[Chugalug] Bitcoins: It's all about cash, that is, the real stuff
wes at the-wes.com
Wed Sep 4 16:04:59 UTC 2013
That is an excellent point - I believe having a central bank is a bad
solution to an artificial problem. hopefully we can someday create a system
that doesn't require one.
On Wed, Sep 4, 2013 at 8:26 AM, Rod <rod-lists at epbfi.com> wrote:
> 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.
> 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
>> miners [[ early enough to generate a profit (barring another bubble). ]]
>> 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
>> There is no "bubble." There is only: "sucker."
>> " ... and two to take him."
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