From Pine View Farm

Speaking of Scams . . . . 1

My local rag covers “bitcoin believers” in my local area.

“Bitcoin believers.”

I find that phrase telling. Like any fiat currency, bitcoins work only if you believe in them. But it’s only ones and zeroes, guaranteed by no one and founded in nothing. (“Bitcoin believers” will tell you that they are guaranteed by math. Ask the folks who believed in Mt. Gox. Interpol is not on the case.)

Bitcoins are electronic Libertarianism–a masturbatory fantasy for the privileged.


1 comment

  1. George Smith

    May 12, 2014 at 1:06 pm

    The only good thing, and it’s by accident, the Winklevosses put together is the Winkdex. It will plot the steady downward slope of BitCoin since the Mt. Gox fiasco. In those terms, it made a lot of sense for the Winklevosses to blow a lot of them on a space trip with Richard Branson. They were able to unload them on a publicity tangible, leaving Branson with pile to convert to dollars before the value evaporates to below what it costs to do the space trip. It was not a bad way to unload a sizable chunk of the holdings. Right now if you look at Winkdex, you’re a sucker if you’re a conventional business that takes up the option of accepting BitCoin. If you don’t want to be ripped off on the value of what you just sold, be it a sandwich or anything else, you have to quickly turn it into dollars. Which is another job, another layer of work. It makes it worthless to enable BitCoin purchases just so the occasional libertarian tech pest young white dude can get his jollies off in your store. That article, although I didn’t read it real closely, didn’t seem to mention this in the coverage of the various individuals, all exactly the same except for their names.