BitCoin - Intellectual Fraud or a Stunning Idea??

Discussion in 'Cryptocurrencies' started by gmst, Apr 2, 2013.

So, what really is BitCoin???

  1. stunning, refreshing, extremely innovative idea

    37 vote(s)
    48.7%
  2. intellectual, mathematical and computational masturbation

    13 vote(s)
    17.1%
  3. media to waste electricity and computing power

    5 vote(s)
    6.6%
  4. Only aim of idea is to make profits for innovators

    17 vote(s)
    22.4%
  5. No wonder only a Japanese can come up with such an imaginary, illusionary, delusionary, grandeur ide

    4 vote(s)
    5.3%
  1. gmst

    gmst

    If you have not heard about BitCoin, you are missing out. Take 15 minutes and read below 2 links.

    https://bitcointalk.org/index.php?topic=7269.0
    https://bitcointalk.org/index.php?topic=74609.0

    I want to do a quick poll on what ET community thinks of BitCoin?

    Disclaimer: I have become aware of BitCoin for last 1 hour. So, my knowledge and understanding is fairly limited. However, I already have strong opinions on this. I am curious to hear what community thinks of it.
     
  2. Pekelo

    Pekelo

    "It is perfectly alright to join a Ponzi and you can make good money by doing so, as long as you know it is a Ponzi, and you are aware of the risks." --- Abraham Lincoln
     
  3. Lol, Ponzi was born 20yrs after Lincoln died, wtfungus?
     
  4. Pekelo

    Pekelo

    Tell that to Lincoln, not me.... He was always before his time...
     
  5. My bad, just emailed him, thanks.
     
  6. well I was undeicded but after reading an analysis by karl denninger I am inclined to believe it is a tulip ponzi

    i think wow gold is more valuable than bitcoins in the end.
     
  7. Pekelo

    Pekelo

    Warning: conspiracy theory coming....

    Although Satoshi was using British spelling in his posts, his posting times (well, rather his non-posting=sleeping times) indicated that he was from the East Coast.

    So here is my very personal theory about the whole Bitcoin thing:

    The NSA or some other US government agency (Fed) decided to try a social experience if a virtual currency could get popular. There could have been several reasons for the experience:

    1. Can a virtual money get popular and if so, how fast?
    2. If it is a quasi-anonymus payment, can it still be used to locate criminals/terrorists?
    3. If it does work, could a government issue such a currency in the future?
    etc.etc.etc.

    So in my theory, the secrecy of the makers was necessary, because nobody really likes a government issued freedom money. Also, the anonymity is kind of BS, because if a high tech entity gets into it, they can follow the cointrail, the whole blockchain is nothing but a ledger.... Not to mention the earliest coins are still unused, and this could be explained if they were mined by a bunch of government employees, who were not allowed to rip the benefits.
    People knowing more about coding assume the code was done by a group, not just one person. If it was one person only, he had to work a lot on it and now when he could cash in, there they are the earliest coins sitting unused.

    I might be completely wrong, but that is a plausible scenario and explains a couple of things...
     
  8. gmst

    gmst

    Pekelo good theory! :)
     
  9. It's working. And will continue to work. Bitcoin, is a debt-free currency, which threatens the entire fractional-reserve, Central Banker system. They can't shut it down. It's not tulip bulbs. Saturation is miniscule at 125$ bucks per bitcoin, supply is CAPPED, and available at increasing difficulty. I'm going to buy the dips. Also get in with copy-cats during the early stage. Litecoin looks good.
     
  10. gmst

    gmst

    so it seems that after 8 votes, 75% of participants believes that bitcoin is a stunning idea.

    Let us see if more votes substantially change this stat.
     
    #10     Apr 3, 2013