He gets a lot of things wrong, but it looks like he got this right.
I don’t know shit about Bitcoin except that Matt Parrott is always talking about it at Trad Youth and Counter-Currents.
According to my sources, the victims of this fraud did not have to leave their bitcoins in the custody of Mt. Gox, but stupidly did so anyway. The bitcoin concept is in its infancy, but has a lot of appeal, if it can be made to work. I would not assume that people who leave cash money in banks will always be much more secure than bitcoin owners are now. In Cypress, bank accounts were simply seized. In UK, HSBC has been demanding customers tell them why they need to withdraw large sums of money and refuse to complete the withdrawal if the bank does not feel the reason is good enough. Don’t think we won’t get there.
Bitcoin enthusiast called for duty.
The sensationalist headlines are all pretty much garbage.
Imagine that you own gold. But you only hold papers that say you own the gold and a company holds it for you. Well, the company that held your gold either through stupidity or malice lost all of your gold. Does that mean that gold doesn’t hold value anymore?
The Bitcoin market actually went down about 300 dollars from 800 to 500 about a week before Mtgox went under. This is because most people knew what was happening and were panic selling their coins. But the price has steadily been going back up, about 580 right now, now that Mtgox is officially gone and people are understanding the situation.
While I have personally invested in Bitcoin, I couldn’t recommended that other people do as well. As with any disruptive emerging technology it could either explode in popularity or it could become illegal tomorrow and become worthless.
When reading about Bitcoins, if it hasn’t become illegal in the US or the EU and there has not been a huge flaw found that cannot be fixed in the protocol, Bitcoin hasn’t died.
I wouldn’t speculate on bitcoins, but as a means of exchange they are second to none. There are no fees for buying and selling products using bitcoin. 1/3 of the world does not have access to banking services, yet with bitcoin all you need is a mobile phone.
And when you can transfer bitcoin into any traditional currency, within microseconds of making a bitcoin transaction, the risk of using bitcoin is eliminated.
And it doesn’t matter if they try to ban it, they can’t ban bitcoin anymore than they can ban bittorrent.
Bitcoin or other cryptocurrency is salvation. Universal access to virtual money will make everything right. ‘Metaphysical truth’ or ‘metaphysical lie’?
The whole world has virtual currencies that pass for something that they are not. Look at the U.S. dollar. Figuring in the numbers attached to derivatives, there are multiple quadrillions of dollars. That’s virtually impossible, but they exist on spreadsheets. I’m pretty sure that if the world wasn’t flat we would need bankruptcy protection as well.
TOKYO (Reuters) – Mt. Gox, once the world’s biggest bitcoin exchange, filed for bankruptcy protection in Japan on Friday, saying it may have lost nearly half a billion dollars worth of the virtual coins due to hacking into its faulty computer system.
The collapse caps a tumultuous few weeks in which the company has remained virtually silent after halting trades of the crypto-currency, shaking the nascent but burgeoning bitcoin community.
The Jewish Bankers would never allow Bitcoin to succeed. They waited for the right time to end it once and for all. The Jewish Bankers also control the greenback. They have a plan for that one too!
Satoshi Nakamoto is probably a Jew or a team of Jews. The problem I perceive with BTC is that it’s a fixed supply like gold. It’s a deflationary instrument. The global super-rich wouldn’t have to invest as they could hoard almost all of the BTC while everyone else fights for scraps.
<IAnd when you can transfer bitcoin into any traditional currency, within microseconds of making a bitcoin transaction, the risk of using bitcoin is eliminated.
I politely suggest you investigate the concept of counter-party risk.
Re: Bitcoin ‘MINING’:
Creating bitcoin crypto-money out of nothing is said to be very hard work, like REAL gold mining, except it is working with the head instead of the hands. However, the product of real gold mining manual labour is much better since it CAN’T shrink or disappear, and even has utilitarian value. Call me old-fashioned….
