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

Rod rod-lists at epbfi.com
Wed Sep 4 15:26:21 UTC 2013

So who is the central bank? One problems overlooked in the euro crisis is  
that those countries no longer have soveriegn currency that is managed by  
a central bank.
Even the alleged  Central Bank of the European Union lacks the basic  
authority that our Fed. has.
What is the equivalent in bitcoins?

On Wed, 04 Sep 2013 02:18:42 -0400, wes <wes at the-wes.com> wrote:

> 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:  
>> 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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