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Funny Money: Why Bitcoin Is a Scam
Good ^ | 6/28/2011

Posted on 12/21/2013 8:55:31 PM PST by narses

In 2009, Satoshi Nakomoto (possibly a real person, possibly a pseudonym for one or more hackers) invented Bitcoin, the first peer-to-peer currency. Bitcoin, which works along the same lines as the Bittorrent network you might use to download movies and music, isn’t the first online currency. Linden Dollars, the unit of exchange in Second Life, are widely traded and regulated by game's maker, Linden Lab. Nakomoto’s innovation was using math-heavy cryptography techniques to create a medium of exchange that doesn’t require a central authority or physical tangibility (like gold) to deter counterfeiters and regulate the money supply.

Each time bitcoins change hands, so does a transaction history encoded in a string of characters. This “hash value” or digest can be decoded by anyone with sufficient computer power and time to devote to the effort. When bitcoins are exchanged, a digest is broadcast to the network of users, a participant does the work of decoding the transaction history, and other users quickly confirm their history is accurate. (The decoders earn a 50-bitcoin bounty for their work.) This happens about once every 10 minutes. Everyone who holds the currency agrees on who owns what, which ensures people can’t copy-and-paste their way to millions or defraud other users without the whole network agreeing that it happened.

In other words, Bitcoin isn’t just a currency, it’s a massive experiment in group trust. It’s also a hint of the financial system to come and, ultimately, a scam.

You probably heard of the digital cash after it was rocked by sudden changes in value. A few weeks ago the value of the bitcoin briefly plunged to negative eight cents to the dollar as hackers crashed exchanges and digitally ransacked electronic wallets to the tune of $9 million. A single victim claims that hackers absconded with some 25,000 of his bitcoins, worth, absurdly, approximately $375,000 at present dollar-to-bitcoin exchange rates.

That’s a crazy amount of money to have stolen by someone essentially copying a file from your hard drive. And that’s just the beginning of what’s happening in the world of Bitcoin, which combines enough hackers, monetary policy cranks, and mysterious Japanese corporations to populate a Neal Stephenson novel.

Bitcoin is a libertarian’s dream come true: a steadily expanding money supply without the state getting in the way of the sweet mechanics of the market. The money changes hands without transaction fees to corporations or government tracking. That’s why Bitcoin’s most ardent supporters are folks like gold-standard advocates and hard-core Wikileaks partisans. As interest in the currency grows, tech-savvy investors have jumped into the mix, speculating with bitcoins and profiting as demand increases; early adopters reaped returns as large as 1,000 or 2,000 percent.

There are nearly 7 million bitcoins sloshing around the Internet, worth over $100 million. Should you jump in the pool? I wouldn’t recommend it.

So far, you can’t buy anything with bitcoins that you couldn’t purchase more easily with cash or a credit card. Despite rumors that Bitcoin was creating an online Hamsterdam where anonymous users could sell drugs and lord knows what else, Bitcoin isn’t truly anonymous unless you’re already taking some relatively advanced anonymity steps. Even then, Internet forensics could likely track you down.

More problematically, the economics don’t quite work. Currencies are most valuable when lots of people trust and use them frequently. But PayPal has refused to convert bitcoins to cash, and major exchanges like MtGox have fallen to hackers. A currency that you can’t convert into anything else isn’t worth, well, anything.

But the biggest problem is that, despite its anarchic design, the system presents a huge opportunity for big fish to take advantage of the Internet everyman. Ben Laurie, a respected web security expert and cryptographer, makes a compelling case that Bitcoin won’t work because it accrues such a huge advantage to people who can bring the most computing power to bear on clearing transactions. “I mean, it’s nice for the early adopters, so long as new suckers keep coming along,” he concludes. “But in the long run it’s just a pointless waste of stuff we can never get back.”

Most worrisome is the opportunity for collusion: If any single person or group controlled a majority of computing power in the network, they could rewrite the transactions to take your money. Bitcoin relies on the growth of the network to outpace any single node’s ability to control the bulk of the processing power, but one mining collective, deepbit, currently clears more than a third of all transactions. Already, hackers have used botnets, online networks of computers, to increase their ability to process transactions and mine bitcoins.

