Nobel Winner Says Bitcoin “Ought to Be Outlawed”

collegeboy69us said:
not sure what pool or exchange you are using, but you are getting raped if you are paying that. When I cash out or move BTC around I'm only having to pay like $3 or something to move 1/2 a grand. which is literally 0.6%

Transfers on the bitcoin network are pretty slow, I damn sure don't use BTC if it's a time sensitive transaction if there's a rush on the network things go even slower. The one thing I got into recently that impressed the hell out of me was Ripple XRP transactions.

Just for fun:

Bitcoin network currently averages 3-5 transactions per second, Ethereum: 20 TPS, Paypal: 193 TPS, Ripple has the capacity for ~1000 TPS sustained. sending money anywhere in the world in 15 seconds without going through 3 middlemen is awesome.
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Visa, 20,000 transactions/sec capability. The current Cyptocurrency will never be able to accommodate current large scale transactions. Bitcoin I would say has a ceiling which it will not be able to go beyond. It was a great proof of concept for blockchain technology for verification not using a third party, that is if you consider the actual verification of transactions per block by 51% of the network not third party. Buyer - Seller - verification of transaction (Financial institution or Blockchain network).

As for waste of energy - would that include watching TV, listening to music, playing games etc.? Which in most cases cost money vice making money. Anyways the argument goes not the door anyways with ethereum, this is very much unique - besides just guessing the magic number to confirm the block of transactions, ethereum is a platform for distributed applications which can do real useful productive work while confirming transactions. So in essence much more productive in scope for every kilowatt of energy used over a typical TV or audio system.
 
Liquid_Static said:
Ok dude, do some research. Alfred Nobel established prizes in Physiology, Chemistry, Literature, Peace and Physics. Any of these prizes are GENUINE Nobel prizes. The Nobel Prize in economics was not established by Alfred Nobel himself but it is conferred by the Nobel Foundation along with all of the others. It's over a million dollar prize and only given to VERY well respected economists.
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Looking at past winners, the peace prize is a joke. That, of course, casts a shadow over the rest of the prizes as well.

Not sure it matters though. A lot of people believe in bitcoin. As long as that remains true, it will have value. Regardless of what a Nobel winner has to say on the topic. Perhaps, even in spite of what he has to say.
 
If bitcoins are outlawed, only outlaws will have bitcoins.
 
I think economists want it outlawed because of an impending collapse of fiat currencies, if Bitcoin (and all crypto in general) continues like this. It's still early, but the signs are there, and scenario for it to happen is now in place. Gold, silver, and etc are prevented from having run ups like Bitcoin and other cryptos, because there are paper contracts that are constantly created out of thin air to prevent their prices from moving. Anything that can be tampered with likely is. This way the illusion that the fiat economy is functioning properly and our currencies are only inflating 2-3% per year is maintained. It's a necessary evil.

But how exactly did we arrive to $1000 for a top of the line phone, $1200 for a top of the line graphics card, or $1000 for a a few good sets of clothing. Never mind housing because that's just already out of reach for many millennials? But yet, somehow there's still a mass market for all of this? More paper money, more credit cards, more everything. Stock markets going vertical. People making a killing of housing the past decade. Everyone's getting rich... What happens when just a small, but yet sizable fraction of the population starts realizing this?

Hyperinflation is a scary scenario. You can't create more paper there... so those will hedge the best (and that's a problem).
 
SixFootDuo said:
So you really want to come on here and be the ....... Spelling Police? Really? That's weird. The last time I ran into the Spelling Police was in Middle School.
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I found his post poignant. If you're going to post that a Nobel winner is not so smart given there is a distinction between education and intellect, ie. book smart yet dumb, you had better fucking spell it right. lol
 
5150Joker said:
It's definitely an asset bubble that will come crashing down in time once governments seize enough control over the bitcoins out there.
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naw, that won't happen, will it? I mean, I can mine (though I don't really) and never pay any taxes. All that coin being generated and no Government is taxing the exchanges from coin to currency. Something about that seems really, really off especially when I think about the IRS
 
_l_ said:
naw, that won't happen, will it? I mean, I can mine (though I don't really) and never pay any taxes. All that coin being generated and no Government is taxing the exchanges from coin to currency. Something about that seems really, really off especially when I think about the IRS
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There's only two things for sure in this world, death and taxes. When they get around to taxing bitcoins, shit will get really real then. That will be ironic in itself given that bitcoins were meant to circumvent the man. But now the man wants his cut, oh snap!
 
alot of bitcoin haters right now, including this jew globalist stiglitz, no surprise when a digital currency has the potential to disrupt the banking system.

we're talking, the jews, rothschilds, morgans, rockafellers.. these are big money dynasty families that have the money to destroy it by way of spreading gossip and bullshit scares.
 