‘Tech-Aviv’ and the ‘Bitcoin revolution’: ‘2014 will be a big year for Bitcoin in Israel. What better place to get inspired with 200 fellow founders and investors than the Tel Aviv Stock Exchange’ http://techaviv.com/
“Satoshi Nakamoto is probably a Jew or a team of Jews. The problem I perceive with BTC is that it’s a fixed supply like gold. It’s a deflationary instrument. The global super-rich wouldn’t have to invest as they could hoard almost all of the BTC while everyone else fights for scraps.”
I see that all of the super-rich have invested in gold and are now investing in nothing and just living on that sweet deflationary gold.
There will be no more Bitcoins produced through mining in about 2140. It is going to be a while before it hits that deflationary status.
Deflationary currency actually helps the middle class a while lot more than it does the super-rich. If deflationary currency was good for the rich, we would already have it.
The rich can already invest in things that get them a good return on their money, so the inflation doesn’t really hurt them as much.
Imagine you lived in 1930 and saved up 50,000 dollars, a sum equal to about 602,000 dollars today. You put the money in a safe labeled “Do not open until 2014”. You expect your relatives in 2014 to be very well off from your savings, but instead it only equaled about one years pay.
But let’s say that we were using a deflationary currency instead of dollars. In 2014 that 50,000 would be worth at least the same or more than it was when you put it in the safe for your progeny. In this way the middle class can actually build wealth, instead of having it stolen from them through inflation. With inflation you are constantly fighting against the tide of your money losing worth. Basically your only viable option is to put it in assets that hopefully don’t lose value over time.
So, about the Jews being behind Bitcoin. If it was created by Jews, it sure wasn’t any of them in the banking industry. Bitcoin has the ability to destroy every bank and money service on the planet.
“The global super-rich wouldn’t have to invest as they could hoard almost all of the BTC while everyone else fights for scraps.”
Currently, Bitcoin is divisible down to 0.00000001 and it can go further if the community wanted it to. Remember, a bitcoin is an arbitrary unit. If the super-rich aquired 99% of all bitcoins, we could use the remaining bitcoin to conduct business.
Mosin Nagant says:
March 1, 2014 at 5:30 am
“Re: Bitcoin ‘MINING’:
Creating bitcoin crypto-money out of nothing is said to be very hard work, like REAL gold mining, except it is working with the head instead of the hands. However, the product of real gold mining manual labour is much better since it CAN’T shrink or disappear, and even has utilitarian value. Call me old-fashioned…
Commercialization of space is fast becoming a reality. What happens to the gold price, if someone finds an asteroid full of gold? Or more likely, what happens if miners find a lot of gold here? 5 or 6 years ago, you could get gold for $600. Back in the late 70s (or early 80s?), the price of gold crashed and it took 25 years to come back.
The only income you can earn from gold is through speculation, which is just gambling. Shares on the other hand, both increase or decrease in value like gold, but what makes them better, they pay dividends.
The only people that think gold is a good investment, are the bunker dwelling, end of the world libertarians in Montana. Gold traders make a lot of money out of those guys.
Gold is just a means of exchange like money. Its what you exchange it for, that has real value.
JoeB, I do understand the method and history of using gold, and silver, as currency, and I’ve never been a gold speculator or a physical gold owner. But I also understand that the work of mining physical products is superiour MORALLY, to the Bankers’ Ponzi scheme ‘work’ of creating imaginary money — and call me a Bible thumper, Luddite, end-of-the-world bunker dweller, or whatever, it’s still WRITTEN that ‘the love of money is the root of all this evil’. Let our people work with their hands, producing honest things for necessary uses, good in the sight of all men….
Whether currency is produced morally or immorally is just a matter of opinion. As we have established, gold is just another form of money. You can’t eat it and it does nothing productive on its own.
People that expect to get rich from gold or bitcoin, are the same as gamblers that expect to get rich from making bets. Without lots of losers, there can be no big winners.
One argument against Bitcoin and for currencies that devalue, they encourage the wealthy to invest their money in productive enterprises. Without this encouragement, people tend to sit on their wealth and economies stagnate.
Not that it matters. As I pointed out earlier you can’t stop Bitcoin, because you can’t stop people running programs on their computers and you can’t stop computers communicating with each other. Bitcoin and the digital currencies that will come after it, are a fact of life now. They will impact the world economy, either positively or negatively and that is what we will have to deal with.
