SF Hackerspace: Noisebridge - A Bitcoin Rejection

[mizerydearia]

Disclaimer:

BTW! Noisebridge is very happy to welcome anyone through its doors! This IRC conversation is a bad representation of noisebridge as a whole, especially considering we have plenty of trolls on IRC (oh internet!).

Please come check out Noisebridge if you're ever in San Francisco. https://www.noisebridge.net/wiki/Noisebridge

We're a really nice group of people, and we'd love to discuss Bitcoin or any other things you find interesting. I can't guarantee that everyone will enjoy the subject, or agree with its viability, but it's a wonderful place to find like minds.

From #noisebridge on Freenode IRC Network - Noisebridge

Code:

<KipMacy> torture is fine.  child trafficking is great.  i really hate bitcoins
<tecra> dude bitcoin is a fail
<fsargent> I already saw the 5mof on Bitcoin
<mizerydearia> KipMacy, Why do you really hate bitcoins?
<mizerydearia> tecra, How is it fail?
<tecra> and im kinda optimistic about that
<fsargent> mizerydearia: I will break this down for you
<fsargent> Bitcoin is fail because it's a limited system.
<fsargent> It's a terrible form of currency.
<fsargent> All you do is make numbers, not 'value'
<tecra> sweet break down
<fsargent> there's no medium of exchange between the real world and bitcoins
<fsargent> Bitcoins also have no method of redistribution, the entire economy will divert to one holder
<fsargent> there's no federal reserve
<fsargent> decentralized economies /don't work/
<fsargent> **** Currencies
<fsargent> Look at WoW Gold
<tecra> chuckee cheese tokens
<tecra> its worthless
<tecra> you would be a tard to take real money and put it into bitcoins
<e> mizerydearia - how does it feel to be evangelizing for your pagan idol on Good Friday, hmm??
<fsargent> mizerydearia: just read the thing on greater fool theory
<tecra> he i have shitcoins will u buy em?
<fsargent> You know why I believe in greenbacks?
<fsargent> Because they are backed by congress
<fsargent> you know what congress has?
<tecra> u shoudnt
<fsargent> a fucking army.
<tecra> dollar will have no value very soon
<kelp> so they can force people to accept them?
<KipMacy> it is true, currency needs a threat of immediate violence behind it to be worth anything
<fsargent> tecra: the dollar has plenty of value, just as long as they increase the debt ceiling
<fsargent> KipMacy: naahhh not the IMMEDIATE threat
<tecra> fsargent: you know what supply and demand is?
<fsargent> But I mean that they have the ability to create 'stability'
<fsargent> tecra: I'm an economics major

For some reason, a mod decided to split this thread.  See http://bitcointalk.org/index.php?topic=6317.0

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[kiba]

Rejections is the norm for fringe ideas, even fringe ideas that work. (It's also part of being an entrepreneur)

Nothing to see here...move on.

[kelp]

Rejections is the norm for fringe ideas, even fringe ideas that work. (It's also part of being an entrepreneur)

Nothing to see here...move on.

Also the best things are often the most polarizing. For example, the iPhone.

[Mahkul]

They laughed at Copernicus too.

[kiba]

Also the best things are often the most polarizing. For example, the iPhone.

Pfft. Android will owns all!

[fsargent]

I can admit that the high speed money printing presses do lead to one form of economic stimulus: either you spend your money or it becomes worthless. A little like how you'd had to receive your daily paycheque in Germany and then run to the baker to buy bread before it was worthless.

All that does is lead to inefficient spending of finite resources as companies are fooled by monetary profit.

Deflationary spiral, especially of the growth spiral, kill companies that aren't efficient.

I'm confused about your position here Kiba.
I would say that Bitcoin will suffer from a deflationary spiral as it reaches the limited amount of 'bitcoins' that can be generated.
Deflationary spirals are bad. Right?

[kiba]

I'm confused about your position here Kiba.
I would say that Bitcoin will suffer from a deflationary spiral as it reaches the limited amount of 'bitcoins' that can be generated.
Deflationary spirals are bad. Right?

http://bitcointalk.org/index.php?topic=6317.msg92580;boardseen#new

Moved.

And I don't believe in "deflationary spiral". Time preference theory cited.

[Anonymous]

I'm an economics major

 

[mizerydearia]

https://www.noisebridge.net/index.php?title=Bitcoin

Controversy
"Bitcoins are an enormously stupid Ponzi scheme that no self respecting hacker should touch with a 10 foot grounded pole."



For some reason, promoting this type of information makes me no longer interested in donating to Noisebridge*.  I shall direct my donations somewhere else.

* Noisebridge is the resistance

[silversurfer]

That guy said Bitcoin is a fail because it doesn't have a Federal Reserve and because it's similar in his mind to WoW gold.  

AND he's an econ major!

[Vasili Sviridov]

That guy said Bitcoin is a fail because it doesn't have a Federal Reserve and because it's similar in his mind to WoW gold.  

AND he's an econ major!

No wonder US is in such financial shithole if all their economics majors are like this

[Steve]

Gavin said something really interesting in his twist interview: bitcoin is "pure money" ...I can't think of a better way of describing bitcoin.  But people like the one cited by the OP clearly demonstrate that most people do not understand what money is.

[Insti]

Econ majors tend to be the people LEAST able to understand bitcoin.