This page has been archived and commenting is disabled.

Bitcoin: The Sexiest Non-Solution Of All Time?

Tyler Durden's picture




 

Submitted by Brandon Smith via Alt-Market blog,

A few years back, at the end of 2009, I was approached on two separate occasions by people claiming to be “representatives” of a digital alternative currency format. I was, of course, intrigued by the initial proposal, being that I had been writing for some time on the concept of non-participation as a way to insulate average Americans from the dangers of our unstable fiat driven mainstream economy. Before that, I had already dealt with just about every currency alternative one could imagine; from paper scripts backed by goods, to scripts backed by time or labor, to gold and silver laden currency cards, etc, etc. All of them had the advantage of NOT relying on private Federal Reserve notes, and all of them had flaws as well. The proposed digital script, which the representatives called “Bitcoin”, was no different.

The idea was to recruit my website as a promoter for bitcoin, but I had many questions before I would stick my neck out on a brand new high-tech anti-currency, and most of these question were not answered in any satisfactory manner.

There is no shortage of “solutions” in Liberty Movement circles, but many of these solutions require that we work within the system according to establishment rules (which they can change at any given moment). They assume that the system will abide by some kind of internal code, that our candidates will be treated fairly, that elections will not be rigged, that a better methodology or technology will be acknowledged and eventually adopted, that the “majority” of the public will someday see the light and back our cause, that the elite will not simply decide to put a bullet in our head.

The reality is, if a solution is dependent on a paradigm controlled by the corrupt system you are trying to change, it is no solution at all. Because of this, my focus has always been on methods that separate Americans from reliance on the system as much as possible.

When first confronted with bitcoin activism, I recognized almost immediately that this was NOT a method that operated outside the system, even though it tried very hard to appear that way. It was high-tech, it was sexy (admittedly far sexier in its presentation than gold and silver), and it catered to the egos of the digital generation, the loudest voices in media today. This thing was certainly marketable. However, just because something is highly marketable does not make it a good idea, or a meaningful alternative.

The Tantalizing Allure Of Non-Solutions

When a person invests a sizable amount of capital into an idea, not to mention a sizable amount of philosophical faith, they tend to lose a measure of objectivity. This is not just a struggle for proponents of bitcoin but for proponents of ALL methodologies. I do believe that many bitcoin promoters have the best of intentions, and that they are seeking some way to break from what they understand is a corrupt financial structure. That said, there is an escalating streak of elitism within the bitcoin culture, and I have witnessed on numerous occasions the kind of anger and immediate dismissal the average statist would spew when they are confronted with criticism. If you dare to question the greater details behind Bitcoin, be prepared to be accused of anything from “conspiracy theory”, to “jealousy” for missing the boat on bitcoin profits, to “ignorance” of the genius of cryptography.

What I came to realize through my questions to bitcoin followers was that many of them were not actually involved in the deeper aspects of the Liberty Movement, constitutional activism, sound money, self defense, and so on. Almost none of them had a preparedness plan, few of them had experience with precious metals, none of them owned firearms, and none of them had any inclination towards the building of local networks for mutual aid. Worst of all, many of them had no understanding of the wider threat of economic collapse that America faces today. In fact, when the possibility of full spectrum collapse is brought up, many Bitcoiners actually respond with the same brand of shallow dismissals that one would expect from the Paul Krugman's and Ben Bernanke's of the world.

This reaction is not necessarily shocking. Most people imagine themselves accomplishing heroic feats, and why not? It is one of the more noble and beautiful traits of mankind. For the crypto-engineers of the new century and the digital generation overall, heroics have felt unattainable. Elections are finally being recognized as the sham they represent, while protest activism has fallen flat on its face. The concept of peaceful redress of grievances has been met with rather frightening displays of state violence and censorship to which a physical response for the common protestor is unthinkable. The signs and slogan chants may have inspired the education of some, but in the meantime, they have accomplished very little in terms of political or social change. The bottom line is that the establishment LOVES non-aggression protests – they have no plan, few concrete goals, and present no overt threat to the elite.

The system only grows more despotic, more invasive, and more dangerous. Anti-establishment champions have been searching for something that goes beyond mere “education”, or clamoring like caged monkeys for media attention. They want to storm the castle, they want to fight back, but they haven't the slightest clue how. They desire an intellectual method of combat, something with far less fear, far less risk, and far less pain. Enter Bitcoin.

Bitcoin gives the digital generation the chance to feel heroic where they never could before. They don't have to face the machine head on. They don't have to fight. They don't have to suffer. They don't have to die. All they have to do is utilize some cryptographic wizardry within the supposedly anonymous safety of the web, buy bitcoins en masse, and the system would crumble at their feet, rebuilt in the name of free markets by the electronic commons and without a shot fired. Again, very sexy...

Unfortunately, the real world does not necessarily lend itself to the demands of the digital. The digital world is at the mercy of physical. The real world is rarely sexy; often it is ugly, brutal, hypocritical, illogical, and psychotic. The real world, at times, can break, and when it does the digital will break with it. The digital world is in large part a fantasy supported by the whims of the real. Which leads me to the core failings of the bitcoin adventure...

Bitcoin Theater

We've all heard praises lavished on bitcoin, not only from the web activists but from the mainstream media itself. Establishment controlled outlets like Reuters and Bloomberg have an astonishing number of bitcoin stories per week, and most of these stories paint the crypto-currency in a positive light. We've heard about bitcoin's “unbreakable” cryptography. Its finite supply. The inability to duplicate the currency from thin air. Its rising acceptance in the corporate world. The Cinderella stories of bitcoin investors buying Lamborghinis and New York brownstones. Even Ben Bernanke seems to have a soft spot for bitcoin:

But is bitcoin's rise really all it's cracked up to be? Here are just a few of the problems which lead me to believe the digital currency is ultimately a clever distraction.

Who really started Bitcoin?

One of my first questions to bitcoin representatives back in 2009 was WHO, exactly, founded the operation? Well, Satoshi Nakamodo, everyone knows that, right? But who the hell is Satoshi Nakamodo? Who is the original designer of bitcoin? Who holds the foundational key to the structure of bitcoin's cryptography? Is Nakamodo a person, or a group? Why should we trust him, or them, to safeguard our wealth any more than the Federal Reserve? The fact is no one except maybe Gavin Andresen, the chief scientist at the Bitcoin Foundation, knows who is behind the digital currency. We actually know more about the banking elites behind the Fed than we do about the founders of bitcoin.

The common response to this concern is to suggest that it doesn't really matter, bitcoin is secure, it is open source, it is cryptography's holy grail, the creators are protecting their identities against retribution from the establishment, and the excuses go on...

I'm sorry, but this attitude constitutes an act of blind faith in a currency mechanism, which is exactly what proponents of the dollar are guilty of. If an activist individual or group is going to offer a solution to the movement, then they had better be willing to take the risk of being personally available to the movement. If you don't have the balls to show your face to help legitimize your idea, I can't take your idea seriously. Maybe I'm just old fashioned...

For all we know, bitcoin is a creation of the establishment, not a creation countering the establishment.  After all, the globalists WANT the destruction of the dollar - why not let the public destroy the dollar using a mechanism that ultimately does not represent a threat to the greater bankster cartel?

The Media Love Affair With Bitcoin

During the first and second Ron Paul campaigns, the mainstream media made a blatant and obvious effort to purposely ignore the candidate, his arguments, and his successes. Coverage was next to nil. His expansive crowds of supporters were edited out of news footage. His high polling numbers were censored. If not for the independent media, you wouldn't have known the guy existed. When someone or something presents a legitimate threat to the establishment, the establishment's first tactic is to make sure no one knows.

Bitcoin, on the other hand, has received a steady flow of positive media attention, with the random critical piece thrown in for good measure. Overall, the establishment has embraced, if not directly fueled, the bitcoin trend. This is rather surprising to me considering the “destroyer of the dollar” has only been around for four years.

When an anti-establishment vehicle suddenly becomes the center focus of establishment affections, and when globalist monsters like Ben Bernanke throw flower petals in its path, I have to wonder if Bitcoin is a real threat, or just a ruse.

Bitcoins Can Indeed Be Confiscated

Some of the early hype surrounding Bitcoin claimed that the currency could not be confiscated, making it “better than gold” (the better than gold motto has been widely espoused by Gavin Andresen). This claim turned out to be false when the FBI became the holder of the world's LARGEST Bitcoin wallet:

http://www.wired.com/wiredenterprise/2013/12/fbi_wallet/

I find arguments that this is only a temporary condition and that the feds will eventually auction off their holdings a bit laughable, but indicative of the denial inherent in Bitcoin culture.

