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Creator Of Netscape Praises Bitcoin, Compares It To The Invention Of PCs And The Internet

Tyler Durden's picture




 

The venture capital firm of Marc Andreesen, the creator of the first web browser, Andreessen Horowitz, has invested just under $50 million in Bitcoin-related start-ups. The firm is actively searching for more Bitcoin-based investment opportunities. Here's is one of the reasons why: from an excerpt in an Op-Ed Andreesen just posted on the NYT (the same place where that ecomedian, Paul Krugman, can't stop bashing it).

A mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers.

 

Political idealists project visions of liberation and revolution onto it; establishment elites heap contempt and scorn on it.

 

On the other hand, technologists — nerds — are transfixed by it. They see within it enormous potential and spend their nights and weekends tinkering with it.

 

Eventually mainstream products, companies, and industries emerge to commercialize it; its effects become profound; and later, many people wonder why its powerful promise wasn’t more obvious from the start.

 

What technology am I talking about? Personal computers in 1975, the Internet in 1993, and — I believe — Bitcoin in 2014.

 

...

 

[S]ome prominent economists are deeply skeptical of Bitcoin, even though Ben Bernanke, the former Federal Reserve chairman, recently wrote that digital currencies like Bitcoin “may hold long-term promise, particularly if they promote a faster, more secure and more efficient payment system.” And in 1999 legendary economist Milton Friedman said, “One thing that’s missing but will soon be developed is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B without A knowing B or B knowing A — the way I can take a $20 bill and hand it over to you, and you may get that without knowing who I am.”

 

Economists who attack Bitcoin today might be correct, but I’m with Ben and Milton.

Continue reading here.

 

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Tue, 01/21/2014 - 13:37 | 4351942 firstdivision
firstdivision's picture

Ladies and gentlemen, I present to you the definition of "the top"

Tue, 01/21/2014 - 13:38 | 4351946 AlaricBalth
AlaricBalth's picture

Cue fonestar in 3, 2, 1....

Tue, 01/21/2014 - 13:42 | 4351973 BitStorm
BitStorm's picture

fonestar's off today. I'll cover the stupid comments.

Stand by... I see one about a crashed hard drive.

Tue, 01/21/2014 - 13:46 | 4351999 fonestar
fonestar's picture

No, I am here.  Thank-you though, blessed are those blogging the message of Satoshi.

Tue, 01/21/2014 - 13:50 | 4352026 firstdivision
firstdivision's picture

Damn.  Here I was hoping you fell down the well, and your AIBO ran out of juice.

Tue, 01/21/2014 - 13:53 | 4352033 Bastiat
Bastiat's picture

If Ben Bernanke likes it, I'm there!

Tue, 01/21/2014 - 14:02 | 4352082 chumbawamba
chumbawamba's picture

Right.  I'm going to be swayed by the opinion of a one hit wonder who put a few lines of code together like the latest pop music band strings together familiar chords.  Marc Andreesen did nothing more special than be at the right place and time in history.  Even back in the early 1970s, everyone knew the microprocessor was going to be invented, it was just a matter of time.  So what I'm trying to say is fuck Marc Andreesen, the Vanilla Ice of his day with his version of "Ice, Ice, baby!"

I am Chumbawamba.

Tue, 01/21/2014 - 14:12 | 4352132 Scarlett
Scarlett's picture

So if *everyone* knew, that means you knew.  How did you take advantage of it then, mr. In Retrospect?

Tue, 01/21/2014 - 14:58 | 4352367 redpill
redpill's picture

 

The difference is that PCs and the Internet were not a direct and immediate threat to central banks and to what are now increasingly totalitarian western governments.  Bitcoin is, and the moment it becomes truly something more significant than a novelty in comparison to the global money supply, it will be crushed.  As we've seen Bitcoin does have a weakness; while the users are distributed, the nature of the currency still spirals toward centralization of the exchanges such as Mt. Gox.  That provides a small target list for large governments to disrupt and destroy the alternative system.

Tue, 01/21/2014 - 15:04 | 4352398 fonestar
fonestar's picture

You speak of governments as if they have the power to "crush" an internet protocol that is bought and sold as a commodity?  They had better get working on that one world government thing and fast too, because this is going to require more planning, cooperation, compliance and coordination than has ever been achieved in world history.

Tue, 01/21/2014 - 15:08 | 4352422 Stackers
Stackers's picture

That's one of the most thorough and well thought out Bitcoin explanations I have read. Definitely worth reading in it's entirety

Tue, 01/21/2014 - 15:44 | 4352607 mmanvil74
mmanvil74's picture

Trying to kill Bitcoin is like trying to kill a cockroach, if you are lucky you will kill one, but for every one, there are 3 dozen more lurking in the shadows, smaller, faster, and already reproducing.  It's like Wack-a-Mole, and governments know this, so killing Bitcoin is not an option, regulation is and will be in some form or another just like the Internet is free but regulated to a certain degree.  However, regulations will mainly only apply to the fiat-crypto exchange systems, once you are in crypto, you are sending and receiving money freely across borders with no bank or government intermediary.

All of the attention is on Bitcoin as though it is do or die with the first real crypto currency, but, just like Netscape was only the first of many popular web browsers, Bitcoin is only the first of many innovations to come, and, just like Netscape, Bitcoin doesn't necessarily have to be the final victor, just "the first of many large steps for mankind", and just like Newspapers are finally dying as a result of the Internet, so will fiat money eventually die as a result of crypto currencies.

Tue, 01/21/2014 - 16:53 | 4352957 Stackers
Stackers's picture

Your analogy is slightly off.

Bitcoin is more like the invention of HTML code. Netscape was the first browser to put it to practical use. HTML is still used as the base code for web pages. All thats happened is people have constantly learned how to do more and more things and layer other products on top of it (like Flash)

Bitcoin's netscape moment(s) is yet to come

Tue, 01/21/2014 - 17:13 | 4353059 redpill
redpill's picture

'You speak of governments as if they have the power to "crush" an internet protocol that is bought and sold as a commodity?'