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You do not get it. Do you. How did Obama get it. This country was at war and its a peace prize. Oh, the Nobel :D
thesmokingman said:
I found his post poignant. If you're going to post that a Nobel winner is not so smart given there is a distinction between education and intellect, ie. book smart yet dumb, you had better fucking spell it right. lol
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hahahahaha
Winners of the Nobel Economist prize is worth as much as a Nobel Peace prize winner.
No one serious would ask them for advice. (unless you're of those that gets a personal invitation to Davos)
 
Its just a matter of time before someone realizes that coins are nothing but wasted electricity without purpose.
 
Shintai said:
Its just a matter of time before someone realizes that coins are nothing but wasted electricity without purpose.
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Like collecting baseball cards and stamps, maybe not too much electricity there. Eye of the beholder in the end.

Amazon.com during this time of year does around 600 transactions/sec, that is just one online seller where there are thousands of them. Bitcoin max speed is 7 transactions/second due to 10 minute blocks with 2000 transactions per block. I think it is safe to say that Cryptocurrencies will not make obsolete current fiat money and institutions. Well at least the current ones.
 
To me it sounds like Big Banks are scared and paying these idiots to spit out fake shit!
 
dyzophoria said:
it might be a bubble, But I'm having a hard time imagining how they can control over all the bitcoins though.
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Taking over bitcoin is actually quite easy. If any one organization/person has more than 2/3rd (or a some other significant number?) of the hashing power, they can then falsify the ledger by verifying their own previous blocks, since they have such a dominate portion of the blockchain to do so. https://en.bitcoin.it/wiki/Transaction#Verification.
 
Just sayin, when has anyone ever given a shit about what a nobel winner has to say? Those awards mean fuck all.
 
krotch said:
2001, when we delcared our "War on Terror".
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I'd like to say you shouldn't start a war while already being in one ("War on Drugs"), but I guess we did get the "Mission Accomplished" on Terror :)
 
ChoGGi said:
I'd like to say you shouldn't start a war while already being in one ("War on Drugs"), but I guess we did get the "Mission Accomplished" on Terror :)
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Well, we finished one, so we might as well start a new stupid one. Like, how about War on Obesity
 
blade52x said:
I think economists want it outlawed because of an impending collapse of fiat currencies, if Bitcoin (and all crypto in general) continues like this. It's still early, but the signs are there, and scenario for it to happen is now in place. Gold, silver, and etc are prevented from having run ups like Bitcoin and other cryptos, because there are paper contracts that are constantly created out of thin air to prevent their prices from moving. Anything that can be tampered with likely is. This way the illusion that the fiat economy is functioning properly and our currencies are only inflating 2-3% per year is maintained. It's a necessary evil.

But how exactly did we arrive to $1000 for a top of the line phone, $1200 for a top of the line graphics card, or $1000 for a a few good sets of clothing. Never mind housing because that's just already out of reach for many millennials? But yet, somehow there's still a mass market for all of this? More paper money, more credit cards, more everything. Stock markets going vertical. People making a killing of housing the past decade. Everyone's getting rich... What happens when just a small, but yet sizable fraction of the population starts realizing this?

Hyperinflation is a scary scenario. You can't create more paper there... so those will hedge the best (and that's a problem).
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Been hearing the same thing for the past 40 years, only it has been gold and silver instead of Bitcoin. So when is this impending collapse of fiat currencies going to happen? Is it like how PC gaming is constantly dying?
 
noko said:
Visa, 20,000 transactions/sec capability
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Companies like Visa and Paypal arent really conducting a full fledged authorized and validated transaction. They are essentially giving money on credit. Thats why you can cancel/reverse/game charges to scam the system. You cant scam bitcoin. Once the trasnaction is done it is done. It is the equivalent of handing someone cash in hand. Paypent processors are basically writing a postdated check hoping it clears.
 
