Bitcoin Doesn’t Exist – 1

[Raúl Ilargi Meijer]

Gustave Courbet The wave 1869     A while ago, I asked a regular commenter at the Automatic Earth, who goes by the moniker Dr. D, to try and
[See the full post at: Bitcoin Doesn’t Exist – 1]

[V. Arnold]

Sorry; I’ll begger off for this; bitcoin is bullshit!
When all is said and done, bitcoin is ether; and perfectly suited to today’s magical thinking…

[Raúl Ilargi Meijer]

Sorry V. Arnold, but Dr. D has some relevant points to make no matter how you view bitcoin. At least read the thing. You’ll have a much better foundation upon which to reject it.

[palloy]

BitCoin relies on there being an internet and 100,000 mining computers running. But there’s no chance of that continuing past the collapse of the system, at most a year away, and possibly only hours. Start watching “Primitive Living” videos on YouTube to learn how to survive after the collapse, and you need to be somewhere warm, with good soil and plenty of rain – probably on a Pacific Island currently growing rainforest. So get started now.

[V. Arnold]

Okay, I read it. Well written with clear explanation of the block chain.
The complexity of the system is daunting, to say the least.
It also perfectly describes a Ponzi or Pyramid scheme; the first few entrants receive the lions share of the profits/rewards.
I have also described fiat as a promise and I believe it was here on this site. Gold and silver could also be decribed as fiat; but more than 5,000 years of history gives them purchase; both figuratively and literally.
I have been following crypto-currencies for at least the last two years; I read many, many articles re: crypto-currencies; I remain sceptical. At my age it’s an opportunity I can afford to miss.
Goverments are waking up to the potential of an unregulated currency; they’ll ultimately either regulate/tax crypto or outlaw it.

[Patricia]

And if they regulate/tax crypto curriences then all taxation will have to be paid in ‘real money”. I can’t see the IRD accepting bitcoins as payment.

[V. Arnold]

Patricia
Indeed. And it would be the antithesis of the whole philosophy of crypto.
In the end, I fully believe the U.S. will crush this mega threat to its full control of its population’s money, in whatever form it takes.

[trippytaka]

Why do something so pointless? Simple: math doesn’t lie. Unlike U.S. Dollars, there are only so many prime numbers.

Did you mean this metaphorically? Because there are an infinite number of primes. (See Euclid).

Great write up though. Some good points-vis a vis blockchain and money’s role.

[Author]

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