Principia Discordia > Aneristic Illusions
Good article that details exactly why the bitcoin is a pyramid scheme
The Good Reverend Roger:
I had only a vague idea of what a bitcoin even was.
This made it pretty clear.
navkat:
It's a great concept but currency is a social contract whose strength relies on faith, adherence to its rules and exploitable flaws.
I'd like to see this go down in history as the first but flawed attempt at something great that comes along later. I don't have faith in that but I respect the attempt.
Cain:
--- Quote from: navkat: navkat of...navkat! on April 09, 2013, 06:23:15 pm ---It's a great concept but currency is a social contract whose strength relies on faith, adherence to its rules and exploitable flaws.
I'd like to see this go down in history as the first but flawed attempt at something great that comes along later. I don't have faith in that but I respect the attempt.
--- End quote ---
wat
http://en.wikipedia.org/wiki/Banking_in_the_United_States#The_era_of_free_banking
Junkenstein:
Nav, I eventually ended up at that wikipedia page a while ago when alternative currencies came up somehow.
It's well worth a read, it's a bad road.
navkat:
Like that Liberty Dollar thing I almost lost my shirt in years ago?
Finance is a really BAAAAD area for me to for hard-and-fast opinions. I realize this and moderate myself. I probably won't understand half the shit on that wiki because OFUK MATH.
Basically, financial shit (and this is why working for National Discount Brokers was a poor fit for me) is like a giant shell-game with math. I can't keep track of where the aluminum foil ball is even when they use clear cups.
Poor choice of words on my part.
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