A Summary of Phinnaeus Gage's Investigation into Brock Pierce Thus Far

[Bit_Happy]

Did people see this coming?
Dollar-Backed Digital Currency Aims to Fix Bitcoin’s Volatility Dilemma
http://blogs.wsj.com/moneybeat/2014/07/08/dollar-backed-digital-currency-aims-to-fix-bitcoins-volatility-dilemma/

Founded by Brock Pierce - Holy smokes! 

Realcoin might also attract scorn from bitcoin’s libertarian supporters, who see the independent digital currency as a successor to, not a facilitator of, government-controlled currencies.

Asked about such a reaction, Realcoin founder Mr. Pierce said, “I’m not selling any of my bitcoins. I’m trying to build a host of businesses that are taking advantage of this new emerging payments protocol as well as the currency.”

He does like to start companies. 

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[QuestionAuthority]

Did people see this coming?
Dollar-Backed Digital Currency Aims to Fix Bitcoin’s Volatility Dilemma
http://blogs.wsj.com/moneybeat/2014/07/08/dollar-backed-digital-currency-aims-to-fix-bitcoins-volatility-dilemma/

RealSolid rises from the dead once more. I'm so glad the Bitcoin Foundation has Brock Pierce! He's proof that they are nothing but a bunch of profiteering pudwackers. I hope he goes bankrupt. ROFL

[ABitNut]

Did people see this coming?
Dollar-Backed Digital Currency Aims to Fix Bitcoin’s Volatility Dilemma
http://blogs.wsj.com/moneybeat/2014/07/08/dollar-backed-digital-currency-aims-to-fix-bitcoins-volatility-dilemma/

RealSolid rises from the dead once more. I'm so glad the Bitcoin Foundation has Brock Pierce! He's proof that they are nothing but a bunch of profiteering pudwackers. I hope he goes bankrupt. ROFL

• Capital? Check!
• Media exposure? Check!
• Experienced dev (Mastercoin)? Check!
• Marketing specialist? Check!

This coin will be a great success. For Brock Pierce. Investors will be knocking down his door.

For the rest of us... Who cares!?

[QuestionAuthority]

Did people see this coming?
Dollar-Backed Digital Currency Aims to Fix Bitcoin’s Volatility Dilemma
http://blogs.wsj.com/moneybeat/2014/07/08/dollar-backed-digital-currency-aims-to-fix-bitcoins-volatility-dilemma/

RealSolid rises from the dead once more. I'm so glad the Bitcoin Foundation has Brock Pierce! He's proof that they are nothing but a bunch of profiteering pudwackers. I hope he goes bankrupt. ROFL

• Capital? Check!
• Media exposure? Check!
• Experienced dev (Mastercoin)? Check!
• Marketing specialist? Check!

This coin will be a great success. For Brock Pierce. Investors will be knocking down his door.

For the rest of us... Who cares!?

I doubt it. More like serious investors will look at his pitch and say Master what? Bit what? Hey aren't you that pervert ex Disney child star pedo rapist that had to leave the country quickly? Lemme ask you a question, did you get assfucked at Disney studios as a kid and learned to like kid sex when your mother made you work there? I've always wondered about that Disney studios. Oh, my money, fuck no you can't have any. lol

[Este Nuno]

What do they plan to do? Charge enough transaction fees to support themselves? I've thought about this before(a crypto backed by dollars) and in any other context than a US government backed currency it doesn't really make too much sense. Then you're just making PayPal or anything that could be done by any database. It's just a centralised currency.

Or are they going to try to inflate the value but guarantee a minimum of 1 dollar per coin? Then that doesn't solve volatility at all.

[jbreher]

I found the following quote interesting:

To ensure realcoins retain their value at one dollar, the firm will maintain a real-time record of its dollar-based reserves, all held in conservative investments, and will subject that record to the blockchain’s authenticating system, Mr. Collins said. Realcoins will be introduced or removed from circulation depending on whether dollars are being added or redeemed.

Once the coins are in the hands of others, how will they be able to withdraw them from circulation?

[jbreher]

Also, on the surface, this looks a lot like Gideon Samid's BitMint:

http://youtu.be/RuFTGcfh0WE

Too bad Gideon never seemed to reach critical mass behind his scheme. Or conversely, too bad that this new effort from Pierce, et al, is attracting any attention whatsoever.

[LiteCoinGuy]

nobody wants this shitcoin. so it will die.

