The Dysfunctional Nature of BitCoin

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Sources: Who Owns the World’s Biggest Bitcoin Wallet? The FBI, Wired http://www.wired.com/wiredenterprise/2013/12/fbi_wallet/?cid=15955134 BitCOin Suicide Problem: …

25 COMMENTS

  1. Why are you so ignorant about the fact that this currency is the most cost
    effective way of sending money anywhere, globally. This currency will not
    replace traditional fiat money but give us choices to deal with any
    transaction. It only will enhance the way we transact. If you don’t like it
    just leave it, many people will adopt it anyway, maybe you too :-)

  2. Jason, I can see that you educated yourself on Bitcoin. However, it seems
    quite obvious that you dislike freedom (for whatever reason) and therefore
    try to discredit Bitcoin. Some points you raised are valid but you’re
    ignoring the many rebuttals that have been made over and over and over. For
    instance, most people will agree that Bitcoin is less anonymous than cash.
    It’s just that you can’t give someone cash like you can send an email… oh
    wait, you can with Bitcoin. There’s your usefulness. Transmitting USD
    online is cumbersome and expensive. And regarding inflation: that’s not a
    good thing, it’s bad when governments can steal purchasing power from those
    who trust them. Money is not a tool for steering the economy, it’s a store
    of value for your effort and time. Not something to be confiscated at will.

  3. Regarding your statement at min 06:00. The gold standard was dropped not by
    the people but by governments. The people never had a choice they were
    forced to use the fiat dollar whether they wanted it or not.

  4. Terrible. Defending the USD and the Federal Reserve like that is stupid.
    And we just need to abolish the NSA for its violation of the 4th
    admenedment. Your points are weak as well as demonstrated below. I want
    free banking as a right given back to the people, we *need* monterary
    reform now!

  5. The big problem with bitcoin is that since it’s not easily spent, mainly
    due to adoption rates and most importantly due to the time it takes for a
    single transaction.
    So long as the currency isn’t as spendable, it will remain as something
    which acts more like a commodity than anything else.

    I mean imagine if dollars didn’t work in much of anywhere, or if we were
    talking about limited edition shoes.
    Doesn’t matter what, so long as it’s not easily useful as a currency, it
    will continue to remain volatile.

  6. About the tracking: if they want to see you make a transaction with the
    cash, they have to have some kind of physical surveillance on you as it
    happens, which costs a lot of time and money. If they wanted to track you
    on the internet, they press a button – which means that mass surveillance
    is an option, unlike with cash.

  7. Bitch I hope you’ve brought some. What a crock of shite. If you get some
    and it appreciates you can buy a shirt and tie that match and some lights.
    Don’t cry because you failed to understand it in 2010 2011 2012 2013
    2014… 

  8. Jason,

    I have no issue with people creating an alternative currency whether it be
    pebbles, goats, cows or whatever.

    However, what bugs me is the naivette that such alternatives will enable
    them to beat the “system” (capitalist system) but beating system does not
    change nor overthrow it and quite often it has been coopted by the
    capitalists and we have already seen that in how Bitcoin is being treated
    like a stock or foreign exchange and how Bitcoin has become very much a
    part of the capitalist and financial system.

    Bitcoin is not going to solve problems of poverty, unemployment,
    exploitation of labour, imperialism, wars and so forth, any more than the
    starry-eyed notion popular in th west that if everybody were to smoke pot,
    there will be world peace, an end to racism, the brotherhood of man and so
    forth.

    It is cyberutopian nonsense that I object to most about alternatives like
    Bitcoin.

  9. I have never seen such a stupid man ever in my life. Bitcoin is meant to be
    like gold. Have a constant value over time if there are enough people who
    wants it. Thereby you will not be taxed trough inflation. The libertarians
    like it because they dislike a state with much control and I do agree, the
    state is evil. At least if your not in a group that might steal from others
    by voting, and that’s immoral. The transactions with bitcoin is much harder
    to track yes, but it is not a very good argument. 

  10. Shopkeepers are not capitalists. Capitalists in today’s economies are the
    mega rich people and multinational companies. You can’t create capital by
    doing an 80 hour a week job you have to steal money through legal
    loopholes. The government does this by printing money so what you earn
    looses value. BitCoin may not be the answer but fiat currency is definitely
    not the answer.

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