[Chugalug] More on Bitcoin:

Randy Yates lpcustom at gmail.com
Thu Aug 22 17:09:16 UTC 2013


What's humorous with Chad's entire argument is that the same could be said
about the dollar.


On Thu, Aug 22, 2013 at 1:05 PM, Stephen Kraus <ub3ratl4sf00 at gmail.com>wrote:

> I think you summed that up well Chad
> On Aug 22, 2013 12:53 PM, "Chad Smith" <chad78 at gmail.com> wrote:
>
>> It's like POGs.
>>
>> Remember POGs?
>>
>> BitCoins are like POGs.  Really, in and of themselves, that have
>> absolutely no value.  But, for a while in the 90s, some people got RICH off
>> of POGs.  Why?  Because they were able to convince people they needed to
>> have them.
>>
>> People bought into it - and some of *those *people also got rich -
>> because they collected and traded and sold them.
>>
>> Eventually, it all came crashing down, because it is very hard to keep
>> convincing people they need to spend actually real-world money on little
>> cardboard discs.
>>
>> BitCoin is POGs for the Twenty-Teens Tech Geek.  It won't last.  But
>> there will be people who make money off of it.  To them I say "Enjoy it
>> while it lasts."
>>
>> *- Chad W. Smith*
>>
>>
>> On Thu, Aug 22, 2013 at 11:40 AM, Aaron welch <n2nightfall at gmail.com>wrote:
>>
>>> Me too, me too.
>>>
>>> -AW
>>>
>>>
>>> On Thu, Aug 22, 2013 at 12:36 PM, Lynn Dixon <boodaddy at gmail.com> wrote:
>>>
>>>> Aaron,
>>>> This is something I have been doing for the last couple of years.
>>>>  Bitcoin mining, and trading has been very profitable for me. I can't say
>>>> for certain that it will always be this profitable, but I am damn sure
>>>> going to ride this curve for as long as its making me money.
>>>>
>>>>
>>>> On Thu, Aug 22, 2013 at 12:00 PM, Aaron welch <n2nightfall at gmail.com>wrote:
>>>>
>>>>> Agreed.  Lets stop arguing about its merits and downfalls and focus on
>>>>> the important parts...  Make the money now before they figure out how to
>>>>> devalue it.
>>>>>
>>>>> -AW
>>>>>
>>>>>
>>>>>
>>>>> On Thu, Aug 22, 2013 at 11:44 AM, Bret McHone <dbmchone at gmail.com>wrote:
>>>>>
>>>>>> http://www.youtube.com/watch?v=xmFXEcI_AA4   This about sums it up.
>>>>>>
>>>>>> -B
>>>>>>
>>>>>> On Aug 22, 2013, at 11:27 AM, Stephen Kraus wrote:
>>>>>>
>>>>>> All you are doing by proposing replacing a regulated form of currency
>>>>>> with a limited by design crypto currency is introducing the same problems
>>>>>> we ditched by leaving gold backed currency.
>>>>>>
>>>>>> It is deeply ironic that bitcoiners decry regulation without fully
>>>>>> understanding that is exactly what large, monopolistic buisnesses want, or
>>>>>> a magical free market thatwe technically had in the early 1900s and only
>>>>>> led to massive worker and market abuses.
>>>>>>
>>>>>> It is with even deeper irony that you decry government manipulation
>>>>>> of markets, when the exact opposite led to massive and disastrous market
>>>>>> fluctuations.
>>>>>>
>>>>>> It is with the deepest irony that you decry manipulation of markets
>>>>>> without realizing that studying and learning to manipulate markets is the
>>>>>> ENTIRE point of economics.
>>>>>>
>>>>>> Like I said, when pigs fly.
>>>>>>  On Aug 22, 2013 11:12 AM, "Matt Keys" <mk6032 at yahoo.com> wrote:
>>>>>>
>>>>>>>
>>>>>>> http://www.cnbc.com/id/100923551
>>>>>>>
>>>>>>>
>>>>>>> On 08/22/2013 10:57 AM, Stephen Kraus wrote:
>>>>>>>
>>>>>>> If it happens, I'll be waiting for the flying pigs.
>>>>>>> On Aug 22, 2013 10:00 AM, "Matt Keys" <mk6032 at yahoo.com> wrote:
>>>>>>>
>>>>>>>>
>>>>>>>> Bitcoin is already an accepted form of payment. Some employers like
>>>>>>>> the Internet Archive already give that option to their employees. In other
>>>>>>>> words I see bitcoin as a stabilizing factor in a crisis like that. In order
>>>>>>>> to keep food, water, shelter, etc. you'd need to pay those employees that
