[Chugalug] Bitcoins: It's all about cash, that is, the real stuff

wes wes at the-wes.com
Wed Sep 4 06:18:42 UTC 2013


I don't have a dog in the bitcoin fight, however I do want to bring to
light one point which you did not address:

the world needs a usable independent currency.

as society moves inexorably towards globalization, more and more strife is
coming from the varying values of money. people are going to war over
inflation. even if bitcoin crashes and burns, it will serve as a learning
experience to the next attempt to achieve a global currency. the lessons
we're learning right now will be our education on the subject.

if it's a scam, it will eventually come out, and we'll learn how to make
the next one non-scammy. until then, people should be free to invest in
this hobby, to win or lose money as they see fit. most of the audience your
messages are reaching are very aware individuals who aren't easily fooled.
every time you repeat "you're all being scammed!" you are insulting our
collective intelligence.

that doesn't mean I think you should refrain from commenting on the
subject, but I would really like to see something more specific or
substantial. most of what I'm seeing from you can be paraphrased as the
above repeated statement.

thanks,
-wes

-wes


On Tue, Sep 3, 2013 at 9:23 PM, Mike Robinson <miker at sundialservices.com>wrote:

> Now, mining has largely become a matter of getting your hands on the newest
> miners [[ early enough to generate a profit (barring another bubble). ]]
> There
> are [[ very few ]] [[ technical ]] barriers to mining other than cash.
> Right now, that
> requires a minimum $5K [[ investment ]] and [[ may ]] not deliver returns
> [[ any time soon
> (if at all). ]] [[ That is, barring another bubble. ]]
>
>
> "There are none so blind as those who will not see."
>
> YES, "there are NO technical barriers to 'mining.'"  Other than the O-N-E
> ... T-H-I-N-G ... that actually matters to the clever mathematicians who
> conceived of it:
>
> UNITED STATES DOLLARS.
>
> You're paying $5,000 USD for "a magical money machine," and it's
> S-L-O-W-L-Y dawning on you that the words which I have enclosed in [[
> double brackets ]] can be omitted entirely from these sentences.
>
> You're being very cleverly suckered.  It's as simple as that.  And, you're
> pouring serious money ( >= $5000 USD ) into "the same damn con" that has
> been foisted upon "clever, smart" (sic) people, well, since time began.
>
> "Public-key cryptography" is designed around a truly-intractable (so far
> as we know ...) mathematical problem. Whereas "bitcoin" is designed around
> a =difficult= problem (at least, "difficult" in the way that all of you
> have been taught to approach it ...), yet "not so difficult that it cannot
> be, by sheer brute force, periodically solved."  A quarter has to drop out
> of the one-armed bandit now and then, just to keep the suckers going.
>  Obviously, there IS a "private key" to this puzzle, and, equally
> obviously, you don't have it.  All of this is plenty good enough to enable
> people to sell you(!) these mathematical one-armed bandits for $5,000 USD a
> pop.
>
> There is no "bubble."  There is only:  "sucker."
>
> " ... and two to take him."
>
>
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