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Bitcoin for Big Dummies: Why The Digital Currency Is Spiking & Why It's Not A Bubble

Reggie Middleton's picture





 

#000000; font-size: 12.727272033691406px; color: #666666; font-family: Arial, Helvetica, sans-serif; line-height: 21.81818199157715px;">#000000; font-size: 11px; background-color: transparent; line-height: 1.9; background-position: initial initial; background-repeat: initial initial;">2014 is set to be a banner year for BoomBustBlog. As you may have noticed, positings have slowed down to almost nothing. This due to another battle with hackers on the server. As we bounce back, we will take the global macro world by storm. This includes the digital currencies and how they will affect the world as we know it.

#000000; font-size: 12.727272033691406px; color: #666666; font-family: Arial, Helvetica, sans-serif; line-height: 21.81818199157715px;">#000000; font-size: 11px; background-color: transparent; line-height: 1.9; background-position: initial initial; background-repeat: initial initial;">I have recorded a brief simple video to explain my perspective on digital currencies. Let it be known to all who don't normally follow me: I'm not a gold bug, I'm not crypto-currency bug, I'm a risk-adjusted return bug! I attempt to see things as they truly are and will call it as I see it. Those of you who instanteously dismiss Bitoin as a bubble or Ponzi scheme are likely doing so without taking the time to fully understand it (it is quite different, I must admit), or read the disruptive change that it's capable of bringing into play - a disruptive change at the level of the Internet and World Wide Web during the the early to late 90's. For an example of this broad based, yet widely followed misunderstanding, reference #000000; font-size: 11.818181991577148px; background-color: transparent; color: #0033cc; line-height: 1.9;">The "Anti-Economist" Calls Bitcoin the A…

#000000; font-size: 12.727272033691406px; color: #666666; font-family: Arial, Helvetica, sans-serif; line-height: 21.81818199157715px;">Now, there's no doubt that Bitcoin has been on a tear as of late, after all...

#000000; font-size: 12.727272033691406px; color: #666666; font-family: Arial, Helvetica, sans-serif; line-height: 21.81818199157715px;">#000000; font-size: 12.727272033691406px; background-color: #f2f2f2; display: inline-block; line-height: 0.5; vertical-align: top; width: 438px;">#000000; font-size: 12.727272033691406px; background-color: transparent; color: #0033cc; line-height: 0;">#cccccc; outline: #000000; font-size: 12.727272033691406px; background-color: transparent; vertical-align: baseline; cursor: pointer; display: inline-block; overflow: hidden; position: relative; float: none; width: 438px; background-position: initial initial; background-repeat: initial initial;">image012#000000; font-size: 12.727272033691406px; background-color: #ffffff; float: none;" />#000000; font-size: 12.727272033691406px; background-image: url(http://boombustblog.com/plugins/system/jcemediabox/img/zoom-img.png); background-color: transparent; vertical-align: baseline; display: block; width: 441.97442626953125px; height: 403.9772644042969px; position: absolute; z-index: 1; bottom: 0px; left: 0px; background-position: 100% 100%; background-repeat: no-repeat no-repeat;"> #000000; font-size: 8pt; background-color: transparent; display: inline-block; line-height: normal; color: #000000;">image012  

#000000; font-size: 12.727272033691406px; color: #666666; font-family: Arial, Helvetica, sans-serif; line-height: 21.81818199157715px;">The vast majority of that 6 digit (that's right, "Six" digit) return has occurred within the last year.

