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Re: [tor-talk] US Senators Seek to Crackdown on Bitcoin

On Thu, 16 Jun 2011 13:14 +0100, "Anon Mus"
<my.green.lantern@xxxxxxxxxxxxxx> wrote:
> Pad 0c wrote:
> >   - I bet on the fact that others will came after me.
> >   - I bet that bitcoin will be still used at some later point.
> >
> > Only the first describe a ponzi scheme and I think only the second apply for
> > bitcoins.
> >
> >   
> This is very true and is something which differentiates BitCoin from a 
> ponzi scheme. The ponzi scheme is ALWAYS based on nothing right to its 
> bitter end.
> But BC does have INTRINSIC value, because it...
> 1. has only a known/set limited availability
> 2. is provably unforgeable

Bitcoin fails on point 1 above as the market place and suppliers of the
unit of exchange (money) can determine quantity and not some stupid
computer.  That's exactly what the Federal Reserve is doing now with
their "quantitative easing" (inflation) methods.  

Bitcoin fails on point 2 above as someone will be able to figure out how
to counterfeit a digital quantity.  Let's see you counterfeit a 1 ounce
Gold or Silver piece.

> these are the qualities desirable in ANY value based exchange token 
> (barter), whether it be gold bullion, chickens or sheep. This is why 
> England used the "tally stick", for a long time, when England had no 
> Gold etc, it generated a barter system based it.
> So BC is also a barter substitute (or currency), that is this all the 
> same, its just a token between.
> At the end of the day, it matters not a single jot what its current 
> comparative value is, as long a people are trading it. For day to day 
> transactions, it is ALL that is needed. But for horders, banksters and 
> other similar blood sucking manipulators, they cannot predict its value 
> in the long term, and this they hate, as there is no "promise to pay the 
> bearer" anything. So they will slander it. As more people trade in it, 
> then the more stable it becomes, as people get frightened a government 
> will collapse (not just outlaw) it, then its use will fall and so too 
> will its price

> I have had my own reservations about BitCoin, that is, that its 
> designers did not anonymize BitCoins rendezvous and had non-anonymously 
> centralized itself so it could be attacked by a hostile government, like 
> it is being attacked now by the US.
> I think it is highly likely that the drug supplier "Silk Road" is a 
> protected CIA black op. to attack BC and to destroy it. This was an 
> obvious draw-back right from the start and was the reason I stopped 
> generating BC's a long while back. Governments and other evil people do 
> not play fairly, so never assume they will. The designers of BC did 
> assume just that, and that was there error. To design adn test it was 
> one thing but the implementation had to be completely anonymous.
> What needs to be done is that a NewBitCoin (NBC) system needs to be 
> started up behind hidden services and for them to offer a swap with the 
> existing BC. Perhaps there should even be "official" completely 
> anonymous NBC consortium with several NBC servers each doing multiple 
> NBC i.e. NBC1, NBC2, NBC3 etc (all interchangeable currencies - at least 
> at the start), so as to be locationally robust.

Bitcoins are worthless and have no value.

Here's an article about Bitcoin from LewRockwell.com

June 9, 2011
Bitcoin: Just Another Bogus Medium of Exchange
Posted by David Kramer on June 9, 2011 03:00 PM

I'm sure by now many of you have heard about Bitcoin. The fact that it's
called "virtual currency" gives you an idea about its actual value as a
real medium of exchange. While many people who are touting it on
Facebook are enamored with the fact that it was voluntarily created by
the marketplace (i.e., is not forced down our throats by a private
central bank), I'm afraid that those people are losing sight of how a
real medium of exchange arises in a free market. A medium of exchange
arises from something that had a material use/value in the market prior
to becoming a medium of exchange, i.e., it was also a good being 
bartered for other goods and services. Over the centuries, the
commodities gold and silver won out as the two most preferred mediums of
exchangeâwith gold holding the number one position due to its being more
scarce than silver.

What was Bitcoin's prior material use/value? Zero. It is just bits in a
computer. And what's with the "fixed" amount of Bitcoins? Who/what
determined the "proper" amount of 21 million for Bitcoins to top out at?
A computer program? (Next we'll find out what the proper minimum wage
should be.) Only the free market can voluntarily determine how much of a
real medium of exchange is needed in the marketplace over time. While
the idea of  attempting to get rid of the Bankster monopoly on creating
money out of thin air is commendable, Bitcoin is also money created out
of thin air. Bitcoin is just substituting one bogus medium of exchange
for another.

UPDATE: I've been getting a lot of reader response trying to "explain"
to me the economic virtues of Bitcoin. Some responders have even
mistakenly used Austrian economics to rationalize their views. I would
suggest that before you write to me about the Austrian economics view of
a medium of exchange, you should read the two books by one of the two
giants of Austrian economics, Murray Rothbard, on what a medium of
exchange is. Here is the pdf for Rothbard's What Has Government Done to
Our Money and here is the pdf for Rothbard's The Case Against the Fed.
For those of you who have not yet read any Austrian economics, please do
not waste your time writing to me trying to explain the "scientific"
breakthrough of the bogus Bitcoin computer program. (There already was a
REAL digital currency, e-gold, that was backed by a real commodity until
the Federalistas shut it down. Eventually, Bitcoin will be shut down too
because of its anonymity capabilities.)

 Check out Mises.org of and search for more information about money and
 what it is.  

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