Bitcoin Values Can Be Manipulated

Another claim heard was the assertion that bitcoins cannot be created out of thin air, they must be “mined” using powerful computers, which removes centralized manipulation of value. This may be true in certain respects (for now), but anything digital can be exploited in one way or another.

Bitcoin malware, for instance, hijacks the computers of unwitting people and uses them to artificially “mine” the currency.

http://about-threats.trendmicro.com/us/webattack/93/Cybercriminals%2BUnleash%2BBitcoinMining%2BMalware

The bitcoins mined are then transferred into the hands of anonymous hackers. This represents a serious threat to the stability of bitcoin because it creates an invasive form of attack speculation. Bitcoins can be removed from the market and deliberately hoarded. Hackers, or governments could conceivably kill bitcoin by mining a large portion of them out of circulation, artificially hyperinflating the value of the remaining coins (like a speculator would do with commodities), or dumping a large portion and abruptly cutting the value. Major bitcoin hoarders could use their massive bitcoin stakes to shift values at will. As long a Bitcoin operates on supply and demand, it can be threatened through speculation like ay other commodity (if you consider digitized numbers floating around the web a commodity).

Bitcoin Is Not Private

While bitcoins can apparently be stolen or criminally mined by anonymous persons or organizations, honest users are subject to considerable scrutiny. A disturbing aspect of bitcoin is the group surveillance that goes into tracing transactions, otherwise known as the “proof of work system”. The bitcoin network is constantly dependent on decoders who track and verify bitcoin trades in order to ensure that the same bitcoins are not used during multiple trades or purchases. Anyone with the desire could decode the transaction history of the network, or “block chain”, including governments. Though Bitcoiners are considered “partially anonymous”, tracking the individual identity of a bitcoin trade is not difficult for entities such as the NSA because every transaction leaves a digital trail..

The use of anonymising browsers like Tor also have not produced the kind of privacy that was promised when bitcoin was introduced.

This is exactly the kind of currency system global bankers have sought for some time - total information awareness of all financial transactions and purchases within the system. While bitcoin proponents claim that their currency is a revolution against centralized oversight of monetary transactions, the truth is they have built the perfect centralized surveillance solution. Paper dollar purchases are difficult to trace. Gold, silver, and barter purchases are nearly impossible to track. Bitcoin, though, is the most traceable form of currency on the planet, and this is basically REQUIRED by the network itself. The entire trade history of every bitcoin is recorded. The digital landscape is the ultimate form of privacy invasion, especially for the likes of super computer wielding agencies like the NSA. Bitcoin aids the development of this intrusive system.

Bitcoin Relies On The Continued Survival Of The Open Web

Yes, bitcoins can be stored on physical wallet devices, but the majority portion of bitcoin trading and bitcoin mining requires the continued operation of the web. The internet is NOT a creative commons, as many believe. It is in fact a controlled networking system that we have simply been allowed to use. The exposure by Edward Snowden of NSA activities has proven once and for all that nothing you do on the web is private. Everything is tracked and recorded. Period.

Web access can also be easily denied by governments, and power centers around the globe have been utilizing this option more and more. During a national crisis, whether real or engineered, the continued function of the internet as we know it is not guaranteed. A currency relying on a government dominated internet is not truly independent. A grid down situation would also make bitcoin stores virtually useless.

The Suspicious Nature Of Bitcoin

Bitcoin is consistently touted as a superior option to precious metals as a way to decouple from central bank fiat. Under examination, though, it appears to me that bitcoin is instead a deliberate distraction away from gold and silver, and other tangible solutions; in other words, I believe it to be a form of controlled opposition.

A vital aspect of physical gold and silver investment is not only to break from the dollar, but to also remove physical metal from the system and starve international banks that issue millions of fraudulent unbacked paper certificates. The strategy, which I still stand by, is for the public to absorb as much of the precious metals market as possible until manipulators like JP Morgan finally have to admit that they don't have the coins and bars to back all the fake ETF's they have been issuing investors for years. In the process, we decouple from the dollar AND do damage to the banking cartel itself. The bitcoin fad, in my opinion, is designed to lure the public away from overtaking the metals market while banks and foreign governments vacuum up remaining physical in preparation for a dollar collapse.

Bitcoin's market value is not only extremely volatile, the currency is also subject to replacement at any time. Anyone with an interest can create a cryptocurrency. There is nothing particularly special about the bitcoin design, and if someone offered a digital currency tomorrow that was truly anonymous, it could quickly supplant bitcoin. Though its cryptography makes it difficult to artificially inflate (again, for now), other digital currencies can still be produced out of thin air. Bitcoiners desperately want to equate cryptography with tangibility, but the truth is that there is no comparison. Physical gold and silver cannot be artificially produced by anyone, anywhere. Digital currencies can be produced at will and hyped like Dutch tulip mania.

The most unsettling aspect of bitcoin, however, is not its distraction away from precious metals. Rather, it is the distraction away from localized solutions. Bitcoin proponents may be searching for decentralization, but they seem to have forgotten the most most important part of the process – localism. The trade of digital mechanisms over impersonal web networks and online marketplaces is not conducive to local economic stability or sustainability. Bitcoin does not encourage people to build local markets, to adopt useful trade skills, to prepare for a grid down scenario, or circulate wealth within one's community. Bitcoin only furthers the removal of independence and self sustainability from local economies by fooling activists into thinking that buying things without dollars is enough.

If Americans in particular want to pursue any solution to the threat of globalism or dollar collapse, they are going to have to start with themselves, and the community around them. Online trade is the last thing they should be worried about. Only when neighborhoods, towns, and counties become producers and self suppliers will they be safe from financial instability. Only when those same communities band together for mutual aid and self defense will they be safe from tyrannical political entities. Bitcoin accomplishes nothing in either of these categories, making it possibly the most popular non-solution for liberty to date.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 01/08/2014 - 11:27 | 4311473 rubiconsolutions
rubiconsolutions's picture

@Fonestar - "Tilt! Tilt! Tilt! Tilt"

Wed, 01/08/2014 - 11:37 | 4311502 CH1
CH1's picture

This is Brandon Smith defending his prior statements that people should "ignore Botcoin."

Wed, 01/08/2014 - 11:37 | 4311505 Boris Alatovkrap
Boris Alatovkrap's picture

Boris is recommending Copper as community currency of token value. But is recommend mine copper from OTHER community if enjoy electronic convenience in own community.

Wed, 01/08/2014 - 11:48 | 4311540 90's Child
90's Child's picture

I have the worlds biggest open pit copper mine in my back yard no more then ten miles away.

If it wasn't elevated above the city it'd probably be an eyesore.

http://img.ksl.com//usersubmittedpics/9/920/92059.jpg?filter=ksl/pgallery

Wed, 01/08/2014 - 11:57 | 4311575 Boris Alatovkrap
Boris Alatovkrap's picture

Boris is have bigger hole in backyard:

SNJhxS7.jpg.CROP.article920-large.jpg

Bingham open pit is no longer hole because is mountain almost gone.

Wed, 01/08/2014 - 12:05 | 4311603 90's Child
90's Child's picture

Boris traffic over cheap labor and we'll be back in business.

Cheap labor is justified if benefit Americans.

Wed, 01/08/2014 - 12:09 | 4311617 Boris Alatovkrap
Boris Alatovkrap's picture

Kennecott is own by Rio Tinto, UK Corporation.

Wed, 01/08/2014 - 12:16 | 4311639 BLOTTO
BLOTTO's picture

Bitcoin isnt here to save mankinds fiancial woes...it is here to help with its enslavement.

.

(However, if one can make money on it in the interim...all the power to you)

 

Wed, 01/08/2014 - 12:20 | 4311667 DoChenRollingBearing
DoChenRollingBearing's picture

 

 

Would the owner of 1B8xPxmHwkaAAzULkVLYiNQthXM1DuMEKt please kindly ID yourself to me via gmail at my name or via comment/delete at my blog so I can send you your BTC back?

If I do not hear from you, I may only send 1/2 of it back to your wallet.

Thanks.

Wed, 01/08/2014 - 13:43 | 4312042 SafelyGraze
SafelyGraze's picture

if the author of the article is correct, then max keiser is a shill for the global bankers, and rt is not developing its programming for the good of the western world

inconceivable

 

Wed, 01/08/2014 - 12:23 | 4311685 fonestar
fonestar's picture

How would Bitcoin enslave humanity?  Face it, if you have no clue what you're talking about don't comment!!!

