BitCoin’s Greatest Lesson

20 comments to BitCoin’s Greatest Lesson

  • NIX

    ********** poof again! ***********

  • Michael

    Bitcoin=beads and buttons for the natives in return for the native’s lands.

  • NIX

    OH by the waw my name(NIX) is worth at this time one billion dollars you can by shares if you want.

    • Peak Crackers

      LOL NIX.. You know back in the late end of 99-2000 Dot com bubble i was picking up the shiny for cheep no one wanted it unless your were a gangster and it was around your neck it had to be Gold .It was all about the “dot.com” everything… if it there was a “www” and dot.com” it was worth something back then and just like now I would say .. www_buy_ my_shit.com hence my thoughts this very day on Shit-coin Or facebunk
      same load of crap today

  • NIX

    “Personally, I would rather buy tulip bulbs than bitcoin. At least tulip bulbs give you some pleasure in the spring.” – Egon von Greyerz
    SGT/ KING WORLD NEWS

  • Peak Crackers

    I have all treated like what it really is SHIT-COin ! Just digital waist

  • Tom

    I always noticed that when people claimed the Government couldn’t control Bitcoin they never mentioned the weakest link, the exchanges! Or the fact that it’s just software, all software can be hacked, heck the Gov. already has Quantum computers and networks which can be used to hack into anything.

  • Quarker

    Even the economist Milton Friedman predicted some form of e-cash coming into existence. I know you guys think Bitcoin is some kind of Rothschild controlled NWO trap and I would agree with you if Bitcoin was the only one of its kind out there. There are so many different ones, each with their own community and development teams trying to innovate and bring a new revolutionary payment system to everyone. This is a new technology that has the potential to break the death grip of the elite on the financial system. You guys could even start your own right now if you wanted, would that be a conspiracy?
    Silver still has a great future for anyone holding due to the looming supply deficits but please stop being like those people who said that the internet itself was a fad when it was first being developed.

    http://www.youtube.com/watch?v=QON_CobFPM0&list=UUhZRoC9bMegevAxFmee1oSA&feature=c4-overview

    • Silver Shield

      Bitcoin and the like are something for nothing scams.
      When cryptos are fully backed by commodities, then you will be on to something.

      Until then you are all hoping on the greater fool.

      • John Galt

        Something with NO value. PERIOD. Fantastic scam. People really have no idea what the difference between money and currency are, what their attributes are, what gives something value, or the history of money and currency. The others are just shills.

    • Son of Liberty

      Potential schmotential.

      “Shor’s algorithm” + “Byzantine General” = “one bad day for crypto currency”

      “The future ability of quantum computers might be a decade or two away, their future ability to break public-key cryptography has important implications for the encryption of highly sensitive information today. For these applications, we must already design new public-key cryptosystems and one-way functions that are immune to quantum cryptanalysis.”
      — 2004, A Quantum Information Science and Technology Roadmap (http://qist.lanl.gov/pdfs/qc_roadmap.pdf)

      Time to get real.

      • Silver Shield

        We don’t have to wait for quantum computing look at Mt Gox today.
        The future of the internet will be only entertainment and information as it will be impossible to do anything of value.
        All real wealth will be physical and we will slowly realize the risks and costs are too high to have that wealth tied to the internet.

        • Son of Liberty

          Quite true indeed.

          I just always love to point out Bitcoin’s “dirty little secret” and listen to the crickets chirp… all the geniuses who claim to know about every aspect of the source code suddenly disappear when you bring this up

          To wit:

          “While ECDSA is indeed not secure under quantum computing… Bitcoin’s security was designed to be upgraded in a forward compatible way and could be upgraded if this were considered an imminent threat.”
          https://en.bitcoin.it/wiki/Myths#Quantum_computers_would_break_Bitcoin.27s_security

          (instead of “upgraded in a forward compatible way” that passage used to reference the notion of a “Bitcoin Holiday”… I wonder why they changed it???)

  • The same reason people wanted bitcoin-because it went up, will be the same reason they don’t want it- it will go down.

    Very few people are actually using bitcoin as a currency. Egold had five million accounts. Estimates show HOLDERS of bitcoin are far less than a million.
    Probably half of all bitcoin in existence (12 million of the 21 million to be mined)are owned by large original owners and of course the US government through seizures.

  • I have long been a follower of Chris and we are philosophically aligned on most things. The problem with Bitcoin is that the analogy is wrong. So let me pitch it to you a different way:

    In a free market, absent any government, someone wants to start a company and issue shares. They don’t have to ask anyone, they just do it. Now there are two ways to issue shares: have a central server and accounting that can be manipulated…. or use a decentralized ledger and cryptographic transfer of shares.

    Everyone understands that stock is backed by the services a company provides. In the case of Bitcoin, its only service is transferring shares among the shareholders. For this it charges a small fee (or nothing). Like all businesses Bitcoin has expenses (network bandwidth, and security). Bitcoin pays for these services like all startups do, by issuing new shares to pay the employees. As a result, when viewed as a company, Bitcoin is operating a $1 billion per year loss.

    Despite operating at a loss, the fungibility and transferability of shares in this company have caused market participants to use its shares as a form of money just like Tide or cigarets. In situations where physical transfer of wealth is near impossible (crossing boarders) or expensive, transferring shares in Bitcoin serves as a convenient barter tool. As a result shares in Bitcoin are trading at value disconnected from the fundamentals of the business.

