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Overstock CEO Slams "Unethical" Krugman; Hopes "Bitcoin Destroys Central Banking"

Tyler Durden's picture




 

Overstock CEO Patrick Byrne goes to town on Keynesian Crony Paul Krugman in this brief interview. Byrne blasts Krugman for everything from his "unethical" involvement in the Enron debacle to his present day view that "the market failed so we need more government; or freedom failed so we need more government." Noting that Krugman may have done "some great work before he went crazy," he rants against the Fed apologist for his "bitcoin is evil" comments adding that he hopes "Bitcoin can destroy central banking." Byrne pulls no punches in his attack on Krugman and his "Keynesian magic money tree theories," as he explains why the so-called 'economist' would be against a 'bounded currency'.

 

Well worth a few minutes... as Byrne covers everything from Krugman's craziness,  Friedman's warnings, Russia-style central-planning, and Federal Reserve failures... quite astounding

 

 

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Wed, 01/15/2014 - 17:49 | 4335375 linniepar
linniepar's picture

Just bought some sheets from ostock 2ith btc. Woot!

Wed, 01/15/2014 - 17:53 | 4335391 chunga
chunga's picture

I don't know what Overstock sells but I'm going to buy something from them just for the fuck of it.

Wed, 01/15/2014 - 18:02 | 4335416 NoDebt
NoDebt's picture

If this is Patrick's way of getting free publicity for his company..... it worked.  I've never bought anything from them.  Never been on their website, even.  But I will now.

Wed, 01/15/2014 - 18:06 | 4335428 CH1
CH1's picture

I like this guy.

I'll try to buy more from Overstock.

Wed, 01/15/2014 - 18:07 | 4335433 Handful of Dust
Handful of Dust's picture

I'm on board with that.

Wed, 01/15/2014 - 18:14 | 4335460 NoDebt
NoDebt's picture

Just checked out the website.  They still have some laptops with Windows 7 on them, not that godawful Windows 8 garbage.  I think I'm gonna pick up this one to replace my 6 year old Vista hand-me-down from the kids:

http://www.overstock.com/Electronics/Acer-Aspire-V5-131-2629-CELERON-100...

More than enough for what I need (basically just visiting ZH and occasionally watching porn).

Wed, 01/15/2014 - 18:32 | 4335496 TruthInSunshine
TruthInSunshine's picture

Wow, what a dilemma for me; bitcoin -vs- Krugman .

j/k No it's not. I'd deem Krugman 1 Quadrillion times the fraud that anyone would claim bitcoin to be...

From the dictionary - Krugman is synonymous with weasel, fraud, charlatan, snake oil, witch doctor, quack, pussy, vagina, clitoris, smegma, pole smoker & taint licker/sniffer.

I have to completely re-analyze bitcoin now, since if Krugman is against it, what sane person could be AGAINST it.

Thanks a lot, Krugman, you fuckface.

Wed, 01/15/2014 - 18:46 | 4335560 Prisoners_dilemna
Prisoners_dilemna's picture

The GF has been patient with my bitcoin foray.

SO I let her shop at overstock. She likes the area rugs. I like her choices; they're attractive and low cost!

Wed, 01/15/2014 - 19:13 | 4335634 machineh
machineh's picture

Do they have any Kurgman doormats?

Wed, 01/15/2014 - 19:47 | 4335809 Atlas_shrugging
Atlas_shrugging's picture

I closed my eyes and thought this was Jim Grant speaking

Wed, 01/15/2014 - 20:23 | 4335865 Say What Again
Say What Again's picture

Years ago I was trading large in a few mid-sized companies.  They were solid companies with good capital ratios, so I couldn't figure out why their share price was so compressed.  I found out that they were being attacked by Naked Short Sellers, who eventually had to surrender.  These trades turned out to be very profitable for me, but it took a long time, and I almost closed out too soon. 

The Naked Short Sellers, and the SEC's inability to enforce the Reg-Sho laws are just another entry in my list of "market" experiences that most people do not want to know about.

 

Clearly, this is a fair market

/S

Wed, 01/15/2014 - 21:36 | 4336230 BTFDemocracy
BTFDemocracy's picture

just hit BUY with Bitcoin on Overstock.com ... not sure what they even sell, but I'm already buying something.

Wed, 01/15/2014 - 22:46 | 4336509 Boris Alatovkrap
Boris Alatovkrap's picture

Paul "Magic Monkey" Krugman is get beat down from true entrepreneur.

Wed, 01/15/2014 - 21:54 | 4336294 disabledvet
disabledvet's picture

we're "going for the gold" in this country...in every sense of the word now. I can't say I want to look up at "my moon" and see 300,000 people up there. That would really bum me out...but that's where we're going with all this.

Wed, 01/15/2014 - 22:33 | 4336442 Unpopular Truth
Unpopular Truth's picture

I used to be upset with QE... until i realized that it is a way to tax the 47%... and my investments in gold coins and bitcoins are well placed! Print away!!!! :)

Wed, 01/15/2014 - 18:31 | 4335522 chunga
chunga's picture

At least with Win7 you can click it back to look like XP and it's 64 bit.

I looked for a Krugman dartboard but they don't have it.

That might be something Banzai should look into.

Wed, 01/15/2014 - 18:14 | 4335458 NotApplicable
NotApplicable's picture

Me too.

*feeling bad about Amazon purchases*

Wed, 01/15/2014 - 20:04 | 4335880 fonestar
fonestar's picture

I like this guy.

I'll try to buy more from Overstock.

 

I just signed up there the other day and placed my first order.  Far from junk, they seem to have a number of high quality items.