Wed, 01/08/2014 - 12:52 | 4311813 One World Mafia
One World Mafia's picture

Its unsexy roots to the NSA:

Firstly, Bitcoin hash algorithm SHA256 is indisputably NSA designed.

"Most of the time SHA-256 hashes are used, however RIPEMD-160 is also used when a shorter hash is desirable (for example when creating a bitcoin address)."
https://en.bitcoin.it/wiki/Protocol_specification#Merkle_Trees
http://en.wikipedia.org/wiki/Sha2
...and RIPEMD160 appears hackable for NSA exploit
http://blog.skullsecurity.org/2012/everything-you-need-to-know-about-has...

"Prefer conventional discrete-log-based systems over elliptic-curve systems; the latter have constants that the NSA influences when they can." (Bitcoin uses the latter)
http://www.theguardian.com/world/2013/sep/05/nsa-how-to-remain-secure-su...

Wed, 01/08/2014 - 12:54 | 4311837 fonestar
fonestar's picture

Most technologies we use in computing and networking are intelligence agency/military in origin.

Wed, 01/08/2014 - 15:29 | 4312512 fuu
fuu's picture

I think of this whenever you post on this topic: http://www.youtube.com/watch?v=fZfg1Gtcg08

Wed, 01/08/2014 - 21:41 | 4313827 Exponere Mendaces
Exponere Mendaces's picture

@One World Tinfoil

Bitcoin uses a different elliptic-curve implementation - namely secp256k1. This is not the curve that was supposedly compromised by NSA, which is called sec256r1.

Bitcoin uses TWO operations using SHA256, which makes it irreversible. Of course, in your haste to cut-and-paste the same goddamned thing in every Bitcoin thread, you tend to leave that out.

So shut your fucking gob and get on to the other issues, you moron.

Wed, 01/08/2014 - 12:51 | 4311826 mmanvil74
mmanvil74's picture

The author does make some good points, however, he also misses a few important points as well.  His final "most important" point is misguided in my opinioin.  If you have ever been to a local Bitcoin meetup or completed a Bitcoin transaction on LocalBitcoins, you will see that there is indeed a very local, community based, grass roots movement behind Bitcoin.  Sure, if you watch the mainstream media articles about Wall Street and certain business leaders getting involved in Bitcoin, you might discount the community based movement that Bitcoin introduces, but it is there.  Merchants who accept Bitcoin enjoy a comradery with their customers that is simply not present with any other form of payment.

As for the privacy (or lack thereof) in Bitcoin, this is an ongoing debate.  It is true that Bitcoin is public, but it is also true that you cannot easily prove the identity tied to any particular wallet.  But I think on this point Brandon is fighting a losing battle - most people simply don't care enough to remain "anonymous".  Just look at Facebook.  People want to be known, by their peers, and if necessary, by their government too, via the social security system, credit cards, etc.  Winning a privacy battle whereby everyone goes back to trading gold and silver is, how shall I put it, practically impossible without a substantial devolution paradigm in which the Internet blacks out and we go through some sort of dark age.  To spend your life as a proponent for that type of solution will fall on a lot of deaf ears.  Believe it or not, most people like the world we live in, it is much better and more exciting than the days of clans and cave bears.

The final point I would like to make is that while Bitcoin is certainly not flawless, for all of the reasons mentioned in this fairly well-written article, there are many more crypto coins to come and some will offer unique benefits that may address some of these issues.  And as long as they are convertible to Bitcoin, they will have some sort of market value.  

Criticizing Bitcoin is like criticizing the first web browser, no it wasn't perfect, but without it, we would not have the Internet we have today.  And while yes, the NSA does track everything that passess through the Internet, Bitcoin takes a giant step toward a dencentralized financial system.  Read that again: decentralized financial system.  That alone should be enough to get liberty proponents like Brandon on the Bitcoin train, because, unless you want some sort of collapse in order to achieve your utopia of a world in which he with the most guns, gold, and ammo wins and gets to create the NEW WORLD, the rest of us would rather use Bitcoin.

Wed, 01/08/2014 - 12:56 | 4311849 One World Mafia
One World Mafia's picture

It's not decentralized when the govt has the keys to its mining and the biggests pockets control the rest.

Wed, 01/08/2014 - 13:01 | 4311882 tmosley
tmosley's picture

You're talking about gold, right?

Wed, 01/08/2014 - 13:25 | 4311980 ghostzapper
ghostzapper's picture

Bingo. An intelligent thought how refreshing.

Yawn. Zzzzzzzzzzzzzzzzz. Wake me up when someone writes something not energized by their whining about the recent performance of PMs.

Wed, 01/08/2014 - 16:39 | 4312755 dirtbagger
dirtbagger's picture

Author forgot to mention that a large amount of bitcoins are held by a relatively small group of individuals or institutions and is subject to supply/demand (ie pricing) manipulation.   At this stage, Bitcoin seems to more resemble pump and dump stocks in the Vancouver exchange than a potential world currency.    I used to enjoy Max Keiser's tongue-in-cheek humour and on the world financial markets, but lately he has taken to seriously pimping bitcoin in every video release.  Those who do a bit of research on Max's background will find he is a bit of a PT Barnum con artist and scammer.  This should be a sufficient red flag warning to most investors.  For those who enjoy speculating, the Bitcoin roller coaster has been one heck of a ride.

As the author notes, bitcoin is in many ways worse than fiat currencies.   It is not backed by the good faith of any government (military) and NSA revelations demonstrate that bitcoins are susceptible to hacking theft with virtually no recovery recourse for the victim.  Finally,  should bitcoin ever reach a volume where it even slightly threatens established fiat currencies and government taxing authority it will disappear faster than a t___ flushed down the toilet.

 Like the old saying: First Bitcoin has become a movement, now it is morphing into a business, and its finale will likely end up being a racket.  

Thu, 01/09/2014 - 05:15 | 4314658 dark pools of soros
dark pools of soros's picture

funny how you outcasters cling to mommy government when you want to make bitcoins look bad.

 

fucking true coward is all ye are

 

 

Wed, 01/22/2014 - 17:29 | 4356727 MeelionDollerBogus
MeelionDollerBogus's picture

To be stuck to a digital currency means being enslaved to the grids for power, for communications and for non-hard-asset currency. Those 3 bonds of slavery would stop any overthrow of any tyrannical government for good. It would even stop escape, not long from now, from a bad country to somewhere else - anywhere else.

Wed, 01/08/2014 - 12:17 | 4311650 90's Child
90's Child's picture

Yes, yes and everything is owned by Rothschild.

Where you goin with this?

Wed, 01/08/2014 - 14:41 | 4312279 Boris Alatovkrap
Boris Alatovkrap's picture

Everything?! Boris is suspect ownership is high ninety percentile, but everything?

(DeBeers South Africa mining is own and control by Oppenheimer, direct lineage of Rothschild. Rothschild finger print is virtual everywhere.)

Wed, 01/08/2014 - 12:20 | 4311665 fonestar
fonestar's picture

This guy Brandon Smith claims that Bitcoin users have not been active in the liberty movement?  Really Brandon?  I seem to recall listening to the cypher punks years before anyone was talking about crash JP Morgan.  What have the "stackers" been doing to raise awareness about the fraud known as "the dollar"?  Oh right.... SWEET FUCK ALL!!

Wed, 01/08/2014 - 12:31 | 4311725 BLOTTO
BLOTTO's picture

Anything of real value in life, you have to work hard for...

Wed, 01/08/2014 - 12:46 | 4311799 fonestar
fonestar's picture

The real reasons fake libertarians are scared of Bitcoin is because they see the Satoshis are winning.  This means your "good guys" do not get to rescue the dollar (....until a "bad guy" steals it back again).  Nope, we are going to kill your dollar dead, piss on it and mock it in the obituaries.

No more American exceptionalism for you!!

Wed, 01/08/2014 - 17:16 | 4312880 Mad Mohel
Mad Mohel's picture

You're a plant.

Wed, 01/08/2014 - 12:51 | 4311822 TheCanadianAustrian
TheCanadianAustrian's picture

That's an elegant, true-sounding platitude.