#000000; font-size: 12.727272033691406px; color: #666666; font-family: Arial, Helvetica, sans-serif; line-height: 21.81818199157715px;"> #000000; font-size: 12.727272033691406px; background-color: #f2f2f2; display: inline-block; line-height: 0.5; vertical-align: top; width: 435px;">#000000; font-size: 12.727272033691406px; background-color: transparent; color: #0033cc; line-height: 0;">#cccccc; outline: #000000; font-size: 12.727272033691406px; background-color: transparent; vertical-align: baseline; cursor: pointer; display: inline-block; overflow: hidden; position: relative; float: none; width: 435px; background-position: initial initial; background-repeat: initial initial;">image015#000000; font-size: 12.727272033691406px; background-color: #ffffff; float: none;" />#000000; font-size: 8pt; background-color: transparent; display: inline-block; line-height: normal; color: #000000;">image015 

#000000; font-size: 12.727272033691406px; color: #666666; font-family: Arial, Helvetica, sans-serif; line-height: 21.81818199157715px;">The most likely reason stems from media exposure. Please note that I don't think it's due to media exposure, it stems from it. You see, as explained in the short video below, Bitcoin's primary value stems from its inherent ability to truly and absolutely circumvent the gate keepers of monetary value today - the Central and Money Center Banks of the world.

#000000; font-size: 12.727272033691406px; color: #666666; font-family: Arial, Helvetica, sans-serif; line-height: 21.81818199157715px;">#000000; font-size: 12.727272033691406px; background-color: transparent; display: block; text-align: center; clear: both; position: relative; z-index: 999; background-position: initial initial; background-repeat: initial initial;">#000000; font-size: 10px; background-image: none; display: block; color: #bbbbbb; font-family: Tahoma, Geneva, sans-serif; width: 400px;"> 

#000000; font-size: 12.727272033691406px; color: #666666; font-family: Arial, Helvetica, sans-serif; line-height: 21.81818199157715px;">Basically, the gatekeepers of money can now have the locks on their gates picked. The tertiary value is that this new money is "programmable," but more on that later. The more people who realize the value of this new, finite, cryptographic money, the higher the demand pushes the value of the money. 

#000000; font-size: 12.727272033691406px; color: #666666; font-family: Arial, Helvetica, sans-serif; line-height: 21.81818199157715px;">#000000; font-size: 11px; background-color: transparent; line-height: 1.9; background-position: initial initial; background-repeat: initial initial;">Do I have a point? Well, look at it from obscurity in 2010 to media darling in 2013 - Yes! All 391,288% worth of appreciation! #000000; font-size: 11px; background-color: transparent; line-height: 1.9; background-position: initial initial; background-repeat: initial initial;"> 

#000000; font-size: 12.727272033691406px; color: #666666; font-family: Arial, Helvetica, sans-serif; line-height: 21.81818199157715px;">   #000000; font-size: 12.727272033691406px; background-color: #f2f2f2; display: inline-block; line-height: 0.5; vertical-align: top; width: 281px;">#000000; font-size: 12.727272033691406px; background-color: transparent; color: #0033cc; line-height: 0;">#cccccc; outline: #000000; font-size: 12.727272033691406px; background-color: transparent; vertical-align: baseline; cursor: pointer; display: inline-block; overflow: hidden; position: relative; float: none; width: 281px; background-position: initial initial; background-repeat: initial initial;">image023#000000; font-size: 12.727272033691406px; background-color: #ffffff; float: none;" />#000000; font-size: 8pt; background-color: transparent; display: inline-block; line-height: normal; color: #000000;">image023

#000000; font-size: 12.727272033691406px; color: #666666; font-family: Arial, Helvetica, sans-serif; line-height: 21.81818199157715px;">Stay tuned for more on my take on smart money in the very near future.

 


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Fri, 12/27/2013 - 19:45 | Link to Comment bcecil
bcecil's picture

Keep an open mind folks. 99.9999 % of the people on the planet thought the earth was flat until....

one didn't think that way anymore, and that guy didn't give the gift to the people of this planet like Satoshi did...

 

 

Fri, 12/27/2013 - 17:57 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Reggie is blind to off-grid risk.

Well, I guess with his love for Google & Google Glass, I should not be surprised. You play your way, I'll play mine.

Fri, 12/27/2013 - 16:59 | Link to Comment Compwiz4u
Compwiz4u's picture

Bitcoin is a sign of hyperinflation, a proxy for Gold & Silver, & a scam to make people think an inherently worthless "money" has value.

Who invented Bitcoin? Who benefits? It has to be the banksters/gov't who want to deflect the QE hyperinflation from Gold & Silver.