Wed, 01/15/2014 - 18:56 | 4335589 Dingleberry
Dingleberry's picture

Byrne has been preaching for seems like a decade about Overstock being naked shorted by more stock than ever was even issued. 

I don't think he got help from the SEC though.

He has lived with the rampant corruption and vileness of those that blatantly steal and those that abdicate their responsibility to enforce the law.  

Wed, 01/15/2014 - 19:47 | 4335731 zipit
zipit's picture

Publicity for his company + publicity for Bitcoin itself + help further the disruption of the status quo + bash Krugman = A whole lotta WIN

Wed, 01/15/2014 - 18:13 | 4335456 optimator
optimator's picture

Especially if your state chages sales tax through Amazon!

Wed, 01/15/2014 - 19:22 | 4335511 RaceToTheBottom
RaceToTheBottom's picture

Does not all state charge sales tax the same?  Would Amazon be any different from Overstock?

Serious question.  I outfitted a condo from Overstock but it was in a non tax state and I presently live in a state tax state....

Thu, 01/16/2014 - 04:39 | 4337130 El Crusty
El Crusty's picture

think about it though- if they are trying to tax you on an internet purchase that you made in dollars or one of the other fiat currencies they can do that. how are they going to tax you for purchasing something over the internet with bitcoins or any other crypto currency, which is not presently a recognized form of currency by the us government?

i think thats why the big banks and the governments around the world are afriad of bitcoin- they cannot tax something that they do not control.

makes you think doesnt it?

edit- i also just realized something after making this post. if the government wants to have some type of control (aka the ability to tax you on it) over bitcoin it has to regulate it somehow. if they do indeed regulate bitcoin it becomes a legitimate currency overnight. if bitcoin becomes legitimate in the eyes of the masses people will flock to it and other crypto currencies in droves because which currency would you rather hold and use- one that is not issued and heavily controlled by a central bank, or one that is created and manipulated by a central bank that can theoretically wipe out the value of your savings and retirement overnight on a whim by creating trillions of new dollars?
its the ultimate catch-22

Wed, 01/15/2014 - 19:06 | 4335611 Gohn Galt
Gohn Galt's picture

I just made my first retail bitcoin purchase with them. 

Wed, 01/15/2014 - 19:22 | 4335681 Freddie
Freddie's picture

Patrick Byrne is a great dude.   I have bought stuff from Overstock and they do a good job. 

I will try to use them in the future more and avoid that douchebag Bezos and Amazon.com.libtard.obamaCompany.docuchebags

Thu, 01/16/2014 - 00:16 | 4336808 CognacAndMencken
CognacAndMencken's picture

Freddie.... I thought you hated Warren Buffet and anything that has to do with the him. ?? If memory serves correct, you've written some particularly vile comments about Buffet.... am I right?

Not only was Patrick Byrne's father very good friends with Buffet, he was the CEO of Geico, a Buffet company. That's where the Byrne's family got their money, and that's where the seed money for Overstock ultimately came from. Fresh out of college, Patrick went straight to work for Buffet (specifically a Berkshire company), relying on his father's link to Buffet to get the job. Byrne's is a smart guy, but make no mistake, his wealth, his family's wealth, and his start in business was ALL from Buffet. In fact, it would be challenging to find someone who had more of a Buffet "free ride" than Byrnes. If you love Byrnes, you love Buffet. Dude.

Thu, 01/16/2014 - 03:08 | 4337070 A Nanny Moose
A Nanny Moose's picture

Party foul. Hasty Generalization. 10 yard penalty. Repeat 3rd Down.

Wed, 01/15/2014 - 20:24 | 4335961 rubiconsolutions
rubiconsolutions's picture

"Hello General Alexander. Yeah, this is Janet Yellen. We have a little problem, this Bitcoin thing is getting out of control. I wonder if you'd be so kind as to lend us a little of that spare computing power that you all have? We'd like to see the NSA mine it to death. You know, in the interest of national security."

Wed, 01/15/2014 - 17:50 | 4335377 Four chan
Four chan's picture

Krugman is a "punk bitch" using the parlance of the day.

Wed, 01/15/2014 - 18:04 | 4335421 Martial
Martial's picture

I'm pro-life, but if I could go back in time, I'd make an exception for Krugman's mother.

Wed, 01/15/2014 - 18:15 | 4335463 NotApplicable
NotApplicable's picture

Thing is, he's so fucking worthless, the Times could replace him any fool, like say... Bernanke.

Wed, 01/15/2014 - 18:36 | 4335534 Osmium
Osmium's picture

Bernanke is not just any fool, he's an exceptional fool.

Wed, 01/15/2014 - 17:51 | 4335381 Buckaroo Banzai
Buckaroo Banzai's picture

For those who have not yet seen it, Patrick Byrne's "Deep Capture" narrated slideshow presentation on how completely fucked up the stock market is, is simply outstanding.

http://www.deepcapturethemovie.com

Wed, 01/15/2014 - 18:11 | 4335441 NotApplicable
NotApplicable's picture

Like anyone cares if the entire float for a stock is sold short!

Thu, 01/16/2014 - 03:13 | 4337073 A Nanny Moose
A Nanny Moose's picture

Care? What you just wrote is jibberish to 90% of Amerika. They would have to know what that means before they could even care. They would have to understand that pension are broke before they could care. All they know is that they are entitled to payment, for the proverbial "hamburger today"

Wed, 01/15/2014 - 18:41 | 4335549 ArrestBobRubin
ArrestBobRubin's picture

Thanks for the link Buck

Wed, 01/15/2014 - 19:14 | 4335638 ultimate warrior
ultimate warrior's picture

I'm enjoying this presentation. Thank you.

Wed, 01/15/2014 - 19:14 | 4335643 centerline
centerline's picture

have seen it.  very good to keep this stuff regular suggestions.

