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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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The Good Reverend Roger

#195
February 26, 2014, 03:37:47 PM
Quote from: Faust on February 26, 2014, 02:19:34 PM
I'm still seeing comments like that. "How dare people use this as an example of why bitcoin wont work" or "people are always focusing on the negative"

When it comes to money, I ALWAYS focus on the negative.  We have a term, here in the Southwest, for people who focus on the positive.  We call them "rubes" or "suckers", depending on circumstances.

" 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

#196
February 26, 2014, 03:41:31 PM
Quote from: Faust on February 26, 2014, 03:23:41 PM
Quote from: The Johnny on February 26, 2014, 03:17:50 PM
You have to admit it had an extremely good run, im surprised it took so long.
It's not gone yet, It will probably stick around in some form, though I'm not sure what will happen now that one guy is holding 6% of the currency.
Scams and "Investment schemes" will proliferate around it. I won't even take bets on that.
Nine naked Men just walking down the road will cause a heap of trouble for all concerned.

Reginald Ret

#197
February 26, 2014, 08:00:16 PM
Quote from: Junkenstein on February 26, 2014, 03:41:31 PM
Quote from: Faust on February 26, 2014, 03:23:41 PM
Quote from: The Johnny on February 26, 2014, 03:17:50 PM
You have to admit it had an extremely good run, im surprised it took so long.
It's not gone yet, It will probably stick around in some form, though I'm not sure what will happen now that one guy is holding 6% of the currency.
Scams and "Investment schemes" will proliferate around it. I won't even take bets on that.
That one guy will soon hold more than 20% of the currency.
Soon after that things will get weird.
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"

Pæs

#198
February 26, 2014, 08:01:08 PM
What we learned: if you make a single target have a payout of $350m in anonymous digital currency, the strength of that anonymity protocol weakens the currency's security.

Next time we do this experiment, let's assume our systems are compromised and work from there, what is becoming the standard position for cybersecurity.

Junkenstein

#199
February 27, 2014, 10:33:02 AM
For your consideration, 2 very short videos and a quote.

http://www.youtube.com/watch?feature=player_embedded&v=UP1YsMlrfF0

http://www.youtube.com/watch?feature=player_embedded&v=GRIJ_jpmwzo

An impressive example of how not to be charismatic.

Quote"The best part about bitcoins is that you get to watch libertarians slowly discover why financial regulations exist to begin with."
Nine naked Men just walking down the road will cause a heap of trouble for all concerned.

Junkenstein

#200
February 27, 2014, 10:48:22 AM
Words fail me:
http://galtco.in/
Nine naked Men just walking down the road will cause a heap of trouble for all concerned.

Faust

#201
February 27, 2014, 12:10:20 PM
I think I just threw up a little.  I wonder what Rands opinion of the bitcoin would have been.

My housemate was suggesting I set up the Bison dollar and try get it up to the worth of 5 British pounds.
Sleepless nights at the chateau

Cain

#202
February 27, 2014, 12:17:47 PM
I was curious myself, so I did a bit of Googling.

Unsurprisingly, Rand was one of those "gold is money" types.  Unless the currency was backed by a tangible physical aspect, she thought it was dangerous and irresponsible.

Given Bitcoin et al are such fiat currencies that look practically imaginary when compared to central banks suggests she would not have approved.  But she was batshit insane, so who knows?

Mesozoic Mister Nigel

#203
February 27, 2014, 06:53:14 PM
Quote from: Junkenstein on February 27, 2014, 10:48:22 AM
Words fail me:
http://galtco.in/

WOW WOW WOW WOW

Amazing on SO MANY LEVELS!  :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."

Junkenstein

#204
February 27, 2014, 07:10:08 PM
PAES/FAUST/ANYONE TECH - Please tell me you are thinking of ways to fuck with this. Not that it won't implode anyway, I'd just like to give it a helping kick if possible.

If anything was ever begging for it, it's this.
Nine naked Men just walking down the road will cause a heap of trouble for all concerned.

The Good Reverend Roger

#205
March 06, 2014, 04:00:05 PM
" 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.

Cain

#206
March 06, 2014, 04:03:18 PM
Yeah.  Bitcoin's a shady game at that level, and stuff like this and the constant thefts are doing absolutely nothing to dispel that notion.  Even though it was probably just a suicide, how much of it may have been motivated by bitcoin-derived losses?

Faust

#207
March 06, 2014, 04:10:48 PM
Quote from: The Good Reverend Roger on March 06, 2014, 04:00:05 PM
I assume most of you have seen this...

http://www.csmonitor.com/Business/Latest-News-Wires/2014/0306/Autumn-Radtke-bitcoin-entrepreneur-found-dead

Yeah, I'm not sure what to make of that. If she killed herself I hope it wasn't over the worthless cryptocurrency, not like it matters that much why she would kill herself, theres no good reasons.
Sleepless nights at the chateau

hirley0

#208
March 07, 2014, 10:31:10 AM Last Edit: March 07, 2014, 10:33:18 AM by hirley0
maybe 2:34 maybe not
i have taken to reading this hp?board=25?
in place of BBC, DW.de  & NHK at 7
http://www.principiadiscordia.com/forum/index.php?board=25.0

inode_buddha

#209
March 08, 2014, 12:45:33 AM
Quote from: Nigel on February 27, 2014, 06:53:14 PM
Quote from: Junkenstein on February 27, 2014, 10:48:22 AM
Words fail me:
http://galtco.in/

WOW WOW WOW WOW

Amazing on SO MANY LEVELS!  :lulz:

The thing I love about this is, you get to sit back and watch as Libertarians slowly discover for themselves the reasons why we have banking regulations.  :lulz:
C|N>K
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