Who’s Got Bitcoin? WooHoo!

Kind of surprised it hasn’t just totally collapsed. I mean who wouldn’t want to tie their money all up in a fictitious currency that pretends to be isolated from world events but really isn’t. It’s easily stolen (ask North Korea how much they make from bitcoin theft), if the net goes down, you lose access to your funds (see also blockchain limitations), and best yet, whenever countries get true quantum computing to work, the encryption (and all crypto currencies) becomes worthless. All big countries have quantum computing programs going now because that same capability lets them decrypt classified and secret information of all kinds that moves around on the interwebs and by other means.

Meanwhile… Buy low? And eat shit, Elon.

12 comments

12 Comments

hotrudderedbum

Jul 07, 2022

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Granted, I'm not knowledgeable enough about the whole concept of crypto currency and mining, but every time I ask someone who professes to have a handle on it to explain it to me either I'm too dumb to comprehend or they just start making shit up.

Then, when I point out the obvious King Has No Clothes On metaphor I usually get heaps of ridicule piled on.

So yeah, this does give me a bit of smug satisfaction, and no, I don't want to buy your like new, never been played with, still in the original packaging NFT.

Frankly My Dear....

Jul 09, 2022

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Replying to

Thanks for helping to make some sense out of the insanity. I'm a computer guy, and understand computers/networking/the web pretty well. But how cryptocurrency accumulates value, or even exactly what a bitcoin physically is, has completely eluded me. Granted, I haven't wasted a lot of brain energy on such foolishness.

Knowing how systems operate, and are interconnected, one thing you point out just screams DON"T GET CLOSE TO THIS. That is that there are endless copies of the blockchain, and that it's decentralized. It would take a large essay or a small book to describe why that is such a terrible, terrible idea as a way to store your money. The hazards are endless.

You may correct me if I'm wrong, but here's an analogy to how this is working. You live in a medium sized town. There are 30 banks within your geographic area. In the morning, you go to bank A, deposit $1,000. That starts up the "mining" operation. Within hours, all 30 banks know about you, your deposit, what your shoe size is, where your 1st born goes to school, all of it. All 30 banks have access to your funds (you don't think they do, because they are all "secure". Bullshit. Your money is not in the bank you put it in. It's all over town.

Now, assuming everyone in the world is honest, that's no problem. Your money and your personal information are respected, and off limits to all but Bank A. Bank A gets robbed, your physical money is now in the hands of the robbers. Bank B burns down. Oh shit. Banks C thru J go off line due to the power grid failing in their area.

So now, not only is your physical money gone, the records of it ever having existed are now up in smoke. Take it steps further. You died on the way home, with the deposit information getting lost in the shuffle. Your wife, in severe distress, needs the $1,000 she knew you left with in the morning to put you in the ground. Oh, but you're gone, and there's no record of the money ever existing. And if it did, your wife has no access to it.

If this all sounds like a scenario you want to invest in, then great, plug that $1,000 into purchasing bitcoin, hope for the best. What fools.