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Good article that details exactly why the bitcoin is a pyramid scheme

Started by Faust, April 09, 2013, 02:28:19 PM

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Faust

#150
December 18, 2013, 10:44:27 PM
Coinbase fucked up a transaction of $38,000 dollars and delayed it since last Saturday.

One: because of the volatility of the currency the person got fucked on the new rates.

Two: They had no way of telling that something went wrong with the transaction.

That is assuming everything is above board because it certainly isn't possible that coinbase could be trying something illegal.
Sleepless nights at the chateau

LMNO

#151
December 19, 2013, 04:05:49 AM
Ok, as someone who works in the financial sector, I can't believe this hadn't occurred to me before: if exchange rules haven't been set, it's all open to interpretation.

Mesozoic Mister Nigel

#152
December 19, 2013, 04:59:26 AM
Quote from: LMNO, PhD (life continues) on December 19, 2013, 04:05:49 AM
Ok, as someone who works in the financial sector, I can't believe this hadn't occurred to me before: if exchange rules haven't been set, it's all open to interpretation.

YEP.
"I'm guessing it was January 2007, a meeting in Bethesda, we got a bag of bees and just started smashing them on the desk," Charles Wick said. "It was very complicated."

Cain

#153
December 19, 2013, 08:53:52 AM
Quote from: Pæs on December 18, 2013, 09:36:43 PM
"bounties have been collected" is misleading wording if nobody has been assassinated yet.

Yeah, I thought that too.

Also reinforces my suspicion this is a honeytrap.

Cain

#154
December 19, 2013, 08:57:20 AM
Charles Stross also wrote an article on his blog about BitCoin and why it is a bad idea recently:

QuoteLike all currency systems, Bitcoin comes with an implicit political agenda attached. Decisions we take about how to manage money, taxation, and the economy have consequences: by its consequences you may judge a finance system. Our current global system is pretty crap, but I submit that Bitcoin is worst.

Reginald Ret

#155
December 19, 2013, 09:18:45 AM
Quote from: Cain on December 19, 2013, 08:57:20 AM
Charles Stross also wrote an article on his blog about BitCoin and why it is a bad idea recently:

QuoteLike all currency systems, Bitcoin comes with an implicit political agenda attached. Decisions we take about how to manage money, taxation, and the economy have consequences: by its consequences you may judge a finance system. Our current global system is pretty crap, but I submit that Bitcoin is worst.
Interesting.
Bitcoins do too much 'collateral' damage.
Lord Byron: "Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves."

Nigel saying the wisest words ever uttered: "It's just a suffix."

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Telarus

#156
December 19, 2013, 09:07:43 PM
Bitcoin was supposed to be beyond the reach of governments, but investors in the virtual currency are realizing that is not the case.

The price of a Bitcoin slumped Wednesday after China's largest exchange for the virtual currency said it would stop accepting deposits in yuan — China's local currency.

The much-ballyhooed Bitcoin currency has lost more than half its value since hitting records above $1,100 at the end of November. On Wednesday, the price of a Bitcoin fell 18% to $558 and traded as low as $422.50 earlier in the day, according to an index run by CoinDesk, a website focused on digital currencies.

The exchange, BTC China, had to "temporarily stop its yuan account recharging functions," according to comments it made on Weibo, a popular Chinese micro-blogging service similar to Twitter.

http://www.usatoday.com/story/money/markets/2013/12/18/bitcoin-price/4107831/
Telarus, KSC,
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Faust

#157
December 20, 2013, 12:03:52 AM
Its even been proven that the anonymity aspect of it is completely false, so pretty much all of its core principles have been invalidated.

Saw this on tumblr
Sleepless nights at the chateau

The Good Reverend Roger

#158
December 20, 2013, 12:43:17 AM
Gone from 1000 to 500 in less than 24 hours.

There are 50 suckers on FB screeching about how they're going "all in" on the slump, since for some reason they can't seem to get authentication to get actual money OUT (gee).

:lulz:

HERPADERP!  The product that does exactly what it says on the label.
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Mesozoic Mister Nigel

#159
December 20, 2013, 04:56:48 PM
Quote from: Dirty Old Uncle Roger on December 20, 2013, 12:43:17 AM
Gone from 1000 to 500 in less than 24 hours.

