[Chugalug] Chugalug Digest, Vol 14, Issue 36

Aaron welch n2nightfall at gmail.com
Fri Sep 6 14:09:24 UTC 2013

I really enjoy all the negativity towards BTC on this list.  It means that
it is important enough for at least a few of you to research so that you
can argue your points (however misguided they are) against something that a
few of us have made real money with.  The other side of this is that if the
general public keeps sharing your opinion and view, then a few people will
make a killing generating, trading, and using BTC.  I keep reading the same
logic from people over and over... IT'S NOT REAL MONEY!  That is purely a
matter of opinion.  What is a big blue diamond really worth in USD?  To me,
nothing unless I can sell it.  To a rich person who has more money than
sense, $100 Million or so.  A few years ago, a company in Florida created a
flawless yellow diamond through a gas deposit process under extreme
pressure and temps.  Diamond companies from all over the world tried to
shut them down, threatened them, etc.  The value of objects is PURELY what
we place upon them.  A pile of gold means nothing to a man on a desert
island with no food the same as a man who needs a new tractor can't readily
sell his silo full of corn to pay for it.  Each of you that argues against
BTC really needs to look at what it represents to the global market as a
whole.  A completely independent system of commerce and exchange without
bank, government, or individual control.  This is pretty exciting to me as
I have been burned by banks pretty bad in the past.  We PAY banks to hold
OUR MONEY today.  They get to make money for holding onto our cash.  They
make money creating loans against OUR funds in their accounts.  Governments
create and spend currency at their leisure without regard for the overall
value of that currency.  In fact, the US government does not even control
its own currency, the Federal Reserve does.  I think of BTC as a way to
gain a little more control of my own destiny back from the vultures.


On Fri, Sep 6, 2013 at 9:52 AM, Stephen Kraus <ub3ratl4sf00 at gmail.com>wrote:

> John, that means either: Butterfly has no faith in Bitcoins OR they cannot
> purchase their supplies with Bitcoins.
> It just further proves why Bitcoin is only worth something to someone who
> can change bitcoins into an actual physical currency.
> Butterfly Labs wants ONLY USD. Whether or not a third party can do the
> exchange for you does not change that they see no inherent value in
> accepting bitcoins directly.
> On Fri, Sep 6, 2013 at 9:46 AM, John Aldrich <jmaldrich at yahoo.com> wrote:
>> Quoting Mike Robinson <miker at sundialservices.com>:
>> [mega-snip]
>>> The "scam" issue arises from, not any technical fault of bitcoin
>>>  per-se, but rather of human nature:  "money for nothing."  People  can be
>>> and are persuaded to pay $5,000 USD for, literally, "a  money-making
>>> machine."  The system is based on "trust," basically in  the complexity of
>>> a computer algorithm and on "one another" (most of  whom are people you
>>> have never met and never will), yet it lacks  recourse.  Thus, the
>>> perception that "this IS a nugget of gold" can  be fostered, and, having
>>> thus been fostered, it can and therefore  will be abused.  The one
>>> sure-fire way to turn a bitcoin into a  fungible unit of currency is to
>>> build and to sell a money-machine  for $5,000.  (I don't see them saying
>>> that you can pay for 'em in  bitcoin.)
>>>  Technically, you are correct. You cannot **DIRECTLY** pay for a Monarch
>> or other Bitcoin mining device in Bitcoins. However they have a 3rd-party
>> who will exchange your Bitcoins for $USD and allow you to purchase from
>> Butterfly Labs using your Bitcoins. Likely for a small exchange fee.
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Aaron Welch
Chief Mechanic @ Geek Ventures
n2nightfall at gmail.com
"Enabling people to do great things with their own ideas."
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