[JorgeStolfi]

nobody wants this shitcoin. so it will die.

Brock Pierce is not the ordinary bitcoin scammer entreprneur.  He is one of the few people in the "bitcoin community" (if not the only one) who built and managed a billion-dollar virtual currency corporation (IGE).  A company that cornered the game currency market -- which I would have thought impossible to profit from, much less to corner.  And he is somehow connected to KnC, and has longtime connections in China.  And  he is now the director of The Shrem Karpeles & Friends Foundation.

Of course he can make blunders too.  But methinks that bitcoiners should feel a bit worried about Realcoin...

[Melbustus]

I've thought about this before(a crypto backed by dollars) and in any other context than a US government backed currency it doesn't really make too much sense. Then you're just making PayPal or anything that could be done by any database. It's just a centralised currency.
...

Agreed, it's a totally misguided idea. If someone is "backing" a crypto-currency with something else, then that someone is the centralized entity in control of the currency's value.

Why on earth would you want to take something that's designed to be centralized (as all "backing" arrangements must be by definition) and make it far more difficult to use in practice by layering a decentralized blockchain-transaction ledger into it? That makes no sense.

We *tolerate* blockchains, with their mining algs, confirmation times, PoW/PoS issues, forking and convergence, etc, because we *think* that full decentralization is a net societal benefit *despite* the rather significant underlying transaction complexity that blockchains entail.

If you're doing something that's centralized by design, just use a centralized database!!! It's MUCH simpler.

Alas, I think the people behind Realcoin must necessarily succumb to one or both of the following:
1) They're just trying to exploit the current misguided euphoria over "separating the currency from the network" and "blockchain technology" in general.
2) They genuinely do not understand the purpose of a blockchain.

[LiteCoinGuy]

nobody wants this shitcoin. so it will die.

Brock Pierce is not the ordinary bitcoin scammer entreprneur.  He is one of the few people in the "bitcoin community" (if not the only one) who built and managed a billion-dollar virtual currency corporation (IGE).  A company that cornered the game currency market -- which I would have thought impossible to profit from, much less to corner.  And he is somehow connected to KnC, and has longtime connections in China.  And  he is now the director of The Shrem Karpeles & Friends Foundation.

Of course he can make blunders too.  But methinks that bitcoiners should feel a bit worried about Realcoin...

that doesnt mean, that every stupid idea he ever had was successfull. do you really think that people will hold their whole money in this scamcoin which could be worthless over night because of 1-2 guys run away?! or better: that firms would do that? they would do their own "backed by shit" coin instead.

actually this is great, now not only the fed can steal you and the dollar collapse but you can also be stolen by the centralized system of reserves or they can go bust at any given time, wonderful ;-)

[justusranvier]

1) They're just trying to exploit the current misguided euphoria over "separating the currency from the network" and "blockchain technology" in general.

Everything else you said was right except for this.

It's not innocent misguided euphoria - it's a highly targeted and highly aggressive attack on Bitcoin.

Bitcoin as a unit of account is a clear and present danger to people massively invested in the fiat system, so naturally they are responding. They will attempt to use the propaganda resources at their disposal to infiltrate this movement which threatens their investments and divert it in a new direction that does not.

[justusranvier]

It's worth reviewing this story and its associated references:

http://www.theguardian.com/commentisfree/2012/dec/29/fbi-coordinated-crackdown-occupy

The document – reproduced here in an easily searchable format – shows a terrifying network of coordinated DHS, FBI, police, regional fusion center, and private-sector activity so completely merged into one another that the monstrous whole is, in fact, one entity: in some cases, bearing a single name, the Domestic Security Alliance Council. And it reveals this merged entity to have one centrally planned, locally executed mission. The documents, in short, show the cops and DHS working for and with banks to target, arrest, and politically disable peaceful American citizens.

Keep this in mind every time you hear somebody spread the "bitcoin is bad for the environment" or "the blockchain tech is separate from the currency" meme:

http://21stcenturywire.com/2014/02/25/snowden-training-guide-for-gchq-nsa-agents-infiltrating-and-disrupting-alternative-media-online/

[Bit_Happy]

It's worth reviewing this story and its associated references:

http://www.theguardian.com/commentisfree/2012/dec/29/fbi-coordinated-crackdown-occupy

The document – reproduced here in an easily searchable format – shows a terrifying network of coordinated DHS, FBI, police, regional fusion center, and private-sector activity so completely merged into one another that the monstrous whole is, in fact, one entity: in some cases, bearing a single name, the Domestic Security Alliance Council. And it reveals this merged entity to have one centrally planned, locally executed mission. The documents, in short, show the cops and DHS working for and with banks to target, arrest, and politically disable peaceful American citizens.

