5 votes

I was wrong about Bitcoin

For over two years I disregarded Bitcoin and overlooked it in ignorance.

This interview opened Pandora's Box for me. After subsequent research, my verdict: Bitcoin is the real deal, and open source currency will become an essential tool former path to monetary freedom.

http://youtu.be/OtN9YUvh_XM

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infomercials?

What product is being sold? Troll alert

The Red Coats are coming!

You are correct

Don't kill the messenger and all that.

Links to infomercials?

Really?

Vanmind

An infomercial is a paid for advertisement, with a buy today sales close. This is an interview so people can gain there own conclustions.

Vanmind, i see that you have been a member to the Daily Paul for 1 month now. I guess the DailyPaul missed you during the whole Ron Paul campaign as this site was one of the epicenters of the movement.

New members are certainly welcome. However i have witnessed a new trend in Trolls running around here. Those that look to vote down without response or without trying to find truth through open debate.

You fit the mold.

The Red Coats are coming!

You are correct

I was being more accurate in the first place. An infomercial post that links to the information and then "closes the deal" by encouraging people to purchase bitcoin.

Weak content indeed.

Oh, and I only signed up here a month or so ago to keep tabs on the whole Ron Paul trying to usurp ronpaul.com thing. I have no respect for any politician.

If there's a recent trend of people like me signing up, then pay attention and learn a thing or two. First lesson: voting is a violation of the NAP.

I like the idea of bitcoin as

I like the idea of bitcoin as a means of exchange but not a store of value.What I don't like as of right now is its volatility and I am not confident in its operating system just yet.I am watching it very closely though and I do have an empty bitcoin wallet.

If you haven't watched the movie "Money Masters"

you are entering this debate without all the necessary information to make an accurate decision on this topic.

Gold... or electronic gold... is not the answer. Anything extremely finite can be horded and then it's a simple matter of supply/demand.

I used to be a supporter of both gold and bitcoin before I watched that movie.

I have watched the money masters. Great Film.

I did not like his conclusion, "that gold can't be money because it is a low volume commodity."

www.SuccessCouncil.com
Protect your assets and profit from the greatest wealth transfer in history.

I looked it up, and the

I looked it up, and the director/narrator has said there are a whole bunch of fake quotes in the movie that another guy put in, and he has disassociated himself with the film because of it.

Granted, it seems like a lot of quotes used in these types of movies are fake, modified, or unverifiable. I might watch it anyway and look past the quotes, but it still bothers me.

What's funny is that...

Many of the Bitcoin hater comments and down votes came immediately after I posted this thread. Which means that they did not attempt to watch my video.

Stay on the sidelines if you'd like too. More bitcoins for me.

The Red Coats are coming!

im not ready to buy bitcoins

i still like having the physical Gold and silver within 1 feet for me.

but on the positive side i am educating myself on cyber currencies.

I wonder

how they structure commission pay.

Who's they?

What commissions?

The whole problem with Bitcoin, to me,

is that while Bitcoins can't be copied or generated infinitely, other internet currencies that exactly duplicate the structure of Bitcoin can created ad nauseam. If two identical systems worked interchangeably alongside one another, wouldn't their values drop by half?

Without some kind of physical backing, Bitcoin is just bits and bytes, and competitors will appear. What if someone comes up with Bitcoin 2.0? 3.0? I think Bitcoin is a nice idea, and certainly has its use. However, their popularity is the source of value, and their value can be destroyed if something more convenient comes along.

To imagine the first viable internet currency will be the only, and the last, internet currency is totally without vision. Buying and holding bit coins as a store of wealth is probably unwise for this reason.

Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.

http://shadesofthomaspaine.blogexec.com

Also author of Stick it to the Man!

http://www.amazon.com/Stick-Man-Richard-Moyer/dp/1484036417

Phxarcher87's picture

Bitcoin

competition will give us the best result
time will only tell
but to its advantage bitcoin is the front runner
thus far

here is a pretty cool article

http://evoorhees.blogspot.com/2012/04/bitcoin-libertarian-in...

"Whenever you find yourself on the side of the majority, it is time to pause and reflect" - Mark Twain

That IS an excellent article

Best summary I've seen so far. Thanks.

Recommended reading: The Most Dangerous Superstition, http://www.amazon.com/Most-Dangerous-Superstition-Larken-Ros...

Your fear is exactly what makes Bitcoin valuable

Yes there will be competitive internet currencies to BitCoin. In fact they already exist.

Your logic would say. "Don't buy stock in Apple, they may have competitiors that will take their market share and thus lowering their value."

With Bitcoin, there is no centralized power structure in place. You have the power to fire BitCoin at anytime and go elsewhere for trade. Therefore, if another option is out there that treats your capital better, you can and should fire bitcoin and become apart of another network.

To the contrary, would you rather Bitcoin be a monopoly through force? We can just rely on the Fed for that?