A virtual currency like Bitcoin cannot be created out of thin air because somebody benefits unfairly - much like the fractional reserve banking scam.

Cyber-currencies have to start with something real so nobody unfairly benefits.

Fri, 12/27/2013 - 16:46 | Link to Comment Sudden Debt
Sudden Debt's picture

Every reason bitcoin pumpers give you are all the same tricks pink sheet stock pushers tell you.

Fri, 12/27/2013 - 16:32 | Link to Comment Toolshed
Toolshed's picture

I have had great respect for Reggie's analysis in the past. His growing obsession with his own wonderfulness is definitely disturbing, however. Regardless, I find it extremely difficult to watch the above video, with it's absurd analogies, and not think Reggie has lost his mind completely. "If the internet wasn't a bubble then bitcoin isn't a bubble. Bitcoin is to finance what the internet was to communications." WTF? Pretty unbelievable, and quite sad as well.

Fri, 12/27/2013 - 16:30 | Link to Comment Tall Tom
Tall Tom's picture

The inherent problem with Bitcoin is the Blockchain. It grows with every transaction.

 

As Bitcoin becomes more popular and transactions grow exponentially so will the Blockchain grow exponentially.

 

Can you imagine the Download time for a 4 Gigabyte Blockchain?

 

It is unsustainable. The growth in Downlink and Uplink speeds will not match the exponential growth of the Bitcoin Blockchain.

 

Just how long does it take WilliamBanzai7's pages to load with a fast DSL line? Can you imagine how long it takes to download 4GB by just doubling your Downlink speed?

Fri, 12/27/2013 - 16:20 | Link to Comment steveo77
steveo77's picture
Dr. Rosalie Bertell, Tracking Cancer and Asking the Right Questions
Growing up, going through a few science/engineering colleges, and working in the energy engineering field for 30 years, one might think that I would have a very good grasp of nuclear power, radiation, and THE RISKS related to radiation. Unless of course, there was a system in place to keep THE RISKS hidden in plain site.

Indeed I had a pretty good grasp of

1) Alpha, Beta, Gamma radiation,
2) And a pretty good grasp of the process of nuclear power (splitting atoms to boil water one way or the other),
3) But the risks had always been obscured by "the wrong question".

To quickly answer 2) for decades after TMI I had mistakenly assumed that US nuclear plants were being run responsibly, with proper risk management. I was sadly wrong, and I wrote this Manifesto shortly after Fukushima, check it out here:

Manifesto - Why Shut Them Down

THE WRONG QUESTION
The risks have been obscured by an excellent lie that somehow the nuclear industry had foisted on the public, even the universities. The lie is that the only risk of radiation is in causing cancer. And further, that radiation takes a long time to cause cancer, therefore it is not something you need to be concerned with now.

I wasn't aware until today that Dr. Rosalie Bertell had died last year. She fought to expose these lies of nuclear for over 40 years. Interesting also that she was a Nun like that 82 year old Nun who broke into the nuclear storage facility and is now being an activist in jail.

Dr. Bertell did huge studies on radiation risks due to X-rays and it's effects on people. She found in the data, not just cancer, but also other disease, and she worked it into an accelerated aging process.

So the Question of "How Much Cancer Does Radiation Cause" is the WRONG QUESTION. How much weakening of your immune system does radiation cause, how much other disease does radiation cause, how much lower energy and confused thinking does radiation cause, what level of lower quality of life through all these factors does radiation cause?
Radiation ages you faster. Radiation also weakens us, while at the same time, putting us under more stress. That's a wicked one-two punch.

From this link, Rosalie Bertell kept up her activism into the last years of her life. Let us celebrate that life. She died June 14, 2012, 15 months after Fukushima started.

http://nukeprofessional.blogspot.com/2013/12/dr-rosalie-bertell-tracking-cancer-and.html

Fri, 12/27/2013 - 16:42 | Link to Comment ebworthen
ebworthen's picture

Interesting steveo77, but has nothing to do with Bitcoin.