These dynamics make watching Bitcoin a lot like watching monetary history in fast-forward. Timothy B. Lee, a tech journalist, paints a convincing scenario in which Bitcoin nodes band together to seize control of the network, becoming the equivalent of online banks as they provide transaction services to everyone else. And if those banks get together to regulate the supply of money, well, that’s where central banks come from.

Ultimately, all money is based on trust. Aside from the folks who prefer to base the value of their assets on the hard work of Russian gold miners, most Americans trust dollars because we have some sense that the U.S. government isn’t going anywhere and is somewhat accountable to us. It’s hard to trust a monetary system concocted and managed by anonymous hackers who aren’t answerable to anyone.

Bitcoin still offers a glimpse of a future in which the dollar is digitized: No more wasted money printing paper and coins, and instead of stimulating the economy with handouts to banks, the government could just download money onto your USA Cash Card. But we won’t want to cede control of our future currency to profit-seeking financial companies (the main advantage of Bitcoins today is their fee-free exchange) or give the government any more ability to track our purchases than they do with cash. We’ll want a decentralized peer-to-peer monetary system that combines the advantages of Bitcoin with the purchasing power of the dollar.

Assuming, of course, that the dollar has any purchasing power left by the time we want to digitize it.


TOPICS: Business/Economy; Crime/Corruption
KEYWORDS: bitcoin
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1 posted on 12/21/2013 8:55:31 PM PST by narses
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To: narses
Bitcoin is no more of a scan then the Federal Reserve.
2 posted on 12/21/2013 8:59:22 PM PST by E. Pluribus Unum (Who knew that one day professional wrestling would be less fake than professional journalism?)
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To: narses

I’d like to see a respected government create a digital currency.

Switzerland perhaps?

I must admit that it was a disappointment when they bowed down to US pressure to rat out some depositors :-(


3 posted on 12/21/2013 9:01:32 PM PST by Bobalu (The true secret to genius is in creativity, not in technical mechanics)
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To: narses; RichInOC; Prince of Space; JoeFromSidney; TNMountainMan; alphadog; infool7; Heart-Rest; ...

http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/26/when-bitcoins-go-bad-4-stories-of-fraud-and-hacking/

When bitcoins go bad: 4 stories of fraud, hacking, and digital currencies.

With Bitcoin interest (and prices) spiking, you might be considering investing in your own little cache of digital currency. But before you set up a Bitcoin wallet, you should think long and hard about who will watch over your digital wealth. In its relatively short lifespan, Bitcoin wallets and processors have been a target for hackers — and old-fashioned fraudsters. In fact, within the last week, one of the most prominent European exchanges reported it had lost over $1 million worth of bitcoins to hackers.
An academic study published earlier this year by Tyler Moore at Southern Methodist University and Nicolas Cristin at Carnegie Mellon about the risks associated with Bitcoin exchanges reported that 18 of 40 services they studied over three years closed “with customer account balances often wiped out.” In that study, less popular services were more likely to just disappear than popular exchanges — but popular exchanges were more likely to suffer security breaches, which have also been blamed for disappearing bitcoins.
Their research supports the anecdotal evidence about the security of various Bitcoin services — or lack thereof. The forum Bitcoin Talk has a relatively comprehensive list of incidents, but here are a few of the most notable (and costly) stories about investing in Bitcoins going bad.
European payment processor and wallet service loses over $1 million worth of bitcoins
BIPS, a Denmark-based Bitcoin payment processor with a free online wallet service reportedly lost 1,295 bitcoins over the course of a few days earlier this month — just over $1 million worth at current exchange rates. Coindesk reports that the service was the subject of a series of DDoS attacks that appeared to be connected to the heist. The company’s CEO said most of the missing funds were from the company’s own holdings, but a statement addressing the incident noted that some users also took a hit
BIPS has been a target of a coordinated attack and subsequent security breached. Several consumer wallets have been compromised and BIPS will be contacting the affected users.
Inputs.io loses $1.2 million worth of bitcoins to apparent hack
Another online wallet service, Inputs.io, was compromised in late October. Hackers reportedly made off with 4,100 bitcoins, then worth $1.2 million, during two separate attacks — despite an extensive list of security measures. TradeFortress, an individual associated with the service, said that it was a social engineering attack that allowed the adversary to reset the passwords for the system’s cloud-hosting provider. Users are eligible for a partial refund of their losses out of its remaining funds on a sliding scale that decreases based on how much was stored, likely cold comfort for anyone storing significant sums with the service.
Chinese Bitcoin trading platform disappears — with $4.1 million worth of bitcoins
A prominent Chinese Bitcoin exchange that claimed to be based in Hong Kong, GBL, disappeared in late October — along with $4.1 million worth of bitcoins. The platform had only launched in May, and there were a few other red flags, including that it did not obtain a license to operate financial services, according to the Want China Times.
Alleged Bitcoin Ponzi scheme faces SEC suit
In 2011, an individual started advertising returns on Bitcoin investments that sounded too good to be true — 1 percent interest daily via an investment scheme eventually called Bitcoin Savings and Trust. The whole thing looked like a bit of a pyramid scheme and shut down without returning some 500,000 bitcoins (then worth more than $5.6 million) to investors in 2012. And an SEC suit alleges that it was too good to be true, saying the proprietor of the service “falsely promised investors up to 7% interest weekly,” but the actual offering “was a sham and a Ponzi scheme” where he used new investments to pay off outstanding returns and pocketed the rest.