I’m hoping they ban Bitcoin, because it will show how powerless they are.
TWO wallets control MILLIONS of bitcoins while MILLIONS of wallets control less than ONE bitcoin each. How is this any different than central banking?
“Bitcoin or other cryptocurrency is salvation. Universal access to virtual money will make everything right. ‘Metaphysical truth’ or ‘metaphysical lie’?” – Mosin
“So, about the Jews being behind Bitcoin. If it was created by Jews, it sure wasn’t any of them in the banking industry. Bitcoin has the ability to destroy every bank and money service on the planet.” – Nathan
MY TAKE: Anything, and I repeat ANYTHING that frustrates, cheats, or robs the JEW of power, hegemony, rule, or viability, is a GOOD THING.
In other words: ‘But Bitcoin- is it good… for the Christian?’
(to paraphrase an old saying of the Deicides)
Bitcoin didn’t falter.
A private corporation entrusted by people to exchange it for money faltered.
Bitcoin took a major hit, but certainly not a fatal blow.
Forget gassing them or throwing them down a well. Napster the Jews.
Remember how monolithic and terrifying the music industry was in the 90’s? Remember having to pay $19 for an album with only one good song? Remember the gangster rap garbage at its peak? That sinister cabal of Jews got Napster treatment which ruined their business model more than all the “concerned artists” and angry soccer moms nagging about degenerate lyrics combined.
And I actually addressed it when it happened on an alt.alt.right podcast which will be released next week.
1. What has always made me suspicious about Bitcoin is that left wingers are pushing it, the kind of people who before Bitcoin came along did nothing but bash and trash people who wanted an alternative to state-ordained media of exchange.
2. Yes, it’s true, that both gold and money are media of exchange. The difference is that gold has an almost universally accepted quality that transcends the rise and fall of governments and tribes because of how little of it there is and how hard it is to mine it and make it relatively pure. Non-specie money, OTOH, requires both a stable sane government and a stable sane citizenry.
I don’t know much about Bitcoin, but the whole thing reminds me of the alternative currency gold coins with the dollar sign handed out in Atlas Shrugged. Is this just another scheme by Randians?
Half billion dollars of investors money gone. What happened?
Is Mark Karpeles Jewish? [serious]
March 01, 2014, 04:48:52 PM
‘People have been posting on reddit and IRC that his last name Karpeles is a common French Jewish name. Is that true? If he were raised Jewish, you’d think he’d have better morals.’
OMG! Only a total retard ignorant of history would believe that?
I bought bitcoins when they were .82 cents a piece. The only people I recall talking about bitcoin in those days (i.e. just a few years ago) were anti-Fed diehards lingering in the wake of Ron Paul’s failed 2008 campaign. The early days of bitcoin were not associated with the college-age libertines now proclaiming a utopia in every coin, rather, with curmudeons searching for another hedge against Bernake’s fiat.
Bitcoins will likely increase in value desipte the setback of MtGox’s mismanagement and bankruptcy. There is always a chance that governments will crack down on exchanges, but barring that, it seems likely that more people will use bitcoin or some other cryptocurrency as a hedge in lieu of inevitable downturns in the developed economies. For example, the price of a bitcoin shot up more than $100 today following news of the Russian invasion of the Ukraine (presumably). I’m sitting on my bitcoins and hoping they appreciate enough to pay off my mortgage so that, paradoxically, I can think less about money.
For all those who are wary of bitcoins and committed to traditional investing I highly recommend that you read up on the “Harry Browne” or “Permanent Portfolio”. A twenty-five percent stake in precious metals, long term bonds, cash, and domestic stocks has performed admirably over the past fourty-plus years. Just diversify one’s assets and forget it. Balance once a year. That’s it. Check the “Gyroscopic Investing” forums for more information.
Also, pay heed to the Christians posting here; meditate on the gospel. Structure your finances so as to escape from bondage, and structure your worship so as to desire less. The only way to be rich is to be satisfied with what you have.