John McAfee accidentally just revealed why Bitcoin is a total fraud: Behold the logic of “artificial work”

[Bubu]

Posted by indigopete (here)

Posted by Bubu (here)
Everyone on Avalon agrees that money is use to control people.

Really ?
.

Well haven't heard anyone express it including from you.


"is a simple human tool that has probably liberated at least as many as it’s controlled."

Yes of course because when you have money you can do whatever you want including have as many slaves as you want. It liberates you at the expense of your slaves.

As i have said any transaction done on an infrastructure which is controlled by someone else is prone to manipulation by those who control the infrastructure. You own you car but if I own the road you're in trouble. unless we are friends

If I am to rob a bank of paper money I have to risk my life. Robbing someone of electronic money can be as simple as pressing keyboards keys. Incidentally I have a nephew who works as security consultant for one of the popular electronic security provider. His job is to try to hack the clients site to find its weaknesses. He can open any laptop at home no matter how complicated your password is. He can also hack your email and all of your internet accounts if you dare him to. And that's just a mere computer geek with no control over the infrastructure.

[indigopete]

Posted by Bubu (here)
Yes of course because when you have money you can do whatever you want including have as many slaves as you want. It liberates you at the expense of your slaves.

Except that most people don't spend their money on "slaves". They spend it on cornflakes, housing, their kid's clothing and transport, so "spending on slaves" is not necessarily the most representative characterisation of monetary properties

Posted by Bubu (here)
As i have said any transaction done on an infrastructure which is controlled by someone else is prone to manipulation by those who control the infrastructure.

That's kind of why Bitcoin was invented. Nobody controls it.

[Bubu]

[QUOTE=indigopete;1181474]

Posted by Bubu (here)

That's kind of why Bitcoin was invented. Nobody controls it.

Agree you control your car but somebody controls the road.

[vortexpoint]

[QUOTE=Bubu;1181469]

Posted by vortexpoint (here)

Posted by Bubu (here)
[

Are you Bubu saying we should go back to barter economy or start mailing bags of gold and silver to each other?

The world is essentially doing barter. I send you my veggies I pay for it you send me clothes I pay for it. If you remove the money its a barter of veggie for clothes. We just put money in the equation as a form to store the value.
And if you say mail gold and silver which is essentially money you simply are contradicting yourself. Bartering of money... never heard of that.

It isn`t essentially barter if you don`t directly trade your clothes for my veggies. Also silver and gold are essentially assets not currency. They are not very liquid, standardized or divisible as currency or money should be.

[indigopete]

[QUOTE=Bubu;1181475][QUOTE=indigopete;1181474]

Posted by Bubu (here)
Agree you control your car but somebody controls the road.

Well stop criticising the car designers and calling them "scammers" then.

[Anchor]

Bitcoin is not a fraud. Fraud has a particular meaning ( wrongful or criminal deception intended to result in financial or personal gain ) and I cant see anything about bitcoin that fits that definition.

Rather ironic - because Bitcoin uses strong cryptography techniques to effectively remove the possibility of deception in the modes of its use.

That does not mean of course that one cannot indirectly use Bitcoin (or anything else) to perpetrate a fraud, but then its not Bitcoin (or anything else) that is a fraud, rather it is the person/entity undertaking the fraudulent behavior.

John McAfee didn't reveal that Bitcoin was a fraud - he took issue with that idea. The title of this thread is a bit misleading.

(from the op)

Posted by Bubu (here)
This admission should be shocking to all Bitcoin holders for the simple reason that if Bitcoin drops below $1,000, mining now becomes unprofitable

This demonstrates a fundamental misunderstanding about how mining works. If the profitability reduces, fewer people mine, the difficulty of mining reduces and the profitability increases. This is actually obvious if you look back in history, bitcoin did not always require the expenditure of a lot of resources (for example $1000 worth of power/infrastructure) to undertake the calculations required for mining blocks.

[Bubu]

[QUOTE=indigopete;1181569][QUOTE=Bubu;1181475]

Posted by indigopete (here)

Posted by Bubu (here)
Agree you control your car but somebody controls the road.

Well stop criticising the car designers and calling them "scammers" then.

It is because you aren't telling the car buyer that they will be under the mercy of road owners. well maybe run around your house if you get enough space. Enjoy the ride

¤=[Post Update]=¤

Posted by Anchor (here)
Bitcoin is not a fraud. Fraud has a particular meaning ( wrongful or criminal deception intended to result in financial or personal gain ) and I cant see anything about bitcoin that fits that definition.

R.

or maybe you simply cant see it.

[Anchor]

Posted by Bubu (here)

Posted by Anchor (here)
Bitcoin is not a fraud. Fraud has a particular meaning ( wrongful or criminal deception intended to result in financial or personal gain ) and I cant see anything about bitcoin that fits that definition.

or maybe you simply cant see it.

There are plenty of examples of fraud perpetrated using crypto-currencies like bitcoin, but that is not what we are talking about. The article attempts to suggest that bitcoin is intrinsically fraudulent.

The fraud is in the criminal mind using the tools available to perpetrate it, bitcoin, other crypto-currency, cash, banking, etc.

Block-chain technology exists now and it is not going away any more than cash, banking, gold, jewels or any representations of value are going away in the near future - but I will choose it over those other ways if I can.

In the future once the misuse and manipulation of the worlds economic systems is behind us, I do see a world wherein, for example, I would rather sell the olives or olive oil that I produce for a crypto-currency. Such technology will facilitate what I envisage will be a sophisticated form of bartering and there is no fraud in that.

[Michael Moewes]

The Video on the daily sheeple is deleted.