On Wed, Dec 11, 2013 at 11:40 AM, Bob Axtell wrote: > Bitcoins are just another fiat currency that will shortly run out of gas > and fail, just like the paper dollar will/is doing. This does not seem a good argument against bitcoin if you believe that the dollar is going to fail as well. > No real wealth was > ever accumulated using paper money, and none ever will, Bitcoins > included. It is just another Ponzi scheme, like musical chairs, Indeed. The smart players will convert to tangible goods at the best possible times. This usually involves payoffs to the person controlling the music. > or casino gambling. Any investment where you can control the odds in your favor is a good one. (That is to say, if you are not the house, you are the sucker.) However, it is perhaps ironic that even when you are on the wrong side of the table, at least you know *exactly* how much the odds are stacked against you, and you can be sure that the house is not going to change the rules in the middle of a game. > In the glaring light of the failed world-wide banking system, the idea > that ANOTHER fiat currency could gain popularity, simply boggles my > fevered brow. The difference is that -- in theory at least -- no one entity has control over this currency. That is what those in control of the other currencies fear most. You would be a fool to think they would not be making every attempt possible to either control or discredit it, ideally while making a profit at the same time. I would say they have been doing an excellent job at both so far. > Invest in something with a genuine return, such as a real education, > land (in a country where one can actually OWN- not just rent- the land), > gold dust or nuggets, platinum, or silver. Many good opportunities are > being missed, and many are no longer possible in most Western countries, > such as the USA. Remember who made the real money during the gold and silver rushes: it wasn't the miners, it was the people who sold them the picks and shovels. In light of that, I believe there is certainly something to be said for the engineers developing energy-efficient SHA ASICs. [ whew, just *barely* managed to include something important there... ] -p. --=20 http://www.piclist.com/techref/piclist PIC/SX FAQ & list archive View/change your membership options at http://mailman.mit.edu/mailman/listinfo/piclist .