Jessica Irvine "Trust me" (But I don't have a clue what I am talking about)

[Bitcoinpro]

Daily telegraph is owned by Rupert Murduch

its been suggested that Rupert Murdoch's family history on wiki is completely fake

Murdoch was born Keith Rupert Murdoch on 11 March 1931 in Melbourne, Australia to Sir Keith Murdoch (1885–1952) and Elisabeth Joy Greene (1909–2012), daughter of Rupert Greene. Rupert Murdoch is of English, Irish, and Scottish ancestry. His parents were also born in Melbourne. Keith Murdoch was a war correspondent and later a regional newspaper magnate owning two newspapers in Adelaide, South Australia, and a radio station in a faraway mining town.[8] Later in life, Keith Rupert chose to use Rupert, the first name of his maternal grandfather

[Sindelar1938]

She is an idiot

Badly researched piece, expect many more along these lines though

[oakpacific]

Of the last 5 years, miners have released bitcoins almost entirely according to the plan, other than certain periods of high fluctuation of hashpower, show me one government that was able to do that.

[bitcoinpsftp]

Of the last 5 years, miners have released bitcoins almost entirely according to the plan, other than certain periods of high fluctuation of hashpower, show me one government that was able to do that.

Yea, this I understand.  But is there a risk of someone getting a monopoly on the hash power, and then f'ing up bitcoin?  Or are there too many miners for this to happen?  I ask this more towards periods where normal people won't be able to mine for profit (it's happening now).

[oakpacific]

Of the last 5 years, miners have released bitcoins almost entirely according to the plan, other than certain periods of high fluctuation of hashpower, show me one government that was able to do that.

Yea, this I understand.  But is there a risk of someone getting a monopoly on the hash power, and then f'ing up bitcoin?  Or are there too many miners for this to happen?  I ask this more towards periods where normal people won't be able to mine for profit (it's happening now).

That might happen, and Satoshi made it clear in the beginning that it might happen. That's why it's a honest system, people don't try to make you believe everything is OK.

That being said, the exodus of small time miners may stop if the price gets high enough, at the current price miners get a revenue of 1/10 of that of Paypal each year, which still has large space to grow, a Paypal-scale revenue should enable millions of USB miners to make a healthy profit.

[zachcope]

Jessica Irvine, the National Economics Editor at the Australian Daily Telegraph overviews Bitcoin and concludes: "Fiatis a distraction. It's a classic bubble. Trust me."

http://www.dailytelegraph.com.au/business/jessica-irvine

http://www.dailytelegraph.com.au/business/jessica-irvine/bitcoin-a-bubble-best-avoided-argues-jessica-irvine/story-fnj45kvd-1226766825875

https://i.imgur.com/V1KNdwr.jpg

"Fiat is created every day by users usurers. Presently 12 million exist, but the banksters have said only 21 squillion will ever exist. [...]
So should you run out an buy Fiat?

Short answer: no.

Remember, currencies are only worth what people will pay for them. And that depends on trust and scarcity.

First, scarcity. While the number of fiat IOUs are supposed to stop at 21 squillion,  who is (typo fixed) to say that will happen? The whole point is that it is central crony bankster generated and not policed by the common man.

Which brings me to trust. All transactions must be based on trust, and it's hard to see how anonymous banksters making promises to each other can be trusted in the long term There is a genuine revolution underway in internet transactions. But fiat is a distraction. It's a classic bubble.

Don't trust me - you can still accept my bitcoins."

Fixed and resubmitted for remarking

[rat]

LOL @ women and economics.

[William Wood]

First, scarcity. While the number of bitcoins is supposed to stop at 21 million, whose to say that will happen? The whole point is that it is user generated and not policed by a middle man.

I hope she is trolling.

I'm an investor. I know absolutely nothing about programming. But it took me about 1 second of research into bitcoin to understand that the number of coins would stop at 21M. Surely if you just google "bitcoin" there will be a couple links on the first page that cover this.

Either she is trolling, or she thinks bitcoins are actually magic beans that can deny the laws of math.

Technically a network consensus to a hard fork could keep the currency flow going, correct?

Exactly, people often falsely claim or believe that 'cryptography' some how creates the 21 million cap (people who 'know nothing about programming' seem to be very likely to hold this belief as our friend above dose), nothing could be further from the truth.  

It is only the honesty of the mining network (and by that we mean literally just the handful of major pool operators) that enforces the cap.  Obviously the high visibility of breaking the cap and the fact that many miners hold many coins that would crash (And I mean a Hyper crash the likes of which would make all prior crashes look like hiccups) provides a huge disincentive, but it's nothing more then an incentive structure, one that gets weaker all the time as mining becomes more of a cartel and margins become thinner.

It is true that cryptography has nothing to do with the 21 million cap, however its enforcement is (fortunately) not solely based on the honesty of the mining network : you can have as much mining pools as you want who would change the rules (remove the 21 million cap) and mine blocks according to these new rules, all the other nodes of the network would reject theses blocks. And these pools could represent 99% of the hashing power, their blocks would be rejected nonetheless.

It is also important to point out that pool operators control as much hashing power as their users are willing to give them : if individual miners realize that their pool operator does things they disagree with, they can leave the pool, leaving the operator powerless.

[Snail2]

She wanna buy some at $150. What's the matter with that ?

[Elwar]

I love when idiots do not buy bitcoins at their currently low price.

[Carlton Banks]

Kind of ironic that "trust" is amongst the most important issues here. And when you do understand the merits of Bitcoin as opposed to central bank issued fiat, you know which one you can trust, without hesitation.

The Australians aren't going to trust Jessica Irvine much once they find out.