The Red Coats are coming!

what he's saying is that you

what he's saying is that you can simply create another exact copy of bitcoin technology (but call it something else). it will have the same purpose and function, but now you have double the "supply" and less value per "coin".

Exactly.

The supply of Bitcoins is not limited because functionally identical systems can be made by copy-pasting a few megs of code.

Apple, on the other hand is a unique company.

Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.

http://shadesofthomaspaine.blogexec.com

Also author of Stick it to the Man!

http://www.amazon.com/Stick-Man-Richard-Moyer/dp/1484036417

i know what you mean. that is

i know what you mean. that is the exact reason i am avoiding bitcoin.

Good interview. Personally I

Good interview. Personally I use bitcoin and think it is a revolutionary idea. I don't know that I'd use it as a long term store of value, but there really is nothing like it for virtual transactions. Gold and silver cannot be sent over the internet.

I think you got the right idea.

Bitcoin is an excellent way to temporarily transfer value over the internet anonymously peer to peer. Anyone buying bitcoin to hold for the long term is in for one hell of a bumpy ride!

Bitcon is a fraud

http://www.youtube.com/watch?v=K5VC58gjnjY

truth never told channel has made multiple videos on bitcon.

wow

A guy that has a silver business doesn't want anyone buying bitcoins, thats really strange.

I think bitcoin is legit.

Fundamentally though it is not the answer to currency. (See comment above)

That video is completely full of holes.

First of all, those two clowns do not speak for, control, and direct BitCoin directly. It is run by open source code. Not centralized.

The video would have you believe that if your computer breaks, you loose your BitCoins? That is commical!

I'm all for a good CIA conspiracy, but this is complete bullshit.

The Red Coats are coming!

"Truth Never Told"

"Truth Never Told" gives a new meaning to his username when it comes to Bitcoin. He is routinely spreading disinformation and FUD. Chris Duane has not done his homework on Bitcoin. He has not studied encryption, and how it is _mathematically impossible_ to reverse-engineer. He doesn't understand that Bitcoin is a peer-to-peer technology which cannot be controlled or stopped by a malicious entity. He doesn't understand that Bitcoin is a "protocol" (a fixed set of rules), versus "software" (which can be changed).

He makes silly claims like "CIA Involvement with Bitcoin Developer". What really happened is that the CIA simply asked a Bitcoin EXPERT (Gavin Andersen) for information on the system. When it comes down to it, Gavin doesn't have any more power to change Bitcoin than my pet cat. Gavin can (and has) developed a Bitcoin client, which is open-source (thus, freely auditable by anyone) which users can _voluntarily_ adopt, but he can't forcibly change the rules of Bitcoin. Neither can the CIA. Nor anyone else.

A common theme on this website is failure to do our own homework. Often times the evidence is not right in front of our faces, which makes "doing our own homework" very difficult for the average individual. This is not the case with Bitcoin. All the evidence required to validate the system is freely available, and although some of it is difficult to understand (i.e. computer code, encryption, "block chain", etc.), the information is there. There is absolutely no excuse for Bitcoin ignorance, yet it still runs rampant on this site (as well as the greater web).

There are people on this site who will never use Bitcoin because they believe we will have massive, long-term power-outages or that the government will shut down the entire (global) internet. That's totally fine, as that's what they believe and who am I to tell them they're wrong? But even these people should be saying, "yes, Bitcoin works, but I refuse to use it because I believe in (power-outage / internet shut-down)." This is sadly not the case.

I think I will write a stand-alone article about this. Thanks for the inspiration!

-Jix

Homework

Failure to do homework is a big issue, and it's frustrating seeing the arguments against bitcoin regarding the technology, encryption, electricity, the CIA, etc, etc. I think these are all non-issues. HOWEVER, where bitcoin fails is spelled out in monetary theory, if the Austrian slant (and Mises in particular) are correct. Says Mises in HA:

"no good can be employed for the function of a medium of exchange which at the very beginning of its use for this purpose did not have exchange value on account of other employments. And all these statements implied in the regression theorem are enounced apodictically as implied in the apriorism of praxeology. It must happen this way. Nobody can ever succeed in constructing a hypothetical case in which things were to occur in a different way."

IMO, that's as black and white as it gets but, as Jix suggests, do you OWN homework. Read Mises' Theory of Money and Credit and follow that up with the monetary theory chapters of Human Action. Is Mises right? You decide.

I discovered Austrian econ after becoming puzzled/disenchanted at all the obvious bullshit while getting an economics degree. It turns out that with the Austrian approach to econ, the theory IS 'enounced apodictically as implied in the apriorism of praxeology.'

So is the internet.

I don't know but

Why wouldn't you buy gold or silver. Honestly.

Senator Peter Schiff 2016

Phxarcher87's picture

you cant

use gold and silver to buy something online

"Whenever you find yourself on the side of the majority, it is time to pause and reflect" - Mark Twain