4 posted on 12/21/2013 9:02:04 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: E. Pluribus Unum

5 posted on 12/21/2013 9:02:27 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: E. Pluribus Unum

You said a mouthful there FRiend.


6 posted on 12/21/2013 9:02:40 PM PST by Bobalu (The true secret to genius is in creativity, not in technical mechanics)
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To: E. Pluribus Unum

I’ll go one further. It is no more of a scam than any other currency on earth. And no less.


7 posted on 12/21/2013 9:07:50 PM PST by fhayek
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To: narses

Ultimately, all currency is so-called “fiat” currency. All of it. Even if said “money” is in gold pieces of eight. All currency only works as a medium of exchange because the seller agrees to take some of it in exchange for their product or service. The seller agrees to do this only because they believe there will be others who will accept that currency in exchange for something they want.


8 posted on 12/21/2013 9:11:10 PM PST by Ramius (Personally, I give us one chance in three. More tea anyone?)
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To: Ramius

And ultimately, all death is so-called “heart failure”. But that definition cheapens any analysis beyond utility.


9 posted on 12/21/2013 9:12:27 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: E. Pluribus Unum

A fair point.

If bitcoins can be made secure enough, it’s the way of the future for sure.

I had to wonder the other day when there was a big drop, if it’s a sign of imminent collapse or a great buying opportuity.


10 posted on 12/21/2013 9:13:05 PM PST by bigbob (The best way to get a bad law repealed is to enforce it strictly. Abraham Lincoln)
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To: Errant

Ping


11 posted on 12/21/2013 9:16:05 PM PST by Lurkina.n.Learnin (This is not just stupid, we're talking Democrat stupid here.)
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Bitcoin will likely be sabotaged to instill FUD. It’s an interesting concept nonetheless.


12 posted on 12/21/2013 9:28:53 PM PST by Gene Eric (Don't be a statist!)
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To: narses

An imaginary money made up by a hacker. What could go wrong?


13 posted on 12/21/2013 9:31:34 PM PST by PAR35
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To: PAR35

:)


14 posted on 12/21/2013 9:31:59 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: narses
And ultimately, all death is so-called “heart failure”.

Uh... No it's not.

15 posted on 12/21/2013 9:33:02 PM PST by Ramius (Personally, I give us one chance in three. More tea anyone?)
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To: E. Pluribus Unum
It’s hard to trust a monetary system concocted and managed by anonymous hackers who aren’t answerable to anyone.

sounds like the Federal Reserve

16 posted on 12/21/2013 9:33:23 PM PST by PGR88
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To: narses
"In other words, Bitcoin isn’t just a currency, it’s a massive experiment in group trust. It’s also a hint of the financial system to come and, ultimately, a scam. "

I wish the author had pointed out the differences between US currency and Bitcoin.

17 posted on 12/21/2013 9:36:59 PM PST by MV=PY (The Magic Question: Who's paying for it?)
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To: Ramius
"Ultimately, all currency is so-called “fiat” currency."

Uh... No it's not.

18 posted on 12/21/2013 9:39:21 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: MV=PY

Simple:

The US Dollar is backed by a (significant) sovereign taxing power and is created by, and backed by the borrowing of money in a fractional reserve system.

Bitcoin is a phantasm created by an anonymous hacker.


19 posted on 12/21/2013 9:40:55 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: PGR88

Not even close.


