The bitcoin community is full of people outraged at the bankster culture of lavish rewards for doing nothing productive. The same people masturbate over their keyboards listening to people like Max Keiser tell them that the few dollars worth of CPU cycles they threw at bitcoin back when it was a genuinely interesting idea are going to make them into billionaires; once they manage to turn their bitcoin fiat into state fiat that is.
Scorn for the bankers magicking wealth from thin air, and yet strangely no opprobrium for the shady cabal who helped themselves to over 28% of bitcoin's monetary base before going public.
Don't know where you are getting your info from, but another good post!
This seems to me to perhaps more likely to be the cause of the obscene volatility in Bitcoin than some trainee work experience guy at JP Morgue being tasked with pumping and dumping the coin.
If that were to be the case, then Bitcoin has a bleak future, as the cabal would have already shown just how insatiably greedy that they are already, and there will be a limit to how much of this shit the rest of the Bitcoin market will take before abandoning the thing altogether.
That's because he is getting it from nowhere.
He is partly right that right now everybody is trying to make money through speculation, but the origins of bitcoins are not shady at all.
Back then it was just an experiment, nobody was giving a crap about bitcoins back then and there was no way to predict what it would become today.
It was so cheap that a pizza was 30,000 btc aproximately, they were freely exchanging that amount of bitcoins because they were absolutely worthless. There were even "bitcoin faucets" where they were distributing bitcoins for free... besides that anyone joining in back then was capable of mining with the client itself.
I understand where his conspiracy theory comes from, but they are baseless.
And revans clearly doesn't understand the purpose of bitcoins. This wasn't created to prevent speculation, it was to decentralize the monetary system.
Bankers make wealth from thin air through the money multiplier mechanism of the fractional reserve banking, and that's not happening in bitcoins at all.
Besides that, the central banks or the federal reserve in the US can print paper money at will, inflating the economy, something that is not allowed in bitcoins.
Revans has a very limited understanding of what is going on here, what the bitcoins are trying to address, and why they were created.
The speculation on Bitcoins are a fair game, although it is obviously not reflecting the idealism that engendered the bitcoins, it was bound to happen as a side effect... especially with the media exposure that it had recently.
Initially in the process of price discovery, it will fluctuate a lot and many people might use it as a store of value.
But the core purpose as a currency is still on development in the background, businesses funded in BTC are expanding slowly and more "real businesses" are beginning to adopt it.