Wed, 01/08/2014 - 12:55 | 4311840 aerojet
aerojet's picture

Yes, I find that comment troublesome--I'm sure plenty of people interested in bitcoin have also taken an interest in the liberty movement.  But the rest of the article is spot on--the positive media spin is the tell.  I have long believed bitcoin is a scam, but maybe it is a red herring?  It seems custom designed for Generation Y, and that's what bothers me about it.  And the article is dead on as to why it bugs me--people who want to resist but not risk anything are attracted to this  concept.  These are people who have played video games all their lives and are used to exchanging cash for digital paraphernalia (unlocks, lives, what have you).  That's why I believe it to be a cleverly tailored scam, and I still think that's what it probably is versus a plot by the oligarchy.  The oligarchs don't have it in them--they likely don't even understand the tech needed to pull it off.  No, Bitcoin is a scam designed to attract a certain demographic and it was designed by people of that same generation.  Occam's Razor.

Wed, 01/08/2014 - 13:02 | 4311890 fonestar
fonestar's picture

You're clueless.

Wed, 01/08/2014 - 13:27 | 4311986 gmrpeabody
gmrpeabody's picture

Bought in late, did ya...?

Wed, 01/08/2014 - 13:48 | 4312065 nope-1004
nope-1004's picture

Agree with you Aero.  Have written the same many times.  It has MSM growing acceptance.  Is talked about by Congress.  Is totally a government led project.

Anyone who thinks that a log of every transaction is freedom is a fool.

 

Wed, 01/08/2014 - 14:06 | 4312126 mbutler101
mbutler101's picture

You can't deny bitcoin has siphoned money off that may have gone into gold/silver. If 20% of the market cap of bitcoin something like 12 billion now, went into SILVER, we might have game over already. 

Wed, 01/08/2014 - 11:58 | 4311576 max2205
max2205's picture

It may be hard to get your hands on bitcoin when the electricity stops flowing

Wed, 01/08/2014 - 12:01 | 4311588 Boris Alatovkrap
Boris Alatovkrap's picture

Is hard put hand on copper when electricity IS flow.

Wed, 01/08/2014 - 12:14 | 4311637 fonestar
fonestar's picture

The author of this blog is an idiot.  Without Bitcoin life would not be worth living and I would detonate myself.

Wed, 01/08/2014 - 12:21 | 4311669 90's Child
90's Child's picture

Fonestar your comments are so asinine, I almost believe you say what you do for the attention.

No one rational could share your beliefs.

Wed, 01/08/2014 - 12:27 | 4311707 fonestar
fonestar's picture

The "rational" thing is to realize Bitcoin is an evolutionary change and simply the better product.  Smoothbore to rifled barrels, steam power to gasoline engines, biplanes to fighter jets, paper currency to Bitcoin.

There isn't even any comparison here, it's just going to be a slaughter and only an idiot could fail to see that.

Wed, 01/08/2014 - 12:33 | 4311730 90's Child
90's Child's picture

Your logic is linear.

Assuming Bitcoin is the savory of all when you can't predict the future is naive.

Wed, 01/08/2014 - 12:39 | 4311767 fonestar
fonestar's picture

"Your logic is linear."

 

My logic is an elliptical curve.

Wed, 01/08/2014 - 13:07 | 4311908 firstdivision
firstdivision's picture

you misspelled 'idiotic'

Wed, 01/08/2014 - 16:20 | 4312685 mccoyspace
mccoyspace's picture

don't you mean a dual elliptic curve?

Wed, 01/08/2014 - 12:57 | 4311855 aerojet
aerojet's picture

The essence of a successful scam is to make smart people believe they understand what is going on and that they couldn't possibly be taken for a ride.  If you can't spot the sucker, the sucker is you!

Wed, 01/08/2014 - 15:59 | 4312602 madtechnician
madtechnician's picture

fonestar - while I wholly do not dis-agree with your logic and foresight of Bitcoin , I think that for most people this is an extremely steep learning curve. Maybe it would be better to try to educate some of these lesser-muppets with a good logical and intuitive explanation and argument. Simply telling them they are all idiots because they do not understand bitcoin provides them with absolutely no education. Just because they may be idiots and you can clearly see that does not mean that absolutely everybody is , there are still plenty of people out there who are prepared to learn . It would be also in your best interest to altealst try to explain your logic and thought processes to some people with lesser brain power who cannot comprehend the power of the bitcoin , the blockchain and THE future of money , it's only fair to try and level the playing field. Of course if they will never get then yes leave the fucking idiots behind , but then atleast you can say you have actually tried to educate them and not just slated the fuckers off completely,

Wed, 01/22/2014 - 17:24 | 4356709 MeelionDollerBogus
MeelionDollerBogus's picture

I think my fingers are getting tired of hitting the -1.
I think I might need to make some kind of macro or something...

Wed, 01/08/2014 - 12:26 | 4311703 DoChenRollingBearing
DoChenRollingBearing's picture

 

 

Brandon Smith would be wrong about me.  I have BTC, obviously.

But, I also have lots of gold, two guns (and LOTS of ammo).

I may not be active in his "liberty movement", but that may be because I don't play well with others.  But, I do contribute to FOFOA.

Wed, 01/08/2014 - 12:30 | 4311719 fonestar
fonestar's picture

I have lots of guns, ammo, precious metals and food stores.  This guy Brandon is a fool who is deliberately trying to conflate Bitcoin users with iDiot Twitter and Facebook users.

Wed, 01/08/2014 - 12:38 | 4311761 90's Child
90's Child's picture

If you're so confident why rant bout it?

Why not encourage the negative or 'false' comments on Bitcoin.

If it causes fluctuation in the market then why not use it to your benefit?

Look at what's going on with gold as a perfect example.

Bullish.

Wed, 01/08/2014 - 12:41 | 4311779 fonestar
fonestar's picture

Why rant about it?  Because five years from now I want to be remembered as the most fanatical and zealous devotee of Satoshi Nakamoto.

Wed, 01/08/2014 - 12:52 | 4311830 90's Child
90's Child's picture

And they shall call you Joseph Smith.

Anyone who doesn't share your ideology can smell the bullshit.

But those who have a share invested will blindly follow suit.

Makes sense.

Wed, 01/08/2014 - 12:53 | 4311835 putaipan
putaipan's picture

well there you go.

Wed, 01/08/2014 - 13:03 | 4311893 Canadian Dirtlump
Canadian Dirtlump's picture

Has anyone ever interviewed Shartoshi? Is he a real life Keyser Soze?

Wed, 01/08/2014 - 13:03 | 4311896 tmosley
tmosley's picture

Because some people are more intersted in truth and justice than dollar-based profit?

The more people adopt bitcoin, the less power the financial sector has over us.  With the adoption of bitcoinx, the same can be said of the government as a whole.

Wed, 01/08/2014 - 13:09 | 4311918 90's Child
90's Child's picture

"Because some people are more intersted in truth and justice than dollar-based profit"

Lol if that were the case then Bitcoin would hold no paper value.

And with out paper value it's becomes trivial and only is worth something to those seeking it.

Wed, 01/08/2014 - 12:59 | 4311862 aerojet
aerojet's picture

That is because Bitcoin is designed specifically to capture the imaginations of narcissistic Gen Y types.  The psychology used to market this scam is brilliant.

Wed, 01/08/2014 - 12:41 | 4311778 Bendromeda Strain
Bendromeda Strain's picture

The author of this blog is an idiot.  Without Bitcoin life would not be worth living and I would detonate myself.

I cannot believe it. I finally have cause to upvote you Fonestar. Actually, I am upvoting the potential in your statement. Please detonate yourself somewhere truly useful to mankind, and we will work fervently to rehabilitate your image after you are gone.

Wed, 01/08/2014 - 12:52 | 4311829 fonestar
fonestar's picture

To be a martyr for Satoshi is one of the highest callings amongst civilized beings.

Wed, 01/08/2014 - 13:09 | 4311916 firstdivision
firstdivision's picture

I for one support your calling.  Hopefully you fulfill it this weekend.

Wed, 01/08/2014 - 15:14 | 4312447 Black Warrior W...
Black Warrior Waterdog's picture

It's become religion for you.

Wed, 01/22/2014 - 16:55 | 4356603 MeelionDollerBogus
MeelionDollerBogus's picture

you need to market bitcoin better.
How about marketing that it will soon evolve into a better bitcoin, a time-traveling tachyon-driven currency called Impossibru Coin! A currency SO POWERFUL it will travel your riches back in time to you to make you ULTRA-rich.
And market it using an anime style robot called BitKonaMON that pops out of Impossibru Coin-pods.

Wed, 01/08/2014 - 13:00 | 4311874 Papasmurf
Papasmurf's picture

Without Bitcoin life would not be worth living and I would detonate myself.

