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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The Good Reverend Roger

#165
December 25, 2013, 02:54:28 AM
The rest of us are talking about bitcoin.  You came in tonight looking for something else entirely.
" 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

#166
December 25, 2013, 02:56:34 AM
Also, you have 4 minutes remaining to change that NSFW avatar.
" 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

#167
December 25, 2013, 02:58:24 AM
tick, tock
" 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

#168
December 25, 2013, 03:00:55 AM
Banned, avatar removed.
" 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.

inode_buddha

#169
December 25, 2013, 03:48:48 AM
Quote from: :regret: on December 06, 2013, 12:29:24 PM
Quote from: Wisa1 on December 06, 2013, 11:08:45 AM
Quote from: :regret: on December 04, 2013, 09:21:04 AM
Quote from: Wisa1 on December 04, 2013, 01:09:34 AM
I still don't understand why increase in scale = inflation I would actually be extremely grateful if you could explain this one for me(no sarcasm intended).
Let's just leave it at people are complicated stupid assholes. This leads to changes in perceived value. This leads to people doing complicated stupid assholish things to money (think of stocks or investing capital but not time and hogging all the results of other people's labor, or some of the more complicated tricks banks pulled that are fucking is over now). The effects of this gets bigger with increased scale. people cheating to make themselves richer lead to inflation, people cheating to make themselves poorer lead to deflation. People are slightly more cunning than stupid so ergo inflation.

That makes sense. So I guess that means we should be looking for a system that's harder to tamper with, correct me if I'm wrong but I believe this is the idea behind the gold standard?
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

Isn't this basically what the Rothschilds did? I'm not really up on this part of history...
C|N>K

Wisa1

#170
January 01, 2014, 04:42:07 PM
Quote from: Dirty Old Uncle Roger on December 25, 2013, 03:00:55 AM
Banned, avatar removed.
yet despite your best efforts I'm back and drunk to boot!
"As I treks through the cesspit I sharps up my wit"
"We dont wanna be, we just be"
-Roots Manuva

Faust

#171
January 01, 2014, 05:00:14 PM
Quote from: Wisa1 on January 01, 2014, 04:42:07 PM
Quote from: Dirty Old Uncle Roger on December 25, 2013, 03:00:55 AM
Banned, avatar removed.
yet despite your best efforts I'm back and drunk to boot!

Yeah but don't push it, he was right to ban you. Next time you wont be back.
Sleepless nights at the chateau

Cain

#172
January 01, 2014, 05:13:26 PM
Quote from: Wisa1 on January 01, 2014, 04:42:07 PM
Quote from: Dirty Old Uncle Roger on December 25, 2013, 03:00:55 AM
Banned, avatar removed.
yet despite your best efforts I'm back and drunk to boot!

Sorry to burst your bubble, but the rest of the admin team agreed with the decision.

But please, keep making an arse of yourself.  It'll just make it that much easier to go for a permament ban the next time you decide to be an idiot.

The Good Reverend Roger

#173
January 01, 2014, 05:58:33 PM
Quote from: Wisa1 on January 01, 2014, 04:42:07 PM
Quote from: Dirty Old Uncle Roger on December 25, 2013, 03:00:55 AM
Banned, avatar removed.
yet despite your best efforts I'm back and drunk to boot!

Okay, I banned you because you violated one of the 6 rules, and refused to fix the problem.

Now I WANT to ban you.  I won't until you do something ban worthy, but I'll be paying attention now.  Not because of your stupid post-begging happy dance, but because I hate a sloppy drunk.

" 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.

Junkenstein

#174
January 06, 2014, 10:07:22 AM
Amusing developments abound.

"Coinye West" due to launch soon, Because another crypto currency is the best way to solve existing problems.

There's this too:
http://www.bbc.co.uk/news/technology-25617931

QuoteThe value of Bitcoin has topped $1,000 (£610) again after social gaming firm Zynga said it would start accepting the virtual currency as a payment option.

Zynga is perhaps the most significant video games firm to accept bitcoins to date
#

QuoteAlan Greenspan, former US Federal Reserve chairman, has called the rapid rise a "bubble".

A randroid who presided over various bubbles including the sub-prime one would know.

Back to the first part, Zynga accepting it. I suspect this is equal parts Zynga's shitty and failing business model looking to get any additional revenue it can. What's going to be interesting here is if Zynga (And by extenstion, Facebook) convert Bitcoins to cash and the mechanisms they use to do so.

