[Chugalug] Bitcoin ... algorithms, and scams

Lynn Dixon boodaddy at gmail.com
Thu Sep 5 03:07:44 UTC 2013


Wow.. Do you not realize that your entire (HARD to....RE(a)D,,,,) paragraph
basicly desicribes exactly how the United States Dollar operated for a long
time??? It was backed by this shiny gold nugget that someone had to dig up
from the ground.  The only way you could get said nugget was to either, dig
it yourself, or buy it from someone whom had dug it up.  Then ,since those
gold nuggets were such a bitch to carry, we began to give out certificates,
saying that you had X amount of these nuggets in a bank safe.  Those
certificates then began what we call the dollar.

Hell our dollar was backed by this same shiny metalic nuggets dug up from
the gound until 1971, when Nixon killed off the gold standard.  Now, our
dollar's value is backed by whatever a small group of men in the Federal
Reserve want it to be worth. On the surface (which is where you like to
focus your views) having my currency backed by what some old men say, just
seems nuts.




On Wed, Sep 4, 2013 at 9:27 PM, Mike Robinson <miker at sundialservices.com>wrote:

> > Much more intelligent people than I have taken apart the Bitcoin
> algorithms
> > (after all, it's all open-source), and to my knowledge, these are the
> only
> > significant vulnerabilities of Bitcoin that have not already been
> addressed
> > in software updates.  The first is being watched closely (for example,
> > https://blockchain.info/pools).  I'm not sure what consequences the
> second
> > would have, but the SHA-256 / SHA-2 algorithm has been around for a long
> > time without showing signs of cracking.
>
> All right, ladies and gentlemen, at this point I believe that it is
> appropriate for me to be "a great deal more specific than I have been up to
> now."
>
> "Currency," first of all, in any and every form, is a purely =human=
> enterprise.  It could be a gold coin; it could be a gold nugget; it could
> be a seashell; it could be a massive stone disk; it could even be a piece
> of paper.  It doesn't really matter, as long as it is (simultaneously ...):
>
> - accepted
> - hard to pick-up on the roadside
> - (yet) widely accepted, and
> - relatively common, such that it can be produced in (!) NECESSARY (!)
> QUANTITY.
>
> "The perfect currency unit" today is probably "the ACH wire-transfer data
> packet."  On the appropriate, presumed-to-be-secure data network, such a
> packet is, upon receipt, sufficient to cause the "wire transfer of" an
> arbitrary "(amount)" of "(currency_units)" from one international
> bank-account to another.  Billions of (currency_units) change hands every
> single day, based upon nothing more than this ... including every check
> that we write, which these days is optically-scanned "even by the ATM
> machine at Wal-Mart."
>
> But ... "bitcoin is not based on this dynamic."  No, not at all.
>
> Bitcoin is based on a =purely= =psychological= alter-dynamic:  the notion
> of standing in some mountain-stream somewhere, with a metal pan in your
> hand, and reaching down into that pan and OMG .. A .. HUGE .. GOLD ..
> NUGGET!! .. I'M .. RICH! .. "and up from the ground came a'bubblin' crude
> .. OIL, that is .. BLACK GOLD .. TEXAS TEA .."
>
> The "bitcoin con," first and foremost, is based on the dynamic that "VALUE
> = SCARCITY."  There are only so-many fish in the sea, and there will never
> be more.  (Thus saith an "assumed to be trustworthy real-person" who, so
> far as anyone can actually determine, might not even exist.)  The only way
> to "have one" is .. to "get one" .. which means that you must (pay $5,000
> USD to ... heh ...) "dig one up."  According to whom?  Why, according to
> this maybe-non-existent unnamed person, of course!!
>
> Fast-forward to "tomorrow, 7-AM at Chattz."  Oops... you can't buy a cup
> of coffee, because you have not yet been lucky-enough (sorry, it is the
> luck of the digital draw...) to dig-up another digital gold-nugget.  (And,
> until you do, you can't eat anything for lunch, or fill-up your car, or buy
> anything at Hamilton Place.)  Yessir, both you and your employer and your
> shopkeeper and the guy who takes away your garbage CAN RUN OUT OF ...
> "Money(!), itself."  Indeed, to extricate yourself from this conundrum,
> someone's got to (a) discover a nugget .. (b) trade it two-or-three times
> so that it .. (c) somehow winds up in YOUR hands so that you C-A-N .. (d)
> BUY - YOUR - DAMN(!) - COFFEE!!
>
> ... which, to make things very short, "does not sound like such a
> practical Currency System."
>
> Nope... "the hallmark of a truly successful HUMAN currency system" ... is
> not SCARCITY at all.  But ... liquidity.
>
>
>
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