Counting. . . 3 - 2 - 1  flush!

Wed, 01/08/2014 - 15:09 | 4312416 PTR
PTR's picture

"Without Bitcoin life would not be worth living and I would detonate myself."

 

I'd buy that for a dollar.

Wed, 01/08/2014 - 13:27 | 4311972 Swarmee
Swarmee's picture

Sick and tired of hearing this bullshit reason trotted out as some sort of valid argument against bitcoin. Hey fuckwit, how's the rest of the current modern financial infrastructure going to do when there's no electricity? Are any credit or debit instruments going to work? How about all of the food that spoils and the millions who die from heat/cold in various non temperate regions?
Most people in the modern era have the majority of their cash savings as an electronic ledger entry in a bank, not raw cash under a mattress, just cash on hand transactions will immediately be problematic as most people find the majority of the savings nonexistent if there is no grid.
Oh, and magically silver and gold coins are going to be distributed to everyone for trade too, right? Or is it more likely that since a minuscule percent of the US population owns any of those, nor has anything of value to trade for them, that it will not be some overnight currency option and will continue to be over concentrated with most people forced to go to raw barter with very little.

Fucking hell, the whole world falls to shit and over a billion people will likely die in short order when "the electricity goes out" and you're telling me that's a reason to ignore bitcoin? Fucking priorities, get some. Meanwhile, for years bitcoin has been trading because, holy shit, electricity still works. I'm not holding my breath on a potential profit now simply because one day critical global infrastructure somehow fails simultaneously worldwide.

Why does anyone use email, don't you know? You'll never be able to correspond if the power goes out! Gasp!

Wed, 01/08/2014 - 17:27 | 4312867 madtechnician
madtechnician's picture

Sorry to enlighten you - but they think it's a fact that all of the electrical power , food , horses & donkeys etc will fail when the dollar collapse begins in ernest.  Then they will simply dig up their stash from the lake and everything in life will be completely okay. They did not imagine that under a total infrastructure failure we will *all* be dead very quickly within 30 to 60 days , because every nuclear powered station will go up in flames from a lack of cooling due to electrical and coolant failure. It is in all of our best interests that we maintain our electrical / communications infrastructure and electrical power and internet grid as a matter of priority during a currency collapse. That is what bitcoin will enable us to do. You can fight it all you like but this is nature is called Spontaneous Order. You cannot and you will not fight it.

Wed, 01/22/2014 - 16:49 | 4356575 MeelionDollerBogus
MeelionDollerBogus's picture

There is no such thing as spontaneous order - it can't exist so there is nothing to fight.
Bitcoin is a ponzi, not "order", and will end itself shortly.

Wed, 01/22/2014 - 16:39 | 4356529 MeelionDollerBogus
MeelionDollerBogus's picture

IT'S NOT.
That's why proper preparation is TO DO WITHOUT ALL OF IT.
That is my preparation as it should be for all, fuckwit.

Distributed?

Those who are without SHALL STARVE AND DIE. The coming days WILL REQUIRE PEOPLE STARVE AND DIE for lack of preparation.

That is the one proper outcome to prepare for & to prepare for the opposite is to put a gun in your mouth and call it cotton candy.

Wed, 01/08/2014 - 14:23 | 4312186 Kirk2NCC1701
Kirk2NCC1701's picture

@max2205: "It may be hard to get your hands on Bitcoin when the electricity stops flowing" = Another Red Herring argument.

1. Only a full retard (IQ<80) would allocate ALL their currency/monetary resources in only one form.  Ever heard of "horses for courses"?

2. IF the electricity stops flowing, the plastic in your wallet -- and please don't pretend that 95% here don't use some form of plastic (Debit or Credit) -- will not help either.  Even your PM will be of limited value in a prolonged power outage.  The Barter Economy will kick in first.

3. "When the electricity stops flowing" sounds like another perennial "The End is Here" banner.  It's old, it's tiring, it's highly unlikely, it's extreme.  It's designed to appeal to the End-Of-Days types of religious fanaticism. 

Not drinking your Jonestown Kool-Aid, thanks.

Wed, 01/08/2014 - 16:08 | 4312646 CultiVader
CultiVader's picture

Brown outs , rolling blackouts, virus....need not drop the EMP to disrupt electricity or CIS...talk about being real here...disruptions are A COMMON occurrence. Cash and PMs don't go offline periodically.

Wed, 01/08/2014 - 17:31 | 4312920 madtechnician
madtechnician's picture

The BTC network infrastructure does not go out periodically either , in fact due to a globally distributed blockchain file it is more resillient to any form of cyber or electrical / electronic attack than most can imagine.

Wed, 01/22/2014 - 16:35 | 4356509 MeelionDollerBogus
MeelionDollerBogus's picture

your LOCAL use of it DOES go out when your LOCAL grid is cut off. This happens frequently.

A thing isn't money if it stops working every time the power goes out.

Wed, 01/22/2014 - 16:03 | 4356362 MeelionDollerBogus
MeelionDollerBogus's picture

I'm fine if 95% of people here are on plastic.
I'm that other 5%. No plastic, no credit, none. No need. Once upon a time but since 2005 on, all discarded.
As for electricity stopped running: POLAR VORTEX STORM. And even the water shut off for a lot of people.
My power was not out but half my city was. Total grid-down for 90% of businesses & customers.

You are drinking and offering the Jonestown koolaid, pal.

Wed, 01/08/2014 - 21:44 | 4313832 Exponere Mendaces
Exponere Mendaces's picture

@max2205

At least we won't have to read any of your self-serving posts. I'd call that a win.

 

Wed, 01/08/2014 - 11:49 | 4311547 gold-is-not-dead
gold-is-not-dead's picture

I like how bad news drove new rally.

To the author of the text: "You never go full retard!"

Wed, 01/08/2014 - 12:01 | 4311591 margaris
margaris's picture

The author of the text doesn't even care to do enough research to get the name of satoshi nakamoto right.

 

It's not satoshi nakamodo.

Another anti-bitcoin guy called him satoshi nakamura lately.

Really?

If they are so careless to not get a simple name right I don't really care about their "opinion".

Wed, 01/08/2014 - 12:06 | 4311609 Boris Alatovkrap
Boris Alatovkrap's picture

"Nakamura", "Nakamodo", "Nakanaka", is all sound same to Boris.

(Boris ga eigo mo nihongo mo nakanaka dekimasen!)

Wed, 01/08/2014 - 12:45 | 4311795 Bendromeda Strain
Bendromeda Strain's picture

"Death by Naka Naka!"

Wed, 01/08/2014 - 12:16 | 4311640 Nostradumbass
Nostradumbass's picture

BABY ------------------> BATH WATER

Wed, 01/08/2014 - 17:23 | 4312911 Mad Mohel
Mad Mohel's picture

Who gives a shit when it's not a real person anyway? Nakafuku :D

Wed, 01/08/2014 - 11:50 | 4311550 Sudden Debt
Sudden Debt's picture

bitcoin dropped another 100$ in the last 2 days. It's not really stable he?

It's like a macao gambling machine :)

Wed, 01/08/2014 - 12:31 | 4311726 fonestar
fonestar's picture

Who cares if it drops $100?  So buy more then.  I would be surprised if Bitcoin did not make $10,000 USD by Jan 1, 2015.

Wed, 01/08/2014 - 13:41 | 4312034 Dick Buttkiss
Dick Buttkiss's picture

A former commodities/currency trader and Bitcoin author (with whom I'm starting a cryptocurrency mining/trading company) said this very thing to me yesterday, believing that another order of magnitude (i.e., $100,000) will follow in relatively short order.

Wed, 01/08/2014 - 15:19 | 4312473 PTR
PTR's picture

If you wanted to encourage people to take an interest in something, manipulate prices in a direction that draws them in: (stocks, Beanie Babies, housing, stocks, electronic currencies, whatever.)  Essentially foster a herd mentality.  Once they're in, you got 'em.

 

It's what I would do if I wanted to implement a singular global currency/payment platform.

 

 

Wed, 01/08/2014 - 17:38 | 4312970 madtechnician
madtechnician's picture

I think it's good when it jumps 100 bucks in a day , up or down , even better when it skips 500 bucks a day up or down which will be a fairly normal occurrence quite soon. Traders , especially FX Traders just *love* volatilty , all it does is bring more players into the game space. So in effect all the volatility will do is bring in more players , more players = more stabilty over the long term - upward price stabilty that is , just like over the last 5 years.  The nay-sayers who tell us it's the Central Banks who pump & dump the price have not done their homework. Go back for some 4th-grade math revision , Muppets.

