Bitcoin's "COO" Explains What Bitcoin Is

Tyler Durden's picture

With Bitcoin's erstwhile founder (according to NewsWeek) denying it all, we thought it might be useful to hear from 'the horse's mouth' just what Bitcoin is. While many have heard "shit bitcoin fanatics say", Conan O'Brian's interview ith the "Bitcoin COO" is full of clarifying knowledge... (and sadly reflects most people's perspective still on the virtual currency space)

 

Shit Bitcoin Fans Say...

 

And Bitcoin's COO explains it all...

 

h/t Mike Krieger of Liberty Blitzkrieg blog

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Ralph Spoilsport's picture

This article on ZH is the equivalent of throwing a squirrel into a room with 1,000 labrador retrievers.

fonestar's picture

WOOOHOOO BITCOINS!!!!!!!!!!!!!!!!!

Let me act all squirrely for you!

fonestar's picture

It's virtual bitcoinomania issues!  Even the "old posters" (God rest their souls) LOVE Bitcoin!

TheGoldMyth's picture

Ah yes (Nodding) fonestar.....Why not just have a people owned souvereign bank that can print its own method of exchange of goods and services? Why settle for chips cooked in transfat oil when you can have a roast ?

Soul Glow's picture

Notice the masonic steps in the infomercial?

Unpopular Truth's picture

Yup. When we don't understand what someone is saying, we can at least mock how they are saying it.

gold-is-not-dead's picture

How does anyone feel about the forthcomming arival of btc as global reserve?

Unpopular Truth's picture

I prefer physical gold, thanks. But will take BTC over fiat as well.

clymer's picture

So thats what fonestar looks like...

J S Bach's picture

Conan should get Fonestar on his show to rightly explain Bitcoin.  I'm sure it would be even more humorous than his written spoof.

ElvisDog's picture

My favorite:

"I'm not in this for the money. I'm in this to change the world"

DaddyO's picture

Not this DaddyO!!!

I would never own the little twerp, even if he was mine...

DaddyO

The_Dude's picture

I get it now...I get it!!

It's a new way to fleece muppets that can't understand how it works.  Why didn't you just say that before!!

I'm in....Lil' old grannies and pensioners first....it's time to clean up and leave a bunch more people penniless.

fonestar's picture

fonestar understands how Bitcoin works.  fonestar has made shitloads of "money" off Bitcoin.  In the end there is only Bitcoin.

Citium's picture

"The time for honoring yourself will soon come to an end"

- Gladiator

 

People pick on you because you are an asshole. You feel like you have to defend your cyber christ. I am all for spreading risk around but unsafe computer codes that can be confiscated aren't part of my portfolio. If you think I am missing it, then that is fine, I sleep very well at night owning land, livestock, fresh water source on property, food preps, silver, gold, copper, and ZERO debt. 

fonestar's picture

Your doors can be kicked down and you and your family can be shot, your land stolen by .gov.  But fonestar has never had any Bitcoin hacked or stolen.

If fonestar slept, he would sleep very well.

astitchintime's picture

Okay, I'm just a newbie here.  And yes my doors can be kicked down and <God forbid> my family can be shot.  As for land, I don't own any YET so it can't be stolen by .gov

Here's the interesting thing:

fonestar said "if fonestar slept, he would sleep very well"

My broker always makes a point of telling me to choose investments that make me feel comfortable ... able to sleep at night.

Dude, if you are unable to sleep ...  ????

fonestar's picture

fonestar is only a virtual persona managed by PAL.

gold-is-not-dead's picture

One can only carry a kilo of gold if there's a need for run, and a billion in bitcoins.

ElvisDog's picture

You can only carry 2.2 lbs while running? That's pretty lame. 2.2 lbs of gold is about $40K. 10 lbs about $200K.

sessinpo's picture

fonestar   "Your doors can be kicked down and you and your family can be shot, your land stolen by .gov.  But fonestar has never had any Bitcoin hacked or stolen.

If fonestar slept, he would sleep very well."

 

That is a totally retarded statement. If you are at the point where your door is being kicked down and your family is shot, then it won't matter if you own bitcoin or whatever. YOU ARE A FRAUD AND A TROLL - PERIOD!

Citium's picture

AND FOR GOD SAKE QUIT REFERING TO YOURSELF IN 3RD PERSON. ONLY DOUCHES DO THAT .

toys for tits's picture

I wouldn't mind if he referred to himself in the third person as long as he referred to himself as "douche" or "douche nozzle".

Ceylon tea's picture

one too many bearings missing on his part I think

fonestar's picture

fonestar is managed by PAL.

RideTheWalrus's picture

Are there any upgrades available?

ebear's picture

PAL:

 

P.  Petulant

A. Annoying

L. Loudmouth

Toolshed's picture

That's odd. I always thought PAL was an acronym for personal ass licker, which seems more appropriate in this case.

dirty belly's picture

'Douche' is just another word for shower.

EINSILVERGUY's picture

Jimmy has been watching the bitcoin conversation for a while.

Jimmy isn't offended by bitcoin aloough Jimmy feels the only real money is gold an silver

Jimmy isn't threatened by Fonestars "lifestyle". Jimmy wants fonestar to be happy.

