On 12/19/2013 9:23 AM, Peter Johansson wrote: > 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. Peter, we'll get caught-and maybe bounced off the list- if we continue=20 to discuss this. wanta take it private? --Bob --=20 The only place success comes before work is in the dictionary. VINCE LOMBARDI --=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 .