[Chugalug] Bitcoins: It's all about cash, that is, the real stuff
jnylen at gmail.com
Wed Sep 4 18:48:44 UTC 2013
Rod - The Euro is the EXACT OPPOSITE of decentralized.
Wes - I think Bitcoin is an excellent "first attempt" at a decentralized
On Wed, Sep 4, 2013 at 12:31 PM, Rod <rod-lists at epbfi.com> wrote:
> 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.
> 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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