How To Use Zotcoin – The Most Important Scam In The History Of Zots

Libertarian News ^ | May 31, 2011 | Michael Suede

[logicalthinking]

Links to everything are available in the original article.

[cranked]

Almost reminds me of a version of hawala... =.=

[battlecry]

Saran Wrap.

[Emperor Palpatine]

[Atlas Sneezed]

I’m inclined to like stuff like this, but have one big problem:

“They (bitcoins) are produced at a known steady rate, the supply of which will eventually top out.”

So a couple computer geeks have invented money. They create it out of thin air, and then trade it for valuable goods and services. Those they traded with hope some other fool will want them.

I could create some unforgeable plastic tiddlywinks and call them money, and hope others will take them.

These guys don’t even bother to pretend that their money is backed by value (in contrast to the fiat currency issued by governments).

[Jewbacca]

So, who is the issuer that gets the money for the bitcoins?

This is an internet version of a very old scam, typically inflicted on libertarians.

[Emperor Palpatine]

And all anyone, (such as a terrorist, for example), needs to do is explode ONE electromagnetic pulse weapon in the atmosphere over the US Midwest to make you go broke in a second......with no paper trail.

[r9etb]

OK, so the author says that bitcoins are better than gold, but you have to buy them via electronic transactions through existing banks.

The naivete of his assumptions about their stability and security is remarkable.

[sonofagun]

Buy land!

[Atlas Sneezed]

“Send me $9 for a digital thingy I made up out of thin air. I guarantee you w

I do confess that I have had one seller (of a domain name I bought) suggest I pay them in bitcoins.

[SeeSac]

Links to everything are available in the original article.

Hmmm. They urge the use of bitcoins instead of money. Wonder what they are taking in when someone wants to buy a few bitcoins?

[r9etb]

These guys don’t even bother to pretend that their money is backed by value (in contrast to the fiat currency issued by governments).

Au contraire, my friend. The author specifically states that "Bitcoins can not be artificially inflated and require real resources (electricity and time) to produce."

Thus, they are backed by "value."

Of course, we're talking about the value of the electricity used (most likely measured in microwatt-hours), and time (measured in milliseconds at most)...

Even grocery store coupons (1/20 cent value) have greater value, but still....

(snort)

[rockvillem]

If a bitcoin was created by your helping to create a vast distributed computer network and you were compensated for your part in creating some value in that cloud, so far so good. But then the article suggests that the number of these coins is going to be capped and that you then hope for appreciation in value - that sounds like the tulip frenzy from centuries ago. WTF??

[Repeal The 17th]

You thought it was important enough for everyone to see this crap
that you created an FR account just to post it?

HA

welcome to free republic yada yada yada...

[Atlas Sneezed]

If a bitcoin was created by your helping to create a vast distributed computer network and you were compensated for your part in creating some value in that cloud, so far so good.

---

And I can build a recurring series of sandcastles of great complexity. Where is the enduring value in the fact that a bunch of geeks can have their computers talk to each other (we already have the Internet, and they don’t seem to own the infrastructure.)

How does one for close on that network if needed?

[Nervous Tick]

logicalthinking
Since Jun 1, 2011

[Cicero]

I think I’ll stick to Nigerian Nairas.

[Atlas Sneezed]

Ponzi Pimp abuse reported.

You give libertarianism a bad name. Remember, on of the key tenets is prevention of fraud. You are promoting what is clearly a fraud.

[mnehring]

Libertarian News falling for Bitcoin.. lol.. suckers..

[SoothingDave]

Sure, so we simply use Dwolla to get Bitcoins. LOL