    Does this make Bitcoin money no…. they are just shares in a shell company losing $1 billion per year.

    While Bitcoin balances can be viewed as shares in an unprofitable business, it does open the door to new kinds of transaction-based businesses that are profitable. New developments have created the possibility of a variation of Bitcoin without the miners and instead the shareholders “vote” to secure the network with every transaction. The network charges transaction fees and these fees are used to ‘buy back and retire’ shares and thus increasing the equity-per-share of the remaining shareholders.

    This is the start of an empty business with tradable shares that earns a profit from operation. Now you can build additional valuable services on top of such a service including:

    1) Domain Name registration that eliminates squatting by auctioning names and paying the fees to shareholders.
    2) Sell bingo cards and lottery tickets with honest drawings.
    3) Implement a ‘bank’ that lends USD, Gold, and Silver notes into circulation using shares in the bank as collateral (backed 10 to 1) with automatic margin call. This allows the creation of digital assets market-pegged to Gold/Silver while being as trust free and decentralized as Bitcoin.
    4) Implement a honest, digital voting system.
    5) Insurance Systems
    6) And many more business models.

    The key is to view blockchain technology as a decentralized company providing a service for which there is a market demand, charging for this service, and then watch shares in this company climb in value.

    So as much as you dislike Bitcoin as *money* I would love an opportunity to do an interview / debate with you or someone in your camp to see if we cannot open our minds to a different paradigm.

    I am the founder and creator of BitShares (bitshares.org) and am actively working to find free-market solutions to secure the life, liberty, and property of all against all aggressors. I believe we could have a productive and rewarding discussion for your community.

    • Silver Shield

      Free market is not justification for fraud.

      Charles Ponzi operated in a free market.
      Bernie Madoff operated in a free market.
      Enron operated in a free market.

      They all took something that has NO intrinsic value and profited off of it by building up the PERCEIVED value by selling it for REAL value.

      When a few get something for nothing the rest will get nothing for something.

      As I said in my video, I do not care what people choose to store their wealth in and in a free market people can choose to follow and invest in anything.

      This whole debate is is another Hegelian Dialectic between nothing backed by force (the dollar) versus nothing backed by nothing (BitCoin).

      People are getting played by the same men you think you are fighting against.

      In the end we will see the synthesis solution a gold backed crypto currency owned and controlled by the same bankers that own and control this paradigm.

      They have had the long desire to chip, trace and tax all human transactions in order to totally dominate humanity.

      You all are just laying out the intellectual foundation for that reality.

      I have come to terms that most of humanity will sell their brother and sisters into slavery so long as they are one step higher than the other.

      STOP looking at the technology or theory of BitCoin and look at the psychology of greed that is driving it.

      It is fundementally no different than the scammers on Wall St and therefore it is impossible that BitCoin is a solution.

      Ahead of the single largest event of human history, the collapse of the dollar, it is suicide not to place your time, energy, trust into anything other than real skills, real wealth and real friends.

      Caveat emptor.

      • If you are suggesting that someone shouldn’t issue shares because all stocks are based on the psychology of greed then you are effectively killing the foundation of the industrial revolution. Stocks are well understood and clearly have value and purpose. A stock that is traded cheaply and fairly without any middle man is desirable to a stock that requires you to go through a broker. Now assuming this stock was backed by a management team building products and selling them into the market I would assume you would have no problem with it.

        The shareholders expect to make money from dividends when the company earns a profit. There are two options for shareholders to receive their dividends: cash payment, or stock buyback.

        So now the question becomes how much of the management of the company can be automated and how does said company make profits? There are many ways for the company to make profits and many information based jobs that can be facilitated.

        Value is created from ‘nothing’ all the time when ever someone changes their opinion. Value is not intrinsic in items, it is in the eye of the beholder. Art is an example of value where ‘millions’ is created from ‘nothing’.

        I have been aware of the dollar collapse and have been preparing for said event longer than you have. I have developed real skills, have real wealth. I have raised chickens, milked cows, and could go off grid. That is all defensive. I am going on the offensive to build technology that allows man kind to secure life, liberty, and property through decentralized consensus technologies.

        Your fixation on greed is a derogatory term for self-interest. The opposite of self-interest is selflessness and selflessness is death. Asking others to be selfless is greedy. Greed is to self-interest as Hoarding is to Saving.

        • Silver Shield

          Listen I have debated hundreds of bitcoiners and I know where this is going. There is no common ground between your illusionary wealth and my stance on focusing in on real wealth ahead of the collapse of the dollar.

          Shares of a company are backed by real things like buildings, inventory or revenue.

          Bitcoin itself has nothing. It main benefit that it costs very little to transact in Bitcoin. Your business has value because you are probably scraping off profit from this scheme.

          The only thing driving this is speculation especially since the demand from Silk Road is gone.

          I guarantee you that all bitcoiners will at one point say they had wished they changed their bitcoins into real wealth.

          Remember dollars, bitcoins are merely future claims On wealth and not real wealth itself. In fact they are more properly described as anti wealth.

          I have friends even partners that mine or speculate in Bitcoin but they are all wise enough to buy silver with their winnings. Hold on to your illusions at your own risk.

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