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Started By
Message
re: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.
Posted on 4/17/13 at 5:36 pm to Doc Fenton
Posted on 4/17/13 at 5:36 pm to Doc Fenton
quote:
Doc Fenton
I really appreciate your sensible approach to this topic.
Have you investigated the technology side of bitcoin much, or have you just concentrated on the economic side?
Also, why do you think bitcoin will have trouble succeeding in the long term? What specifically about it needs to be changed for the next era of digital currency to take off?
1
Posted on 4/17/13 at 5:41 pm to WikiTiger
quote:
I believe I've argued that it's a mix of a commodity and a currency.
And as a Paypal competitor, and as means of anonymous/immoral/illegal transactions, and as household cleaning miracle, an alternative to fossil fuels, a cure for cancer, etc.
Posted on 4/17/13 at 5:42 pm to Poodlebrain
quote:
Someone willing to trade for them, just as in any ordinary barter transaction. Substitute beaver pelts for Bitcoins and what changes about your statement?
If beaver pelts had a steady investment value, then nothing, but in that case, beaver pelts would be an intermediate currency.
If Bitcoins hold their investment value, then that's the same thing as saying that they can be sold for X amount of dollars. If you need to buy something, you could just sell enough Bitcoins for that particular transaction, and pay with the cash.
Alternatively, if you wanted to receive money for a transaction big enough that you wanted it to go under the radar, then you could direct the person paying you to convert his dollars into Bitcoins, and then pay with the Bitcoins.
Again, the Bitcoin is just an intermediate currency, but it's still being used as currency.
Obviously, the conversion trades are where it becomes most important to evade the Treasury Department, but technologically speaking, I think it can probably be done.
Posted on 4/17/13 at 5:43 pm to Vols&Shaft83
quote:
And as a Paypal competitor
You're right. I'll grant you that one. Bitcoin is also a global transaction network.
Posted on 4/17/13 at 5:44 pm to Doc Fenton
quote:
Obviously, the conversion trades are where it becomes most important to evade the Treasury Department, but technologically speaking, I think it can probably be done.
Decentralized exchanges are in the works. How successful will they be? Who knows??
Posted on 4/17/13 at 6:09 pm to WikiTiger
quote:
Decentralized exchanges are in the works.
Mt.Gox can't even manage the exchange they're running now. And that's the supposedly "legit" one.
This post was edited on 4/17/13 at 6:14 pm
Posted on 4/17/13 at 6:12 pm to Vols&Shaft83
quote:
Mt.Gox can't even manage the exchange their running now.
Do you think your boyfriend is going to go all grammar nazi on you for that faux pas? He does it to everyone else so I just want to make sure he's being fair.
Posted on 4/17/13 at 6:17 pm to WikiTiger
quote:
Have you investigated the technology side of bitcoin much
Not really. I just take it as a given at this point that the algorithm works, and counterfeiting is impossible like people say it is. For all I know, a breakthrough could happen tomorrow that might make it all obsolete (or it could have a hidden back door), but most people seem to think that the algorithm part is legit.
quote:
Also, why do you think bitcoin will have trouble succeeding in the long term?
Because there's no organization in existence with sufficiently aligned interests in promoting it as a stable investment and as a common retail currency. Thus, its value could fluctuate all over the place indefinitely, and if that goes on for too long, then people will just pick up and move on to something else.
quote:
What specifically about it needs to be changed for the next era of digital currency to take off?
I don't know. This is where it gets confusing. The Bitcoin creators didn't want a peg because they wanted to become rich (apparently successfully). I brought up the shadow syndicate idea, but that would be problematic, because nobody has enough self-interest to do that either.
Somehow, there needs to be a way to keep the new currency close to an original peg (maybe $10 per virtual coin) without there being a central pegging authority. Maybe you would need to adjust the supply algorithm such that the rate of expansion of supply depends on the currency's price in dollars. When it drops too low, more currency units would be destroyed rather than created somehow, and when it rises too high, more currency units would be created rather than destroyed. This would be a sort of mean reversion algorithm that would hypothetically create a collar around $10 per new currency unit, or if they prefer, to $1 times the CPU index per new currency unit, so that it would be protected against inflation.
I don't know. That's for the next generation of architects to figure out.
This post was edited on 4/17/13 at 6:20 pm
Posted on 4/17/13 at 6:18 pm to WikiTiger
quote:
Do you think your boyfriend is going to go all grammar nazi on you for that faux pas? He does it to everyone else so I just want to make sure he's being fair.
Which one is my boyfriend? I'm such an MT whore I can't keep up.
The fact that you've been reduced to being a "grammer nazi" tells me that you've recently acquired an abundance of sand in your vagina.
Posted on 4/17/13 at 7:09 pm to Vols&Shaft83
Nothing of value to add here, just wanted to say that this MT thread is the GOAT.
I think I want to see bitcoin continue just for the sake of this thread
I think I want to see bitcoin continue just for the sake of this thread
Posted on 4/17/13 at 7:14 pm to Vols&Shaft83
quote:
Secondly, I've not noticed LSURussian being a Grammar Nazi before. He usually just destroys your regular Bitcoin Infomercials. I think you may have some unresolved issues with him that are causing you some distress.
Posted on 4/17/13 at 7:22 pm to ZereauxSum
quote:
I think I want to see bitcoin continue just for the sake of this thread
You'll get your wish. The bitcoin economy is continuing to grow.
Some notable companies that began accepting bitcoin this week: OKCupid, Foodler, and high end porn site MetArt.
Posted on 4/17/13 at 7:24 pm to WikiTiger
quote:
notable companies
Posted on 4/17/13 at 7:27 pm to WikiTiger
quote:
You'll get your wish. The bitcoin economy is continuing to grow.
Some notable companies that began accepting bitcoin this week: OKCupid, Foodler, and high end porn site MetArt.
Sounds like they should just rename it "Titcoin"....
Posted on 4/17/13 at 7:27 pm to Vols&Shaft83
Has anyone ever explained the underlying facts that support the thread title's conclusion?
Posted on 4/17/13 at 7:36 pm to gizmoflak
Which facts? There's a lot of them.
Posted on 4/17/13 at 7:41 pm to Vols&Shaft83
The facts establishing that the bitcoin phenomenon is a ponzi scheme
Posted on 4/17/13 at 7:45 pm to gizmoflak
No Wiki has not explained them, he's exceptional at dodging facts.
Posted on 4/17/13 at 7:51 pm to Vols&Shaft83
The facts establishing that the bitcoin phenomenon is a ponzi scheme are . . . . ?
Posted on 4/17/13 at 7:55 pm to gizmoflak
Link in the OP you lazy cock. On mobile, too much to type.
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