If this must be moved, move it, but please don't close it! I did briefly look for an economics or finance section!
A 3 year old bitcoin marketing/informational video on youtube, thought I would share my exchange with an ASIC consp theorist, keep in mind ASIC chips were not around up until recently, and there is much room for improvement! Please let me know who you side with, if any at all!Video Link: http://youtu.be/Um63OQz3bjoAbout OP: http://www.weusecoins.com/en/aboutQuote (shadyparadox)
The comments section is so full of facepalm. People keep calling artificial numbers that were farted out of a banker's ass "real money".
If you don't know how the fiat monetary system works, then you certainly have no hope understanding how Bitcoin works, and you shouldn't be commenting.
Quote (RonPaul4EverAndEver)
If you don't really know how the fiat monetary system works and have no understanding of ponzi schemes then you have no hope of understanding Bitcoin is a scam and you shouldn't be investing or commenting. Good luck.
Quote (shadyparadox)
Gee whiz, I had never heard that one before, thanks for your brilliant insight. I'll just throw out everything I thought I knew about computer science, cryptography, and economics, and replace it all with an FUD buzzword. That really cleared things up.
Let's be real. A Ponzi scheme is a zero-sum centralized con game in which suckers hand their investments directly to the con man, and there is no transparency about where the money goes. In fact, the con man doesn't invest the money at all, he just keeps it all for himself and disappears.
The fiat monetary system is a centralized con game in which the central banks do not just print as much currency as they want, they actually loan it into existence and expect it to be paid back over time with interest. This debt-based monetary system therefore always has more debt in existence than currency, and can only be sustained as long as people take out enough new loans to replace the old ones.
Bitcoin is a solution to the Byzantine Generals problem, a puzzle that had stumped computer scientists for 35 years. The proof-of-work algorithm solves the double-spending issue while maintaining decentralization, thereby creating scarcity in the otherwise non-scarce digital world for the first time. Obviously this can't be a Ponzi scheme because, well, it's decentralized and the transaction ledger is public.
Lastly, people like you are the ones who know nothing, do no research whatsoever, and yet feel qualified to condescend toward those who have. You think people that are involved only see it as a means to get rich quick thanks to the skyrocketing price, when in fact you are the one blinded by the price because you fail to see any other aspects of the protocol.
Quote (RonPaul4EverAndEver)
Gee, no? Well that would explain a lot. Throwing out a few buzzwords is ironically the same as what you are accusing me of, I sincerely doubt you hold any form of qualification in computer science, cryptography nor economics. So let's not play the penis comparing game.
Well you know the basics of ponzi schemes but have not taken into consideration their evolution and development, how scammers have become more intelligent and insidious- for instance why would you need to "directly" give your money to them? Surely indirectly would work just as well. And who are you handing your money too? The ASIC manufacturers! Where's the transparency there? Where is that money going?
Yes, yes, the Bitcoin structure is glazed over with complex mathematical and computing jargon, making it too complex for the average investor to fully grasp (a dream for ponzi con men) I don't see how this legitimizes anything, argument by complexity lol.
The coins are a red-herring, you see your exponentially complex Byzantine Generals ASIC hardware doesn't have much use to it other than mining no? Will it not be outdated and worthless in no time? Will the manufacturers be laughing to the bank? You see this is the "product" creating fiat, the value is based on these increasingly worthless chips, unlike say gold. So mining becomes less and less profitable, less and less used, and it hits a complexity that can't be cracked, ta da we have your zero-sum and stagnation. The ups and downs of their monopoly money is just yet another indicator that something isn't right, speaking of centralized- who are the people making billions? Oh yeah that's right- the money laundering, drug dealing mafia.
Wow, you know so much, please take all my money. Heh, but seriously now, it's really gonna hurt people with such a high view of themselves when they realize they've been duped like the biggest idiots out there.
This post was edited by LulzSec on Mar 7 2014 11:39am