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Bitcoin Exposed



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chris duane's bitcoin FUD has been debunked ad nauseum

chris keeps putting out bitcoin fud while refusing to debate. trace mayer has called him out a few times but chris is scared to debate. i think kokesh even tried to get him to debate but ended up just having to make a yt debunking him.

here's trace calling him out...

"the great thing about the market is the market rewards people financially if they make the correct decision and it punishes people financially if they make the incorrect decision. so if we take chris duane for example.... anyone who has followed his advice has had their balance sheet completely decimated compared to people who would have taken the other side of the argument like me and bought some bitcoins or straddled the position and maybe liquidated out 5-10% of their gold and silver and moved it into bitcoin."

no wonder chris is refusing to debate trace again now that his advice has proven devastating for his super silver cult.
https://www.youtube.com/watch?v=TZwmgeeFB-E&feature=player_e...

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

"Bitcoin vs GoldnSilver" is overplayed - It is fallacious

I think people are seriously caught up "comparing bitcoin to gold."

WHO SAYS YOU SHOULD STORE YOUR WEALTH in bitcoin? Store your wealth in gold, silver, land, commodities, whatever you want.

Want to buy something online? Are you gonna SHIP THE SELLER a sliver of silver? No.

You WILL CASH IN SOME SILVER for a few intermediate dollars, which you can spend using online credit card services or paypal.

----

So the people complaining about "bitcoin vs silver" are already living proof that they DON'T USE GOLD AND SILVER for everything. THEY CURRENTLY USE DOLLARS when they shop.

That is what cryptocurrency can do for you, be an intermediate currency, not a long term wealth store.

----

So PLEASE stop repeating retarded straw man arguments.

This video is utter rubbish.

There are plenty of honest analysis videos out there on bitcoin. This video had the depth of a "Shamwow infomercial."

By the same logic, if BitCoin is made to fail.... then what else

It is. And I'm surprised it's perpetuated on a Ron Paul site, where Ron even welcomes free market currencies and has welcomed BitCoin specifically. Why? Because Ron is an Austrian economist, a consistent one, despite him holding a great deal of wealth in PMs with a good reason to have an obvious bias.

SteveMT's picture

Don't like Bitcoin? There Are 83 Cryptocurrencies In The World.

[Take your pick, but is there a difference?]

From 'Ripples' To 'RonPaulCoin'; There Are Now 83 Cryptocurrencies In The World 01/28/2014 [Here are the top twenty.]

http://www.zerohedge.com/news/2014-01-28/ripples-ronpaulcoin...

I agree with a lot of what

I agree with a lot of what this video is talking about. Downvote me all you want, but you are in denial. BTW I own some bitcoins and I am cashing out after making a profit and I am hoping for more of a profit, but I am not betting my life on it. PM however, I have more faith in to hold on to my wealth with.

It is better to look dumb and not be, than to look smart and not be.

roll eyes

Cryptocurrencies offer different solutions than PMs. People that spread this Gold 2.0 explanation needs to learn more about competing currencies, and why they are important for a multitude of reasons. If you think it's one or the other, then have fun being a fanboy, but the real world doesn't work that way.

i agree

The person who wrote the material also has the same view.

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)

Not sure about that.

The video makes the same failed arguments, and comes in with a heavy bias. I don't think this video is objective at all, and of course, with full disclosure, is promoting silver throughout on top of a clown track.

Just a quick rebut. 1) Intrinsic value for a purely digital currency would not be a physical medium, it's going to be a digital intrinsic value. Which is a completely different and new concept along with the bitcoin itself being a new concept(as far as the specific protocol is concerned tied to other favorable features) 2) Decentralized, doesn't work like the existing banking system. 3) Fluctuations are fine, because bitcoin is not, nor will it ever be a primary currency. Even if for some theoretical reason(which I think would be bad) that BitCoin would become a primary currency, in that case, the fluctuations would stabilize according to the market. And continuing with the Pizza argument, that ignores early developer/adopter rewards since they bare the largest risk, also the fact that the transactions were completely voluntary and market based. 4)Bitcoin did take a considerable amount of energy to create. It's more than just the cost to mine, but the cost to develop the code, the infrastructure, and everything in between to get it moving. The cost was still rather great. Then to compare bitcoin with silver? Apples and oranges. How much does it cost to instantly transfer an oz of PM from one point of the word to another? Don't forget to include the cost of shipping and the infrastructure in between. For those purposes, it's kind of silly. At that point you could evolve to a paper contract between PM holdings and save time, but then you need to develop the PM holdings just the same which have a cost. Bitcoin has the benefit of SAVING those costs. That is one reason why it is appealing. 5) Bitcoin is only as anonymous as the user allows it to be. I'm not going to defend myths or bad information. 6) Same thing. And much like PMs, if you want to buy things with PMs on the internet, you are also tracked to the same way, and the government can seize PMs as well. This is a funny argument. 7) All currencies do, and so do PMs. That is not a currency design issue, that is a culture issue. Because 7 contradicts 5 and 6, it's another funny argument. 8) Thousands of knockoffs have happened. Competition = Good thing. The market determines the best. Liberty lovers should cringe at this argument. What if the government uses PM backed currency again to the second point, silly argument again. 9) Yes and no, depends on the market, the users and providers of whatever goods/services. The idea that bitcoin doesn't exist without the dollar is nonsense because most transactions occur without any dollar exchange. While value is compared to dollars, so is everything else. That is how market exchanges work, everything is compared to another value. Second argument, all opinion based. In fact a very uneducated view on bitcoin as well, a clearly biased view, as a matter of fact. But as I explained earlier, bitcoin is a digital currency, the fact that you can go to a local store in some areas and buy real world tangible goods doesn't mean this is the intention or optimal design of the use for bitcoin. And the rest is just rehashing of the same ramblings in different contexts. Not a good video at all. This IS a fanboy video. That's all it is. Not objective, not very factual. If anything a waste of my time, and the time of people who were nice enough to watch it and respond to it. The information is there, in droves, the source is open, the math does not lie.