20 posted on 12/21/2013 9:41:12 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: narses

Uh... Yes it is.


21 posted on 12/21/2013 9:48:01 PM PST by Ramius (Personally, I give us one chance in three. More tea anyone?)
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To: Ramius

Only by badly abusing the word “fiat”. You are free to any word set you want to use, but if you redefine words to fit your opinions on what they ought to mean, then you no longer have any ability to communicate in a meaningful fashion.

Not all currency is the same, nor are all exchanges of value currency. Your claim that all monies are “fiat” appears to equate all monies as being the same, and that bitcoin is no different than any other medium of exchange.

If that is a correct understanding of whatever abtruse point you are trying to make, it is simply false to fact.


22 posted on 12/21/2013 9:51:07 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: PAR35

The guys at the top of Bitcoin have a neat gimmick. Some dimwit will eventually invent a virus that destroys the data necessary on each hard-drive to access and use their individual Bitcoins. Since there is no back-up or extra pin number involved....the money kept in such reserves will simply stay in the pot of those who invented it.


23 posted on 12/21/2013 10:02:39 PM PST by pepsionice
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To: pepsionice

One of many flaws in the phantasmal scam.


24 posted on 12/21/2013 10:05:00 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: narses

All currencies depend utterly and only on their -perceived- value. If you want to buy a canoe from a remote Amazon tribe and all you have are gold coins, you may be out of luck. It may be that gold has no intrinsic value to them at all. No currency has intrinsic value— that’s what makes it currency and not barter. Trading for things of intrinsic value is barter. Currency is just a convenience invented to make markets more simple and prevent us all from having to carry a bunch of goats and pigs (things of intrinsic value) around every time we want a loaf of bread or a pint of beer.


25 posted on 12/21/2013 10:08:34 PM PST by Ramius (Personally, I give us one chance in three. More tea anyone?)
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To: E. Pluribus Unum
True. But which would you place your faith in? It's a trick question. Both are scams, one with the force of law, one visible, the other not so. And which would you have recourse against? All is lost.
26 posted on 12/21/2013 10:11:08 PM PST by Fungi
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To: Ramius
All currencies depend utterly and only on their -perceived- value.
No kidding, really? That is not the same as claiming that they are all "fiat" currencies. Nor does it mean that a dollar is the same as a peso or a lump of coal.
27 posted on 12/21/2013 10:19:35 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: narses

Time will tell about Bitcoin. There is no doubt the US Dollar is on the decline and will be confirmed worthless. The Political class has succeeded in destroying the wealth of our once great nation. I love America, better hedge your bets with Bitcoin as it is unstoppable.


28 posted on 12/21/2013 10:27:20 PM PST by TsonicTsunami08
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To: pepsionice
The guys at the top of Bitcoin have a neat gimmick. Some dimwit will eventually invent a virus that destroys the data necessary on each hard-drive to access and use their individual Bitcoins. Since there is no back-up or extra pin number involved....the money kept in such reserves will simply stay in the pot of those who invented it.

That's not the way it works. If a virus destroys the keys to your bitcoin, they are no longer spendable and effectively lost. So the "guys at the top" won't have access to them either.

Btw, you can indeed backup your keys, so the virus scenario isn't a show stopper.

29 posted on 12/21/2013 10:30:16 PM PST by Database
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To: narses

Nobody said they’re the same. Dollars and pesos are different, but they are both currencies. Coal is a commodity. Trading something for a ton of coal is barter. Like trading a chord of wood, an hour of massage, or a 57 Chevy. Those are all useful things to trade with, they’re difficult to carry in a wallet. Instead we accept some kind of fiat (or substitution) in place of the barter item for a transaction. But all currencies are a substitution (fiat) for some equivalent barter value. That’s the definition of currency. It stands in place of, or in fiat for, some valuable thing. It works only because the vendor reasonably believes they can also trade with that currency for some still other thing.


30 posted on 12/21/2013 10:38:24 PM PST by Ramius (Personally, I give us one chance in three. More tea anyone?)
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To: TsonicTsunami08
There is no doubt the US Dollar is on the decline and will be confirmed worthless.
ROTFLMAO!
31 posted on 12/21/2013 10:47:03 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: Ramius

So what ARE you trying to say about bitcoin?


32 posted on 12/21/2013 10:47:34 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: narses

I’m not saying anything about Bitcoin. Frankly I don’t understand it well enough to have an opinion one way or the other.