Perhaps I wasn't clear.  They don't need to crush the protocol when they can crush the exchanges.  It's an inherent weakness.

Tue, 01/21/2014 - 17:24 | 4353111 fonestar
fonestar's picture

Let them (the guy who makes the fone call to China, Russia, India, Iran, Vietnam, Canada....) call them then.  They can go and crush the official exchanges for all I care.  The exchanges themselves will be moving to the P2P cloud as the Bitcloud project is already underway.  The only way to shutdown Bitcoin is to totally destroy and disconnect the global internet.  Good luck with that.

Tue, 01/21/2014 - 18:44 | 4353412 fiftybagger
fiftybagger's picture

Correct.  Decentralized peer to peer exchanges need to come next, where you can trade Bitcoin for Litecoin or Dogecoin.   USD not being so important as it is near death and won't be wanted for very much longer.  Many challenges ahead and the free market powered by Bitcoin will handle them all.  Bye bye banksters

The Bitcoin Channel

Tue, 01/21/2014 - 19:42 | 4353603 DFCtomm
DFCtomm's picture

All the IP address servers reside in the U.S., so while it's hard to believe it would happen, it's entirely possible for the U.S. to shutdown the internet for at least a while.

Tue, 01/21/2014 - 20:27 | 4353764 MeelionDollerBogus
MeelionDollerBogus's picture

You can't transact fiat to the exchanges in a cloud.
A bank is required. REQUIRED.
Taking cash directly (not electrons) is the only option otherwise & is money laundering, putting everyone in prison.
AND it's easy as 1-2-3 to shut down all internet TO those running an exchange as they are not mobile.

Tue, 01/21/2014 - 19:33 | 4353568 DFCtomm
DFCtomm's picture

Till now I've discounted bitcoins because it seems too dependant upon infrastructure and technology to be of any use in any type of signifigant crisis. However, perhaps I've been too narrow in my evaluation. What can bit coins do for us if there is no crisis? Can it's anonymity allow us to avoid taxes, or is it forever going to be a tool of the black market, and even if that's it's only place will it be popular enough to make it attractive as at least a short term investment? If it's place is only an attempt to skirt government control of currency then how will it fend off government attacks that would take our investment to zero?

Tue, 01/21/2014 - 20:10 | 4353710 MeelionDollerBogus
MeelionDollerBogus's picture

there is no anonymity so, no.
Every transaction is recorded & every transaction published in the blockchain can be referenced by thinthread (NSA) to your physical location.
Your IP packets also include your MAC address which follows you because it's your machine, until you change it. Changing IP address has no effect.

Bitcoin is defenseless against government attacks.

Tue, 01/21/2014 - 20:20 | 4353745 fonestar
fonestar's picture

Your mac-address is not included in your ip address (unless it is a link-local ipv6 address).

Wed, 01/22/2014 - 19:15 | 4357024 MeelionDollerBogus
MeelionDollerBogus's picture

it is which is why there's lots of tutorials out there showing how to change it so you AREN'T located every time you change your IP.

Tue, 01/21/2014 - 20:07 | 4353703 MeelionDollerBogus
MeelionDollerBogus's picture

so far we've seen SEVERAL, such as Iran, Egypt, Saudi Arabia, step in & crush everything on the Internet at their choosing.
So far we've seen ALMOST NO ONE smart enough, prepared enough, motivated enough to set up their one fibre optic wires, their own laser-sight modems, their own digital HAM radio (some do), to have a parallel internet away from all commercial ISPs which governments have 100% control over.

THE WIRES.

THE WIRES ARE THE INTERNET.

IF YOU CONTROL THE WIRES YOU CAN CUT THE ENTIRE THING OFF ANY TIME.

Tue, 01/21/2014 - 20:04 | 4353688 MeelionDollerBogus
MeelionDollerBogus's picture

R U SRS?
Bitcoin is no threat.
100% kill attacks:
#1 buy all btc with printed money. End transactions forever as everyone parts with them for the higher price & then they are ALL in the Federal Reserve
#2 shut down ALL ISP's on terrorism charges who do not block BTC on their routers. Routers can easily be adjusted to do this.
#3 imprison ANYONE who is caught using BTC for any transaction at all for any fiat currency
#4 charge EVERY business that transacts in bitcoin with MONEY LAUNDERING & racketeering.
This would EACH, much less COMBINED, DESTROY bitcoin. Completely.
Individuals can run fast but businesses can not.

MtQOX is the least of your worries for unloading those quatloos.

Tue, 01/21/2014 - 14:14 | 4352142 Dick Buttkiss
Dick Buttkiss's picture

Where Bitcoin is concerned, you are Chumpawamba.

Tue, 01/21/2014 - 14:09 | 4352103 fonestar
fonestar's picture

Ben Bernanke was not endorsing Bitcoin as some fools have surmised.  He was simply stating the obvious and knew it was something the Fed would have little control over.  That and perhaps an attempt to salvage a little bit of his professional reputation for posterities sake?

Tue, 01/21/2014 - 14:20 | 4352172 DoChenRollingBearing
DoChenRollingBearing's picture

Big money is now going into Bitcoin.  A VC group just put $400,000 (yeah, OK, chump change) into a new Korean BTC exchange.  Yes, I will look into it (via my Korean bearing buddies).

But, other big money just crossed the wires, BTC Guild just won over $22,000,000 in a block.  Same screenshot caught a $100,000 + BTC transaction.

