2013-04-07 - Zerohedge: "Rethinking Money With Bitcoin Quadrupling Since Cyprus"

[TraderTimm]

http://www.zerohedge.com/news/2013-04-07/rethinking-money-bitcoin-quadrupling-cyprus

Excerpt:

Since the beginning of the Cyprus debacle (followed by Russia's call for repatriation of all offshore capital and then Japan's willful debasement of their currency), which appears to have awoken many to the fact that banks and politicians can't be trusted , the 'price' of the virtual currency Bitcoin has quadrupled - touching an incredible $162 this morning. While most people believe the only way to 'spend' this currency is on drugs or blogging sites, Liberty Blitzkrieg's Mike Krieger points out there are in fact hundreds of places (growing daily) where this as-yet unregulated store of wealth can be spent. However, what is really driving this surge in demand for a different kind of 'money' is the wholesale loss of faith in the status quo - nowhere is this clearer than in the words and actions of the people of Cyprus and this devastating clip capturing the thoughts and feelings of ordinary Cypriots after their bank accounts were frozen. "Nothing has started yet... everything is going to fall down like dominoes because people don't trust the banks."

And yours truly will be there battling the troll hordes. Come and bring a keyboard if you can.

[cypherdoc]

the obvious question is:  who the hell is Brandon Smith?

[Haole]

the obvious question is:  who the hell is Brandon Smith?

http://www.alt-market.com/


@TT - ZH neanderthals will still be in the fetal position in their basements clutching their gold, silver, guns and food waiting for their Mad Max doomsday fantasies to be realized when BTC goes through four figures.  ZH is a waste of time with regards to BTC but if anyone wants to bang their digital head against the wall to stick-up for BTC amidst some of those idiots then good game I guess...

[alexanderanon]

the obvious question is:  who the hell is Brandon Smith?

http://www.alt-market.com/


@TT - ZH neanderthals will still be in the fetal position in their basements clutching their gold, silver, guns and food waiting for their Mad Max doomsday fantasies to be realized when BTC goes through four figures.  ZH is a waste of time with regards to BTC but if anyone wants to bang their digital head against the wall to stick-up for BTC amidst some of those idiots then good game I guess...

+1000

[cypherdoc]

hey, you guys stop discouraging TT.  he's doing yeoman's work.

[sunnankar]

hey, you guys stop discouraging TT.  he's doing yeoman's work.

I would just persuade the ZH's guys by giving them a bitcoin tip for cleaning my toilets.

[Logik]

Top comment on the article is so very, very typical of ZH

It it ain't in your pocket, you don't own it.
Bitcoin = Ponzi

So by that logic, he doesn't own anything on his hard drive just because he can't put the 1s and 0s in his pocket.

I with ZH would say "digital currency" instead of "virtual currency" - I can tell that all these old ZH fogeys think that a Bitcoin is like a Linden Dollar or WoW gold, or something. They seem to fail to understand that Bitcoin is decentralised.

[marcus_of_augustus]

hey, you guys stop discouraging TT.  he's doing yeoman's work.

I would just persuade the ZH's guys by giving them a bitcoin tip for cleaning my toilets.

chuckles, they can lick the bowls after the alpha geeks get a good feed ... I've given up on them, they had fair warning, same same as the know-it-alls on slashdot, in fact it seems a v. similar mentality is blocking them from looking into bitcoin, albeit from a totally different field of expertise.

Neither ZH or slashdot people are stupid but their arrogance or something seems to have blocked their minds .... but you can only slap people across the face with a wet fish so many times before you realise they will never wake the eff up.

[Zomdifros]

I think Brandon Smith's argument actually works in our favor. If normal people watch this clip, their impression will be that the whole internet has to go down globally in order for you to be unable to access your bitcoins. I guess that's a risk most smart people are willing to take.

[Logik]

I love ZH logic.. cause if internet and electricity really did go down then their gold and silver would be about as useful as a bitcoin.

[iCEBREAKER]

I love ZH logic.. cause if internet and electricity really did go down then their gold and silver would be about as useful as a bitcoin.

Not useful?  Because you can't eat them, right?   

When the lights go out for more than three days, it's time to trade gold and silver for guns and ammo.

In a blackout, you can't do that with Bitcoin.

That's why I stack both PMs and VCs; gold is the offline IRL version of Bitcoin.

[molecular]

Top comment on the article is so very, very typical of ZH

It it ain't in your pocket, you don't own it.
Bitcoin = Ponzi

So by that logic, he doesn't own anything on his hard drive just because he can't put the 1s and 0s in his pocket.

The tangibility argument, ah well.

I've tried arguing toward metalheads that bitcoin was tangible (in the spirit of sunnankars Why Bitcoin is tangible. Doesn't work, you just get accused of philosophy or word-bending.

I then tried to talk to them about why tangibility was important for preservation/guarantee of persistent ownership (because you can effectively deny access) and that this feature of tangibility was also given with bitcoin. Didn't work... Bitcoin was still "worse than fiat".

Now I have a nice counter-argument and I will say something like: "watch out, you better put your secret thoughts in your pocket quickly, otherwise I might steal them from you" (think brainwallet). I still have to work on the specifics, but thanks for the idea, Logik.

So you don't own your private thoughts?

[marcus_of_augustus]

Top comment on the article is so very, very typical of ZH

It it ain't in your pocket, you don't own it.
Bitcoin = Ponzi

So by that logic, he doesn't own anything on his hard drive just because he can't put the 1s and 0s in his pocket.

The tangibility argument, ah well.

I've tried arguing toward metalheads that bitcoin was tangible (in the spirit of sunnankars Why Bitcoin is tangible. Doesn't work, you just get accused of philosophy or word-bending.

I then tried to talk to them about why tangibility was important for preservation/guarantee of persistent ownership (because you can effectively deny access) and that this feature of tangibility was also given with bitcoin. Didn't work... Bitcoin was still "worse than fiat".

Now I have a nice counter-argument and I will say something like: "watch out, you better put your secret thoughts in your pocket quickly, otherwise I might steal them from you" (think brainwallet). I still have to work on the specifics, but thanks for the idea, Logik.

So you don't own your private thoughts?

Just ask them for what price they will sell the password and login details to their on-line bank account and/or stock-trading account, etc.

Since such details are not tangible and they cannot hold them (in their pockets or otherwise) those things must be worthless by their own logic.