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Comment: Re:Judo (Score 1) 692

by Ambiguous Coward (#43475815) Attached to: Steve Forbes: Bitcoin Not Money

Here, let me lay out the "analysis" in question for you:

1) The economy is like martial arts! Right? Right? Guys?
2) Let's assume Forbes invested a bunch of money in bitcoins.
3) Forbes is trying to use reverse psychology to get you to invest in bitcoins!
4) Therefore, Forbes thinks bitcoins are moneymoneymoney!

How is that not for or against bitcoin? The conspiracy theory laid out in the OP is the sort of self-dellusional thing hardcore bit coiners come up with all the time. "It's not a bubble!" *pop* "Okay, but this time, it's really not a bubble!" *pop* "Okay, but next time, it REALLY WON'T BE A BUBBLE!" It's like they're missing whatever part of the brain results in cognitive dissonance.

Comment: Re:*POP* (Score 1) 312

Of course I meant "worth" as in "current cash-out value." The OP was suggesting mining only when the cash-out value is high enough, but that could only even possibly work if they cash out IMMEDIATELY upon getting any amount of coin. Otherwise, they risk holding on to their funbux based on the assumption that they can cash them out at X amount, and then X suddenly drops well below their "we shouldn't have been mining" threshold, which is incidentally calculated in USD because that's what the power company et al. takes, having no interest whatsoever in a highly volatile, deflationary currency.

Bitcoin is, quite literally, a ponzi scheme. The only way to win is not to play.

Human beings were created by water to transport it uphill.