>>>>>>>> keep those utilities going... so you're gonna pay them in sandwiches,
>>>>>>>> water, and bullets -- or bitcoin? How would you collect payments if you're
>>>>>>>> an employer?
>>>>>>>>
>>>>>>>> What happened in Cyprus is a fact. Another fact that took place
>>>>>>>> around 80 years ago... "executive order 6102". Governments historically try
>>>>>>>> to seize or ban when they're loosing control or wanting control of
>>>>>>>> something -- land, water, shelter, guns/ammo... even money.
>>>>>>>>
>>>>>>>> On 08/22/2013 08:59 AM, Stephen Haywood wrote:
>>>>>>>>
>>>>>>>>> If the Euro, or Dollar go belly up, the most usable currency for a
>>>>>>>>> few weeks or months will be water, food, shelter, and protection, not
>>>>>>>>> bitcoins. Now, after things stabilize, bitcoins might rise up to be the new
>>>>>>>>> Euro/Dollar but it is very unlikely.
>>>>>>>>> --
>>>>>>>>> Stephen Haywood
>>>>>>>>> Owner, ASG Consulting
>>>>>>>>> CISSP, GSEC, OSCP
>>>>>>>>> 423.305.3700
>>>>>>>>> stephen at averagesecurityguy.info
>>>>>>>>>
>>>>>>>>>
>>>>>>>>>
>>>>>>>>>
>>>>>>>>> On Aug 22, 2013, at 6:05 AM, Matt Keys <mk6032 at yahoo.com> wrote:
>>>>>>>>>
>>>>>>>>>  Yeah, have fun...
>>>>>>>>>>
>>>>>>>>>> Have fun trying to keep track of who's behind the IP in each
>>>>>>>>>> transaction... have fun trying to "regulate" a peer-to-peer network with no
>>>>>>>>>> central authority. Downloading copyrighted material using bittorrent has
>>>>>>>>>> been deemed illegal and has been "regulated" by various authorities... does
>>>>>>>>>> it still happen? Do the authorities know exactly how often this happens,
>>>>>>>>>> from where, to/from whom?
>>>>>>>>>>
>>>>>>>>>> The usual political fear mongering won't work. I think what's
>>>>>>>>>> happening is that governments are starting to wrap their heads around this
>>>>>>>>>> gigantic problem -- "how the hell are we going to continue business as
>>>>>>>>>> usual if this really takes off worldwide?"
>>>>>>>>>>
>>>>>>>>>> This guy quoted on the cnbc article has the right idea, but he's
>>>>>>>>>> thinking about it in the wrong direction : "If the euro does go belly up
>>>>>>>>>> the German authorities could potentially still collect tax if everyone
>>>>>>>>>> started using the bitcoin - that's a good example of German
>>>>>>>>>> forward-thinking!" -- http://www.cnbc.com/id/100971898 . If the
>>>>>>>>>> Euro goes "belly up" nobody is going to give a shit about German taxes.
>>>>>>>>>> They're going to dump their Euro money, as fast as possible, to bitcoin and
>>>>>>>>>> another forms of money. Think Cyprus crisis v2.0 on an exponential scale.
>>>>>>>>>>
>>>>>>>>>>
>>>>>>>>>> On 08/21/2013 04:21 PM, Stephen Kraus wrote:
>>>>>>>>>>
>>>>>>>>>>> Yeah, guess what it means.
>>>>>>>>>>>
>>>>>>>>>>> You have to report any profit you make from Bitcoin on your
>>>>>>>>>>> taxes. Have fun!
>>>>>>>>>>>
>>>>>>>>>>>
>>>>>>>>>>> On Wed, Aug 21, 2013 at 3:59 PM, Tyler Mittan <
>>>>>>>>>>> flashbatmanquestion at gmail.com> wrote:
>>>>>>>>>>> Looks like Bitcoin is being recognized as "private money" by
>>>>>>>>>>> Germany:
>>>>>>>>>>>
>>>>>>>>>>> http://www.cnbc.com/id/100971898
>>>>>>>>>>>
>>>>>>>>>>> For those that don't take Austrian economics seriously, notice
>>>>>>>>>>> the name drop of F.A. Hayek.
>>>>>>>>>>>
>>>>>>>>>>>
>>>>>>>
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>>>>>>
>>>>>
>>>>>
>>>>> --
>>>>> Aaron Welch
>>>>> Chief Mechanic @ Geek Ventures
>>>>> 423-505-9999
>>>>> n2nightfall at gmail.com
>>>>> "Enabling people to do great things with their own ideas."
>>>>>
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>>>>
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>>>
>>>
>>> --
>>> Aaron Welch
>>> Chief Mechanic @ Geek Ventures
>>> 423-505-9999
>>> n2nightfall at gmail.com
>>> "Enabling people to do great things with their own ideas."
>>>
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