The ABCs OF The BTCs

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An electronic pseudo-anonymous decentralized crypto-currency…

Internet fairy-tale…

Satoshi Nakamoto, bitcoin’s mysterious and anonymous creator…

Virtual Game for tech know-hows…

Clever P2P system…

Upward surging graphs… The price of bitcoin jumpes to $220…

Ponzi scheme wrapped in a techie wet dream at its best, and a CIA control scheme at its worst…

Computer grinds the code, trying to solve the puzzle…

Speculation on people’s gullibility…

Illusion of the ghost of money…

Hedge Fund in Malta expressed interest in investing in Bitcoins…

Winklevoss brothers have elected to put their money and faith in a mathematical framework that is free of politics and human error… 

If you are confused by all the hullabaloo around BTCs, try to look up BITCOIN definition in Wikipedia. Still confused? Google it. I did. In three languages, in fact, hoping that my problem was linguistic, not intellectual.

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If you cannot explain something to your dear old mother in a way that she’d understand, your dear old mother might not be your only problem. Someone smart must’ve said that, if not – someone smart must. Being someone’s dear old mother and having my own dear old mother not understanding what the hell I’m talking about most of the time, makes me an expert.

bitcoinTabloids are generally fascinated by money, in equal measure “miraculously attained”, using mostly dubious schemes, and “tragically lost” as  a  result of reversal of fortunes. (Mail Online The monster machines mining Bitcoins in cyberspace that could make techies a small fortune (but cost $160,000 a day to power). But we wouldn’t look for the answer to bitcoins and everything in the yellow press, would we?

 We’d look for them in the “reliable” and “trustworthy” sources, such as The Wall Street Journal… which is fascinated with money and faithfully reports appearance of vacuum pockets in places where they disappear, miraculously transported into the pockets of a selected few, but the Journal wouldn’t immediately alert us to this effect… not to create unfavorable opinion of the suits with magic pockets. Because, you see, the Journal is very socially conscientious. (Bitcoin Investors Hang On for the Ride)

NPR, in its oft-unattainable quest for objectivity, often leaves us in the state of “informed confusion”, rolling our eyes at the crossroads of different but differently unhelpful opinions formed on the basis of “expert analysis”. One might wonder if those experts read tabloids before they write for The Wall Street Journal. (NPR. Bitcoin Goes To The Moon).

b1Paul Krugman, The New York Times columnist and Nobel Prize laureate in Economics, says, “… as best as anyone can tell the main use of bitcoin so far, other than as a target for speculation, has been for online versions of those dark-alley exchanges, with bitcoins traded for narcotics and other illegal items.”

Slate’s Eric Pozner titles his opinion inequivocably: Fool’s Gold: Bitcoin is a Ponzi scheme—the Internet’s favorite currency will collapse.

Huffington Post published an interview Gavin Andresen, Bitcoin Architect: Meet The Man Bringing You Bitcoin (And Getting Paid In It). Gavin admitted that his own financial strategy is diversifying out of bitcoins because it just doesn’t make sense to have all your eggs in one basket. “I put a good chunk of my long-term savings in traditional investments, like index mutual funds.” 

In a word, with the ABCs of BTCs being confusing and the BTC’s XYZs — unpredictable at best, the word of wisdom from those who still do not fully trust the collective wisdom of those who run this virtual game is NOT to put any money in it that you aren’t willing to loose… 

In essence, it’s the same verbiage that the State accredited gambling establishments use to warn compulsive gamblers.

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