Look at us now. The Federal government has all the power and the state governments are a joke.
Hold on there, pardner. I live in Texas and I can assure you that our state government is not a jo...oh wait
Why don't you try... oh, I don't know, pulling your head out of your ass and reading the millions of critiques out there that very, very effectively tear Bitcoin down on pretty much every single point its proponents have ever put forward as a reason it should be worth something?
Millions? Huh. Care to provide any links to the ones you think are especially informative?
Your faith in Bitcoin (and yes, it's faith, because it is totally unsupported facts) is making you look more than just a little foolish. As are your irrelevant claims to be an authority of any kind on the subject, and your apparent compulsion to carry on defending it with follow-up posts days after everyone else has passed this topic by.
1. You've made a mistake. I suggest you re-read my first response to you. I clearly state that I'm betting against bitcoin's long term prospects.
2. Nowhere in this thread (or on this site) have I ever claimed to be an authority on bitcoin. All I did was inform you of my background in banking/finance in response to your childish claim of superiority (which you have yet to demonstrate).
3. This topic of discussion was posted to
It's time to pack your robe away, put down the manifesto, and move on to your next foolish obsession. Or grow up. Either or.
Bitcoin has been a curiosity for me, not an obsession. And no matter what my opinion may be with regard to it's success or failure, I will continue to study it because I find it intellectually stimulating.
I don't really expect to learn much from you, though. Your posts in this thread have so far been devoid of any factual data or reasoned arguments.
This is what makes it obvious you are NOT as savvy as I, at least in this area; it HAS been seen.
Just because my opinion that the jury is still out re bitcoin doesn't match your opinion that bitcoin is a complete failure DOESN'T mean you are more technologically savvy on the matter. I make my living consulting in ERP/Financial Reporting Systems and have several large banking clients. I have undergraduate degrees in Economics and Accounting, and a graduate degree in Business - so I'm not exactly naive when it comes to the matter at hand.
If you haven't figured that out, you haven't learned enough about it. Or rather, you've wasted just enough time to be interested in it, but not enough to realize that time was wasted.
So...the time I've spent acquiring knowledge of bitcoin has been wasted, huh? LOL. If I decide to change my opinions on bitcoin to more closely align with yours will my time magically become "well spent"?
Tell you what, why don't you take the time to draft a post demonstrating your extensive knowledge on the technology and economics of bitcoin and lay out some well-reasoned arguments supporting your position that "Bitcoin is fundamentally flawed, technologically and philosophically"? Right now, all anyone sees in this thread is you claiming you're superior to someone you disagree with. Kinda makes you look a little foolish, don't you think?
What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
While not explicitly stated as a goal in Satoshi's paper, the system was designed to be decentralized in order to protect its integrity.
The fact of the matter is that one cannot (for all practical purposes) transact in bitcoin without using a trusted third party, and that mining has become highly centralized. In this respect, one can only conclude that bitcoin is an abject failure when it comes to it's stated objectives. If anything, bitcoin proved that trusted intermediaries are a requirement for any system of electronic currency.
Slashdot - a forum where everyone should ideally be technically savvy enough to recognize Bitcoin as technological bullshit.
mmm...I consider blockchain technology to be fairly sophisticated, but I'm probably not as savvy as you.
I'll grant you that the bitcoin ecosystem is a mess. It has devolved into exactly the dragon the system was designed to slay - i.e., high degree of centralization, dependence on trusted intermediaries, etc.
Whether or not bitcoin can ever become competitive with the established electronic currency systems remains to be seen, but I'm betting it will never become anything more than nerd funny money.
Why can't, for example, a gated community or large ranch be patrolled by armed drones?
Takes all the fun out of it. Shooting trespassers in person is much more gratifying than doing it by remote.
If you dig into it
You mean actually read the forwarded article? Jesus, have you lost your mind?!?
Ah yes -- Tinkle-Down economics.
Is that where the rich piss down your back and tell you it's raining?
LOL, I admit I had a good chuckle writing it. You see, I'm home sick today with not much to do so I figured I'd write a quick troll on Slashdot and see if I could push anyone's buttons. As you can see, I've had a measure of success.
The first moderation of the post correctly labelled it as "Troll", but I'm glad at least a couple of other moderators saw the humor in it.
I've been reading Slashdot for some time, so I have a pretty good idea of how to "stir the pot"
It is much harder to find a job than to keep one.