Perhaps post this on one of G.W.'s posts about Fukushima?

Fri, 12/27/2013 - 16:11 | Link to Comment ebworthen
ebworthen's picture

What happens when all the coins are "mined"?

They double the number of coins and cut the value in half?

What will happen to the value when there is no more money to be made "mining"?

I'm all for defeating central banks and bankers; Bitcoin, however, appears to be a dangerous distraction.

It is supposedly so infallible (because it uses math) and yet so intangible (on the Interwebs as binary data) that I fear at some point tangible fallibility will catch up to it.

Fri, 12/27/2013 - 16:33 | Link to Comment zipit
zipit's picture

Transaction fees are what will happen (and are happening).

Fri, 12/27/2013 - 16:02 | Link to Comment akak
akak's picture

"Bitcoin for Big Dummies"

I think that pretty much says it all.

Fri, 12/27/2013 - 15:58 | Link to Comment Clint Liquor
Clint Liquor's picture

Bitcoin is the only 'money' that disappears when the power goes out. One good Solar Flare and the Bitcoiners are begging in the streets.

Fri, 12/27/2013 - 16:19 | Link to Comment epoxe
epoxe's picture

Do you think your bank account is anything other than 1's and 0's?

Fri, 12/27/2013 - 18:04 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Mine's a bunch of gold & silver atoms. What, yours isn't?

Fri, 12/27/2013 - 16:15 | Link to Comment epoxe
epoxe's picture

I think Bitcoin isnt really the answer but this simply isn't true. A solar flare would at worst take down half the worlds internet. What about the other half? As long as at least a few clients keep the blockchain alive all information is still available and you haven't "lost anything". Bitcoin is just as valid if not more than Federal reserve notes. Neither is a real solution.

Fri, 12/27/2013 - 17:53 | Link to Comment Toolshed
Toolshed's picture

Can I use btc at 7-11? Can I use btc at McD's? Can I use btc at the grocery store? the gas station? at Home Depot? at amazon.com? Get back to me when I can. Till then.......bullshit.

Fri, 12/27/2013 - 16:05 | Link to Comment YHC-FTSE
YHC-FTSE's picture

Seems like ages since I've read a Reggie article, and whether I agree with the summary or not, it is a welcome sight and well appreciated. Thanks mate for your efforts. 

While a fan of the concept of cryptocurrencies, I've been an outspoken critic of BTC on two points: It may be hampered by manipulation and technical limitations. I've said all that can be said on these.

You are not wrong. The value of anything is directly related to its popularity,  and BTC has risen on that tide this year. Whether that is a consequence of faddish behaviour which can collapse it overnight, or whether it is truly on the verge of ubiquity as the electronic currency of choice is the question,  and so far I have refrained from agreeing with the latter. The reasons are many - one need only to look at the btc headlines during the year to see that outright bans (as a medium of exchange), shutdowns,  seizures, govt controls, are merely a legislative signature away. As a store of value, it is small potatoes compared to the central banks,  but if it ever begins to challenge them, the end of btc as we know it is a foregone conclusion. Then there are the choices  - btc is essentially no different than a dozen other cryptocurrencies in existence today.  It offers nothing more, and anyone can create one using the open source codes available,  so there is no logical reason why a btc should be worth more than another equivalent cryptocurrency other than having a recognised brand name.

You may also consider the following when you rationalise BTC's meteoric rise this year. It coincides with the scheduled halving of the rate of its production.  The BTC mining algorithm is designed to halve the rate of btcs produced every 4 yrs, which to me smacks of deliberately manipulating the value by halving the supply at the exact same moment it is popularised in the press. DeBeers diamond price manipulation comes to mind when I see a system suppressing the supply of a commodity to inflate prices.

These observations make me wary of BTC, but as I have said on occasion,  sillier ideas have survived many years of popularity - Fiat money being a good example.  If BTC survives, I expect another leap of its value in 2017, but before then, I doubt we'll see another such meteoric rise in btc soon. (Famous last words! ).