"Screenshot: Big Money at Bitcoin"

http://tinyurl.com/oay3que

Tue, 01/21/2014 - 14:25 | 4352210 fonestar
fonestar's picture

Did you read the reddit article that shows just 230,000 wallets have more than 1 BTC in them?  So lets put this in perspective.... only the same amount of people (perhaps fewer with multiple wallets) living in a small suburb own the strongest currency on Earth?  Bitcoin is small peanuts now but is a ticket to the big time.

Tue, 01/21/2014 - 14:49 | 4352324 DoChenRollingBearing
DoChenRollingBearing's picture

Beginning Bitcoiner Bearing has only recently discovered reddit as a resource, I'll go take a look.  My wallets, combined, still have less than 1.00 BTC.  I am looking to buy more.

Don't forget to diversify (at least a bit !) into some gold...

Tue, 01/21/2014 - 14:55 | 4352347 fonestar
fonestar's picture

Thanks, Reddit is an excellent source for Bitcoin.  I do own a small amount of gold but not much as I believe some point in the next fifty years an ounce of silver will be worth more than an ounce of gold.

Tue, 01/21/2014 - 15:08 | 4352418 DoChenRollingBearing
DoChenRollingBearing's picture

My guess, just that, is that gold is the better bet (I find FOFOA's logic compelling) over silver.  But, if silver goes higher than gold, that's OK, I own it as well.  Platinum too.

:)

Tue, 01/21/2014 - 16:04 | 4352722 putaipan
putaipan's picture

i still like the fact that my one bitcoin is numismatic .....2011 casascius beaaahtches !

Tue, 01/21/2014 - 19:26 | 4353547 Prisoners_dilemna
Prisoners_dilemna's picture

damnit I dont own any platinum.

And here I thought I was ahead of the curve.

Tue, 01/21/2014 - 17:36 | 4353149 Barking Seal Troll
Barking Seal Troll's picture

"Bitcoin is....a ticket to the big time"

Pardon my ignorance (?) but I don't understand that conclusion when viewed in the context of your preceding statement which implies there is a concentration of wealth (which I'll suggest is likely amongst those who mined or bought early or who more recently had the impetus to steal).

From what you said, shouldn't your conclusion be that Btc is a ticket to the bigtime...for the early miners or early buyers?  That suggests that newer adopters will finance the early adopters ticket.

If you're saying otherwise, then your syllogism is missing another premise (which extends the gravy train to everyone else)

Tue, 01/21/2014 - 17:41 | 4353174 fonestar
fonestar's picture

Let me say that again in case you missed it the first time, there's only a few tens or hundreds of thousands of people on Earth who own more than 1 BTC.  And currently, Bitcoin is by far the most popular cryptocurrency.  There's seven billion people on planet Earth, so speaking of context.... who exactly is an early adopter?  And I believe that those who are late to the party (in relative terms) also have the option of mining scrypt coins if they so choose.

Tue, 01/21/2014 - 18:02 | 4353248 Barking Seal Troll
Barking Seal Troll's picture

That was not a reply.  That was nonsequitur subterfuge.

We agree that a handful of people/groups own the vast majority of Btc.  We agree that there are ~ 7BN people on Earth, and that 7BN is your potential market.

BUT you said that Btc is the ticket to riches.  You want the other 6.99999BN to join the fun and bid up the price of a Btc...and in the process enrich those who hold maybe 9MM and whose cost basis for those 9MM is, what, maybe $500K US?  Oh boy, where do I get in line to buy that ticket?

Explain please how that 7 billionth person will get rich?  Hell, I'd settle for explaining how the millionth will get rich.  Those who bought in at $1250'ish are still licking their wounds.  You want them to finance the ticket for the folks who "bought" in for pennies?  Right, now I get it. 

 

Tue, 01/21/2014 - 18:16 | 4353314 fonestar
fonestar's picture

The trick is to not be the seven-billionth person.  Bitcoin is $960.00 today, choose your place on the dumb-er-er pyramid.

Tue, 01/21/2014 - 19:32 | 4353565 Barking Seal Troll
Barking Seal Troll's picture

I take it that you either cannot or will not dispute my assertion that the real ticket to riches is the one held by those who bought or mined in very early and who own maybe 3/4 of all Btc....and that the value of their ticket is what you're pumping...at the expense of the other folks who you try to usher onboard.

That's fine, and that's how it should be to some extent, but please do not ever try to convince the masses that they will become rich by hopping aboard.  That is by definition impossible, but it certainly is one of the hallmarks of a pyramid scheme.  By the way, I did not saythat it is a pyramid scheme....YOU DID. 

Your employers need to find better help.

Tue, 01/21/2014 - 19:59 | 4353664 MeelionDollerBogus
MeelionDollerBogus's picture

You have already chosen.
By announcing no one should be that last person you've already admitted bitcoin is a ponzi.
Not a transaction method, not a currency, not money but a ponzi.
It's a done-deal. Replies ensures you can't edit.

Tue, 01/21/2014 - 21:53 | 4354061 TheHound73
TheHound73's picture

Drink all you want.  There's plenty more.  

I don't care what you call Bitcoin.  Fact is, either get yourself a seat in the dining car now or crowd into the baggage car later.

Wed, 01/22/2014 - 19:14 | 4357014 MeelionDollerBogus
MeelionDollerBogus's picture

The dining car's for gold customers only - gold holders.
I'm in.
However, despite  your inanity, +1 for the picture. Got class.

Tue, 01/21/2014 - 20:16 | 4353701 webbie
webbie's picture

Wait...so you PM people just buy Gold to have it be the same price in 10 years??? If you are waiting for Gold to increase, then you will be selling to someone else at a higher price too, like what are you talking about?? This is just part of market dynamics and yes the early birds get the worms, but Bitcoin has UTILITY. It or its successesor will be able to break the chains of Centrals Banks on billions of people.