Shintai said:
Its just a matter of time before someone realizes that coins are nothing but wasted electricity without purpose.
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So everything in life is built on purpose huh? When you aren't working you don't engage or spend any money/energy doing something simply because you enjoy it? How many billions of dollars float through the NFL every year so we can watch men chase a ball? That seems pretty pointless to me, but I don't go ranting about it on the internet like a weirdo.

That dollar bill in your pocket only has value because most everyone believes it does. There's nothing backing it (anymore) but words from the government and happy joy joy feelings of the people that hold them. Something is only worth what someone is willing to pay, lately people are willing to pay quite a bit for bitcoin. I love building rigs, tweaking, testing, and mining. and it's made me quite a pretty penny for what amounts to a hobby.

I'm willing to bet there's more than a handful of things I could find in your life that are pointless and a waste of time/energy/money, and you'd probably take offense if I started ranting and raving about things I don't understand trying to control your life.
 
Liquid_Static said:
It's over a million dollar prize and only given to VERY well respected economists.
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You were making good points until you got to this part. The hard sciences, sure, that's something to respect. Economists? Roll the dice as to whether they know what they're talking about or if they're a well-respected joke. How many of these "well respected" economists completely missed the 2008 crash? How many of them thought deregulating Wall Street was a good idea? How many thought austerity is the answer to a recession? How's that working out for Greece?
 
Armenius said:
Been hearing the same thing for the past 40 years, only it has been gold and silver instead of Bitcoin. So when is this impending collapse of fiat currencies going to happen? Is it like how PC gaming is constantly dying?
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Gold and silver aren't allowed to do what Bitcoin has been doing.
 
Shintai said:
Its just a matter of time before someone realizes that coins are nothing but wasted electricity without purpose.
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Tell that to my buddy that just paid off his mortgage after cashing out half the BTC he bought only a year ago.

Heh, you can always tell who's bitter about missing the boat in every Bitcoin thread.
 
The guy is totally wrong.

Frankly, there is no privacy when it comes to banking. Consumer protection is great, but why shouldn't the government need a warrant to see that I bought $200 worth of Dragon Dildo's off Amazon with my Visa?

Back in the day, you took out cash, spent it at a store... and that was it.

Now you use plastic everywhere. Many companies track your purchases and sell your purchasing information to anyone... it's a joke now.

Except for online stuff, I use cash money... not from a debit card... actual cash.
 
Typical democratic school professor, the only freedom that should be allowed is what he and his buddies believe is right.
 
Imhotep said:
Nobel was a rich dude in Scandinavia either Sweden or Norway that donated his fortune to scholar / scientific breakthroughs.
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Because he was guilty about inventing TNT and wanted to distract from that. Guess it worked for you.

(not that I think TNT is inherently evil - it’s a tool and any tool can be used for good or evil)
 
ChoGGi said:
He wasn't Bush...

America hasn't been at war since '42.
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Not true, we were involved in the Korean War & technically we are still at war with North Korea, we only signed an Armistice.
 
Krenum said:
Not true, we were involved in the Korean War & technically we are still at war with North Korea, we only signed an Armistice.
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technicalllllllyyyyyy, he's right. Congress has not formally declared war as the Constitution outlines since WW2. Korean War was actually us helping the United Nations, and everything after that has just been informal gallivanting (which made the Vietnam draft a very heated topic at the time).
 
DPI said:
Tell that to my buddy that just paid off his mortgage after cashing out half the BTC he bought only a year ago.

Heh, you can always tell who's bitter about missing the boat in every Bitcoin thread.
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Just as telling as the people who use money (the real stuff, that pays mortages) for an indicator as to whether something is right or wrong, good or bad, I suppose.
 
westrock2000 said:
technicalllllllyyyyyy, he's right. Congress has not formally declared war as the Constitution outlines since WW2. Korean War was actually us helping the United Nations, and everything after that has just been informal gallivanting (which made the Vietnam draft a very heated topic at the time).
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Best kinda right ;)
 
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