Cheers & hoping you'll have a prosperous New Year!

YHC

 

Fri, 12/27/2013 - 15:49 | Link to Comment ncdirtdigger
ncdirtdigger's picture

Tulips, tulips for sale!

Fri, 12/27/2013 - 15:28 | Link to Comment bcecil
bcecil's picture

Hey Reggie 

You are so totally right on this one from my perspective.

I was one of the very first ISP's in Canada in 1995 ( BBS's back to the late 70's ), setting up a free Interent co-operative in Toronto, and I have been using micro computers since you no longer had to build your own in 1977..

I also stopped Bell Canada from taking over the canadian system back then, by contacting every member of parliment directly, to explian what this new internet meant to the world and Canada...That worked...

Bitcoin, to me, is as big, or bigger then the internet, in terms of what it can mean for freedom for every person on the entire planet..

So ... I bow down to you sir!!! KEEP UP THE GREAT work..

Bob Cecil

 

 

Fri, 12/27/2013 - 16:49 | Link to Comment ebworthen
ebworthen's picture

I'm sympathetic to the idea bcecil, but Toolshed is right.

Besides, Bitcoin can't be bigger than the Internet because it requires the Internet.

Remember that the Internet was started by the Military (read N.S.A.) and is still controlled by them.

If you don't think they can shut it down and/or control nodes and transactions at will you're fooling yourself.

Fri, 12/27/2013 - 18:05 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

OR,
you're a computer scientist that knows how the whole thing is built.
The NSA does not code the software I use.
It doesn't make the hardware.
It doesn't own the transmission lines.
It has SOME hardware, SOME software and SOME transmission lines & servers but I'm not forced to use them & we can keep building more without them.
There are no back doors -  it's 100% open.

most of "the" Internet is open DESIGN. It's up to you to make cables, wireless transmission systems & software implementations that meet the standards.

Fri, 12/27/2013 - 16:06 | Link to Comment Toolshed
Toolshed's picture

The central banks will not allow competition. Period.

Fri, 12/27/2013 - 16:42 | Link to Comment WarPony
WarPony's picture

Controlled competition, yes.

Fri, 12/27/2013 - 15:21 | Link to Comment hooligan2009
hooligan2009's picture

i do wish people would stop pushing bitcoin...i have dollars issued by strip clubs all over the world and am part of an enthusaistic cabal of 90 million men (and more than a few women! no central wa...er bankers own them or want to control them...ok a few

www.chickenranchbucksandbulls.com

there is a limited supply, cos we have to keep updating it for the new tattoos used by big momma pump..

http://mankindunplugged.com/2010/11/16/tramp-stamps-what-were-these-chicks-thinking-30-photos/

for those not in the know about the drill bit encryption we have this manual

http://tattoo.about.com/od/tattoosgeneralinfo/a/tatmeanings.htm

Fri, 12/27/2013 - 15:25 | Link to Comment hooligan2009
hooligan2009's picture

down arrow if you clicked the first link ;>)

Fri, 12/27/2013 - 14:28 | Link to Comment squid427
squid427's picture

Hello, the internet was a bubble. Did it go away?

Fri, 12/27/2013 - 14:52 | Link to Comment Jumbotron
Jumbotron's picture

<Sigh>

Bitcoin is not tied to labor of any sort.  It simply allows you.....the audience.....to play along at home and experience first hand what it is like to be a Central Banker.

And it's big club.....and you ain't in it.   Once Bitcoin challenged the Central Banks and the sovereign <snicker> nations they control they wil either destroy it.....subsume it....or tax it.

And there goes your little dream of financial and currency freedom.

Fri, 12/27/2013 - 16:20 | Link to Comment epoxe
epoxe's picture

Bitcoin is not tied to labor of any sort. <- so wrong it hurts.

ASIC's that mine bitcoin are cutting edge technology that are constantly updated. Where do these machines/servers come from?
Massive mining requires large amounts of power. Where does this power come from?

No labor? FALSE.