Wed, 01/15/2014 - 19:39 | 4335760 Four chan
Four chan's picture

interesting watch, thanks.

Thu, 01/16/2014 - 05:43 | 4337184 Z_End
Z_End's picture

Fantastic presentation. Thanks for sharing.

Wed, 01/15/2014 - 17:51 | 4335385 clones2
clones2's picture

Someone just got put on the list for an IRS audit next month....

Wed, 01/15/2014 - 18:05 | 4335423 Quant Jockey
Quant Jockey's picture

Actually, he better be careful 'cause he could end up like Andrew Breitbart.

Wed, 01/15/2014 - 18:09 | 4335435 knukles
knukles's picture

Or they could preform a full frontal lobotomy and he's wind up like Krugman

Wed, 01/15/2014 - 18:15 | 4335464 NoDebt
NoDebt's picture

Well played, sir.

Wed, 01/15/2014 - 18:13 | 4335455 RobD
RobD's picture

The list of things to stay away from is getting long; Private planes, late walks at night, hot tubs, BMWs, Arkansas crossroads etc.

Wed, 01/15/2014 - 18:46 | 4335558 Buckaroo Banzai
Buckaroo Banzai's picture

...canoeing at night on the Potomac...

Wed, 01/15/2014 - 19:38 | 4335757 Fail2Deliver
Fail2Deliver's picture

He might get heart-attacked or suicided. Lot of that going around with those that expose the system.

Wed, 01/15/2014 - 19:26 | 4335700 Fail2Deliver
Fail2Deliver's picture

Patrick has already had the SEC come after him for no reason and probably the IRS, too.
The Easter Bunny predicted it would happen.

Wed, 01/15/2014 - 18:02 | 4335389 Obchelli
Obchelli's picture

Still wondering how idiot like that got Nobel Prize... Then again we know other idiots who got same crap without deserving anything... 

Wed, 01/15/2014 - 18:08 | 4335432 CH1
CH1's picture

Still wondering how idiot like that got Nobel Prize

These days, the Nobel goes to the best State sycophant.

Fascism - it's what's for breakfast!

Wed, 01/15/2014 - 22:30 | 4336431 wintermute
wintermute's picture

It wasn't a proper Nobel prize, it was some 2nd class "memorial prize" thingy.

Thu, 01/16/2014 - 03:16 | 4337077 A Nanny Moose
A Nanny Moose's picture

It's the same difference to those who employ the argument from authority fallacy. They simply do not know any better. A little medal is good enough for them, and they will never be convinced otherwise.

Wed, 01/15/2014 - 17:54 | 4335395 q99x2
q99x2's picture

Bit bit bit bit bit ... Fuck those Mother Fucking Central Bankers .... bit bit bit bit...BitCoin!

Wed, 01/15/2014 - 18:03 | 4335419 john39
john39's picture

central banking is a means to end, not an end in of itself.  when it has served its purpose, the system will be terminated.   think about it.  no need for central bank in a fascist/marxist/totalitarian world government.

Wed, 01/15/2014 - 20:31 | 4335954 layman_please
layman_please's picture

you are on to something. from history we have learned that even revolutions that terminate the old system are planned in advance. it's just a transition which is made to look voluntary and auspicious.

we could have had totalitarian world government long ago, but it will not be implemented by brute force, instead, most of the people will be begging for it, before they finally get to embrace it.

Wed, 01/15/2014 - 17:56 | 4335397 Frank N. Beans
Frank N. Beans's picture

Them's fightin' words!! 

 

 

 

Wed, 01/15/2014 - 18:01 | 4335409 Dr. Engali
Dr. Engali's picture

I like Byrne. I remember when he was fighting with the naked shorts a few years back, and CNBS acted like he was freaking crazy. With talk like this I'm sure it will seal the deal in their minds and they will treat him like Dr. Paul.

Wed, 01/15/2014 - 18:01 | 4335411 Spungo
Spungo's picture

They should sell t-shirts that say "fuck Paul Krugman" and the only accepted payment method is bitcoin

Wed, 01/15/2014 - 18:04 | 4335422 Pareto
Pareto's picture

+100.  I looooooove it!!

Wed, 01/15/2014 - 18:23 | 4335488 Skateboarder
Skateboarder's picture

Hell even I would buy bitcoin to get that shirt.

edit: wait... I can just make it myself. Never mind.

Wed, 01/15/2014 - 22:14 | 4336373 Midas
Midas's picture

That's funny, but a little over the top for me.  Call me a prude, but I'm not going to walk around with the word "fuck" on a t-shirt.  If he were to get Krugman's face on a donkey with a bitcoin necklace, that would be great.  They could be like the Che t-shirts for people who aren't into fascism. 

Thu, 01/16/2014 - 03:20 | 4337080 A Nanny Moose
A Nanny Moose's picture

This! I would buy this...along with a T-Shirt that used the Rombamabot '12 campaign logos to spell ROFLMAO

Wed, 01/15/2014 - 18:02 | 4335414 ncdirtdigger
ncdirtdigger's picture

I hope Ostock doesnt need an extension on its line of credit.

Wed, 01/15/2014 - 18:02 | 4335415 I Write Code
I Write Code's picture

That will be the day after Overstock destroys Target.

Wed, 01/15/2014 - 18:47 | 4335567 Pairadimes
Pairadimes's picture

Only if Target doesn't destroy Target first.

Thu, 01/16/2014 - 03:39 | 4337097 A Nanny Moose
A Nanny Moose's picture

What's in your wallet?