...

That's on heck of an article, wow...thanks for the link.
Big Brother has gotten even Bigger!

[vokain]

It's worth reviewing this story and its associated references:

http://www.theguardian.com/commentisfree/2012/dec/29/fbi-coordinated-crackdown-occupy

The document – reproduced here in an easily searchable format – shows a terrifying network of coordinated DHS, FBI, police, regional fusion center, and private-sector activity so completely merged into one another that the monstrous whole is, in fact, one entity: in some cases, bearing a single name, the Domestic Security Alliance Council. And it reveals this merged entity to have one centrally planned, locally executed mission. The documents, in short, show the cops and DHS working for and with banks to target, arrest, and politically disable peaceful American citizens.

...

That's on heck of an article, wow...thanks for the link.
Big Brother has gotten even Bigger!

http://en.wikipedia.org/wiki/Fred_Hampton
http://en.wikipedia.org/wiki/COINTELPRO

Indeed. things have... gotten more elaborate since the 70s

[nutildah]

Keep this in mind every time you hear somebody spread the "bitcoin is bad for the environment" or "the blockchain tech is separate from the currency" meme:

http://21stcenturywire.com/2014/02/25/snowden-training-guide-for-gchq-nsa-agents-infiltrating-and-disrupting-alternative-media-online/

Bitcoin is bad for the environment. All that wasted electricity is just stupid. Just like all the electricity that goes to run the millions of empty hotel rooms in the world.

Just because this is the way things are done doesn't mean its the best way to do things.

[vokain]

Keep this in mind every time you hear somebody spread the "bitcoin is bad for the environment" or "the blockchain tech is separate from the currency" meme:

http://21stcenturywire.com/2014/02/25/snowden-training-guide-for-gchq-nsa-agents-infiltrating-and-disrupting-alternative-media-online/

Bitcoin is bad for the environment. All that wasted electricity is just stupid. Just like all the electricity that goes to run the millions of empty hotel rooms in the world.

Just because this is the way things are done doesn't mean its the best way to do things.

indeed
http://www.nxtcommunity.org/nxt/nxt/nxt-network-energy-and-cost-efficiency-analysis

"Unlike Bitcoin which is mined, Nxt is forged. Bitcoin mining basically means that computers have to run continually while exerting as much power as they can in order to try to be the first computer to guess a random number approximately every 10 minutes. By exerting this power, they prove that they are real machines and that a lot of money has been spent on these machines in order to secure the network. Nxt has a different approach which is that every minute someone new is chosen to protect the network. The more Nxt you own, the more often you are chosen to protect the network. There are more complexities than this to help protect the network but this is the basic idea. What this means is that only one or possibly a few computers at a time are processing transactions and not wasting energy just for the sake of proving they exist."

[Bitcoinpro]

How dare you guys use the Spanish 'haha' on such a serious thread?

I find it funny how FBI agents would post pictures of themselves on Facebook.  

How hard is it to make a few fake FB profiles, am I missing something or isn't that really extremely weak "evidence?"

they do make stuff ups like this, they us FB to impersonate someone

then down the track they think u have forgotton, and then trying

to impress a woman or watever they actually change the fake

page back to the real one xD Hahahahahahahahahahaha

not realising ur bogus link of the previous one Brings it up,

Hahahahahahahahahahahahaha !!!!!!!!!!!

Suddendly Bogus Billy's Budget Coins FB page becomes

FBI Head Investigator Digital Crime Task Force

LMFGDAO !!!!!!

[Bitcoinpro]

You wont read stuff like this in the MSM,  forums are a far more powerful source of information

thats why people hate FB, you can literally only trust people you already know really well

the rest is just a massive hive of gangstalkers !!!!!!!

[rdnkjdi]

I know this is old news.  It was very informative at the time.

There's a guy on 4chan claiming that EOS (being headed partially by Brock Pierce) is being funded by sex trafficking operation.  I can see how it would make sense to launder funds thru an ICO.  But I was just wondering what the current status on Brock Pierce was?  I know he's living in Puerto Rico now.