Wed, 01/22/2014 - 15:24 | 4356201 MeelionDollerBogus
MeelionDollerBogus's picture

what's that, 10000 btc for a dollar?
Still too expensive. Maybe when it's 1,000,000 btc for a dollar, that 7 figures you keep saying is coming.

Wed, 01/08/2014 - 21:45 | 4313837 Exponere Mendaces
Exponere Mendaces's picture

@Sudden Debt

Yeah, real markets fluctuate up and DOWN. I know you can't tell anymore, with all the world's equities pumped up to the sky. Can't wait until the ECB makes that 10% bail-in tax for you. Maybe you'll cut the internet connection to save some money.

Thu, 01/09/2014 - 01:35 | 4314458 JustUsChickensHere
JustUsChickensHere's picture

And Brandon says that because we do not know who Satoshi is, that there is a process of 'blind faith' in the system.

Wrong... it is open source code. Heavily scrutinised, reviewed and revised - both for the code itself, and the design it implements......

Exactly the opposite of 'blind faith'  ...a totally transparent audit

Wed, 01/22/2014 - 15:22 | 4356188 MeelionDollerBogus
MeelionDollerBogus's picture

The 2 problems are from OUTSIDE the code.
Problem #1: the grid goes down. This happens FREQUENTLY on small scales but will happen on a larger scale very soon.
Problem #2: fiat exchanges. Those who print money have the legal power, unchallenged, to buy ANYTHING & set any price in fiat for any object, service, debt token, and BTC is a debt token.
The Bernank & now Older Yellen can indeed set the BTC price to 1 million each by using printed money then drop it to be ONE PENNY each a MINUTE later.
The SUPREME power over ALL BITCOIN is now the realm ONLY of the Federal Reserve & other central banks.
Bitcon = fail

Wed, 01/08/2014 - 11:43 | 4311522 Canadian Dirtlump
Canadian Dirtlump's picture

Recall the recent talk about the NSA and their quantum computer. What would that bode for the encryption on bitcoins, clitcoins, guntcoins, shartcoins and dwaynecoins not to mention mining them to dump?

 

It ain't for me but the rest of you can fill your boots. A distraction from metals is a more than fair comment.

Wed, 01/08/2014 - 12:03 | 4311597 Boris Alatovkrap
Boris Alatovkrap's picture

For distraction, you are just need go to liquor cabinet, no risky investment in cryptographic token scheme. (P.S., you are still can get Pilsner?)

Wed, 01/08/2014 - 12:27 | 4311691 Canadian Dirtlump
Canadian Dirtlump's picture

Yeah you can still get it. As is my custom, I'll regale you with a story because you're the man.

 

It is colloquially referred to as "vitamin P" here. I've mentioned it before, the old style pilsner was originally brewed at sick's brewery in lethbridge alberta. I grew up in Lethbridge and as a kid I drank out of "sick's" glasses  from the time I could drink ( not pilsner of course ). I toured the brewery as a child - we had a family friend who worked there who was Mormon ( as you likely know observant mormon's do not drink ). Today all that remains of the brewery is the "brewery gardens" which assuming they are still in christmas mode, are very nice. In that area the coulees are speckled with retirement homes now.

 

http://www.lethbridge.ca/Things-To-Do/Parks/Documents/Brewery%20Gardens.pdf

 

http://en.wikipedia.org/wiki/Old_Style_Pilsner

 

In Lethbridge as far as I can remember, Pilsner is sort of shunned as a low end beer. Lethbridge has many Native reserves around it, and you see alot of alcoholic natives around - which is a whole other shitty story. I recall pislner being referred from time to time as indian beer. Despite it starting out in Alberta it is wildly popular in Saskatchewan, the next province to the East. They embrace Pil there. I go there for work often and you can't walk into a pub, bar, or licensed chinese food joint without seeing it.

Speaking of Saskatchewan - as a kid we would travel through saskatchewan to visit my parent's home of Winnipeg. At the border of Alberta and Saskatchewan, there is several hundred metres of seemingly orphan land between the "leaving alberta" sign and the "welcome to saskatchewan" sign. My father told us it was "russian land" which in the early 80s sent chills down our spines. Now, if it were true I'd move there.

Wed, 01/08/2014 - 14:49 | 4312319 Boris Alatovkrap
Boris Alatovkrap's picture

You are Hutterite? Boris hear of AmeriKan restaurant of well endow server but is want to visit entire colony of well endow. You are tell more, yes?

Wed, 01/22/2014 - 15:15 | 4356151 MeelionDollerBogus
MeelionDollerBogus's picture

Horton who'd a hutter on first?
Is best return to vodka, solve riddle tomorrow.

Wed, 01/08/2014 - 15:54 | 4312601 adeptish
adeptish's picture

Long live the gonchcoin, eh...

Wed, 01/08/2014 - 16:24 | 4312701 Boris Alatovkrap
Boris Alatovkrap's picture

Gonch? Is delectable local food of Lethbridge? Please to share recipe! Boris is want enjoy international cuisine!

Wed, 01/08/2014 - 16:55 | 4312743 Canadian Dirtlump
Canadian Dirtlump's picture

Gonch is less a delicacy, more a utilitarian item of clothing worn underneath one's pants. My mother country is the Ukraine, but I am more than familiar with Hutterites. I visited a colony in 1981 on a class field trip. We baked bread.It is really an otherworldly experience going out there. Odd people, but generally nice. There was always apersistent rumor that if you were of acceptable stock you could make a little dough via a stud service whereby you head out and play a little game of hide the kielbasa with one of the young ladies in order to keep the gene pool of sufficient depth. I recall too hearing that they actually don't carry driver's licenses per say because having their pictures taken is verboten to them.

 

They come by my office selling chickens, turkeys, and pies for a reasonable price.

 

Historically in Lethbridge Hutterites are known as thieves. There was a jingle we sang as kids:

 

I am a hutterite, I shop on thursday night

I steal goods for my fellow hoods

 

( to put it in context in lethbridge, the malls were open until 9pm on thursdays and fridays).

Wed, 01/08/2014 - 17:56 | 4313048 Boris Alatovkrap
Boris Alatovkrap's picture

Okay, now Boris is so confuse! You are make many question!

In Lethbridge, is eat clothing? Underpants?! Next, why is class field trip to well endow nudist colony?! Next, you are eat underpant but is play with Kubasa?! Huttergirl is make food delivery? Please explain, when deliver chicken pie, Huttergirl is wear short orange short like advertisement? Is not cold in Canadia? Huttergirl are steal from you when make it delivery?! You are know this, but invite to office for chicken pie!? You are seduce? Boris is recommend you are not to leave gratuity if waitress is steal.

Boris is find "Hutterville" on Google Earth. Where is restaraunt!? Boris can only see quanset hut and agriculture machinery like collective farm.

Final question, is better, Hutter make chicken pie or Hutter make turkey pie?

Wed, 01/22/2014 - 15:13 | 4356140 MeelionDollerBogus
MeelionDollerBogus's picture

he must have been the observant more-man. "Pardon me, bar keep, I'm an observant More-man. My cup is empty, I'll have 1 More, man."

Wed, 01/08/2014 - 12:03 | 4311598 Sudden Debt
Sudden Debt's picture

how hard can it be to break your own code when you have the key?

who says the computer isn't for tracking the transactions?

what's really in a bitcoin miners chip?

Wed, 01/08/2014 - 13:36 | 4312018 madtechnician
madtechnician's picture

A tiny bloke with a hammer and chisel , he taps out special electrons from atoms.

Wed, 01/08/2014 - 12:58 | 4311861 Duke of Earl
Duke of Earl's picture

That's probably 20 years out, it will be interesting if the NSA still exists by then.

Wed, 01/08/2014 - 13:35 | 4311992 madtechnician
madtechnician's picture

Sorry to piss on your bonfire but Quantum Computers would be completely useless for cracking digital electronic encryption.

In fact , Quantum Computers would be much better suited to developing techniques and recipies for manufaucturing gold and other physical materials in a lab , Just sayin'

Wed, 01/08/2014 - 21:51 | 4313852 Exponere Mendaces
Exponere Mendaces's picture

@madtechnician

Good try, but most of the "stackers" and "preppers" on here probably carry Blackberrys and have a Packard-Bell somewhere to read the web. Not exactly forward-looking or very technologically adept.

