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Author Topic: 2013-11-27 NYTIMES: A Prediction: Bitcoin Is Doomed to Fail  (Read 2328 times)
zeroday
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November 27, 2013, 06:03:05 PM
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http://dealbook.nytimes.com/2013/11/27/a-prediction-bitcoin-is-doomed-to-fail/


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The developers of bitcoin are trying to show that money can be successfully privatized. They will fail, because money that is not issued by governments is always doomed to failure. Money is inevitably a tool of the state.

He's just forgot to add "Trust Me" in conclusion Smiley

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November 27, 2013, 06:11:08 PM
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monetary relations are too closely interwoven with other economic, political and social relations to be managed well by any institution with less sway than a government

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if bitcoin ever really started to take off, governments would either ban it or take over the system

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November 27, 2013, 06:21:35 PM
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He's just forgot to add "Trust Me" in conclusion Smiley

lol, "private" money is bad, m'kay
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November 27, 2013, 06:28:12 PM
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monetary relations are too closely interwoven with other economic, political and social relations to be managed well by any institution with less sway than a government

Quote
if bitcoin ever really started to take off, governments would either ban it or take over the system

Every day I believe more and more strongly that it takes very little effort to be a journalist.

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November 27, 2013, 06:55:15 PM
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Wow.  Did he even provide any evidence to anything or just likes to rant random things out of nowhere.

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November 27, 2013, 07:05:38 PM
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Wow.  Did he even provide any evidence to anything or just likes to rant random things out of nowhere.

Pure straight out of his ass.


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November 27, 2013, 07:07:12 PM
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monetary relations are too closely interwoven with other economic, political and social relations to be managed well by any institution with less sway than a government

Quote
if bitcoin ever really started to take off, governments would either ban it or take over the system

Every day I believe more and more strongly that it takes very little effort to be a journalist.

Highschool diploma is over-qualified i would say.

Also..... since when bitcoin is considered "private" lol

If anything its PUBLIC.... Not issued by state doesnt make it private. I doubt the author got his HS diploma.
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November 27, 2013, 07:22:13 PM
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Bitcoin is an outlet for the failure of government to manage money well.  Even the article agrees with that.  But what makes anyone think that will change anytime soon or ever?
zeroday
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November 27, 2013, 07:26:20 PM
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He doesn't even realize that FED's printed green papers are true private money.

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November 27, 2013, 07:26:39 PM
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lol he couldnt have gotten it more backwards.
The fact is, all fiat currencies eventually fail as proven by history.

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November 27, 2013, 08:11:30 PM
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He doesn't even realize that FED's printed green papers are true private money.


LOL how can he know?

This is a shocking truth. Federal Reserve is a private entity!
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November 27, 2013, 09:23:44 PM
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We need to set up a bitcoin short and market it to journalists so they can put their money where their mouth is, instead of merely spouting their next misinformed theory without consequence
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November 27, 2013, 09:27:30 PM
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Bitcoin is an outlet for the failure of government to manage money well.  Even the article agrees with that.  But what makes anyone think that will change anytime soon or ever?

However, modern governments are enabled by their ability to control the nature of money.  Once they lose that capacity in any significant degree, they also lose much of what has enabled them to grow to their current state.  The US federal government couldn't have ever have grown anywhere near to what it is today without the Federal Reserve Act of 1913.

"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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November 27, 2013, 10:37:00 PM
 #14

Wow, so much fail.
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November 27, 2013, 11:04:48 PM
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Tell him to define 'the state'. Then watch as he realizes that Bitcoin's successes take power from the existing 'state'. Perhaps he realizes though, and he's just trying to protect the current 'state'.

Then ask him to point out any one currency that lasted over 300 years, or to point out a 'global reserve currency' that has lasted over 50 years.
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November 28, 2013, 12:12:14 AM
 #16

... this is the third vacuous 'bitcoin hit piece' in 2 days coming out of establishment propaganda mouthpiece the NYTimes shit-rag ... just about conclusive evidence they have gone on the attack.

And all the usual attack authors who get rolled out when they want war, peace, money, votes ... you name it 'issue du jour' ... this paper is toxic to the core ... like pravda of the former ussr.

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November 28, 2013, 12:17:17 AM
 #17

... this is the third vacuous 'bitcoin hit piece' in 2 days coming out of establishment propaganda mouthpiece the NYTimes shit-rag ... just about conclusive evidence they have gone on the attack.

And all the usual attack authors who get rolled out when they want war, peace, money, votes ... you name it 'issue du jour' ... this paper is toxic to the core ... like pravda of the former ussr.
Most modern econ pseudo scientist are on the government payroll and must push the government line.  The fact that they are attacking must mean they feel threatened.   Smiley
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November 28, 2013, 12:22:09 AM
 #18

  The fact that they are attacking must mean they feel threatened.   Smiley

Too late.

"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'
bitbouillion
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November 28, 2013, 12:38:23 AM
 #19

Quote
The developers of bitcoin are trying to show that money can be successfully privatized. They will fail, because money that is not issued by governments is always doomed to failure. Money is inevitably a tool of the state.

Gold sustained 5,000 years as private form of money. Which state issued money survived more than a couple of hundred years?

Quote
Still, the typical current combination of low interest rates, large government deficits and high ratios of debt to G.D.P. amounts to an invitation to monetary accidents. ...Bitcoin, or something like it, will thrive until the authorities do better.

This is why fiat is doomed to fail, not bitcoin.



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November 28, 2013, 12:43:59 AM
 #20

The comments after the article are far better than the article itself.

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