Tag: Bitcoin scam

Bitcoin: Libertarian Idea of Paradise Would be Hell on Earth

Business Insider
December 11, 2013

Welcome to Libtardistan. Feel free to trade freely. Our President, Ron Paulberg, is on his ship doing something with computer sciences. You'll have to come back laterWelcome to Libtardistan. Feel free to trade freely. Our President, Ron Paulberg, is on his ship doing something with computer sciences and market analysis of production proposals. You’ll have to come back later

Libertarians love Bitcoin.

About 44% of the online crypto-currency’s users self-identify as Libertarians.

They love the fact that it’s not controlled by a government or central bank — so no online Fed can “print” more of it and inflate our way out of trouble. They love that it’s decentralized; it’s the currency of The People, not The Man. They love that it’s “mined,” a bit like gold, because that makes it a bit like the gold standard, which libertarians think real currencies ought to be tied to. They love that Bitcoin isn’t taxed, so you can hide your income from the government if you want to. They love the way its value reflects pure supply and demand, and not a value forced into the system by regulation or monopoly. And they love that it’s fairly lawless — it’s difficult to enforce rules (other than the rules of the market) when everyone in the market is anonymous.

So the Bitcoin experience gives us a glimpse of Libertarian paradise: What life would be like with as little government interference as possible, in a market free of burdensome laws and taxes.

Unfortunately, that experience looks like a total nightmare. It’s characterized by radical instability, chaos, the rise of a boss-class of criminals who assassinate people they don’t like, and a mass handover of wealth to a minority even smaller than the 1% that currently lauds it in the United States.

If Bitcoin was a country — Bitcoinistan? — it would be like Somalia. Consider:

Bitcoin is most useful to criminals.

Currently, for ordinary people, cash and credit work just fine. While some mainstream businesses do take Bitcoin, there is no compelling reason — yet — for ordinary people to use it. If you’re a criminal, however, there are very compelling reasons to use it: you can transfer vast sums of cash completely anonymously. Cash transfers are a real problem for criminals. When you can’t use bank accounts, lugging around vast sums of cash gets old pretty quickly. Bitcoin solves that. So Bitcoin is very, very empowering for criminals.

There is a Bitcoin crime wave going on right now.

Given that Bitcoin is good for criminals, it should not be surprising that those criminals are targeting other Bitcoin users for thefts. The most spectacular theft so far is the Sheep Marketplace robbery, in which one hacker appears to have emptied a massive Bitcoin marketplace of up to $220 million in Bitcoins. Note that Sheep Marketplace was basically a trading post for drug dealers. Bitcoin exchange and account thefts are very common. Here’s a potted history of recent Bitcoin capers.

Bitcoin “law” is enforced by paid assassins.

The most shocking thing about the indictment of the Silk Road operator Ross Ulbricht was not the amount of money in Bitcoin he controlled (about $28 million). Rather, it was the fact that when other drug dealers ripped him off, he didn’t put it down as the price of doing business. Instead, he is accused of hiring a hitman to murder six people he believed had stolen from him. Ulbricht was a Libertarian. In other words, there will be laws in the Bitcoin Libertarian paradise: And the people with the most Bitcoins will decide what that law is, when it should be applied, and how “justice” will be meted out. In Bitcoinistan, the sentence for non-violent financial crimes includes the death penalty, apparently.

There is literally a Bitcoin market for assassinations.

There have always been people engaging in murder for hire, using old-fashioned cash. But the operator of this Bitcoin website seems to believe that Bitcoin creates enough anonymity to allow assassination to take place “at scale” (to borrow the parlance of the tech startup world). He wants to destroy “all governments, everywhere.”

Bitcoin as a currency is horribly unstable.

Lolbergs love a life of danger.

Read More

Daily Stormer Link

Hmmmm…. Indeed it would seem that Bitcoin isn’t going to save us from the Jews!

– BDL1983

What’s the Deal with Bitcoins?

I’ve never really given this ‘Bitcoin’ thing much thought, but I’d like to know what people think the deal is with them?

Based on simple logic I can see no way that they can be anything other than a scam. A Bitcoin is apparently backed by nothing other than a bunch of computer algorithms. So there’s no precious metal or substance backing them, and also no output of any real service or product. That should raise a few red flags, to put it mildly…..

When you have something that does nothing useful, like a Bitcoin seems to, then what do you really have? A bullshit scam as far as I can see. Apparently it started off with a really low value in exchange for real currency, then it went up dramatically, but it still does nothing. There’s nothing useful to it. It would be the same if I started printing money and said to people, “well, here you go, just believe it’s worth something and trade with it”. People would look at me as if I had four heads! That is, unless I was a really professional conman, which is what I suspect is going on with these Bitcoins. It appears to be an alternative scam to the mainstream Jew money scam. Whatever…….

It appears to be a load of bullshit to me....
It appears to be a load of bullshit to me….

This small article seemed about right to me:

Bitcoin: The Ultimate Scam

Here is a little brief introduction into Bitcoin. It has been around for roughly 3 years. The individuals who own it are unknown, it uses a peer to peer link to make sure there is always a database in existence.

HOW DO YOU GET BITCOINS: 

This is mind blowing (or as they say it in Blades of Glory, “MIND BOTTLING”) to anyone who lives in the real world. You simply download a bitcoin wallet software, download a “MINING” program onto your computer (MAC,PC,LINUX). This “MINING” program then runs algorithms using your CPU and Graphics card to solve a them. Depending on the specifications of your computer you are “mining” for bitcoins at a rate (faster the computer the more the bitcoins you earn). Seems easy? It is, it will simply cost you a lot on your electrical bill. Now note as the number of BITCOINS rises, it becomes hard to get them, so the longer you will have to run these programs on your computer to get 1 BITCOIN.

Here is my problem with “HOW TO GET BITCOINS”. They treat it like you are mining for gold? Really it is solving a bunch of useless algorithms that go NO WHERE! So imagine this, your light bulb breaks, you stand up and turn the switch on and off infinite times to get light. Get the point? No matter how many times you do this, no light comes on. This useless “MINING” program rewards you in this virtual currency called bitcoin when you run this program.

Hopefully those less computer savvy are still following around. In simple terms you doing a pointless thing to get some fake virtual coins that will exist in this fake virtual wallet. That’s right virtual. Like Barney and friends used to say. Use your imagination.

WHY DID ALL THESE PEOPLE “MINE” FOR BITCOIN?

Well, really to be honest, I have no clue. It makes no sense, either all these individuals own stocks in their utility companies or they spite their parents so they run up the electric bill. No one good reason comes to mind to run your computer at full capacity to do pointless algorithms. NOT ONE REASON TO GO FLICKER ON AND OFF A LIGHT BULB THAT HAS BURNT OUT.

Source Article

Anyway, I could be wrong about these Bitcoins, but it does smell a bit fishy, does it not?

Please, do leave comments. I want to know what people think about this topic!

– BDL1983