Fri, 12/27/2013 - 18:09 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

ASIC miners are 100% obsolete when produced and can't be used for anything else.
You're lucky to get anything out of them before the exponentially increasing difficulty leaves you with a pile of power bills & useless equipment.

That's classic misallocation of wealth, a symptom of QE, and it not only wastes energy that can't be recovered but also silver going into the dump if it's not yet recoverable at market prices from within the circuits.

What a waste.

Fri, 12/27/2013 - 15:21 | Link to Comment Prisoners_dilemna
Prisoners_dilemna's picture

Your shackles are so heavy you can't even understand a liberating technology like bitcoin.

So sad.

Our founding fathers probably thought the same as you. Big brother is all powerful.  Oh wait....

Fri, 12/27/2013 - 18:10 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

bitcoin would liberate me of all my money never to return.
No thanks.

Fri, 12/27/2013 - 15:02 | Link to Comment malikai
malikai's picture

Best of luck to them (the states of the world) on their journey to legitimize bitcoin.

Fri, 12/27/2013 - 14:27 | Link to Comment squid427
squid427's picture

sofaking

They can ban anything they want. The question is can they enforce it? I believe the answer is no. They can shut down brick and mortar locations but bitcoin is not brick and mortar. Bitcoin is an open source protocol network with no phisical location. There are so many people hooked up to the network that it is now the most powerful super comuting network in the world. Not even the USSA or China have anything close. Bitcoin has tracktion and is not going anywhere. The only way to stop bitcoin is to shut the entire world wide web down and that will not happen.

Fri, 12/27/2013 - 18:15 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

every physical location can be stopped at the same time using the same methods.
#1 emp
#2 cut the wires
#3 jam the airwaves
#4 use routers that filter out ANYTHING that might be bitcoin. 3% sure? Ban it. Right there & then. Every router.
#5 200 year sentences for assisting terrorism for NOT installing these routers.

Bitcoinz have hype, not traction. I refuse them at all times at all prices no matter what.

And no, the most powerful super-computing networks in the world are still inside NSA buildings.

They have the money & the technology to print 1,000,000 ASIC boards in the time it takes you to make ONE. AND they'll all be faster. AND they get first crack at optical VLSI. your boards are ELECTRIC, theirs are OPTICAL. you're fucked.

But if you insist, keep trying... http://eda360insider.files.wordpress.com/2012/03/altera-optical-fpga.jpg

http://eda360insider.wordpress.com/2012/03/07/3d-thursday-altera-adds-avago-micropod-optical-interconnects-to-fpga-package-to-handle-bidirectional-100gbps-ethernet/ -  

 

Fri, 12/27/2013 - 22:26 | Link to Comment malikai
malikai's picture

It would be neat if you could substantiate your claims.

I see your scary optical argument is special. You should have posted the actual link. But I guess that doesn't fit your narrative.

http://www.gigoptix.com/component/k2/item/313-optical-asic.html

"This low cost Optical ASIC can have multiple applications, such as: InfiniBand Ethernet, Fibre Channel, SAS, HDMI, USB, Thunderbolt, or DisplayPort. The reduced footprint and power consumption also enable more channels to be combined into a single cable to further increase bandwidth and reduce cost."

Sat, 12/28/2013 - 01:51 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

the links I provided DO substantiate the claims. It's a fucking OPTICAL CHIP you dimwit.

I think you are perhaps too dim to understand lots of other optical chips have been made.

IT'S AN FPGA CHIP.

Field programmable gate array.

That means the cells can be programmed to connect & reconnect in any configuration that fits it to emulate any other chip needed (like your silly non-optical bitcoin hashing ASICs).

You ever programmed an FPGA before? You even have an inkling of what it is? It's a chip that can be any other chip ON DEMAND.

You're a fucking tool.

Sun, 12/29/2013 - 07:35 | Link to Comment malikai
malikai's picture

You're boring me.

Mon, 12/30/2013 - 23:19 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

That's because you're stupid. Stupid people are easily bored by complicated matters of electrical engineering, physics, optics, and of course, evidence that proves you are a dunce.