[geetee]

Hahahaha.... My second favorite part, after her not understanding bitcoin, is her not understanding scarcity.

"Gold has often been the worlds reserve currency because it exists only in a finite supply.
Likewise, diamonds are a girls best friend precisely because they are so scarce."

Um, here's what happens when you type diamond scarcity into google;

http://www.washingtonpost.com/wp-dyn/content/article/2010/07/02/AR2010070203990.html
http://www.theatlantic.com/magazine/archive/1982/02/have-you-ever-tried-to-sell-a-diamond/304575/
http://www.neatorama.com/2008/12/01/10-facts-about-diamonds-you-should-know/
http://are.berkeley.edu/~sberto/DeBeersDiamondIndustry.pdf
http://www.pippinbass.com/artificial-diamond-scarcity

If she can be an economist, then I want to be ruler of Narnia.

And I'll trade you these RARE diamonds for bitcoins all fing day, government-mind-slave.

[beetcoin]

Hahahaha.... My second favorite part, after her not understanding bitcoin, is her not understanding scarcity.

"Gold has often been the worlds reserve currency because it exists only in a finite supply.
Likewise, diamonds are a girls best friend precisely because they are so scarce."

Um, here's what happens when you type diamond scarcity into google;

http://www.washingtonpost.com/wp-dyn/content/article/2010/07/02/AR2010070203990.html
http://www.theatlantic.com/magazine/archive/1982/02/have-you-ever-tried-to-sell-a-diamond/304575/
http://www.neatorama.com/2008/12/01/10-facts-about-diamonds-you-should-know/
http://are.berkeley.edu/~sberto/DeBeersDiamondIndustry.pdf
http://www.pippinbass.com/artificial-diamond-scarcity

If she can be an economist, then I want to be ruler of Narnia.

And I'll trade you these RARE diamonds for bitcoins all fing day, government-mind-slave.

i learned about control of diamond supply in college.. and i did not even major in economics. this lady is such a joke.

[philip2000uk]

never trust someone who says trust me.  And also a train guy in london said to me never listen to a woman lol, but anyway i dont think that's actually true

[wmcleod]

terrible that the media doesn't edit this kind of balogne.

oh well.

[501]

Exactly, people often falsely claim or believe that 'cryptography' some how creates the 21 million cap (people who 'know nothing about programming' seem to be very likely to hold this belief as our friend above dose), nothing could be further from the truth.  

It is only the honesty of the mining network (and by that we mean literally just the handful of major pool operators) that enforces the cap.  Obviously the high visibility of breaking the cap and the fact that many miners hold many coins that would crash (And I mean a Hyper crash the likes of which would make all prior crashes look like hiccups) provides a huge disincentive, but it's nothing more then an incentive structure, one that gets weaker all the time as mining becomes more of a cartel and margins become thinner.

It's not their honesty though, it's economics. Even if someone could continue mining coins over the "cap" it would be idiotic, because as soon as that barrier is broken, bitcoin loses all credibility and plummets in value. All of the coins held by those miners as well as the coins mined from then on would be practically useless. Therefore, these huge mining pools who are sitting on tens/hundreds of thousands of coins have a very strong incentive to ensure that the cap is stable.

Think about it. What if the US gov said "hey, we're going to double the money supply this year! oh and also, there's a new way to counterfeit money that we cannot detect or prevent!" What would you do? You would trash all of your USD in favor of another currency or commodity as soon as possible.

[Phinnaeus Gage]

Hahahaha.... My second favorite part, after her not understanding bitcoin, is her not understanding scarcity.

"Gold has often been the worlds reserve currency because it exists only in a finite supply.
Likewise, diamonds are a girls best friend precisely because they are so scarce."

Um, here's what happens when you type diamond scarcity into google;

http://www.washingtonpost.com/wp-dyn/content/article/2010/07/02/AR2010070203990.html
http://www.theatlantic.com/magazine/archive/1982/02/have-you-ever-tried-to-sell-a-diamond/304575/
http://www.neatorama.com/2008/12/01/10-facts-about-diamonds-you-should-know/
http://are.berkeley.edu/~sberto/DeBeersDiamondIndustry.pdf
http://www.pippinbass.com/artificial-diamond-scarcity

If she can be an economist, then I want to be ruler of Narnia.

And I'll trade you these RARE diamonds for bitcoins all fing day, government-mind-slave.

i learned about control of diamond supply in college.. and i did not even major in economics. this lady is such a joke.

I learnt the same about a few years ago via a Twitter link.

[markjamrobin]

LOL @ women and economics.

Bullshit! These are the kinds of sexist remarks that detract from the community, and makes all look like pigs! Some poor girl even started a whole thread on it: https://bitcointalk.org/index.php?topic=341467.msg3657556#msg3657556

[kireinaha]

LOL @ women and economics.

Bullshit! These are the kinds of sexist remarks that detract from the community, and makes all look like pigs! Some poor girl even started a whole thread on it: https://bitcointalk.org/index.php?topic=341467.msg3657556#msg3657556

Agreed. Rat is a loser and has gone on the ignore list. The only other `contribution` he`s made to the BC community is a pathetic attempt at creating a digital `shit list` to call out everyone he disagrees with, with no rational of why. Actually establishing a position and then explaining it with logic and reason is more than many people on this forum are cognitively capable of, sadly.

https://bitcointalk.org/index.php?topic=344807.0

[501]

LOL @ women and economics.

Bullshit! These are the kinds of sexist remarks that detract from the community, and makes all look like pigs! Some poor girl even started a whole thread on it: https://bitcointalk.org/index.php?topic=341467.msg3657556#msg3657556

I'm pretty sure he's trolling. This is the internet, after all.