Tue, 01/21/2014 - 19:56 | 4353657 MeelionDollerBogus
MeelionDollerBogus's picture

It's never accurate to compare fiat, digital or gold holdings to population.
Only the trade itself matters: the number of trading units to match to other trading units.
There's far more btc out there than people who will ever WANT to use it or CAN use it since most NEED it off-grid & some WILL NEVER live on a grid where BTC can be used.

Tue, 01/21/2014 - 16:25 | 4352814 Pseudonymous
Pseudonymous's picture

You got that wrong. In blockchain.info "Total sent" means the total volume of transactions, including change, included in that block. Here you have all the info about the block: http://blockchain.info/block-index/462121/00000000000000008d7d39d0eec8e227efefb1f80a04b3b7ebece5d332dbdb39

So that is 28,025.48668174 BTC (why use other units of account when talking about Bitcoin anyway? On blockchain.info at the bottom you can choose Currency: Bitcoin) sent by users (some of which sent to themselves, so the actual volume that changed hands is somewhat lower). What BTC Guild made is the standard block reward of 25 BTC plus 0.10341781 BTC (entirely usual) in transaction fees. Nothing exciting.

Tue, 01/21/2014 - 13:55 | 4352034 fonestar
fonestar's picture

 

 

Bitcoin is a bubble because..... um.... it is comparable to the last global, digital, decentralized currency we had?

No wait!  I got it....

Bitcoin is a bubble because I am a whiny bitch that thinks silver should be $1,000 and not Bitcoin!  

Tue, 01/21/2014 - 13:56 | 4352048 AlaricBalth
AlaricBalth's picture
Sell bitcoins online to Fonestar

LocalBitcoins.com user Fonestar is buying bitcoins.

https://localbitcoins.com/accounts/profile/Fonestar/sell-bitcoins-online...

(you owe me a bitcoin for the advertising.)

:-)

Tue, 01/21/2014 - 14:01 | 4352068 fonestar
fonestar's picture

Thanks, I am getting my taxes back soon.  Thinking I might 50/50 split it between Bitcoin and silver maples (minus a night out with the Mrs. fonestar).

Tue, 01/21/2014 - 14:07 | 4352106 AlaricBalth
AlaricBalth's picture

Canada Revenue Agency - check the status of my refund

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rfnds/stts-eng.html

 

Tue, 01/21/2014 - 14:13 | 4352141 chumbawamba
chumbawamba's picture

Yes, Mrs. fonestar, otherwise known as Buck at the local gay bar.

I am Chumbawamba.

Tue, 01/21/2014 - 14:34 | 4352262 outamyeffinway
outamyeffinway's picture

You used to be funny until you became a hater.

Tue, 01/21/2014 - 18:04 | 4353265 Barking Seal Troll
Barking Seal Troll's picture

Someone is funny until you disagree with them?

Oh boy, now THAT is some serious intellectual honesty. 

Tue, 01/21/2014 - 19:30 | 4353556 Prisoners_dilemna
Prisoners_dilemna's picture

says the douchebag with an account 2 weeks old.

Fonestar and chumba go back a ways.

STFU  and let the adults talk.

Tue, 01/21/2014 - 19:45 | 4353616 Barking Seal Troll
Barking Seal Troll's picture

Psst my OTHER account is older than yours.  (and my non-attempts to disguise using the exact same phraseology on bith accounts should be evident if yiou have half a clue).

I created this one last week not 2 weeks ago (i think) as an homage to the user Exponere Mendaces who calls every dissenting poster a BST.

Why would how long a poster has been registered have any bearing on the validity of their arguments?  You are a fucking idiot and a deluded piece of arrogant shit if you think that tenure means jack shit. 

Might as well wave a flag: "Hey! My arguments are as thin as my intellect is facile, but I've been posting longer than you so I'm right."

What bearing does Chumba and Fonestar's relationship have to my posting?  Oh, yeah, I forgot your penchant for thin argument and facile intellect.  Nevermind.  You win.  You're fucking brilliant; every idiot can see that; they need only: a) read your posts, or b) click on your name to see how long you've been registered here.

Tue, 01/21/2014 - 17:40 | 4353163 Barking Seal Troll
Barking Seal Troll's picture

"...minus a night out with the Mrs. fonestar"

Is her nightly rate most cost-effective than her hourly rate?

Tue, 01/21/2014 - 19:33 | 4353571 Prisoners_dilemna
Prisoners_dilemna's picture

"You used to be funny until you became a hater."  

 

"Someone is funny until you disagree with them?

Oh boy, now THAT is some serious intellectual honesty."

  2 week old douchebag barking seal

Tue, 01/21/2014 - 19:49 | 4353630 Barking Seal Troll
Barking Seal Troll's picture

See earlier reply to your argument (?)

get your hand out his pants

get your mind into studying reason, facts, logic...

then get back to me

Tue, 01/21/2014 - 19:52 | 4353644 MeelionDollerBogus
MeelionDollerBogus's picture

MRS? Oh, plz.

now I've heard it all.

Tue, 01/21/2014 - 14:00 | 4352066 firstdivision
firstdivision's picture

Or cause you're a 2 bit scammer trying to pass the latest tulip caze.  Though at least those holding the bag at the end of that bubble had nice tulips to look at.  You are incorrect though, I don't believe Bitcoin is a bubble, but a scam.  I'm glad to see I'm getting under your silcon. 

Tue, 01/21/2014 - 14:33 | 4352255 Mercuryquicksilver
Mercuryquicksilver's picture

Don't wast too much time on Phoneystar. He ownes all of TWO bitcoins so he's not speculating. He's traded equivalent of a few thousand USD worth of product/service since conception so he doesn't own a store or mine. He's the defnition of troll. He knows little if anything about the competing crypto currencies so he's not knowledgable. It's a shame because I would rely like a knowledgable BTC fanboy to explain the differences between each crypto currency, in particular nofiatcoin, which is basically BTC but with gold instead of computer "mining."

