proudhon
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June 28, 2011, 11:00:00 PM |
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tl;dr = bitcoin will probably fail. |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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error
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June 29, 2011, 01:15:03 AM |
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To mangle a famous quote from a famous person: Never write about something you don't understand. |
3KzNGwzRZ6SimWuFAgh4TnXzHpruHMZmV8
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cbeast
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Let's talk governance, lipstick, and pigs.
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June 29, 2011, 02:44:44 AM |
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tl;dr = bitcoin will probably fail. The author uses Flooz as an example of a failed online currency. Flooz was based in New York City. Flooz was a dotcom, bitcoin is not a dotcom. The company was investigated by the FBI. Bitcoin is decentralized. The FBI has no jurisdiction over the global economy. There is absolutely no comparison. |
Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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MoonShadow
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June 29, 2011, 04:35:19 AM |
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tl;dr = bitcoin will probably fail. The author uses Flooz as an example of a failed online currency. Flooz was based in New York City. Flooz was a dotcom, bitcoin is not a dotcom. The company was investigated by the FBI. Bitcoin is decentralized. The FBI has no jurisdiction over the global economy. There is absolutely no comparison. I keep hearing about this comparison of Bitcoin to failed digital currencies, and specificly Beans and Flooz. Yet I had never even heard of either of them before Bitcoin. I can't see how either of them could still compare at all, did either make a market cap of over $100 million? |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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BkkCoins
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June 29, 2011, 05:07:53 AM
Last edit: June 29, 2011, 05:52:35 AM by BkkCoins |
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BitCoin may fail. But it won't be because it's a scam.
It will be because it was attacked and couldn't stand up to it.
With more success comes more threat of attack.
And at some point the full resources of the bank system and governments will come to bear and try to stomp it out because, eventually, it is either them or Bitcoin. Eventually.
It's much easier to kill it while it's still young (as Bob Marley once sung, "I Shot The Sheriff").
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SpaceLord
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June 29, 2011, 05:49:02 AM |
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BkkCoins
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June 29, 2011, 12:00:22 PM |
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Translating on Google it seems they tracked the mining account and notified the pool. I hope they can get a handle on this and some way that pools can prevent it. Someone mentioned that this could lead to splitting the block chain and taking control of funds but that could only happen if the pool was controlled criminals not the miners. Is it not the pool controller that writes the block, and not the miners? I don't think the number of miners in a pool has any bearing. It's the number of (pools + solo miners) combined that would be the quantity to monitor. |
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kiba
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June 29, 2011, 12:13:46 PM |
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BitCoin may fail. But it won't be because it's a scam.
It will be because it was attacked and couldn't stand up to it.
With more success comes more threat of attack.
And at some point the full resources of the bank system and governments will come to bear and try to stomp it out because, eventually, it is either them or Bitcoin. Eventually.
It's much easier to kill it while it's still young (as Bob Marley once sung, "I Shot The Sheriff").
As always, there's the option of "if you can't beat them, join them". Traditional banking and bitcoin does not always have to be opposed but it is traditional banking that have to change their way, not bitcoin. |
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BkkCoins
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June 29, 2011, 02:19:56 PM |
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He gets it wrong almost right of the bat when he says "decoders" get a 50 BTC bounty. I wish I could get 50 BTC for "decoding the block". And he seems to not realize the system isn't designed based on "trust" but rather on cryptographic reliability. No one is trusted, all facts are checked cryptographically. I didn't read much further when I figured out he didn't get it at all. |
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MoonShadow
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June 29, 2011, 02:29:51 PM |
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He gets it wrong almost right of the bat when he says "decoders" get a 50 BTC bounty. I wish I could get 50 BTC for "decoding the block". And he seems to not realize the system isn't designed based on "trust" but rather on cryptographic reliability. No one is trusted, all facts are checked cryptographically. I didn't read much further when I figured out he didn't get it at all. It's not even a decent hit piece. I don't think the author is being malicious, he is just poorly informed. There will come a day that he will regret his current position. |
"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."
- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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bitcola
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June 29, 2011, 05:53:37 PM |
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He gets it wrong almost right of the bat when he says "decoders" get a 50 BTC bounty. I wish I could get 50 BTC for "decoding the block". And he seems to not realize the system isn't designed based on "trust" but rather on cryptographic reliability. No one is trusted, all facts are checked cryptographically. I didn't read much further when I figured out he didn't get it at all. It's not even a decent hit piece. I don't think the author is being malicious, he is just poorly informed. There will come a day that he will regret his current position. He seems to associate it with hackers and has a major agenda against them. Just look at his opening diatribe: "In 2009, Satoshi Nakomoto (possibly a real person, possibly a pseudonym for one or more hackers) invented Bitcoin" WTF?  |
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silversurfer
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June 29, 2011, 06:05:00 PM |
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That which is falling should also be pushed.
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BitterTea
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June 29, 2011, 06:29:34 PM |
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This. Is. Awesome. Except, f lat money?!  |
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BkkCoins
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June 29, 2011, 06:56:17 PM |
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I was wondering if that was a joke/pun on purpose, or she just read the tele-prompt wrong...
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SpaceLord
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June 29, 2011, 07:08:13 PM
Last edit: June 29, 2011, 07:42:53 PM by SpaceLord |
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