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| | |-+  "Bitcoins," Internet nerd libertarian monopoly money, crashes, no one surprised
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Author Topic: "Bitcoins," Internet nerd libertarian monopoly money, crashes, no one surprised  (Read 1274 times)
The Mikado
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« on: June 14, 2011, 03:23:25 pm »
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Some of you may be aware of Bitcoins, a Ponzi scheme pyramid MLM scam alternate currency developed by Internet libertarian Satoshi Nakamoto.  People would "mine" bitcoins by having computers with high-powered video cards solve complex equations, then use them as "currency," supposedly.  In reality, Bitcoins found a nice niche market in money laundering and drug sales, as a drug site named Silk Road used the "anonymity" of Bitcoins to mail drugs right to the P. O. Box of your choice.  A wave of media attention drew speculation to the Bitcoin market, which promptly yo-yoed from $10 USD-1BTC to $37 USD-1BTC...and right back down again, within a week.  This hilarious instability and crash can be chronicled on the ongoing thread:

http://forums.somethingawful.com/showthread.php?threadid=3413928&userid=0&perpage=40&pagenumber=1

Over on Something Awful, where the goons have been analyzing the rise and fall of this tremendously stupid project for the past several weeks.
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Einzige is a poltroon who cowardly turns down duel challenges he should be honor-bound to accept. The Code Duello authorizes you to mock and belittle such a pathetic honorless scoundrel.
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« Reply #1 on: June 14, 2011, 04:26:45 pm »
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wait so I can't buy drugs anonymously online anymore?
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At the very least, this turn of events seems to validate my prediction that Americans are ready and willing to fully embrace fascism.
I dreamed about Lief spanking Rand Paul.
King
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« Reply #2 on: June 16, 2011, 03:48:40 pm »
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This was all the fault of Bilderberg and the Fed.
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Insula Dei
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« Reply #3 on: June 16, 2011, 04:07:45 pm »
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Mikado, you fool, rather than alerting all of us to the current low price of Bitcoins, you should have sold everything you posess to invest it in the money our future robo-rulers will use.
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King
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« Reply #4 on: June 16, 2011, 06:15:17 pm »
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Mikado, you fool, rather than alerting all of us to the current low price of Bitcoins, you should have sold everything you posess to invest it in the money our future robo-rulers will use.

I wish we knew of this earlier.  Though this bitcoin stuff sucks, I probably could've bought thousands of dollars of illicit drugs for $5 worth of bitcoins.  My chance to be a kingpin has passed me by.
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« Reply #5 on: June 16, 2011, 09:37:37 pm »
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Hey now, bitcoins sound like a cool idea.
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« Reply #6 on: June 16, 2011, 10:25:26 pm »
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The "fun" starts somewhere around page 50... I forget which, exactly, but it starts on June 10th.
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The Mikado
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« Reply #7 on: June 19, 2011, 03:13:33 pm »
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And...Bitcoin loses 93% of its remaining value today.

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Einzige is a poltroon who cowardly turns down duel challenges he should be honor-bound to accept. The Code Duello authorizes you to mock and belittle such a pathetic honorless scoundrel.
wormyguy
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« Reply #8 on: June 19, 2011, 04:09:22 pm »
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Seems that one well-known internet leftist is feeling pretty bad right now.

http://falkvinge.net/2011/05/29/why-im-putting-all-my-savings-into-bitcoin/

"These past days, I have done a lot of thinking about bitcoin that ended up with me investing all of the money I had saved and all that I can borrow into the currency. Here’s why."
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Lief
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« Reply #9 on: June 19, 2011, 04:34:32 pm »
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Well, on the bright side, this should make a pretty interesting article in some economics journal in a few months.

Also I'm not really sure how a currency would have negative value.
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At the very least, this turn of events seems to validate my prediction that Americans are ready and willing to fully embrace fascism.
I dreamed about Lief spanking Rand Paul.
wormyguy
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« Reply #10 on: June 19, 2011, 04:37:20 pm »
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https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback
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wormyguy
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« Reply #11 on: June 20, 2011, 10:38:10 am »
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http://venturebeat.com/2011/06/19/popular-bitcoin-exchange-mt-gox-hacked-prices-drop-to-pennies/

...

Following the most recent hack, Mt. Gox immediately took down its main site and said it will re-launch the exchange after it “rolls back” prices to the levels Bitcoin had before the incident, which was about $17.50 per Bitcoin. Mt. Gox said service would not resume before 10 p.m. EST Sunday and that the re-opening could be “delayed depending on what is found during the investigation.”

...

Thankfully for Bitcoin owners, the crash appears to have just affected the price of Bitcoin on Mt. Gox, rather than the currency in general. Competing Bitcoin exchange TradeHill currently prices the currency at around $13 per Bitcoin. TradeHill has halted trading “for a few hours” because of the possibilty that members had used the same password for TradeHill and Mt. Gox.

...
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Former Moderate
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« Reply #12 on: June 20, 2011, 11:02:52 am »
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A libertarian and his money are soon parted.
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Mr Moderate at 54/10 is a total joke, he is a horror.

I think it is very possible that Vladimir Putin could be the Antichrist.  That is nothing more than an educated guess on my part.
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« Reply #13 on: October 10, 2011, 11:19:27 pm »
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Bitcoin advertises itself as being a "decentralized" digital currency. Bitcoin deceptively advertises itself as being generated by "anyone" running a "free application." What bullsh-t.

In reality, bitcoin mining requires thousands of dollars in investments in specialized processing centers, and cost-effective mining is only available to those with a large amount of Federal Reserve Notes as well as time and expertise.

In reality, the processing centers are in turn controlled by a few unelected, centralized pool operators who earn money through transactions fees, much like banks. An individual "mining" operating using bitcoin's free software will take decades to even return a single result (50 bitcoins).

In reality, the more successful bitcoin is at replacing legal tender, the more incentive there is for the early mining bosses to hoard their coins. The problem is not the bitcoin concept, it is the design. In the end, the only effective result is to redistribute wealth and power away from institutions that, although centralized, are at least accountable in some way to democratic forces, to private interests wholly unaccountable.

Additionally, even bitcoin FAQ's admit that the currency is vulnerable to a deflationary spiral.
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