Jimmy will get even with the central bankers at some point

Central bankers are taking money from Jimmy's mouth

Jimmy holds a grudge

 

UselessEater's picture

?

what does a "." reply mean?

seen it a few times and do not get it, serious question.

A Lunatic's picture

It means different things on different threads. On this thread it means place downvotes here.......

q99x2's picture

Bitcoin has provided necessary services that banks can't compete with. Other crypto currencies are fun to trade as well as Bitcoin. I think the neatest thing for me was (besides making money) to experience how smooth and practicle bitcoin works as a currency. It is very empowering.MazaCoin is the Official National Currency of the Traditional Lakota Nation.. Iceland is supposed to be uning Auroacoin very soon.  Auroracoin is a cryptocurrency for Iceland. It is based on litecoin and is 50% premined. The premined coins will be distributed to the entire ...

So lots of possibilities 

ElvisDog's picture

I think that bitcoin, mazacoin, whatever-the-fuck-coin are all manifestations of the Fourth Turning. People are confused. The old rules no longer seem to apply. Uncertainty, a lack of trust, and a realization that the future will not be as comfortable as the past become prevalent. People start worshipping false gods such as bitcoin in the hopes of recapturing their lost prosperity and of gaining control over something.

sessinpo's picture

Bonestar understands nothing which is why bonestar bought into a bubble of fantasy. In the past, bonestar would have promoted tulips.

Toolshed's picture

You give him too much credit.

whatthecurtains's picture

You are a former MLM addict aren't you?

Citium's picture

I can tell you in short order what bitcoin is and will then be bombarded by CH1 & Fonestar. 

 

It is a code of the moment computer fad that has been proven to be unsafe. As technology advances bitcoin will become irrellevent. They will still have some tradable value online for games and such, but as far as being the "cyber christ," it's rather laughable. I really was a proponent in the beginning that it will do well, it is still worth more than silver at it's current prices but I would rather buy 30 ounces of silver or a half ounce of Gold than have 1 bitcoin. 

 

My grandfather lost his first farm in the great depression and he always said "the banks are evil-never trust them...if you don't hold it you don't own it. 

fonestar's picture

How was Bitcoin proven to be unsafe?  Perhaps it is just "unsafe" for aging dopes and "laymen"?

Citium's picture

Did you happen to miss Mt. Gox losing like half a billion dollars and Flexcoin losing almost a million dollars in bitcoin by a lone hacker? It has been proven that bitcoin is very unsafe. My friend lost 30,000 from Mt. Gox. 

I am sure you will have some snarky comment about using a whatever wallet. The point is, as with religion as well, you convert people by emitting positivity and showing others that something works. Preaching to the choir and being a snarky asshole only makes you look like a fool. A lot of us have PM's and a few BTC's along with guns, land etc.... Personally I just trust things I can touch and defened with no counter party risk. 

 

The IRS will be the ultimate downfall of Bitcoin. 

InTheLandOfTheBlind's picture

You are confusing the exchanges with bitcoins.  This is akin to saying the dollar is worthless because some banks are crooked and corrupt.  Not supporting bitcoins but I am calling out a half assed argument 

Citium's picture

WHOA.They were hacked at an exchange, yes. Just the same as can be done with dollars, correct. But doesn't that prove a point when people bring up no counter party risk. To me there is hardly any difference in the safety of the dollar or bitcoin. In fact, I would argue bitcoin is less safe than a dollar bill because I can still buy more every day items. Sure the same argument can be made about silver and gold but go on craigslist and see if someone will trade a TV or lawnmower for bitcoins vs. Gold or Silver. 

 

If you don't hold it, you don't own it. 

fonestar's picture

Bitcoin wasn't hacked you dumbass.  Those Bitcoins were stolen.

Citium's picture

Did you keep any BTC in Mt. Gox fonestar? Be honest. Theft is Theft no matter the form. No one can steal my PM's unless they know where they are buried. No hackers here. 

 

The sad thing is fonestar is that most of here agree with about spreading your risk around. I know you own Gold, Silver and BTC. THat is great and I wish you the best and I have you make a fortune with BTC and can take that money and do some good for liberty and freedom in this dark hour. I only pick on BTC beacause the people promiting it are very much like newly reformed Christians going door to door almost demanding salvation and anyone that disagrees with you is moronic. That is why people prefer discussing BTC with CH1 because he will actually provide facts and information. You are a cheerleader... You were on every post when BTC was $1200 but suddenly dissapeared when it lost around 50% of its "value"

 

We all know the commodity markets are rigged including Gold and silver, I think that says something aboout the nature of what our government sees as money and more importantly as a threat. Like I said earlier the IRS will cause quit a bit of havic on BTC owners. 

toys for tits's picture

It's not just the commodity markets that are rigged.  

Any market denominated in dollars is inherently rigged because of the artificial valuation of the dollar because of its support by the fed.

If you follow the  trail long enough it becomes clear that every market around the world is rigged since the dollar is exchanged with everything and everything is ultimately compared to it.

fonestar's picture

fonestar signed up for MtGox back in late 2011.  Never sent them any money and never executed a trade there.  fonestar uses localbitcoins.com and btc-e.com.