Tue, 01/21/2014 - 14:42 | 4352294 fonestar
fonestar's picture

That's my transaction wallet dipshit.  You'd be a fool to keep all of your BTC in one single wallet on your EDC laptop.  And I've already addressed the altcoins, for all intents and purposes there are two cryptocurrencies, Bitcoin and Litecoin (I own both).  And the creators of XNF are just setting themselves up as a .gov sacrifice IMHO.

Tue, 01/21/2014 - 17:53 | 4353213 Barking Seal Troll
Barking Seal Troll's picture

Yet this big swinging dick told us repeatedly throughout 2013 that he sold some Btc "to pay some bills" when it was around $200 USD per, and then some months later bought back in at $800 per.

You've been asked this question a half dozen times and have yet to reply to it:

If you're so confident in Btc, and so confident that it might reach 5 digits in USD conversion, and so confident that it is the tool by which "we" wil detroy the FED, and so relentlessly advise us to buy buy buy.....

....then why did you sell at $200?   You couldn't beg borrow or steal to pay those bills?  No credit?  You couldn't max out your "VISA" and pay even 24.9% APR instead of paying ~ 4800% to buy back your Btc?  Do you lack the same courage in your conviction that you want everyone else to have?  We're supposed to accept investment advice from someone who made that play?

queque the crickets

Tue, 01/21/2014 - 17:55 | 4353233 fonestar
fonestar's picture

fonestar says a lot of things. 

Tue, 01/21/2014 - 18:11 | 4353293 Barking Seal Troll
Barking Seal Troll's picture

We'll accept that as a mea culpa to the charge of being full of shit.

Failure to address the question was prima facia evidence of that.

And to think that I was preparing to hang an "I Want To Believe" poster in my office. 

I'm dissappointed.  Very.  Maybe your fellow pumper Medaces Exponere can provide you with a bullshit answer.

Tue, 01/21/2014 - 19:48 | 4353634 MeelionDollerBogus
MeelionDollerBogus's picture

Kinda sounds like your butthurt-storage (tm).

Tue, 01/21/2014 - 16:06 | 4352732 Unpopular Truth
Unpopular Truth's picture

Www.bitcoinhaters guide.com

 

Tue, 01/21/2014 - 13:58 | 4352057 Kirk2NCC1701
Kirk2NCC1701's picture

Pst, fonestar:  Do you like to mine your own business?

Tue, 01/21/2014 - 17:23 | 4353103 Barking Seal Troll
Barking Seal Troll's picture

As of this reply you have 26 up arrows and 14 down arrows.  That is completely inconrgruent with the results from your average post when the # of up + down > 10.

What gives?  A sudden epiphany amongst your former down arrowers?  A sudden influx of newly registered voters?  Other?

I didn't click either up or down because the content didnt merit either.

Tue, 01/21/2014 - 17:49 | 4353211 fonestar
fonestar's picture

fonestar has forced many of the current commentators off this blog and into early retirement.  They simply couldn't handle fonestar's SRBT (Spamtoshi Rapid Blogging Technology).  It's a shame the old pre 2011 commentators were not here today, as they were rabidly pro-Bitcoin and pro-fonestar.

Tue, 01/21/2014 - 18:14 | 4353307 Barking Seal Troll
Barking Seal Troll's picture

Serial upvotes appearing within secs of your posting smells of desparation

Tue, 01/21/2014 - 18:19 | 4353328 fonestar
fonestar's picture

fonestar is not desperate until the fat lady squeals.

Tue, 01/21/2014 - 19:46 | 4353620 MeelionDollerBogus
MeelionDollerBogus's picture

I started giving +1's just to fuck with you guys.

I think someone else must have also thought it was funny and did the same.

Tue, 01/21/2014 - 17:39 | 4353164 JuliaS
JuliaS's picture

Fonestar =  MillionBitcoinBonus

Tue, 01/21/2014 - 18:25 | 4353354 fiftybagger
fiftybagger's picture

Ruh roh.

 

My first Fonestar sell indicator has been reached, 27 thumbs up versus 15 down.  But seriously:

"All the forces in the world are not so powerful as an idea whose time has come.
An invasion of armies can be resisted, but not an idea whose time has come.
Greater than the tread of mighty armies is an idea whose time has come.
Nothing else in the world… not all the armies… is so powerful as an idea whose time has come.
One can resist the invasion of an army but one cannot resist the invasion of ideas.
There is one thing stronger than all the armies in the world, and that is an idea whose time as come"

- Victor Hugo

Bitcoin Report Volume 10 - (An Idea Whose Time Has Come)

The Bitcoin Channel

Tue, 01/21/2014 - 13:42 | 4351976 outamyeffinway
outamyeffinway's picture

ANOTHER top caller. Who will be the next? And the next? All the while the market is being built around it. Fools.

Tue, 01/21/2014 - 16:25 | 4352823 akak
akak's picture
  
Creator Of Netscape Praises Bitcoin

And just where is Netscape today?

Oh the irony!

Tue, 01/21/2014 - 16:34 | 4352871 Moe Howard
Moe Howard's picture

Netscrape non-navigator. I hear you.

Tue, 01/21/2014 - 13:43 | 4351977 fonestar
fonestar's picture

Hello, there.  Have I told you guys how much I love Bitcoin?

Tue, 01/21/2014 - 13:45 | 4351995 ebworthen
ebworthen's picture

LOL

Greetings, good Sir.

Tue, 01/21/2014 - 14:01 | 4352074 DoChenRollingBearing
DoChenRollingBearing's picture

+1 

Civilized.  Nice.  LOL!

Tue, 01/21/2014 - 13:55 | 4352049 Kirk2NCC1701
Kirk2NCC1701's picture

Have we told you that you're the greatest thing for provoking counter-posts (and ZH site hits) since MDB and Paul Krugman

/ The Tylers and new co-owners thank you. /sarc

Tue, 01/21/2014 - 14:03 | 4352081 fonestar
fonestar's picture

fonestar can pack a show.

