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Author Topic: Hey, this is a scam right?  (Read 1635 times)
Al the Alpaca
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July 10, 2012, 11:47:13 AM
 #21


Sure is! The chart there (below) got me excited.



OP, I know you're mystery2048 https://bitcointalk.org/index.php?action=profile;u=31266 .
Why start the trolling with a new account?

If the above is true, can I fuck the guy in the ass? In fact, if any other trolls come to light on this forum, would others be so kind as to let them know about me, Al the Alpaca, then PM me so that I can post on their viled threads of how I would love to fuck them in their ass.

BTW, thanks John for letting me in the zoo.

~Al the Alpaca~

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Blazr
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July 10, 2012, 11:52:25 AM
 #22


Yes, very interesting:

http://news.ycombinator.com/item?id=2612237

And:

Factual Errors in Adam's Article:

    Bitcoin is not a ponzi scheme.  Bitcoin does not pay interest on deposits.   Adam seems to be using a "very unique definition" of ponzi scheme, which includes any asset which is appreciating in value.
    Bitcoin is not a scam.  "Calling Bitcoin a scam demonstrates your limited knowledge of the protocol and underlying system. In order for something to be a 'scam' there has to be someone who benefits."  Adam later publicly retracted his statement that Bitcoin was a scam, "I regret using the word 'scam' in my answer" ( http://news.ycombinator.com/item... ).  He however has not edited his answer to reflect his retraction.

    Adam describes a bank run scenario on Bitcoin.  Bitcoin does not have a bank or any counterparty.  Bitcoin floats and therefore Adam's bank run scenario is a misunderstanding of how Bitcoin works.
    Adam wrote his article when Bitcoin was experiencing a bubble driven by increased media attention.  The bubble lasted two weeks.  Adams predicted that Bitcoin would collapse from panic selling when the Bubble collapsed.  Adam was completely wrong.  See the graphs below.  We now actual data and no opinions, about how the Bitcoin market reacts to adverse events.

    Adam states that Bitcoin has no mechanism to deal with fluctuations in demand.  Bitcoin floats and the price of Bitcoin reflects the balance between supply and demand.  Bitcoin deals with fluctuations in demand through a market.  His statement is a misunderstanding about Bitcoin.
    Adam states that Bitcoin has extremely high volatility and low liquidity.  This was true when he wrote his answer, but is no longer true.  High volatility seems to have been a transitory artifact of the media driven Bitcoin bubble.  Bitcoin is now relatively stable compared to other currencies.  As Bitcoin matured, liquidity has increase substantially, with a corresponding decrease in volatility.  See graphs below.


Differences of Opinion:

Adam's economic opinion are unorthodox and do not reflect the mainstream of the economists profession.  Adam States "The economic assumptions underpinning the Bitcoin ecosystem are laughable, and ignore hundreds of years of accumulated understanding of how currencies work with each other", Adam goes on to claim that a viable currency must suffer from an increase in the monetary base.

Nobel Laureate in economics, Friedrich Hayek has argued at length in seminal work on Competing Private Currencies that debase of the monetary base is undesirable.  What Adam criticizes as a weakness of Bitcoin, Hayek would praise as one of its advantages over government issued currencies.

    Nobel laureate F. A. Hayek makes a powerful case that government involvement in providing a medium of exchange (money) is neither necessary nor beneficial. In fact, government provision of currency is a threat to both liberty and financial stability. Hayek points out that governments have everywhere and always undermined the value of their currencies to reap revenue through inflation. He argues, convincingly, that the best hope for sound money lies in competition amongst privately issued currencies.

Busy ATM.
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July 10, 2012, 11:53:04 AM
 #23

Is this like a ponzi scheme to try and make people rich? I was told this by several people and not to trust anyone.
Several people that are over invested in the ponzi known as fiat currency?

Saying Bitcoin is a ponzi is like saying the internet is terrorism.

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July 10, 2012, 05:10:45 PM
 #24

Is this like a ponzi scheme to try and make people rich? I was told this by several people and not to trust anyone.
Several people that are over invested in the ponzi known as fiat currency?

Saying Bitcoin is a ponzi is like saying the internet is terrorism.

Awesome!  I love this analogy.

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John (John K.)
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Will read PM's. Have more time lately


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July 12, 2012, 01:43:44 PM
 #25


Sure is! The chart there (below) got me excited.



OP, I know you're mystery2048 https://bitcointalk.org/index.php?action=profile;u=31266 .
Why start the trolling with a new account?

If the above is true, can I fuck the guy in the ass? In fact, if any other trolls come to light on this forum, would others be so kind as to let them know about me, Al the Alpaca, then PM me so that I can post on their viled threads of how I would love to fuck them in their ass.

BTW, thanks John for letting me in the zoo.

~Al the Alpaca~

It's true. He is alternately logging in and out from the two accounts almost 4-5 times. mystery2048 would be suddenly online and kasperov would be suddenly offline, and vice versa. Both of them went offline for that day after I posted that comment.

The reason why he's trolling this forum is : https://bitcointalk.org/index.php?topic=89619.0
See his bitcoin-otc profile too: http://bitcoin-otc.com/viewratingdetail.php?nick=MysteryBanshee&sign=ANY&type=RECV

I did give an explanation here:

I think my comment here just silenced him altogether: https://bitcointalk.org/index.php?topic=92518.msg1020620#msg1020620

Obvious troll is obvious.
I lost a huge load of coins in Bitcoinica, I wouldnt trust them or most bitcoin services (even MtGox) ....
Out of nowhere, he claim he wouln't trust MtGox, WTF ?
If anyone here still remember him from #bitcoin-otc, it's no wonder he is trolling here. He publicly admits that the reason he is taking loans is to cover old loans, and we should all give him a loan so that he wouldn't burn his old loaners. With the paltry amount he is dealing with, the ' huge load of coins in Bitcoinica' should probably be no more then a couple of BTC's.

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mentalove
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July 12, 2012, 02:11:22 PM
 #26

Is this like a ponzi scheme to try and make people rich? I was told this by several people and not to trust anyone.

troll ?
Bitcoins do not require new investors to work. It should be entirely stable on it's own. The magic ingredient is confidence, as will all non backed currencies. Bitcoin is a powerful idea many people are interested in.
Lobstertorch
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July 12, 2012, 02:49:55 PM
 #27

I hadn't seen that Quora posting before, interesting... Bitcoin is still running more than a year from that date though! So that has to count for something lol.
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July 12, 2012, 06:05:04 PM
 #28

The reason people say bitcoin is a ponzi is because they don't know what a ponzi is, but they have heard the word.  

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin=https://bitcointalk.org/index.php?topic=1610684
Universal
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July 13, 2012, 02:57:40 AM
 #29

bitcoin has been running for almost 2 years, thats pretty solid imo
John (John K.)
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Will read PM's. Have more time lately


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July 13, 2012, 02:59:47 AM
 #30

bitcoin has been running for almost 2 years, thats pretty solid imo
Almost four years now - https://en.bitcoin.it/wiki/Genesis_block

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July 13, 2012, 03:06:24 AM
 #31

bitcoin has been running for almost 2 years, thats pretty solid imo
Almost four years now - https://en.bitcoin.it/wiki/Genesis_block

did not know that! cool thanks
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