Wed, 01/15/2014 - 19:27 | 4335424 madtechnician
madtechnician's picture

Dont worry , Satoshi101 will be posting here soon , he's just busy taking up the ass from a krugman - Zenofrog circlejerk , when they finish off he will be again officially confirming that bitcoin is both a Ponzi and Fed conspiracy.

Wed, 01/15/2014 - 18:09 | 4335438 LawsofPhysics
LawsofPhysics's picture

Does this guy have a nobel prize like Krugman?  I think not.

/s

 

Wed, 01/15/2014 - 18:24 | 4335504 bilejones
bilejones's picture

Krugman doesn't have a Nobel Prize either. There's no such thing as a Nobel prize for economics, Like Krugman and the Swedish Central Bank that created it, it's a fraud.

Wed, 01/15/2014 - 22:18 | 4336386 Bunga Bunga
Bunga Bunga's picture

Right, it's a bonus paid by banksters for spreading propaganda supporting central banks and big government for the benefit of banksters.

Wed, 01/15/2014 - 18:10 | 4335440 Handful of Dust
Handful of Dust's picture

all these mail companies are going to have a tough road to pough with postal rates jacked up again according to Ecommerce web sites. 2 hikes in one year...rough stuff for them an dincreased costs for all consumers...another 5-6% price increase across the board.

Luckily, there's no inflation or things would really get tough.

Oh, wait.....

Wed, 01/15/2014 - 18:11 | 4335444 TaperProof
TaperProof's picture

I am now a customer of overstock

Wed, 01/15/2014 - 18:18 | 4335476 wisehiney
wisehiney's picture

I am hoping that they have some of my neccessities. Going there now.

Wed, 01/15/2014 - 18:13 | 4335454 Kirk2NCC1701
Kirk2NCC1701's picture

I'll type slowly, so the slow learners can keep up... but, like I've been saying:

[1] PARALLEL ECONOMY = Barter + PM + BTC = Debt_free = libertarian

[2] OFFICIAL ECONOMY = Debt_Currency + Credit + Derivatives = CB-owned

What one component in equation [1] won't do for you in a given situation, another one will.  It is 100% irrelevant what one's own personal preferences are for any of the 3 components in Eq.[1].  The key is to see them as part of the whole, i.e. part of the Parallel Economy.

Only full morons/retards, agents and shills will choose to avoid this reality, and raise the cloud of FUD (Fear, Uncertainty and Doubt) to either Divide & Conquer, or to Deflect & Redirect the real argument to some other BS/false argument.

I suggest you get clarity, pick a side and stay focused on legitimate talking points (avoid distractions and BS).

By their fruits (advice) shall ye know them.

Wed, 01/15/2014 - 18:16 | 4335469 RaceToTheBottom
RaceToTheBottom's picture

Wasn't this Overstock guy in a war with WS naked shorters?

Wed, 01/15/2014 - 18:17 | 4335474 NoDebt
NoDebt's picture

Yes.  Same guy.

Wed, 01/15/2014 - 23:16 | 4336618 bilejones
bilejones's picture

And he won.

Wed, 01/15/2014 - 18:18 | 4335477 buzzsaw99
buzzsaw99's picture

ceo maggot

Wed, 01/15/2014 - 18:19 | 4335482 ghostzapper
ghostzapper's picture

this Byrnes guy is quickly becoming my kind of guy.

if you are reading I will buy a LED TV prolly a 46" and I also need a bookshelf type thingy to rest it on (going in my ew office in our new place we just lowballed someone for).  I also want to buy all my supplements from you but your selection is limited.  I need a low card whey protein, pure creatine, BCAA in powder form, and a men's multi.  that's to start but you gotta perk up that supllements/nutrition section.

Wed, 01/15/2014 - 18:25 | 4335508 mobius8curve
mobius8curve's picture

Bitcoin was planted into the system in 2008 knowing it would take 7 years to become popular enough to merge with the soon to be biometric ID cellphones for instant global cashless purchasing.

http://www.businessinsider.com/at-ces-a-preview-of-the-future-of-payments-2014-1

Wed, 01/15/2014 - 18:40 | 4335548 Bunga Bunga
Bunga Bunga's picture

WIth Bitcoin you don't need that biometric fascism. It's only needed to protect a completely outdated financial system.

Wed, 01/15/2014 - 21:22 | 4336181 Exponere Mendaces
Exponere Mendaces's picture

@mobius curved brain

Yeah, a time-traveler came from the future and put it into place. After adjusting his tinfoil hat with a mobius strip logo on the side, he went back to the future.

You just get more hilarious with every post.

You know that the biometrics on Bitcoin ATMs were because of the legacy financial system, right? Why are your eyes all glazed over? Are you high again?

I'll explain later when you come down.

Wed, 01/15/2014 - 18:46 | 4335559 Sneeze
Sneeze's picture

I will look for an opportunity to reward Overstock.com with my business. 

Wed, 01/15/2014 - 18:50 | 4335575 Zymurguy
Zymurguy's picture

Bitcoin destroying central banking?  I don't think so.

Digital currency is one of the most important steps toward absolute control and oppression over societies and individuals.

"Give me the power to digitally mint a nations currency and control an individuals use of it electronically and I care not who makes it's laws"

Wed, 01/15/2014 - 19:12 | 4335635 madtechnician
madtechnician's picture

Only difference is if you purchase $5k worth of equipment you too can 'mint' around 0.5 bitcoin per day , in fact most of the coins were minted by kids with shitty computers who have since sold their bitcoins.

Wed, 01/15/2014 - 21:23 | 4336187 MeelionDollerBogus
MeelionDollerBogus's picture

that's a linear statement which can't  be right with an exponentially harder problem.
Either you exponentially expand the speed at which you compute btc math problems or you get less btc, and that's just to break-even per-day though you'll be losing in cost vs return as the equipment that's old goes right to the dump.

