In an interview with Bloomberg TV, former U.S. Rep. Ron Paul (R-TX) said that he is concerned about the
Following are dozens of quotes, mostly dredged from reddit and Bitcointalk.
The mongoloids at Reddit are a special bunch. Here, someone with 2 brain cells to rub together decides to actually crunch the numbers on bitcoin mining.
Hmm, that’s a pretty valid argument. At what point does the electricity to run the rigs surpass the profit from coins mined. $11mil/year just in electricity costs directly contributed to bitcoins seems very high.
I’m sure the hive mind of Reddit will have a clear, concise answer for the guy. Let’s check out the top-rated comment.
Here’s a bonus comment for you as well:
Bitcoin forums user kiwiasian realizes that burning electricity to create Monopoly Dollars out of thin air maybe isn’t the best investment.
Seems like a good argument, not sure how you could argue with data like that. An extremely volitile “currency” that rises could just as easily fall, right?
Erm, I’m not sure you’re helping your case here. Luckily kiwiasian helpfully points this out.
Maybe The Koolio could re-evaluate his position now?
Wait, gold hasn’t crashed (it did, in the 80’s)? Oil hasn’t crashed (it did, also in the 80’s)? And what’s with the “global population” argument, that’s the exact thing that ponzi schemes like to blather on about. Luckily the irony isn’t lost on kiwiasian.
Well, when you can’t argue with facts, what do you do? Hopefully they accept his reasoning and move on?
Nope! You just confuse the shit out of everyone until something sounds right.
Well, you see, the price jumped from $1 to $2 (in a few months), a 100% increase! So naturally going from $15 to $30 (in 2 days) is another, natural, 100% increase! No volatility here my friend!
Now, he never did mention why it wouldn’t crash. Luckily billyjoeallen has a great breakdown on the strength of the buttcoin market.
You hear that? NO natural predators, like the mighty Lion in the Serengeti! Of course, the World Economy will crash (and probably have no computer networks or electricity) but I’ll be here with my Buttcoin wallet, sitting pretty.
I’ll finish off with this nutjob trying to compare buttcoin’s bubble to global warming.