1. Forum
  2. FidoNet
  3. DEBATE

  • Recently uncovered.

    From BOB KLAHN@1:123/140 to ALL on Friday, January 10, 2014 05:28:00

    I have not been following the development of the Bit Coin,
    simply because I see it as a fad. Now I'm wondering if it isn't
    more a fraud.

    Paul Krugman wrote up a bit on the tech behind it, and a writer
    for a popular magazine wrote up an assignment to do all her
    Christmas shopping with one Bit Coin.

    It appears one Bit Coin is worth more than $800 dollars.

    The Bit Coin does not exist in the real world, it is a tech
    fiction, Fiat Money writ large.

    The only way a Bit Coin gains value is by people being willing
    to pay more for it, yet you get nothing for having a Bit Coin in
    itself.

    According to the magazine writer, she took three friends to an
    expensive restaurant that happened to take payment in Bit Coin.
    Well, happened to because the owner is one of the developers of
    the Bit Coin.

    When it came time to pay the bill it took about 20 minutes to
    process it. Seems slicing one Bit Coin into small amounts is a
    complex process.

    Then I read a drug dealer was caught, and all his money is in
    Bit Coins, which makes them unfindable and untouchable without
    the pass word.

    Now if that dealer gets killed in prison, and hasn't given
    anyone else the pass word, what happens to all that money?

    The magazine writer said the value of a Bit Coin jumped 9000
    percent in one year. That's only by people coming into the
    system wanting to buy some.

    So, tell me, is the Bit Coin a money laundering scheme, a Ponzi
    Scheme, or both?



    BOB KLAHN bob.klahn@bex.net http://home.toltbbs.com/bobklahn

    ... But I have been able to inflict 40 winks at 50 paces.
    --- Via Silver Xpress V4.5/P [Reg]
    * Origin: Fidonet Since 1991 Join Us: www.DocsPlace.org (1:123/140)
  • From BOB BREED@1:123/140 to BOB KLAHN on Friday, January 10, 2014 09:38:00
    ...

    So, tell me, is the Bit Coin a money laundering scheme, a Ponzi
    Scheme, or both?



    It's backed by nothing, much like out paper money.

    I see it as a fad and will peak out, then fold.



    --- MultiMail/Win32 v0.49
    * Origin: Fidonet Since 1991 Join Us: www.DocsPlace.org (1:123/140)
  • From BOB KLAHN@1:123/140 to BOB BREED on Sunday, February 09, 2014 02:53:00
    ...

    So, tell me, is the Bit Coin a money laundering scheme, a Ponzi
    Scheme, or both?

    It's backed by nothing, much like out paper money.

    I see it as a fad and will peak out, then fold.

    Since people have money in it, and if it folds they lose their
    money, I see that as a Ponzi Scheme.



    BOB KLAHN bob.klahn@bex.net http://home.toltbbs.com/bobklahn

    ... I think, there 4 AM.
    --- Via Silver Xpress V4.5/P [Reg]
    * Origin: Fidonet Since 1991 Join Us: www.DocsPlace.org (1:123/140)
  • From BOB BREED@1:123/140 to BOB KLAHN on Monday, February 10, 2014 08:41:00
    BOB KLAHN wrote to BOB BREED <=-

    ...

    So, tell me, is the Bit Coin a money laundering scheme, a Ponzi
    Scheme, or both?

    It's backed by nothing, much like out paper money.

    I see it as a fad and will peak out, then fold.

    Since people have money in it, and if it folds they lose their
    money, I see that as a Ponzi Scheme.



    And no regulation at all. :)

    However I see some of the casinos in Las Vegas are taking bitcoins now.







    --- MultiMail/Win32 v0.49
    * Origin: Fidonet Since 1991 Join Us: www.DocsPlace.org (1:123/140)