Tue, 01/21/2014 - 19:44 | 4353613 MeelionDollerBogus
MeelionDollerBogus's picture

And without the Sarc! You got the video game currency but ...

Tue, 01/21/2014 - 14:05 | 4352092 eclectic syncretist
eclectic syncretist's picture

Frankly, I find it much more interesting that JPM suddenly thinks aluminum prices are going to go way up this year due to supply constraints, and that this prediction (and an upgrade) has caused AA (+7%) and other aluminum companies to be way up today.

What the hell is JPM doing solidly supporting a commodity price????

Tue, 01/21/2014 - 14:19 | 4352168 chumbawamba
chumbawamba's picture

Actually, the question you ought to be asking is why JPM is sitting on warehouses of stockpiled aluminum:

Goldman, JP Morgan Have Now Become A Commodity Cartel As They Slowly Recreate De Beers' Diamond Monopoly

http://www.zerohedge.com/article/goldman-jpm-have-now-become-commodity-c...

Glencore, JPMorgan sued over warehouse aluminum prices

http://www.reuters.com/article/2013/08/07/us-lme-warehousing-idUSBRE9760...

I am Chumbawamba.

Tue, 01/21/2014 - 19:39 | 4353589 Prisoners_dilemna
Prisoners_dilemna's picture

I come to this site.....  because I know how to read.

I can see your name at the top of all of your post.

Im not sure if you're aware of that...   or.....

Tue, 01/21/2014 - 13:41 | 4351972 TideFighter
TideFighter's picture

Yes, the Continental Divide of Mount BitCoin, whether you turn left or right, it's all DOWNHILL. 

Tue, 01/21/2014 - 13:49 | 4352017 fonestar
fonestar's picture

Right, it's all downhill you tool.  The global currency nobody owns, uses, understands but gains thousands of new users every week.

Tue, 01/21/2014 - 14:07 | 4352101 eclectic syncretist
eclectic syncretist's picture

At this rate it ought to have more users than obamacare in a couple of months, and maybe even be as secure.

Tue, 01/21/2014 - 19:41 | 4353600 Prisoners_dilemna
Prisoners_dilemna's picture

Are you really suggesting the security behind bitcoin and the ACA website is comparable?

Really? You got nothing better than that.   WTF man. Weak.

Tue, 01/21/2014 - 15:22 | 4352503 TideFighter
TideFighter's picture

I think I see a Stuxnet in your future, cowboy. 

Tue, 01/21/2014 - 15:54 | 4352667 ATG
ATG's picture

666

Tue, 01/21/2014 - 19:40 | 4353593 MeelionDollerBogus
MeelionDollerBogus's picture

it's MtQOX - the home of the Quatloo

So Fonestar, tell me what is the Ferengi Rule of Acquisition #243 for Bitcoin?

Tue, 01/21/2014 - 13:43 | 4351982 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

definition of "the top"

Is that 'cause you think that Andreseen is just hot to invest some money, somewhere?  Do you think Andreseen is delusional or just incorrect?

 

Tue, 01/21/2014 - 13:50 | 4352027 fonestar
fonestar's picture

Anderseen is correct.

Tue, 01/21/2014 - 14:21 | 4352182 chumbawamba
chumbawamba's picture

And that guy might be, whomever he is.  But Andreesen is an over-rated fag.

I am Chumbawamba.

Tue, 01/21/2014 - 14:28 | 4352232 fonestar
fonestar's picture

You realize that the real Chumbawamba are big supporters of gay rights, the LGBT community and anarchy right?

You are not Chumbawamba.

Tue, 01/21/2014 - 15:31 | 4352544 DoChenRollingBearing
DoChenRollingBearing's picture

Not many can argue with, and maybe beat, The Mighty Chumbawamba.

I tried once..., long ago...  

Busted-to-pieces Bearing knows.

Tue, 01/21/2014 - 19:43 | 4353608 Prisoners_dilemna
Prisoners_dilemna's picture

How do you argue with someone who says...

"...that guy..., whomever he is an over-rated fag. I am Chumbawamba."

 

Don't you automatically win against that?

Tue, 01/21/2014 - 15:53 | 4352661 ATG
ATG's picture

6000 years of gold monetary history say not

Tue, 01/21/2014 - 13:55 | 4352042 firstdivision
firstdivision's picture

I think he is attracted to the recent short-term gains and wants to attact attention to unload his shares...err Bitcoins at a paper profit.  Also I did have to have a good laugh at "One thing that’s missing but will soon be developed is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B without A knowing B or B knowing A" as I'm pretty sure that Nigerian scammers perfected the A to B with A not knowing B for the info age.

Tue, 01/21/2014 - 14:26 | 4352225 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Also I did have to have a good laugh at -- I'm pretty sure that Nigerian scammers perfected the A to B

Your deductive capabilities leave much to be desired.

Tue, 01/21/2014 - 13:56 | 4352043 Event Horizon
Event Horizon's picture

i just checked my Bitcoin stash on my Netscape browser, They are both gone..

Tue, 01/21/2014 - 19:46 | 4353619 Prisoners_dilemna
Prisoners_dilemna's picture

Fortunately I can help get a copy of netscape source code for you.

However I can't help you recover your coins.  You should try to be smarter with your money next time. Maybe bitcoin isn't for you.

Tue, 01/21/2014 - 14:29 | 4352228 Bunga Bunga
Bunga Bunga's picture

Maybe, but credit card fraud seems to be far from the top. Just another hack: this time 80 million cards ... in a country with 50 million people!

South Korea: Millions Affected By Data Theft

http://news.sky.com/story/1197994/south-korea-millions-affected-by-data-...

