Aug 7 12:50:07 UTC 2013


Except that there is a limited number of bitcoins, and the limit on dollars
keeps going up.


On Wed, Aug 7, 2013 at 8:32 AM, Stephen Kraus <ub3ratl4sf00 at gmail.com>wrote:

> 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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>>>>
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