There are 50 suckers on FB screeching about how they're going "all in" on the slump, since for some reason they can't seem to get authentication to get actual money OUT (gee).

:lulz:

HERPADERP!  The product that does exactly what it says on the label.

:lulz: :lulz: :lulz:
"I'm guessing it was January 2007, a meeting in Bethesda, we got a bag of bees and just started smashing them on the desk," Charles Wick said. "It was very complicated."

Wisa1

#160
December 25, 2013, 12:47:00 AM
Quote from: :regret: on December 06, 2013, 12:29:24 PM
Hmmm, not comparing gold to fiat but gold is no longer as stable a standard as it used to be. New techniques are continuously being implemented to mine more gold destabilizing the input of gold into the market and thus the goldprice. Add to that the huge size of the economy (as understood by those who buy and sell currencies for profit1) being used as leverage against the gold value, allowing changes not related to gold to greatly influence the price of gold. For example: If a company or corporation could boom and/or crash the economy and buy/sell gold in just the right sequence then they could make crazy amounts of money. Of course, the same technique can be used against fiat currencies.
1 perception is important here

Obviously gold is no longer a valid option and there are at least 15 good reasons why. It's the concept I'm interested in i.e. an objective standard(weight, density... mathematical equation?) surely we can do better than this...
"Fiat money has been defined variously as:
any money declared by a government to be legal tender.[1]
state-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.[2]
money without intrinsic value.[3][4]"

Meanwhile what happened old uncle roger? The conversation was just starting to get interesting and you disengage like some kind of frightened rodent...
"As I treks through the cesspit I sharps up my wit"
"We dont wanna be, we just be"
-Roots Manuva

The Good Reverend Roger

#161
December 25, 2013, 02:38:34 AM
Quote from: Wisa1 on December 25, 2013, 12:47:00 AM


Meanwhile what happened old uncle roger? The conversation was just starting to get interesting and you disengage like some kind of frightened rodent...

What the fuck are you talking about, asshole?

I didn't disengage from shit.  But I can promise you a very "interesting" conversation from this point forward, asswart.
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

The Good Reverend Roger

#162
December 25, 2013, 02:47:05 AM
Wisa1 hasn't replied yet.  That must, by his own standards, mean he has disengaged like some form of vermin.
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Wisa1

#163
December 25, 2013, 02:51:43 AM
haha and we're back still awaiting a response to this post
Quote from: Wisa1 on December 06, 2013, 11:06:23 AM

I can't help but feel this discussion is getting a little off topic and as much as I enjoy defending my integrity (and the fighting skills of french farmers) to a band of faceless Discordian avatars would it be ok with you guys if we got back to economics?

I still maintain that the current economic system is deeply flawed.
This assumption is based on my observation of the highly innefficient and volatile distribution of labour and resources.
I beleive this is because we are using an economic system which was formulated on the philosophies of Adam Smith and Thomas Hobbes both undoubtedly intelligent men but who happened to lived on an earth which was very very different to the one we live in today.
For those who disagree I would like to know why? That is "Why is the current system not inefficient or volatile?" not "I can't think of a better one"
Admitting there is a problem is the first step towards finding a solution. Looking at an inefficent/immature/outdated process and simply stating 'well I can't think of a better way to do this therefore the current way MUST be the BEST way" is tantamount to a crime against evolution and not a very healthy way of thinking if you believe in the continued survival of the human race.

p.s. If anyone is genuinely interested in my personal life rather than the fine sport of NoobBaiting I'd be more than happy to answer any questions and send you some photos of the farm via email or PM.
"As I treks through the cesspit I sharps up my wit"
"We dont wanna be, we just be"
-Roots Manuva

The Good Reverend Roger

#164
December 25, 2013, 02:53:31 AM
Quote from: Wisa1 on December 25, 2013, 02:51:43 AM
haha and we're back still awaiting a response to this post


Balls.  That isn't the conversation you just asked for.

This one is.  Asshole.
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.
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