2013-11-18 americanbanker.com: The Bitcoin Delusion

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[FeedbackLoop]

"Gideon Samid is the chief technology officer for BitMint, which is testing digitized U.S. dollars."

 

[BalkanBoy]

"Gideon Samid is the chief technology officer for BitMint, which is testing digitized U.S. dollars."

 

Maybe

[meanig]

Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid Gideon Samid

May he never bury this in the past 

[Dalkore]

"What doomed communism, and will likely undermine Bitcoin, is the delusional hope that a protocol, a procedure, a network, an algorithm can neutralize the ugly selfish traits of human beings. Somehow, wrath, greed, sloth, pride, lust, envy, and gluttony disrupt the fairytale dreams of the true believers. Alas, they camouflage themselves for a long time before the bitter truth becomes clear."

Here is your real truth.  Ignore this at your own peril.

-Dalkore 

[ArticMine]

Not only does the author show very little understanding of Bitcoin he also shows very little understanding of the operations of central banks and also of communism. Suffice to say to say that the current manipulation of the money supply presumably for the public good by central banks with the blessing of the state has way much in common with communism than a currency who value is solely set by the market.

Central planning is at the core of communism and so is at the core of the operations of central banks.

[amincd]

Marx's delusion was that central planning works. This is also Gideon's delusion. He assumes a right to make decisions for other people, for their own good. He previously advocated governments coordinating a global ban on Bitcoin, a perfect example of misguided and unimaginably destructive central planning, before he backed away from that call amid furious criticism.

[jbreher]

And he still to this day is rather reticent to enlighten how his BitMint digital fiat is able to sidestep Bitcoin's fatal flaw -- cryptography (or rather the inevitability of it being cracked).

[westkybitcoins]

The "then they fight you" stage is starting to ramp up....

[bitcool]

Bitcoin traders stand to lose their earthly assets overnight, once the hidden mathematical insight that would melt Bitcoin is one day discovered, and unleashed.

Chances are that the National Security Agency and other cyber-war ministries around the world have already cracked the hashing algorithm that keeps the currency afloat, and it is for them to choose when to unleash it. It is sort of an irony that in their flight from central bankers the Bitcoin traders subjugate themselves to cyber war tsars who serve the same governments.

pathetic FUD.

[casascius]

I read the BitMint FAQ and wondered how their offering was any different than PayPal with a redeemable "gift certificate" feature (that works like a MtGox USD code).

[Dalkore]

Not only does the author show very little understanding of Bitcoin he also shows very little understanding of the operations of central banks and also of communism. Suffice to say to say that the current manipulation of the money supply presumably for the public good by central banks with the blessing of the state has way much in common with communism than a currency who value is solely set by the market.

Central planning is at the core of communism and so is at the core of the operations of central banks.

Yes it is.  The form of utopia is sold as the answer but it is never discussed who will run this system and how decisions will be made.