If the intention is not to convert to cash, then I'm not exactly sure of the goal here.I doubt they can acquire enough to manipulate or control the market and that seems pointless again if the goal is not to cash out.

I am starting to suspect a few high level Zynga/facebook execs threw a significant sum at bitcoin pre-crash and are using company statements to inflate the price so they can then cash out at comparable levels losing little or making a small amount before dropping the company stance on bitcoin. If the policy changes in a month or so I'd put money on this being the motivation.
Nine naked Men just walking down the road will cause a heap of trouble for all concerned.

Junkenstein

#175
January 08, 2014, 08:48:48 AM
http://www.bbc.co.uk/news/technology-25647913

QuoteThe developers of a new virtual currency originally called "Coinye West" have launched it despite receiving a legal threat from the celebrity who inspired its name.

Musician Kanye West's lawyer had sent them a cease and desist letter saying: "Consumers are likely to mistakenly believe that Mr West is the source of your services

Quote"There's been a number of people who have put out 'joke' currencies in the past," said Johnathan Turrall, chief technology officer at Metalair, a start-up developing currency exchange software at the University of Sussex.

"In one case, the original developers launched on obscure websites, but when they took it mainstream, and the price spiked, they sold up and disappeared."

You know, we might just be missing a trick here.

Nine naked Men just walking down the road will cause a heap of trouble for all concerned.

Reginald Ret

#176
January 28, 2014, 12:23:19 PM
My house mate is doing the bitcoin thing and lately he has been asking me questions like 'do you want to make X amount of money with no effort?'
My answer usually is 'No. I don't like money.'  though i do that mostly to annoy him.
Yesterday i asked what he was offering and he was talking about buying one virtual currency that he thinks he can exchange for bitcoins and following that by selling the bitcoins.
With my money, yeah NO. I don't trust this shit and if people are getting rich then someone else is getting fucked, I'm just trying to make sure I don't run that risk.

PD halp, how do i esplain to my housemate that he shouldn't borrow money to do thiskind of stupid shit? Borrowing is for houses, cars, medical bills or education. Those are the only options, the rest you pay out of your paycheck.
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."

"The worst forum ever" "The most mediocre forum on the internet" "The dumbest forum on the internet" "The most retarded forum on the internet" "The lamest forum on the internet" "The coolest forum on the internet"

Faust

#177
January 28, 2014, 02:02:25 PM
He has a gambling addiction and should be treated accordingly.

Also if that one virtual currency is the dogecoin it's been subject to price fixing and pump/dump schemes and he going to get fucked if he has invested in it.

Sleepless nights at the chateau

Reginald Ret

#178
January 28, 2014, 02:10:22 PM
Quote from: Faust on January 28, 2014, 02:02:25 PM
He has a gambling addiction and should be treated accordingly.

Also if that one virtual currency is the dogecoin it's been subject to price fixing and pump/dump schemes and he going to get fucked if he has invested in it.
So far he has just put in around 100-150 euro, afaik, doing that and playing with it is fine by me, that is just a hobby. But i'll take your advice to heart,  gambling problems are quite serious and would fit his spending pattern. I need to become quite harsh when it comes to money then. I'd prefer not to play the hardass but it is for both his and my own good.
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."

"The worst forum ever" "The most mediocre forum on the internet" "The dumbest forum on the internet" "The most retarded forum on the internet" "The lamest forum on the internet" "The coolest forum on the internet"

Faust

#179
January 28, 2014, 02:35:00 PM
Gambling addiction was the wrong word sorry.
100 - 150 isn't a problem as long as its within his means, but if he is talking about get rich schemes it does sound like he enjoying the novelty of it rather than approaching this with any kind of plan.

To mitigate risk and ground his notions for it he needs to follow a few basic rules:

Never borrow for this, even for small amounts.
Never put in more than he is willing to lose all of.
Set a target*, have an exit strategy and a rough end time. The natural feeling when something is doing well is that it will do better, this feeling will last right until the price crashes.
Accept his losses. If it doesn't work and he loses his money chances are it wont be better the next time. Plan when to buy again, if to ever buy again.

*Setting  a reasonable target and a timeframe allows you to exit and measure your success. 15 -20 % is good returns, not exactly get rich quick but the higher your target the higher your risk.

If making money on this is what he wants to then he is probably barking up the wrong tree. Bitcoin is incredibly volatile, as it's infrastructure, a whim of the courts and his investment is suddenly worthless.
Sleepless nights at the chateau
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