Tue, 01/21/2014 - 18:34 | 4353391 Barking Seal Troll
Barking Seal Troll's picture

I still have difficulty believing that upwards of 50MM US Target shoppers had their cc data stolen. 

With an adult population of ~ 230MM, that means that 1 in 4.6 adults shopped at Target during that holiday season.

I doubt that very much.  However, why would Target inflate the number of people who had their cc data ripped off?  The "any publicity is good publicity" adage probably stops well short of "Shop at Target! ... and have your cc data stolen"

 

 

Tue, 01/21/2014 - 14:41 | 4352290 CH1
CH1's picture

Ladies and gentlemen, I present to you the definition of "the top"

You keep using that word. I don't think it means what you think it means.

Tue, 01/21/2014 - 22:02 | 4354095 X_mloclaM
X_mloclaM's picture

He's with ben and Milton.

Tue, 01/21/2014 - 13:39 | 4351950 MeelionDollerBogus
MeelionDollerBogus's picture

candyman candyman candyman

fonestar?

Tue, 01/21/2014 - 13:57 | 4351990 fonestar
fonestar's picture

I shall not desert you.

(In fact, I will be here haranguing you as Bitcoin continues its meteoric rise into five, six and seven figures).

Tue, 01/21/2014 - 14:10 | 4352122 eclectic syncretist
eclectic syncretist's picture

"In fact, I will be here haranguing you as Bitcoin continues its meteoric rise into five, six and seven figures"

Yeah, 1, 0.1, 0.001, 0.0001, 0.00001, ect., a real falling star.

Tue, 01/21/2014 - 14:16 | 4352148 fonestar
fonestar's picture

...yes, that's exactly what network effect, charts, statistics and first adopter status would point to wouldn't it?  How is it possible for some of you to suck this badly at life and logic?

Tue, 01/21/2014 - 19:53 | 4353423 Barking Seal Troll
Barking Seal Troll's picture

what model are you using?

what comparables can you point to? 

everyone who's nearly first to market emerges as the eventual winner?

no market ever dies?

every startup rises non-stop?  tell that to 90% of newly-opened restaurants.

to be fair, the market cap on cc's as a whole is large and does have momentum that will require more than a bit of force to stop.  I do not dispute that.  Plenty of products and markets, however, have bitten the dust.  But none are very comparable.

 

Tue, 01/21/2014 - 20:03 | 4353683 Barking Seal Troll
Barking Seal Troll's picture

I'll accept the down arrow as an indication that the clicker can't answer a simple fucking question. 

One poster makes unfounded statements.  A second asks for examples and - perish the thought - formal argument instead of baseless conclusions to support the statements.  A third chimes in (or rather fails to).

If you believed your bullshit you'd answer honest questions.  Answer then with lies for all I care, but you can't expect anyone to take your thesis as credible if you can't defend it.  Folks who can't defend their thesis end up stuck with BS degrees. 

Your employers aren't getting their money's worth...unless you're doing this gratis of course.

Tue, 01/21/2014 - 19:37 | 4353585 MeelionDollerBogus
MeelionDollerBogus's picture

1 / 100 , 1/1000 , 1/1000000000 ... yes, Bitcoin will indeed reach those figures.

Tue, 01/21/2014 - 13:39 | 4351955 hugovanderbubble
hugovanderbubble's picture

Central banks wont allow the use of bitcoins massively, period. Dont fight the fed, or yes? xd:)

Tue, 01/21/2014 - 13:44 | 4351987 outamyeffinway
outamyeffinway's picture

Obviously you need to read more history books about markets and things that get in the way of them.

Tue, 01/21/2014 - 13:44 | 4351994 fonestar
fonestar's picture

There's fuck all the CBers can do about Bitcoin.

Tue, 01/21/2014 - 13:53 | 4352038 LawsofPhysics
LawsofPhysics's picture

Really?  So a central bank, or a person acting on behalf of a central bank, can't buy bitcoins?

That's not what a really smart programmer I know from MIT told me.

Of course he works for Goldman Sachs now, so he is probably lying...

somewhat of a requirement to work there.

Tue, 01/21/2014 - 13:57 | 4352052 fonestar
fonestar's picture

Sure, they could buy in... but I guess they would have to kill off or co-opt all of the first adopters if they want to become king of the castle again.

Tue, 01/21/2014 - 14:06 | 4352096 LawsofPhysics
LawsofPhysics's picture

 Why?  Especially if they can still create as much fiat as they want to purchase as much bitcoin as they want?  Nice circular reasoning you have there fonestar.

Tue, 01/21/2014 - 14:12 | 4352126 fonestar
fonestar's picture

So you think they are going to hyperinflate to purchase Bitcoin?  LOL!  Yeah, that's a real likely scenario you have got going there.

Tue, 01/21/2014 - 14:23 | 4352177 LawsofPhysics
LawsofPhysics's picture

The valuation of bitcoin if they did would make sense from the perspective of a new, and more appropriate, price for gold.

Seems pretty obvious to me.  Everyone knows that debts are always inflated away by governments and from that perspective it also makes perfect sense.

But perhaps I have said too much already...

By the way, there's hyperinflation, and then there is the death of a currency (to make way for a "new" universal world currency - at least that's what you claim bitcoin to be).

Tue, 01/21/2014 - 14:23 | 4352201 Herd Redirectio...
Herd Redirection Committee's picture

I think they already did.  Remember the run up from $40 to $1100?

Tue, 01/21/2014 - 14:25 | 4352219 LawsofPhysics
LawsofPhysics's picture

One way or another we will return to a "gold" standard.  We have to, no one trusts anybody else.  Bitcoin makes perfect sense if it is part of a plan for a world currency that "revalues" gold relative to the old fiats.  We either revalue "peacefully" or the world goes to war.  Look at history, there are no other options. 