You're right, current Quantum computing efforts are closer to "Annealing" types than actual true quantum devices. Only good within a limited n-dimensional space of a problem set, hardly what you'd need to "crack every encryption" method, or whatever the tinfoil brigade is ranting about.

As for making gold, why not - carbon deposition techniques can make a flawless diamond but its been surpressed by DeBeers. Just need a clever nanotech development to arrange atoms in the classic "full shell" of 79 electrons each.

But of course, such a development is "impossible" to these neanderthals.

Wed, 01/22/2014 - 15:09 | 4356126 MeelionDollerBogus
MeelionDollerBogus's picture

actually the stackers appear to be much more technically adept than the bitcoiners which is why we're smart enough NOT to throw all our money away on it AND to know why it won't work for the future when gold will.
Gold is a MORE advanced technology than BITCOIN, not lesser.

MAKE GOLD? You fool, you must smash atoms together as fast as a super-nova to make gold atoms

Again, you are INFERIOR in knowledge of physics, of technology, and act as if you are the teacher.

You are not even smart enough to be a STUDENT. you need fusion power to build gold atoms from anything else, NEVER AT ALL comparable to the CVD of diamond. Why?

Because with DIAMOND YOU ARE NOT MAKING CARBON ATOMS. YOU ARE COMPRESSING SPACE BETWEEN CARBON ATOMS.

You dumb fuck. How dare you parade out your ignorance as if someone you were SUPERIOR in knowledge. You may as well be painting rocks with your poop and declaring yourself the author of a physics dissertation.

Give your head a shake.

 

Wed, 01/22/2014 - 15:05 | 4356117 MeelionDollerBogus
MeelionDollerBogus's picture

the MAJORITY of algorithms for quantum entanglement are DEDICATED to the brute-force cracking of encryption, you dolt.
That's their PURPOSE. Every solution is solved SIMULTANEOUSLY provided the TOTAL bit-count fits in the entangled qubits register.
That's that. The BEST PURPOSE EVER for a quantum computer is cracking non-quantum cryptography of EVERY sort.

Wed, 01/08/2014 - 13:34 | 4311993 madtechnician
madtechnician's picture

.

Wed, 01/08/2014 - 13:34 | 4312006 madtechnician
madtechnician's picture

.

Wed, 01/08/2014 - 11:46 | 4311525 Serfs Up
Serfs Up's picture

Well, just read about some of the *known* NSA hacking abilities like Ironchef and Nightstand, and you'll (hopefully) quickly realize that there's no such thing as legitimate opposition in the digital world.

(If you like your details on the NSA served up, here they are:  http://arstechnica.com/information-technology/2013/12/inside-the-nsas-leaked-catalog-of-surveillance-magic/)

Bitcoin exists at the whim of Cesar.

Right now they are probably useful because Congrescritters, thinking them secure, are using them to buy underage sex and exccellent control files are being amassed.

Or something like that.

Wed, 01/08/2014 - 11:48 | 4311539 Stoploss
Stoploss's picture

ROTFLMAO!!!

Wed, 01/08/2014 - 11:52 | 4311558 Magnix
Magnix's picture

Sold my LITECOINS (profited) and going to buy GOLD period!

Wed, 01/08/2014 - 12:28 | 4311711 DoChenRollingBearing
DoChenRollingBearing's picture

The best way to spend your LTC or BTC is to buy gold.  Bravo!

Wed, 01/08/2014 - 12:36 | 4311748 bitcoinbear
bitcoinbear's picture

Sold my GOLD to buy BITCOIN, the best move i have ever made.

Wed, 01/08/2014 - 12:49 | 4311815 fonestar
fonestar's picture

Excellent choice!  I have barely any gold left.  Silver is better, but even silver is only good locally and cannot do what Bitcoin can.

Wed, 01/08/2014 - 12:20 | 4311663 Croesus
Croesus's picture

Fonestar Defined: 

"When a person invests a sizable amount of capital into an idea, not to mention a sizable amount of philosophical faith, they tend to lose a measure of objectivity."

Seriously, Fonestar: 

I'm glad BTC has paid-off for you, but there's really nothing wrong with taking profits off the table, if you haven't already done so. 

There's also nothing wrong with losing your BTC in a "tragic HDD malfunction"...

Cheers, 

Croesus

Wed, 01/08/2014 - 12:30 | 4311723 DoChenRollingBearing
DoChenRollingBearing's picture

Oh, sorry Mr. IRS Tax Man, my hard disc died, so I have no more BTC left.  My bad.  And a boating accident last summer, oh, woe is me!

Wed, 01/08/2014 - 12:34 | 4311737 fonestar
fonestar's picture

My wallet is backed up in many, many locations.  

I will never "take profits" in Bitcoin because what haveth a man who sells his Bitcoin only to find there is nothing greater than Bitcoin?

Wed, 01/08/2014 - 13:11 | 4311935 Croesus
Croesus's picture

@ DoChenRollingBearing: 

So many tragedies, so little assets...cheers, my friend! 

@ Fonestar: 

To each, his own. I'm not greedy about anything, so I feel good, as long as I'm beating the establishment at their own game! I'm glad you are too! Go Gold, Go BitCoin! 


Wed, 01/08/2014 - 14:47 | 4312283 Kirk2NCC1701
Kirk2NCC1701's picture

Now that you've admitted that your "wallet is backed up in many, many locations", the CRA (Canadian Revenue Agency) will no longer "buy" your argument of "plausible deniability" of having "lost" your wallet, and they will tax you accordingly.  If/when they do a full-spectrum Tax Audit on you, that includes your BTC activities.

Reminder and Warning to all:  the US Gov could not convict Al Capone on any of the many charges they brought up against him, until they nailed his hide with Tax Evasion/Fraud.  Plan and Act accordingly.

For the record, I see no need to back up my wallet, as I have full faith in the HDD.  In the extreme and unlikely event of its 'demise', I can tell the Tax Auditors that "My HDD ate my BTC".  And I'm not very systematic about my Backups either.  Ooops, looks like I forgot to include that folder in the Backup list.  :-)  How careless and reckless of me.  And, as I get older, I am getting more forgetful -- which a number of friends and family will swear to.  In the words of so many VIPs in front of Congressional hearings: "I cannot recall... I cannot recall... I cannot recall..."

Being careless or imprudent is not a crime.  Lying to the LEAs is.  Being imprudent with BTC is risky.  Lying to the tax man (CRA, IRS...) is far riskier. 

Wed, 01/08/2014 - 13:34 | 4312007 midtowng
midtowng's picture

Bitcoin is part of the current Internet Bubble 2.0

The only difference is that it is also part of the currency bubble as well.

Wed, 01/08/2014 - 21:56 | 4313865 Exponere Mendaces
Exponere Mendaces's picture

@midtown-whatever

Sure it is, its "died" a few times too - but somehow that never stops you barking seal trolls from calling the next funeral.

Must get tiring, being wrong so many times...

 

Wed, 01/08/2014 - 11:31 | 4311474 hedgeless_horseman
hedgeless_horseman's picture

 

 

I am so tired of others holding a franchise to create money out of thin air. 

Wed, 01/08/2014 - 11:32 | 4311489 LawsofPhysics
LawsofPhysics's picture

Ditto, but even a blind squirrel may find a nut and desperate people do desperate (and often stupid) things...

there's a tidal wave of bullshit paper out there, who know where it will really go?

Wed, 01/08/2014 - 11:38 | 4311510 Boris Alatovkrap
Boris Alatovkrap's picture

Boris is recommend industrial grade high volume flush toilet for job.

Wed, 01/08/2014 - 11:45 | 4311527 oddjob
oddjob's picture

It's called a blowout bowl.

Wed, 01/08/2014 - 12:20 | 4311668 ElvisDog
ElvisDog's picture

Okay, Boris, your stupid Russian pidgeon English schtick is getting really old. I don't even read your comments any more.

Wed, 01/08/2014 - 12:46 | 4311802 willwork4food
willwork4food's picture

Well, some of us love to read Boris's russian pidgeon english!

Don't mind him Boris, he's just a dog..

Wed, 01/08/2014 - 16:03 | 4312623 adeptish
adeptish's picture

Hey Elvis, Boris is consistently the funniest f*cker on here, btw how can you not read his comments without reading them? Hugs.

Tue, 01/21/2014 - 18:59 | 4353450 MeelionDollerBogus
MeelionDollerBogus's picture

Is shame. Boris is have great following on hedge. Mush like dogs in Siberian snowy plains.
Also Boris may is have vodka. If sleep, we drink. Leave turnip for bottle, is good barter.