33 posted on 12/21/2013 11:02:35 PM PST by Ramius (Personally, I give us one chance in three. More tea anyone?)
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To: narses

What makes Bitcoin a scam is not that it is a private representation of value for people. It is the fact that it is only exists in a medium that the US federal government can shut down at the press of a button. When bitcoin challenges the Obama federal reserve Obama has the internet kill switch and goodbye bitcoin. Anyone who things they have protected assets in the bitcoin world is a fool.


34 posted on 12/22/2013 12:34:49 AM PST by Organic Panic
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To: E. Pluribus Unum; narses

I’ll stick with precious metals: lead and brass to protect the silver and gold, thank you very much.


35 posted on 12/22/2013 12:39:44 AM PST by Eagles6 (Valley Forge Redux)
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To: narses

You should really get off the floor and do something to protect your wealth if you have any.

Over 17 Trillion in debt and climbing, while you’re laughing your ass off you may also like to extract your head from it.

This is a simple mathematical equation, The Dollar will lose it’s status as the worlds reserve currency. The Chinese hold large amounts of US Dollars and are dumping it into Bitcoin to save their fortunes. The devil they know is spiraling down and they are willing to take a chance on the future of Bitcoin.

As someone who holds US Dollars it saddens me, we have been sold down the river they the lying scum on both sides of the isle. I would suggest that you put 2% of your holdings into Bitcoin as a hedge to fall back on..... you know in your heart the Dollar is on the way down, it’s not a matter of if it is a matter of when and it will happen fast!


36 posted on 12/22/2013 12:45:52 AM PST by TsonicTsunami08
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To: E. Pluribus Unum

Then it’s being run by incompetents like the Fed.


37 posted on 12/22/2013 2:38:01 AM PST by count-your-change (you don't have to be brilliant, not being stupid is enough)
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To: narses

Just a bit of a ping


38 posted on 12/22/2013 4:46:15 AM PST by maine yankee (I got my Governor at 'Marden's')
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To: narses
The Federal Reserve Note has declined in value by how much since it was introduced?

FRNs are not a good store of value.

/johnny

39 posted on 12/22/2013 4:59:02 AM PST by JRandomFreeper (Gone Galt)
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To: JRandomFreeper

FRN’s have declined in value, but our overall wealth and individual household wealth has increased geometrically.

Bitcoins have a standard deviation far, far beyond anything acceptable to anyone with any numeracy in them at all. They are a fraud on a massive scale.


40 posted on 12/22/2013 6:49:38 AM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: TsonicTsunami08

“The Dollar will lose it’s status as the worlds reserve currency.”

ROTFLMAO!

We are the wealthiest, most powerful nation in the world, and you want me to run from the dollar and buy your bizarro fraud?


41 posted on 12/22/2013 6:51:00 AM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: Ramius
Ultimately, all currency is so-called “fiat” currency. All of it.

No, it isn't. "Fiat" refers specifically to money that can be brought into existence at will -- usually by governments or banks.

Gold or other metal-based currencies can be brought into existence, but only with great expense and hard work.

All currency only works as a medium of exchange because the seller agrees to take some of it in exchange for their product or service.

That statement is absolutely correct.

42 posted on 12/22/2013 7:59:41 AM PST by BfloGuy ( Even the opponents of Socialism are dominated by socialist ideas.)
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To: narses

“We are the wealthiest, most powerful nation in the world, and you want me to run from the dollar and buy your bizarro fraud?”

Sleeping Van Narses, perhaps when you fell asleep in the mid-80s this was true, but now that you are awake again and it is 20 years later, you may want to evaluate the following:

-The middle class here is being hollowed out
-The USDollar has limited purchasing power compared to the past and continues to be devalued by the Fed
-Two people per household working is the new norm to make ends meet
-The US can’t meet it’s budget without borrowing money
-Soon the interest on the debt will consume the entire budget
-47 million people are on food stamps
-102 million working age citizens are unemployed
-The middle class is on the rise in Asia
-The Fed bubble in stocks and real estate is artificial and unsustainable
-We sustain military dominance by borrowing the operating funds with no plan to ever be out of debt - creating an empire of more than 800 military bases around the world - the Roman Empire had less
-The US now has over $200 trillion in unfounded liabilities - not counting the impact of Obamacare
-The Federal Reserve counterfeits more than a trillion dollars a year out of thin air, buys US bonds and mortgages with this, allowing Congress to keep on spending

I will skip delineating the moral decline that is undermining our nation though they feed into each other.

