Bitcoin a scam?

[lebing]

Downvote this guy's answer (top answer from Adam Cohen) if you dont think so:

http://www.quora.com/Bitcoin/Is-the-cryptocurrency-Bitcoin-a-good-idea

People are using this douchebags answer as the "definitive" answer on the future of bitcoin when the topic comes up (see the CNN discussion yesterday)...

[paulie_w]

the worst part is that he corrected many parts of his answer elsewhere but never changed it

yes, douchebag.

[BadBitcoin (James Sutton)]

Downvote this guy's answer (top answer from Adam Cohen) if you dont think so:

http://www.quora.com/Bitcoin/Is-the-cryptocurrency-Bitcoin-a-good-idea

People are using this douchebags answer as the "definitive" answer on the future of bitcoin when the topic comes up (see the CNN discussion yesterday)...

well the thing is, as a currency, hes right, bitcoins are not currency, they are commodities.

however that does not mean that they are anything even remotely related to a scam in its entirety.

[zoinky]

Well written argument. I'll give him that.

[FreeMoney]

Money in any form when in actual use as a medium of exchange.

Bitcoin is currency to me.

[istar]

Downvote this guy's answer (top answer from Adam Cohen) if you dont think so:

http://www.quora.com/Bitcoin/Is-the-cryptocurrency-Bitcoin-a-good-idea

People are using this douchebags answer as the "definitive" answer on the future of bitcoin when the topic comes up (see the CNN discussion yesterday)...

well the thing is, as a currency, hes right, bitcoins are not currency, they are commodities.

however that does not mean that they are anything even remotely related to a scam in its entirety.

What is the banks "money" then? Not currency but credits?

[paraipan]

...
What is the banks "money" then? Not currency but credits?

You could say that, yes. Quite a game changer this bitcoin thing and an eye opener too

[Severian]

WTF is an "Internet Economist"?

[FreeMoney]

WTF is an "Internet Economist"?

Like an "armchair quarterback" or "backseat driver".

[Severian]

Like an "armchair quarterback" or "backseat driver".

Some of my backseat drivers have occasionally been correct.

[paraipan]

Like an "armchair quarterback" or "backseat driver".

Some of my backseat drivers have occasionally been correct.

http://www.lolbrary.com/post/22286/i-hate-backseat-drivers/ 

[Melbustus]

...
well the thing is, as a currency, hes right, bitcoins are not currency, they are commodities.
...

No, that's the awesome thing about bitcoin...it's both!

[cypherdoc]

its a stupid post:

1.  he acts like the banks borrow from the Fed on equal terms to the rest of us.  NO.  they get to borrow at 0% and turn around and lend it to us @ usurious credit card rates of 15%.
2.  he doesn't understand that the "assets" (bad debt) that the banks turn over to the Fed for newly printed cash are marked at model (full) value, not market value.  all the subprime garbage, aka MBS, they sold to the Fed for cash was worth only a fraction of its original value in the market place.  meanwhile, the freshly printed cash the Fed hands over to the banks devalue the rest of our money.
3.  the deflation argument has been shot down many times here.  as long as we have a free market in Bitcoin (no manipulation by a special interest group like the Fed) then there will be healthy disagreement as to its present and future value all along the way up the asymptotic release curve over time.  so some will spend freely who think its correctly valued or overvalued, others will hoard who think its undervalued.  so what.  i personally do not call Bitcoin a deflationary currency.  i call it a fixed supply currency which is a description of its ultimate target.  the main point is that its issuance is not "hoarded" by a bankster-like elite for their own benefit.
4. early adopters "work" for their money (block rewards).  anyone who mines knows what i'm talking about.  they've also put up their hard earned USD's for equipment and electricity, not to mention all the time and expertise they need to garner to make it work.  there's risk as well from obsolescence of equipment or from Bitcoin going to zero.  the GPU to ASIC transition is a perfect example.
5.  NO, we do not want a Tweets per day exponentially rising graph depicting our currency.  you can have your fiat.
6.  convertibility clearly has not been a problem as we have plenty of exchanges.  it will get better too.
7. as for a panic and dump?   we've had quite a few of those already but yet here we are @$11.20.  

[FreeMoney]

Like an "armchair quarterback" or "backseat driver".

Some of my backseat drivers have occasionally been correct.

Yeah, same as an "Internet Economist", can't be wrong all the time, it would be too useful.

[Ivica]

I wanted to drop reading after I saw twitter picture, but I made it to the end. "Internet economist" it is...

[cypherdoc]

i should also add that when banksters get to borrow at 0% interest, they turn around and distort markets to a horrendous degree like we have today.  the entire world's economies are going into recession and yet they ramp stock and bond markets in the name of "price stability".  bullshit.  the only price stability they want is for their investments that they've gone all in with and are terrified to actually have marked to market by free markets.  nevermind the price of gold, silver, oil, foodstuffs; the things the rest of us need to survive.

[justusranvier]

i should also add that when banksters get to borrow at 0% interest, they turn around and distort markets to a horrendous degree like we have today.  the entire world's economies are going into recession and yet they ramp stock and bond markets in the name of "price stability".  bullshit.  the only price stability they want is for their investments that they've gone all in with and are terrified to actually have marked to market by free markets.  nevermind the price of gold, silver, oil, foodstuffs; the things the rest of us need to survive.

The stock market is being propped up with printed money to save the public sector pension funds primarily and the 401k accounts of the baby boomers secondarily. It's all about political pull and buying votes.

[cypherdoc]

i should also add that when banksters get to borrow at 0% interest, they turn around and distort markets to a horrendous degree like we have today.  the entire world's economies are going into recession and yet they ramp stock and bond markets in the name of "price stability".  bullshit.  the only price stability they want is for their investments that they've gone all in with and are terrified to actually have marked to market by free markets.  nevermind the price of gold, silver, oil, foodstuffs; the things the rest of us need to survive.

The stock market is being propped up with printed money to save the public sector pension funds primarily and the 401k accounts of the baby boomers secondarily. It's all about political pull and buying votes.

so why didn't they do that in 2000 and 2008?

[labestiol]

So much fail in this "Internet Economist" answer, it's just funny.
I more and more with Holliday here. I'm happily answering questions, but I stopped trying to convince people who use flawed logic.
In the end, they'll be proven wrong.

i should also add that when banksters get to borrow at 0% interest, they turn around and distort markets to a horrendous degree like we have today.  the entire world's economies are going into recession and yet they ramp stock and bond markets in the name of "price stability".  bullshit.  the only price stability they want is for their investments that they've gone all in with and are terrified to actually have marked to market by free markets.  nevermind the price of gold, silver, oil, foodstuffs; the things the rest of us need to survive.

(Emphasis mine)

Cypherdoc, are you getting bullish 

[justusranvier]

i should also add that when banksters get to borrow at 0% interest, they turn around and distort markets to a horrendous degree like we have today.  the entire world's economies are going into recession and yet they ramp stock and bond markets in the name of "price stability".  bullshit.  the only price stability they want is for their investments that they've gone all in with and are terrified to actually have marked to market by free markets.  nevermind the price of gold, silver, oil, foodstuffs; the things the rest of us need to survive.

The stock market is being propped up with printed money to save the public sector pension funds primarily and the 401k accounts of the baby boomers secondarily. It's all about political pull and buying votes.

so why didn't they do that in 2000 and 2008?

They did. The housing bubble was the mechanism for the 2000 crash and the various programs which have brought the stock market back up since the 2009 low were how they did it this time.

http://www.nytimes.com/2002/08/02/opinion/dubya-s-double-dip.html