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Author Topic: What weird shit do people fixate on when they criticize bitcoin?  (Read 1948 times)
flug
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July 04, 2011, 03:02:42 PM
 #1

'intrinsic value'
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Meatpile
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July 04, 2011, 03:16:39 PM
 #2

A friend of mine is determined that digital currency can only work if it backed by gold (or something) and has regulations exactly like the current system in alot of ways.

The regulation part is tricky, because clearly thats the only thing that saved it from the mtgox hacking.

J180
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July 04, 2011, 03:31:25 PM
 #3

That bitcoin is not truly anonymous because 'may attract the same attention as hydroponic cannabis farms in lofts spitting out a big red heat map'.
silversurfer
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July 04, 2011, 04:25:59 PM
 #4

Magic: The Gathering

http://www.youtube.com/watch?v=c2Yi5jcx38Y

That which is falling should also be pushed.
TraderTimm
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July 04, 2011, 04:53:46 PM
 #5

The whole "OMG finding hashes is wasting computing power" argument.

Guess what jackwagons, if there wasn't any WORK required, the blockchain would be completely useless. The fact that the miners are securing MILLIONS of < Insert currency > by doing their 'useless work' doesn't even occur to these fools.

Anything worthwhile requires effort, a simplistic 'efficient' system can be gamed and exploited. It annoys me to no end that articles and glib blog posts trot out the hashing == waste thing. It's convenient, I suppose, if you don't understand bitcoin nor want to make any effort in doing so.


fortitudinem multis - catenum regit omnia
Sannyasi
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July 04, 2011, 04:59:34 PM
 #6

bitcoins are backed by time or proof of work, it's the only currency to take time into account when dealing with money

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Vladimir
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July 04, 2011, 05:00:06 PM
 #7

carrots

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BTC Economist
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July 04, 2011, 05:00:50 PM
 #8

How is intrinsic value "weird shit"?

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kgo
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July 04, 2011, 05:03:12 PM
 #9

That is somehow must be a ponzi scheme or pyramid scheme.

Now when I talk to people, I always explain up-front that the mining payout is a side-effect of securing the block chain.  The payout isn't the purpose of mining. 

The initial perception is that it's somehow free money, so it must be a scam.
flug
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July 04, 2011, 05:28:45 PM
 #10

carrots

 Cheesy Cheesy Cheesy Cheesy Cheesy Cheesy Cheesy Cheesy
ampkZjWDQcqT
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July 04, 2011, 05:31:02 PM
 #11

carrots
Don't you mean waffles?

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TraderTimm
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July 04, 2011, 05:34:12 PM
 #12

How is intrinsic value "weird shit"?

Depends on the shit I suppose. If I ate a hearty meal of gold dust and passed it out my colon -that would be some intrinsically weird shit. Or, alternatively I could eat some dollars green toilet paper and take pleasure knowing I'd be adding more value to it as compost than I would actually 'spending' it.

fortitudinem multis - catenum regit omnia
Vladimir
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July 04, 2011, 05:41:59 PM
 #13


http://forum.bitcoin.org/index.php?topic=6417.0 a must read for new people, should be a sticky really.  Grin


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ampkZjWDQcqT
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July 04, 2011, 05:48:50 PM
 #14

Indeed. LMAO.

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TraderTimm
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July 04, 2011, 05:50:46 PM
 #15


Thanks for the link, didn't read that until now - and found it hilarious Smiley

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AtlasONo
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July 04, 2011, 05:53:02 PM
 #16

The terrible community surrounding it.
TraderTimm
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July 04, 2011, 05:55:59 PM
 #17

The terrible community surrounding it.

Man, take it easy on yourself there... I'm sure not everyone hates you.

fortitudinem multis - catenum regit omnia
Shinobi
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July 04, 2011, 05:57:24 PM
 #18

Now when I talk to people, I always explain up-front that the mining payout is a side-effect of securing the block chain.  The payout isn't the purpose of mining. 

Who are you kidding? The "purpose" of mining is, in reality, whatever incentive is provided to have people commit time and energy to it. And that is to get BTC not, securing the block-chain. You are a fool if you think otherwise.

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BTC Economist
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July 04, 2011, 06:02:54 PM
 #19

The terrible community surrounding it.

Sometimes I really think that if the community had any tact at all Bitcoin would have a chance of appealing to the real world.

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TraderTimm
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July 04, 2011, 06:08:51 PM
 #20


Sometimes I really think that if the community had any tact at all Bitcoin would have a chance of appealing to the real world.

True, a monster truck rally with flaming bitcoin jump hoops would certainly draw the crowds. Or perhaps 'Bitcoin Aid' concert to end hunger in Africa, all paid for via bitcoins, of course. I mean, you could probably write a long dissertation within economic circles about bitcoin, but then all of your peers would have to put down their models and bits of logistic fantasy to actively participate.

I just don't see that happening, you can't 'predict' (or pretend to, as is usually the case) in economics if you aren't futzing with a model that gives answers that are 'revised' later. That's a lot of looking-over-your-shoulder work there, and it doesn't come easy!

fortitudinem multis - catenum regit omnia
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