Fri, 12/27/2013 - 15:07 | Link to Comment TheReplacement
TheReplacement's picture

As someone who actually works on technology beyond using a browser or spreadsheet program, I know that the government can shutdown BTC if they want.  It really wouldn't be that hard.  Every protocol has a signature.  Every packet has to pass through backbone routers.  Block BTC packets by signature and viola, no more BTC.  You don't even need a Staples "That was easy" button.  Then there also DNS tricks they can play if they just want to mess with you.  Maybe they don't want to stop it but rather co-opt it - MITM, which is something the NSA is already doing with other traffic, could be the way to go.  Oh but BTC is encrypted!  The NSA poops on your encryption.  Where do you think your encryption came from? If it goes on the internet, they pwn it if they want to.

If you believe in BTC as a power to the people kind of mechanism you might as well believe in the flying spaghetti monster or whatever that cult is about.  BTC is only valid as a short term high risk speculatory issue.  It will never be a viable people's currency or any of the other BS promises people are making. 

 

Fri, 12/27/2013 - 23:37 | Link to Comment StychoKiller
StychoKiller's picture

The difference between an encrypted bit-stream and white noise is more subtle than you think it is.

Fri, 12/27/2013 - 18:21 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

well no, not GnuPG  / PGP's evolved offspring, but you have to maintain system integrity at all times, physical & connected. For most people commenting here, I'd assume they're pooched.

+1

also i made a post with a link to a youtube video of the easy button about this very thing... how apt. :)

Bottom line is I understand technology well enough to know that money should function without any.

Fri, 12/27/2013 - 16:30 | Link to Comment fiftybagger
fiftybagger's picture

"As someone who actually works on technology beyond using a browser or spreadsheet program"

Let me guess.  You're the guy who vacuums the carpet in the server room.  You are either a complete moron or goobermint troll.  More and more traffic every day is encrypted you dimwit and no, encryption is not some magical thing that the NSA controls.  It is MATH you moron, and no one controls math.  Get it?  Quit pretending you know what you are talking about and go empty the garbage cans in the bathrooml.

The Bitcoin Channel

Fri, 12/27/2013 - 17:02 | Link to Comment malikai
malikai's picture

It's amazing how well the bullshitter's "I speak from authority" line works on people around here.

It must make them feel better about being on the losing side of the trade.

Fri, 12/27/2013 - 15:40 | Link to Comment malikai
malikai's picture

Block BTC packets by signature and viola, no more BTC.[..] there also DNS tricks they can play if they just want to mess with you.

Wow. You figured it out. It's just that easy isn't it? Yea, sure, it's just the flip of a switch and you can turn all the world's core routers into packet filters. Just like that!

Oh, and sure, poisoning DNS, worldwide, to stop a virtual currency is just as easy. Yes of course all the organizations who actually provide the root servers will be aok with all that no worries.

Fri, 12/27/2013 - 18:22 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

it's called QoS & firewalling.
It's not that hard.

Fri, 12/27/2013 - 19:39 | Link to Comment malikai
malikai's picture

Well, it must be hard for you - to understand how things actually work.

Sat, 12/28/2013 - 01:35 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Hardly. Computer Scientist here. Filtering out packets by their headers & contents is easy as pie. It literally is the job OF the Internet at some level to do only this - we call it routing but filtering packets entirely is another part of it. Are you like a used car salesman or secretary or something who fashions herself a computer genius?

Sat, 12/28/2013 - 06:48 | Link to Comment malikai
malikai's picture

Oh, I should have known it.

Sorry about your inability to find work, mr computer scientist.

Sat, 12/28/2013 - 15:51 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

all those big fancy investor calls with facebook, Goldman, Wells Fargo, etc., are run by someone.

I'm that someone. That's what I do for work. You would only wish you had a single job putting you in place to hear everything I hear.

Sun, 12/29/2013 - 07:34 | Link to Comment malikai
malikai's picture

I see. A 'computer scientist' who runs conference calls.

Congrats on your tremendous success.

Do NOT follow this link or you will be banned from the site!