Wed, 01/15/2014 - 21:36 | 4336228 madtechnician
madtechnician's picture

100% agree with you there. The kiddies who generated the first load of bitcoins could easily generate 1000 bitcoins in a day on a shitty old laptop. But it just so happened that the network procesing capability grew and grew and now you need 5 k of equipment to generate 0.5 bitcoin per day. In 3 or 4 years when a bitcoin requires over 1 million bucks of equipment to get just 1 coin per day - well you do the math...... None of the old equipment goes in the dump because the graphics cards can then be used to play games or be used for transaction verification processing of the Alt-Coins - I am stressing these Alt-Coins are not bitcoins .....

Thu, 01/16/2014 - 04:28 | 4337137 MeelionDollerBogus
MeelionDollerBogus's picture

they're not graphics cards anymore. They're hard-coded ASICs printed & fabricated for the singular purpose of bitcoin hash calculations. They don't do graphics, games, anything else. That's what costs so much money: they are custom-made.

Thu, 01/16/2014 - 07:46 | 4337256 madtechnician
madtechnician's picture

I said none of the OLD equipment. You would be nuts to dump ASIC hardware .

Fri, 01/17/2014 - 04:04 | 4340233 MeelionDollerBogus
MeelionDollerBogus's picture

you'd be nuts to keep it: it's so specialized you can't re-use it once it gets too old to run fast enough to keep up.
That's why EVERYONE is dumping ASICs after getting a certain number of bitcoins. Only suckerz buy used ASICs, they will produce nothing.

Fri, 01/17/2014 - 12:15 | 4341123 madtechnician
madtechnician's picture

You need to do your homework a little bit better. Do an eBay search for kncminer in completed listings. These particular 550Gh/s ASIC machines will still generate 0.5 BTC/day at the current difficulty level.

Fri, 01/17/2014 - 16:35 | 4342038 MeelionDollerBogus
MeelionDollerBogus's picture

so for an exponentially increasing difficulty, not a linear btc/day = 0.5, that means in short time it will do 0.01/day and then none per day so if it costs less than $50 it would be worth a try (adding in power cost separately), otherwise it's a bust.
Pretty much in a month it will be worthless over $10 and beyond that worthless period as it won't beat the power cost to run it.
Sounds about right.
I've done my homework.
EXPONENTIALLY INCREASING PROBLEM.
That means there is no such thing as 0.5 btc/day. Can't be.
It can hit that number after being a higher number the day before but it can only drop from there and MUST drop every single day.

No wonder you guys are fucked up on charts - you can't do math. And that explains why you love bitcoin's "math" so much too. You don't understand it.

Wed, 01/15/2014 - 22:14 | 4336371 satoshi101
satoshi101's picture

All this shit has been planned for years.

Micro-Transactions  are already common in Africa and Asia, through your cell phone, you buy cigarettes and booze with your phone credit, shop's that don't even have electricity, transfer each other  phone credit.

Once BITCOIN type model goes on line the 'man' can control what you eat, drink, and go.

The FED is dead, to be replaced by the IMF/SDR, the reason that ZH exists is to 'boil the frog' to condition the parasite to accept the NWO ( new world order ), where IMF/SDR creates the money backed by US-MILITARY, and the little-people get their 'COIN' virtually where they can shop and be controlled every where on earth.

 

Wed, 01/15/2014 - 22:44 | 4336499 madtechnician
madtechnician's picture

I am surprised you are not out of breath from being fucked so hard up the ass from Zenofrog ...

Wed, 01/15/2014 - 18:57 | 4335590 Papasmurf
Papasmurf's picture

Krugman sold his soul for $50,000.

Wed, 01/15/2014 - 19:17 | 4335657 machineh
machineh's picture

Now it's on ebay for 50 dollars "buy it now" 

Wed, 01/15/2014 - 19:25 | 4335695 madtechnician
madtechnician's picture

or "make offer"

Wed, 01/15/2014 - 19:29 | 4335713 ArrestBobRubin
ArrestBobRubin's picture

He would've if he had one. It would have gone right after Grannie Krugman's bung hole

Wed, 01/15/2014 - 19:38 | 4335758 NotApplicable
NotApplicable's picture

Satan likely wants his money back.

Wed, 01/15/2014 - 19:10 | 4335592 One World Mafia
One World Mafia's picture

It is a lie that the number of Bitcoin can't be changed readily and that all miners have to agree to it. Once a change is made to the software the only guarantee miners have is that they are not forced to use it and can keep using the old version.  So if the number of bitcoin is increased those miners adopting the new version are more likely to solve a bitcoin puzzle.  Bitcoin.orgs obfuscating explanation:

While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus."

http://bitcoin.org/en/faq

All miners agreeing to it just means they can keep using the old version.

 

Wed, 01/15/2014 - 19:21 | 4335660 madtechnician
madtechnician's picture

When will you get it ? Bitcoin is mathmatically restricted to 21m units. Any change to that would mean a fork into a new blockchain which would NOT be bitcoin , it would then be another Alt-Coin. Bitcoin Miners (of which there are tens if not hundreds of thousands world wide) would simply not change their software for the production of yet just another Alt-Coin.

Wed, 01/15/2014 - 20:42 | 4335836 One World Mafia
One World Mafia's picture

Bitcoin is mathematically restricted to 21m units in software. 

Whoever controls the software can screw the little miner.  The NSA has a proven history of getting its people into open source projects.  Once society has their money tied up in it, as with the dollar, politicians will be free to debase for decades.  Govt and big banks will be in full control.  Citi, Bofa, Wells Fargo on board already.

There may be ways to work more coins into the ledger, but it's not necessary at that point anyway.