Wed, 01/08/2014 - 11:34 | 4311497 kushmere
kushmere's picture

Which others? Central Banks or revolutionary thinking programmers and mathmaticians?

 

http://bestbitcoinsites.wordpress.com

Wed, 01/08/2014 - 11:37 | 4311504 hedgeless_horseman
hedgeless_horseman's picture

 

 

Does it really matter?  Absolute monetary authority corrupts absolutely.

Wed, 01/08/2014 - 19:15 | 4313315 TheHound73
TheHound73's picture

The bitcoin network has always been open and public to anybody to mine on, including you.  The more the merrier.

<<I am so tired of others holding a franchise to create money out of thin air. >>

Is this your argument that only a god should create money and only you should dig it out of the dirt?

Tue, 01/21/2014 - 19:00 | 4353454 MeelionDollerBogus
MeelionDollerBogus's picture

That which is made by man can't be money. Period.
There are no gods but what is from nature, especially elements produced in a supernova like gold or silver, CAN'T BE FAKED.
Everything else CAN BE FAKED so it's NO GOOD as money. BTC is no good as money of any form.
Not for transactions, not for storing wealth, nothing.
It's useless. Only that which has an atomic nucleus can be money.

Wed, 01/08/2014 - 22:01 | 4313889 Exponere Mendaces
Exponere Mendaces's picture

@hedgeless-wonder

Of course you'd be smugly posting that, you have all of your preps ready, your guns and ammo, your lovingly tended rabbit hutches. I'm amazed you had time to post, what with your instagram-meal-fetish.

I'd say the prepper lifestyle is what corrupts. It isolates those from society, so then you start rooting for all of it to fall. You don't care, you're just fine - your family will eat and you'll smugly twirl your gold coins when the news reports of unrest and social disorder.

Sitting there, in your chair, like a little tyrant of your personal kingdom. Tell me, can all of the king's horses and all of the king's men - fashion together an empire again?

Don't bother replying, I doubt you have anything to offer beyond a rabbit recipe.

 

Tue, 01/21/2014 - 19:00 | 4353457 MeelionDollerBogus
MeelionDollerBogus's picture

What part of society, the part where we trade things together that we have real value in, food we grow, tools we make, skills we teach?
Or the part where nasty crackheads try to stab you for quarters, rape your daughter in the middle of the night because they're high on PCP, and for fun, post a photo on facebook of it and then claim they are mentally incompetent to stand trial or be found guilty so they walk free & do it again?
Know what?
One of these "societies" SHOULD be isolated. Forever.

"fashion together an empire again?"

If we do it right we'll fashion a culture which destroys empires in the infant stage. Forever.

Wed, 01/08/2014 - 11:44 | 4311524 LawsofPhysics
LawsofPhysics's picture

"revolutionary thinking programmers and mathmaticians" - do TBTF banks have programmers and mathmaticians on staff?  I think so...

Wed, 01/08/2014 - 12:14 | 4311635 Temporalist
Temporalist's picture

Right!  Quants, cunts, PhDouches...

Wed, 01/08/2014 - 12:34 | 4311742 ShouldveLeftHer
ShouldveLeftHer's picture

Bitcon smells like a soft beta rollout of a cashless society. Why doesnt the creator of it stand and be recognized if its such an amazing thing? Why is JPM and brethren dueling it out, with Uncle Sam in the mix, for patenting rights on bitcoin-esque intellectual property? Why, if its so much of a threat to the fed monopoly, is it still functioning, and "untraceable" to boot? Paper currency can be banned, just switch what you consider acceptable for payment of taxes and what you define as "legal tender". The plebs will be cutting each others throats to accumulate as much of the new "money" as they can, and the game starts over***

* purchasing power and standard of living not guaranteed, tax title and licensing fees seperate

Wed, 01/08/2014 - 11:27 | 4311476 TeamDepends
TeamDepends's picture

Can't we go one day without mentioning it?

Wed, 01/08/2014 - 11:30 | 4311484 Gene Parmesan
Gene Parmesan's picture

That's pretty weak as rebuttals go, but I don't blame you. That was a pretty comprehensive dismantling of bitcoin.

Wed, 01/08/2014 - 13:10 | 4311914 Saro
Saro's picture

Not really.  It seemed to be equal parts:

1) Ad hominems ("Let me make a blanket statement about what all Bitcoiners are like, and then I'll tell you why I think that caricature I've created is dumb.")  Sorry, but I own gold, I own silver, I own guns, I keep supplies on hand, and I hold Bitcoins.
2) Unsubstantiated boogeymen and innuendo ("OooOoOoo, unknown creator! OoooOooOo, spooky NSA! OoooOOooo, NWO!").
3) Technical fairyland ("The US government is just going to mine all the coinz!!")
4) Strawmen ("They said Bitcoin can't be stolen!").  Anything can be stolen if someone catches you with the keys to it.
5) Personal preference ("Local barter is better than being able to move my wealth instantly to anywhere in the world!").
6) Hypocrisy. ("Bitcoin can be manipulated by people who hold it, just like any other commodity!  Buy gold!")

I will also note that for all his huffing and puffing about how Bitcoin isn't private, that when the FBI busted the owner of the Silk Road, they didn't do it through Bitcoin transactions, and in fact DPR probably has many other wallets that the FBI doesn't know about and can't get to.

Wed, 01/08/2014 - 15:02 | 4312350 Kirk2NCC1701
Kirk2NCC1701's picture

Regardless of how one feels personally about buying/trading BTC (pro, con or in between), the REAL question one has to ask, to avoid getting sucked into the many BS+FUD debates I see here, is which is preferable to a GENUINE libertarian/Libertarian: 

   (a) The fiat paper/currency of CBs (with their LEAs and DoD bully-enforcers behind them), or

   (b) A decentralized currency, created and owned by the Global Economy of freedom-minded people.

BTW...

   [1]  Official Economy  = Fiat + Debt + Derivatives + MISC   (where MISC = Military-Industrial & Surveillance Complex)

                                    = By, For and Of the Plutocracy, the feudal Oligarchs + We the Sheeple

                                    = Slave/Servant to Debt-Currency

   [2]  Parallel Economy = PM + Barter + BTC (notice the diversification of assets/wealth in this equation!?)

                                    = We The People = Freedom from Debt-Currency

                                    = What one asset won't do for you (in a given situation), another one will!  And only a full-retard is a 1D allocator.

Get clarity, choose a side, and please stop spreading 'manure' and FUD.

Wed, 01/08/2014 - 11:33 | 4311490 granolageek
granolageek's picture

No, we can't. It's clickbait for Tyler, and he's worn out global warming for this week.

But it's been a while since he did a phony "US Mint suspending PM Eagle sales" story, so maybe he can do that next.

Wed, 01/08/2014 - 11:37 | 4311506 FieldingMellish
FieldingMellish's picture

Enlightenment can be painful to many but its temporary. Maybe a nice story on how JPM is hoarding silver... or smashing the price down... or selling it... or something.

Wed, 01/08/2014 - 11:33 | 4311494 LoneStarHog
LoneStarHog's picture

Can't you go one day without READING it?

Wed, 01/08/2014 - 12:37 | 4311751 fonestar
fonestar's picture

"Can't we go one day without mentioning it?"

 

No, you cannot.  Because Bitcoin is what is happening.  Bitcoin is the game-changer that ends central banking.  Stackers had their chance but they were pussies that were too embarassed to stick their necks out and proclaim that dollars are shit.

Wed, 01/08/2014 - 11:29 | 4311482 White Owl
White Owl's picture

BitCIAn

Wed, 01/08/2014 - 12:54 | 4311836 bitcoinbear
bitcoinbear's picture

Bitcian? That don't even make sense... 

Wed, 01/08/2014 - 11:32 | 4311487 Sudden Debt
Sudden Debt's picture

bitcoin representatives?....

It's not a scam... sure...

I thought it wasn't a company?

why hired them? who pays them? what's the incentive besides the fact they might have owned 70% of the coins?

 

Wed, 01/08/2014 - 13:15 | 4311945 Saro
Saro's picture

It isn't a company.

(What's your incentive to tell people to stack?  Are you a PM represenative?? I thought PMs weren't companies?? Wait, you're just trying to make your stash of PMs worth more!  You work for JPM, don't you??!  YOU WON'T TAKE ME ALIVE, NEW WORLD ORDER!!1)

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