[Chugalug] Chugalug Digest, Vol 14, Issue 36

Lynn Dixon boodaddy at gmail.com
Fri Sep 6 15:21:48 UTC 2013

Skeptics have been saying the burst is coming since 2009.  Fast forward to
today, and we haven't seen any bursts.  We have seen a few spikes in the
price due to spikes in demand for the currency.  Those can all be tracked
back to spurts in media about Bitcoin.
Feel free to look at the value of BTC over time at this graph:
http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zv   (That goes
back to late 2009)

On Fri, Sep 6, 2013 at 11:06 AM, Chad Smith <chad78 at gmail.com> wrote:

> I don't think anyone is claiming that BitCoins are currently worthless.
>  They have some value to some people.  I hold to my opinion that it is a
> *fad* once the bubble bursts those BitCoins that are worth currently
> (according to http://preev.com/) $123.20 US Dollars will someday
> (relatively soon based on experience with other fads) be worth about $1.23
> -- or less.
> When that happens, the $5,000 machines used to mine them will not be able
> to "create enough wealth" to pay for the power it takes to run them, much
> less the cost of the machine itself.
> That is the scam.  The selling of the "IT PRINTS MONEY" machines, not
> necessarily the idea of BitCoin itself.
> Let me ask you this - if Butterfly *REALLY* believed in BitCoin - why the
> hell would it sell its machines.  If they "pay for themselves" in a couple
> of months and become pure profit forever after that - then why not just
> build them and plug them in and start mining as fast as they can?  In
> theory, they could buy the world in a couple of years, right?
> Obviously not.  There's a burst coming, and Butterfly is smart enough to
> know that.  That's why they are selling the shovels now, while the gold
> rush is on.
> *- Chad W. Smith*
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