Bitcoin has been forked before but they kept calling it Bitcoin.  It's just a name.

Wed, 01/15/2014 - 22:50 | 4336041 layman_please
layman_please's picture

have to agree with you here. if it would be forked now, btc users(miners) would refuse to use the new coin because they still have principles. when btc would go mainstream, majority wouldn't care less about the principles the original btc was established on. also ask, who would become the miners in the future? who would have the resources to still mine profitably? i can only think of banks and governments.

which pretty much concludes that when bitcoin goes mainstream, it will be dead. though we would be left with our own precious one world digital currency, inflationary or not, this would not be up to the users but miners. only that this time tptb can say that people themselves initially asked for it.

as i still like the idea of bitcoin, i hope it won't happen. better to be illegal, than espoused by the governments.

Wed, 01/15/2014 - 21:01 | 4336083 madtechnician
madtechnician's picture

More un-educated BS - maybe you should do some research before posting more FUD , if you actually did some research you would see that what you think is absolute BS. Coins cannot be 'inserted' into the system because they would be seen as either an attempt at a double-spend duplicate or just plain false transaction which would not even be broadcast by the network  - The core protocol of bitcoin is the solving of the '2-Generals' problem. Look it up on google. This was one of the oldest problems in Computer Science. It was solved with the Bitcoin blockchain and has been applied to solve the 'double-spend' problem. This will never be compromised in the bitcoin protocol , it is at the very core of what the bitcoin software is . The past forks are irrelevant , the 2 bitcoin forks re-merged into a single chain as expected. Nobody lost any coins and no extra coins were created during this temporary forking event.

Wed, 01/15/2014 - 22:12 | 4336263 One World Mafia
One World Mafia's picture

Not just insert by just changing the number. 

It's moot anyway.  Once bitcoin is the defacto currency and everything priced in it, dollars will be worthless, and politicians will have a fresh start debasing it, even if it means starting a new ledger. It is people in control of the software so it will be eventually blatently corrupted.  

Wed, 01/15/2014 - 22:21 | 4336389 madtechnician
madtechnician's picture
One World Mafia:




6 blocks per hour * 24 hours per day * 365 days per year * 4 years per cycle = 210,240 ~= 210,000

Sum the block rewards: 50 + 25 + 12.5 + 6.25 + 3.125 + ... = 100

Multiply them:

210,000 * 100 = 21 million.

The last bitcoin will be produced in the year 2140.

This is a mathematical certainty which has been hard-coded into the core bitcoin software / protocol.

Anything which changes this algo will create a coin which is *NOT BITCOIN* - It will just be another Alt-Coin

Note that 2140 is the year the last bitcoin will be generated.

Bitcoin generation follows the exact same curve as the mining of gold . But Bitcoin creation is *not mining* it is actually a reward for transaction verification.

Wed, 01/15/2014 - 22:44 | 4336437 layman_please
layman_please's picture

don't get me wrong. i'm pro bitcoin, and not only because i hold some, but i'm just trying to exercise critical thinking here. let's keep an open mind.

they, whoever has the substantial power over bitcoin system(blockhain), are still oligarchs nevertheless. will they be big wallet holders, mining conglomerates or governments/banks, doesn't exactly matter until they can back it up. they will name the new coin bitcoin and some of them i enlisted have more than enough power to force everybody to use the new bitcoin.

Wed, 01/15/2014 - 21:39 | 4336131 layman_please
layman_please's picture

on another note: "There may be ways to work more coins into the ledger, but it's not necessary at that point anyway."

if we would have world government they could just sign a law that from tomorrow on, 1 btc would equal 1 satoshi. who would not agree to it, would be a fool. who would buy ones merchandise, if they would still hold old prices?

Wed, 01/15/2014 - 21:45 | 4336254 madtechnician
madtechnician's picture

Homer Simpson just said if that happened the miners would just siwtch off thier machines then there would be no bitcoin network , so I suppose you would then revert back to Fiat ..... Once that does not work the Miners could switch their machines back on and the network would be back up & running ....

Wed, 01/15/2014 - 21:48 | 4336272 One World Mafia
One World Mafia's picture

How many decades has it been that the masses have accepted a debased dollar?  Why would it be different with a debased bitcoin?

Wed, 01/15/2014 - 22:10 | 4336357 satoshi101
satoshi101's picture

Since 1910 the US-MIL has killed over 100 MILLION people to make the USD the worlds "RESERVE CURRENCY"

Every where in the world the CIA/NSA listen and watch and if you sell you sell your heroin or oil, or cocaine in anything but USD you DIE.

***

WIth this kind of GENOCIDE comes respect.

BITCOIN gets no respect because they have killed nobody, and the CON is ran by pussy-men, man-twats that hide.

 

Wed, 01/15/2014 - 22:25 | 4336407 madtechnician
madtechnician's picture

Satoshi101 - great to see you here - krugman finally came in your ass and you eventually showed up ...

Wed, 01/15/2014 - 22:38 | 4336348 layman_please
layman_please's picture

they would switch off their mining gear because it became 100 millions times more profitable overnight? dream on!

well, the truth is, those who buy the coins from the miners are the ones who decide everything. the client is king. guess who would be the biggest buyers if bitcoin would be mainstream? also as i said before, mining would become a business of the big players as they would be only one with available resources to compete(government-bank). 

the point is, if the biggest parties involved are governments or banks, then we the people are toast.

Wed, 01/15/2014 - 20:56 | 4336090 One World Mafia
One World Mafia's picture

How do you know there aren't software workarounds restricting it to 21m?

Wed, 01/15/2014 - 22:41 | 4336483 TheHound73
TheHound73's picture

We have no idea what we are doing. We have all been lying to you.  Bravo. Damn you caught us. 