And full disclosure, I own much more in PMs than I do in Cryptos. It's in my best interest to see PMs rise in price, rather than Cryptocurrencies. But like I said, fanboyism does not help. Nor does this distraction by creating a divide between users that should be (as close to)100% united to go after central banks.

Sigh... sounds like a creationist talking about genetics...

Every one of those points is easily refutable and shows nothing but the authors lack of understanding and/or the authors purposeful deception, probably out of desperation in an attempt to save his failing business...

Just google any of those point's and you will find proper information.

Phxarcher87's picture

yeah those crazy christians cant talk about genetics..

Francis Sellers Collins (born April 14, 1950) is an American physician-geneticist noted for his discoveries of disease genes and his leadership of the Human Genome Project (HGP). He currently serves as Director of the National Institutes of Health (NIH) in Bethesda, Maryland.

http://en.wikipedia.org/wiki/Francis_Collins

THE CLASS OF CITIZENS WHO PROVIDE AT ONCE THEIR OWN FOOD AND THEIR OWN RAIMENT, MAY BE VIEWED AS THE MOST TRULY INDEPENDENT AND HAPPY.
James Madison

I think you're missing my

I think you're missing my point... genetics is basically the study of evolution so if you deny evolution you can not be an expert on the dynamics of evolution.

i don't understand

I don't understand your point. Francis Collins isn't creationist, actually, he is downright opponent of creationism. Look at wikipedia article you linked to: "In his book Collins rejects Young Earth creationism and intelligent design."

Guy you replied to is right though, the guy talking in this video has no clue how bitcoin works (i have my own doubts about bitcoin, but he didn't mention any real argument).

Phxarcher87's picture

you quit reading the link to soon

maybe you should listen to this to confirm his real views.

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

THE CLASS OF CITIZENS WHO PROVIDE AT ONCE THEIR OWN FOOD AND THEIR OWN RAIMENT, MAY BE VIEWED AS THE MOST TRULY INDEPENDENT AND HAPPY.
James Madison

I still don't understand

Are you trying to say that he is creationist?

Because make no mistake - the guy you replied to said: "It's like a creationist talking about genetics" and he did not say: "It's like a christian talking about genetics".

So you are saying

That Bitcoin is a good store of value?

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)

Yes, bitcoin is a great store

Yes, bitcoin is a great store of value.

Not sure what you are comparing it to, but obviously it is better than fiat currency because it is not inflationary.

Why would you say it is not a good store of value?

price volitility

Tell me those who bought at 1200 thought it was a good idea.
I bought a bitcoin at $45, and now it is worth $800.
WTF do you mean it is a good store of value?
Do you remember the flash crash?
Did you know it could happen again?

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)

Those who bought gold at

Those who bought gold at $1800 thought it was a good idea. Those who bought houses in 2006 thought it was a good idea.

Does that mean gold and property are not good stores of value?

Price volatility is obviously going be a factor until bitcoin is used and owned widely enough.

Every time a new segment of the market becomes aware of and want's to buy bitcoin, the demand goes up, and so does the price. After a small correction it stays very stable until a new group of people find out about it and create more demand. (BTW the price has been a steady $900-$1000 throughout January, after the November rise and December correction)

This is how the currency spreads. You have millions of potential buyers which is a HUGE potential demand, and demand makes prices rise.

Once the global demand has been met, bitcoin will probably be the most stable currency ever, because you won't be able to create any more.

EDIT: I also wanted to mention something about gold: If you bought gold for $600/oz in the early 80's and sold for $1200/oz in 2009 you might think that you doubled your money but if you adjust for inflation you've actually lost 75% of your money/value. http://dailybail.com/storage/chart-gold-1.png