Tue, 01/21/2014 - 17:31 | 4353143 Bunga Bunga
Bunga Bunga's picture

I trust tungsten.

Tue, 01/21/2014 - 19:49 | 4353637 Prisoners_dilemna
Prisoners_dilemna's picture

The sheeples money.

Tue, 01/21/2014 - 14:22 | 4352190 BitStorm
BitStorm's picture

Won't allow? I'd love to hear some more. Can you provide some examples on how this would be accomplished?

Tue, 01/21/2014 - 13:39 | 4351956 Villageidiot777
Villageidiot777's picture

I would like to know what Mr McAfee is thinking about netscape creator praising bitcoins.

Tue, 01/21/2014 - 13:40 | 4351957 Rising Sun
Rising Sun's picture

my fucking hard drive crashed

 

where are my bitcoins???

Tue, 01/21/2014 - 13:44 | 4351988 BitStorm
BitStorm's picture

Just like important family digital photos, documents or important e-mails, if you don't back your shit up - shame on you.

Next issue?

Tue, 01/21/2014 - 13:47 | 4352011 Tod E. Tosspot
Tod E. Tosspot's picture

Ever hear of backing shit up? As the old saying goes, a fool and his bitcoins are soon parted.

Tue, 01/21/2014 - 14:13 | 4352138 fonestar
fonestar's picture

Yes, and I think the fools will be a great blessing to those who are familiar with good data storage and back-up techniques haha... (attrition).

Tue, 01/21/2014 - 14:23 | 4352206 chumbawamba
chumbawamba's picture

No electricity, no bitcoin.

No internet, no bitcoin.

No users, no blockchain, no bitcoin.

Gold doesn't care if you use it or not.  It's an element, bitch.  It's got more time than you.  It'll be around a lot longer than you whether you care or not.

I am Chumbawamba.

Tue, 01/21/2014 - 14:40 | 4352277 Private Parts
Private Parts's picture

If there's no electricity I'd rather have a big supply of food, water, guns and a whole lot of ammo than gold. And a nice secluded spot far away from population centers.

If there's no internet the economy collapses as there's no online banking and no e-mail, which just about every company requires on and no eCommerce. Also the government wouldn't have access to their online spying tools and there would be public unrest as all the iPhone junkies can't read their Facebook, send Whatsapps or play WordFeud with their buddies.

Mubarak thought he could end the protests by shutting down the internet in Egypt in 2011. It hugely backfired when the people who were reading about the demonstrations on Facebook took to the streets.

So good luck with those strategies to kill Bitcoin!

Tue, 01/21/2014 - 16:04 | 4352721 Dick Buttkiss
Dick Buttkiss's picture

If there's no electricity, then we'd be nine meals from anarchy — http://www.youtube.com/watch?v=SUbKin-zrj4 — with deaths in the millions within weeks, followed by The Road.

Tue, 01/21/2014 - 15:10 | 4352429 BitStorm
BitStorm's picture

Psst. You can have both, maybe some $ too if you're feeling naughty. I'll be right back, buying some more of the same stuff you "stack"... at a 92% discount. Thanks, crypto-currency!

Tue, 01/21/2014 - 15:33 | 4352554 Woodhippie
Woodhippie's picture

Real money doesn't and shouldn't require "back-up techniques".

Tue, 01/21/2014 - 19:52 | 4353643 Prisoners_dilemna
Prisoners_dilemna's picture

Who made you god of real monies?

 

Real money doesn't and shouldn't require a full body cavity search at the border.

Tue, 01/21/2014 - 22:05 | 4354105 Woodhippie
Woodhippie's picture

No one made me God of real monies, ass hat.

And actually I agree with your statement.

Tue, 01/21/2014 - 13:49 | 4352015 Debtonation
Debtonation's picture

Your bitcoins are on the block chain not your hard drive.  You need a private key to spend bitcoins.  My private key is backed up on a hard drive, USB drive and a paper wallet I printed out.  Oh, and in case my computer gets hacked, no one can get to them.

Tue, 01/21/2014 - 15:30 | 4352542 Woodhippie
Woodhippie's picture

Who the fuck really knows where they are.  Block chains, mining, CPU power requirements etc etc etc.

How the fuck can this actually be a currency?

Tue, 01/21/2014 - 17:28 | 4353123 fonestar
fonestar's picture

It's currency for intelligent people.  Don't worry about it...

Tue, 01/21/2014 - 13:40 | 4351962 Kaiser Sousa
Kaiser Sousa's picture

for all ya'll Bitcoiners...

http://www.youtube.com/watch?v=eUh5IShNwXo

just sayin.....

Tue, 01/21/2014 - 13:41 | 4351965 Spungo
Spungo's picture

A guy who made a free web browser that never made any money until the company was bought out is now saying Bitcoin is a good idea? Sell sell sell!

Tue, 01/21/2014 - 14:14 | 4352143 eclectic syncretist
eclectic syncretist's picture

Actually, Netscape was bought out during the internet bubble for ~$10B.  They were bought by AOL LOL!

Tue, 01/21/2014 - 13:40 | 4351967 ebworthen
ebworthen's picture

Have we found Satoshi Nakamoto?

Tue, 01/21/2014 - 13:47 | 4352012 Colonel Klink
Colonel Klink's picture

He's hanging out with Santa, Jesus, and the Easter Bunny.

Tue, 01/21/2014 - 14:04 | 4352095 fonestar
fonestar's picture

Have we found Satoshi Nakamoto?


No, we have not and I don't care if we ever do.  Actually, I think it would be interesting but only from a historical perspective.

Tue, 01/21/2014 - 13:44 | 4351983 hugovanderbubble
hugovanderbubble's picture

Play Station 4 fails to save some games....imagine if that happens to bitcoin commerce xd:)

Tue, 01/21/2014 - 13:45 | 4351991 Spungo
Spungo's picture

fonestar is Max Keiser

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