Wed, 01/15/2014 - 22:07 | 4336345 satoshi101
satoshi101's picture

There's that fucking word again they like to throw around 'mathematics'

NOPE BTC is a software fucking hack, and 21M,  can just as easily be 21Trillion as anything... its just a fucking number in software.

 

The only MATH in BTC  is that in the encryption ALGO, all encryption is just MULTIPLICATION, meaning that big numbers that are prime, take a long time to factor, this is called 'arithmetic' and certainly not MATH.

The bulk of the BTC software is a HACK to manage the data-structure, which is called a "BLock-Chain", aka "COIN" by satoshi.

He who controls over 51% of the block-chain, can over-rule the entire system, and do as he wishes,

The original design of the system was that over 70% of users be honest, and pure Peer-2-Peer, today over 90% of the COIN is controlled by ten men, and one man controls over 50% of the COIN in Croatia,  and does so in secret.

You can google "croatia control bitcoin", and learn IOHASH or something like that, ... don't matter

But don't fuck with MATHEMATICS and do say that BITCOIN uses math, because it doesn't BITCOIN uses MULITPLICATION, something taught to 12 year olds in the 5th grade.

***

 

My bigggest gripe about BTC is that all of the BIT-TARDS promoting the BITCH are  god damn fucking uneducated idiots. Its so fucking boring.

 

Wed, 01/15/2014 - 22:36 | 4336421 madtechnician
madtechnician's picture

Hey Satoishi101 , well I have been waiting here for you all evening , why did it take you so long to get here ? Did you blow your load with your other pal Zenofrog ? Shit - did you eventually finally discover she was actually a woman ? I heard that she was overdosing on hormone pills - apparently her clitoris looks like a penis it was a joke - have you been with her ?

Wed, 01/15/2014 - 22:36 | 4336457 satoshi101
satoshi101's picture

UKRAINIAN's OWN BITCOIN - Does this mean that Ukraine Controls the World? Or only that it controls the wealth of Morons?

[ One man controls three companys that oversees more than 70% of BITCOIN, by definition this man can change the source code, and the block chain, he can add/steal anybodys COIN, one man rules them all. ]

A particular mining pool which is called GHash.io and managed by a company called CEX.io, took the idea to another level by offering something similar to shares in an operation that has specialized hardware to mine the digital currency. Potential miners only had to pay their share of the computing power and just wait for the income to start coming in. However, there were independent miners last week that realized that GHash.io already held 45% of the processing power of the Bitcoin network. This means that a single organization nearly dominated Bitcoin emission, the report said. Commentators on Bitcoin forums expressed concern that if GHash.io would get a 51% share, it would give the miner centralized power that could devalue the Bitcoin. GHash.io immediately quashed the concern and said it had no plans of making the "51% attack." It closed its doors to independent miners and gave its users permission to mine for others. The move brought down GHashi.io's share of the Bitcoin network's processing power to 34%. The report said CEX.io is a secretive firm. Information gleaned from his LinkedIn profile showed Jeffrey Smith, the company's Spokesman and Chief Information Officer, as a resident of Ukraine. His profile said that he graduated from the International Christian University in Kiev, Ukraine, the report said.

Wed, 01/15/2014 - 22:49 | 4336525 madtechnician
madtechnician's picture

Yeah , Yeah some Ukranians control bitcoin , you are correct !

- If you say it enough times over - it WILL become true for you ! Honest !

Wed, 01/15/2014 - 21:26 | 4336192 Exponere Mendaces
Exponere Mendaces's picture

@One World Tinfoil

I see you've graduated from the "NSA Made It" argument and now are progressing to the full-retard of "Forced Fork Scenario".

Sure thing, chief.

Ever work on a site-wide upgrade project? Like say, 200 - 1,000 machines, all with different requirements on a corporate campus? Even with management support and scheduling, its a pain in the ass.

Think you'll get the entire community to switch? Really?

You've got to be huffing something, because the words tumbling out of your tinfoil keyboard have a distinct whiff of crazy.

 

Wed, 01/15/2014 - 21:34 | 4336224 One World Mafia
One World Mafia's picture

Evil M, You twist everything.

The NSA has been exploring cryptocurrencies since 1996 and has the most advanced computers in the world, no real oversight, and a virtually blank check book to hire the best crytopgrapers.

Bitcoin's innerworkings are obscured in crypotgraphy making it more obscure than The Fed.

Wed, 01/15/2014 - 21:41 | 4336241 madtechnician
madtechnician's picture

That is er - the whole point of crytography - to obscure that is ........

Wed, 01/15/2014 - 21:51 | 4336278 One World Mafia
One World Mafia's picture

We need a transparent money system.

Thu, 01/16/2014 - 00:31 | 4336842 TheHound73
TheHound73's picture

Uh, how would you make the Bitcoin public ledger, the blockchain, any more transparent?  

Wed, 01/15/2014 - 22:32 | 4336317 satoshi101
satoshi101's picture

UKRAINE now controls over 51% of the BTC block-chain,

He he controls over 51% can do as they wish, the alogorithm works as such,

The deal is done, and the outcome is now in the hands of eastern-europe, wrt to BTC.

 

Wed, 01/15/2014 - 22:41 | 4336484 madtechnician
madtechnician's picture

The Ukraine does not control shit you ass hole idiot , now please , do yourself a favour and just fuck off ........

