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

Rod rod-lists at epbfi.com
Wed Sep 4 19:19:00 UTC 2013


I suggest you study what constitutes a sovereign currency.

On Wed, 04 Sep 2013 14:48:44 -0400, James Nylen <jnylen at gmail.com> wrote:

> Rod - The Euro is the EXACT OPPOSITE of decentralized.
>
> Wes - I think Bitcoin is an excellent "first attempt" at a decentralized  
> currency.
>
>
> 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.
>>>
>>> -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:  
>>>>>> 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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>>>>>>
>>>>>
>>>>
>>>>
>>>>
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>>
>>
>>
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