It is a confidence game and will continue only as long as the majority believe it is still the 80s. Some day a tipping point will make it self evident to the sleepers that the world has changed.

Set your alarm before bed this time!


43 posted on 12/22/2013 8:23:34 AM PST by aMorePerfectUnion (Truth is hate to those who hate Truth)
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To: narses; Lurkina.n.Learnin; TsonicTsunami08; All
We are the wealthiest, most powerful nation in the world, and you want me to run from the dollar and buy your bizarro fraud?

We're also the deepest in debt and on the backside of what's left of the confidence the world once had in the dollar or any other fiat currency, for that matter.

I don't fault you for raising an alarm about the use of cyptocurrency. I do fault you for continuing to post what seems to be your one and only source of a Bitcoin hit piece you seem to be able to find.

At best it is outdated, at worst it is outright lying.

It's dated: 6/28/2011! That's ANCIENT history!!!

There are nearly 7 million bitcoins sloshing around the Internet, worth over $100 million. Should you jump in the pool? I wouldn’t recommend it.

So, at the time this hit piece was put together, a Bitcoin was worth $14.29! So much for his recommendations.

There are many flaws in your piece and I'm not going to spend further time pointing them out. You should have done that yourself before posting something so irrelevant to today and discrediting to your position.

Btw, in the end, even this person admits the concept has merit:

Bitcoin still offers a glimpse of a future in which the dollar is digitized: No more wasted money printing paper and coins, and instead of stimulating the economy with handouts to banks, the government could just download money onto your USA Cash Card. But we won’t want to cede control of our future currency to profit-seeking financial companies (the main advantage of Bitcoins today is their fee-free exchange) or give the government any more ability to track our purchases than they do with cash. We’ll want a decentralized peer-to-peer monetary system that combines the advantages of Bitcoin with the purchasing power of the dollar.

Assuming, of course, that the dollar has any purchasing power left by the time we want to digitize it.

The author hits on some of the more important possibilities offered by the cryptocurrency concept but fails to put them together. So I've take the liberty (Paraphrasing):

We won’t want to cede control of our future currency to profit-seeking financial companies [ or central banks]. We’ll want a decentralized peer-to-peer monetary system that combines the advantages of Bitcoin with the purchasing power of the dollar.

44 posted on 12/22/2013 8:37:29 AM PST by Errant
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To: narses

I just listened to Ann Barnhardt’s take on Bitcoin here:

http://www.youtube.com/watch?v=po5d7Pqr1q8&feature=player_embedded

Currency is based on the morality of the people that use it. I think that as the morality of this nation goes so goes the value of the Dollar.


45 posted on 12/22/2013 8:41:54 AM PST by infool7 (The ugly truth is just a big lie.)
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To: Errant

46 posted on 12/22/2013 8:56:47 AM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: narses

“We are the wealthiest, most powerful nation in the world, and you want me to run from the dollar and buy your bizarro fraud?”

No,this is what I wrote. I did not say run from anything I made a suggestion.

“I would suggest that you put 2% of your holdings into Bitcoin as a hedge to fall back on..... you know in your heart the Dollar is on the way down, it’s not a matter of if it is a matter of when and it will happen fast!”

Good luck to you.


47 posted on 12/22/2013 9:39:42 AM PST by TsonicTsunami08
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To: narses
Can't refute the points raised?

And posting an article from 2011? That's just sad and misleading.

/johnny

48 posted on 12/22/2013 9:48:03 AM PST by JRandomFreeper (Gone Galt)
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To: JRandomFreeper

ROTFLMAO! See post 4 - a very current article.

Look if you want to waste your money, go for it. No one can ever protect the foolish from being had. This can go into the same place as those Iraqi Dinars you probably “invested” in.


49 posted on 12/22/2013 1:25:11 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: narses
I don't invest in any currencies. They are all pretty much scams. Keeping cash now is burning value because of the real inflation caused by massive Fed printing.

But you keep your faith in those green pieces of paper that buy less and less groceries every month.

/johnny

50 posted on 12/22/2013 1:32:15 PM PST by JRandomFreeper (Gone Galt)
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