Wed, 01/15/2014 - 23:25 | 4336651 One World Mafia
One World Mafia's picture

"This process could lead to a takeover, where the selfish miners become a majority, control the global Bitcoin ledger, and the decentralized nature of the currency collapses."

http://www.sciencedaily.com/releases/2013/11/131104112234.htm?utm_source...
Wed, 01/15/2014 - 23:32 | 4336665 madtechnician
madtechnician's picture

Please do your fucking homework - your link is just more FUD .,

Wed, 01/15/2014 - 19:02 | 4335601 Femme Meatwad
Femme Meatwad's picture

Heh. I bought what I thought was silver jewelry on Overstock and it turned out to be cheap base metal. Paid in dollars and got a full refund after return. Wonder what you get if you ask for a bitcoin refund, especially with the volatility of bitcoin? Byrne is an opportunist that sells crap no one else could sell, and quite a bit of Chinese inventory at that.

Wed, 01/15/2014 - 19:05 | 4335609 IREN Colorado
IREN Colorado's picture

My problem with Bit-Coin is that these robber barons have been smashing Gold and Silver by the day to keep the appearances up. Also, it is criminal to use banks to make the equity markets do what they want it too. We have been outside of the law for some time now. Given those assumptions are true, what do you think they will do to Bit-Coins when they actually become a threat to their plans? I don't have confidence in Bit-Coin's ability to stay out of their control. When they trash BC it will be a lesson to US to not play with anyone else's currency.

The message will be clear. "Stay addicted to the dollar and die like a man!"

Wed, 01/15/2014 - 19:20 | 4335672 madtechnician
madtechnician's picture

The dollar has maybe just a few years left , what you gonna do when the dollar is toast ? Pay your phone bill in gold coin ? Give me a break ....

Wed, 01/15/2014 - 19:37 | 4335750 RaceToTheBottom
RaceToTheBottom's picture

You can use a credit card backed by gold to pay your existing phone bill right now.  The same method can be used in the future by the next reserve currency fiat replacement.

The argument of not being able to use gold to pay everyday bills was always a putz's argument anyway.

Wed, 01/15/2014 - 21:06 | 4336088 madtechnician
madtechnician's picture

Listen pal , when the banks shut for that long weekend you think your fucking gold-backed Credit Card is gonna fuckin work in the local ATM machine or POS terminal  ? The bitcoin network will be fully operational and hot as fuck at that point , grow a fucking brain.....

Wed, 01/15/2014 - 21:11 | 4336137 1stepcloser
1stepcloser's picture

Soon as the TPTB issue Bitcoin Derivatives, Butthurtcoin will be the result.  

Wed, 01/15/2014 - 21:18 | 4336168 madtechnician
madtechnician's picture

Bitcoin derivatives - fucking bring it on ASAP - any asshole who say's they can naked short or shit out bitcoin futures can have their bluff called in an instant - they will have to prove their positions by providing their wallet addresses which value can be instantly verified. You think this is a game of 'spot the fake gold plated tungsten bars' well with bitcoin that is fucking impossible because you can see everybody elses hand.

Wed, 01/15/2014 - 21:16 | 4336163 MeelionDollerBogus
MeelionDollerBogus's picture

no, the bitcoin network will  be shut down first. Cell phones: off. All.
Internet: off. All.
Period.
Banks will stay up longer.
Then they will go down. All.
Then only gold & silver coin, and paper cash for those who want it, will be left.
That which needs a grid will be made silent & kept that way.

Wed, 01/15/2014 - 21:20 | 4336175 madtechnician
madtechnician's picture

Yeah and at the same time they will shut down all the cooling systems of all the nuclear power plants and make everybody move back into mud huts and go back to steam power and donkeys. Grow a fucking brain you moron.

Wed, 01/15/2014 - 21:57 | 4336307 Seize Mars
Wed, 01/15/2014 - 22:51 | 4336490 madtechnician
madtechnician's picture

Shit , you got me there geeza ...

Wed, 01/15/2014 - 22:49 | 4336523 FredFlintstone
FredFlintstone's picture

FN morans :)

Wed, 01/15/2014 - 22:49 | 4336528 FredFlintstone
FredFlintstone's picture

FN morans :)

Wed, 01/15/2014 - 22:35 | 4336444 One World Mafia
One World Mafia's picture

f word record on ZH

Wed, 01/15/2014 - 22:47 | 4336515 FredFlintstone
FredFlintstone's picture

"steam power and donkeys"... awesome image.

Thu, 01/16/2014 - 04:28 | 4337138 MeelionDollerBogus
MeelionDollerBogus's picture

You're a fucking moron.
The aging nuclear plants are falling apart on their own with no further assistance required.

Thu, 01/16/2014 - 00:18 | 4336771 RaceToTheBottom
RaceToTheBottom's picture

This is a nonsense argument mr mad.  I will not even debate you on the availability of a pier to pier network over atms or visa cards, much less the rest of your rant.

Maybe diversify to include both methods, and many others that you have not mentioned. Silver coins, bullion, gold coins, bullion, crypto currencies, barter & friend networks, sustainable households, small is beautiful designs, multiple CCs, and yes cash.

And grow some politeness, what you think this is fightclub?  LOL

Wed, 01/15/2014 - 21:15 | 4336157 MeelionDollerBogus
MeelionDollerBogus's picture

silver coin. Gold coin is for the rent, and yes.

Wed, 01/15/2014 - 22:03 | 4336304 madtechnician
madtechnician's picture

Okay yeah now I get it - 7 billion people , small & medium sized companies , midi sized corporations , global corporates , energy & oil companies , communications , banks and governements all paying their bills and transferring expenses by gold & silver coin ........ I can already see how well that will work out .........

Thu, 01/16/2014 - 04:29 | 4337139 MeelionDollerBogus
MeelionDollerBogus's picture

SHTF = much less people. Given the scarcity of food, land that yields good food & energy you should expect the world population to reduce to 5 billion or less very soon.

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