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

Rod rod-lists at epbfi.com
Wed Sep 4 16:31:16 UTC 2013

A decentralized currency hasn't worked for the Euro.

On Wed, 04 Sep 2013 12:04:59 -0400, wes <wes at the-wes.com> wrote:

> 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.
> -wes
> 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.
>>> 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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