Non Sequitur by Wiley Miller for January 18, 2018

Cash Only really does explain Bitcoin. I can’t wait until it collapses & joins Flooz in the graveyard of misfit internet ideas.

I’ll believe in bitcoins when they toss one at the Melbourne Cricket Ground to see who bats first in an Ashes Test Match.

Just as valuable as Pet Rocks and Beanie Babies, but without the style.

My mood ring is glowing purple….

Ignorance is the enemy, and it wields a mighty sword.It can cut you down in a blaze of glory, or nail you to a board….Rodney Crowell….From the album The Outsider…..

It’s pretty simple. You put money in. I take money out. Your money is now my money.

I’m waiting for the boxed collector’s set.

What I don’t get is the Train Chain? or Block Chain or whatever!! I give people money in exchange for stuff, it is so simple.

" In God We Trust " – All Others Pay Cash !!

It’s kinda like any other curency since we went off the gold standard. If someone thinks it is worth something, then it is.

I explain it as using in-game currency for real world purchases, if you can find someone to take it in exchange for what you want. If you can’t, it’s like selling baseball cards.

Every time I hear “bit coin” I hear a voice in my brain yelling “TULIP MANIA!”

I had a dollar. I met a man with a dollar. We exchanged dollars, and when we parted we each still had only a dollar.

I had an idea. I met a man with an idea. We exchanged ideas, and when we parted we each had TWO ideas.

d1: (name) Bitcoin: using the money you printed in your room, with your own printer and with no backing from any entity or government or using the money in the ‘Monopoly’ game as currency, and expecting that everybody else accepts it as currency just because you say so… but is the money you printed the one that counts, not the money that your neighbor printed in his own room.. and also expect that your neighbor will accept your money as currency for his own stuff as well..d2: (name) a bubble, made by assigning value to an arbitrary good that only exists in cyberspace, and as any other value or thing that gets its value through speculation, it gets only valuable as somebody places a price to it, and expecting that it will not get hacked, or that no other digital coin will arbitrarily become more valuable and that nothing will happen to it since there is no one to answer for it if something happensd3: (name) a new way of a poncy scheme through digital channels

damn.. I forgot to charge for my definitions.. maybe next time

I buy Beanie Babies with Bit-Coins.

I still don’t understand cryptocurrency, but I do believe that fiat currency (what everyone thinks of as “money”) is subject to massive manipulation, and is intentionally degraded by those who control it.

When I look at the rapidly rising stock market, I don’t think “Wow, look how valuable those stocks are becoming”, I think “Wow, the dollar is worth less and less every day”.

How many bit coins are there in a quaatloo?

Money is an abstraction, backed by confidence in the abstraction. I carry some cash around, but most of my finances are conducted by electrons that indicate I have a certain amount of spending power. So far, I have confidence in that system, but it all does get kind of weird.

For those interested in historical fiction, Neal Stephenson’s “The Baroque Cycle” has an interesting account of the invention of checking.

IMO, the bitcoin deal could be flushed down the loo and not even slow the flow. That flush also could empty a lot of pockets. I just hope it takes the losers’ tears with it. Cause I really don’t wanna’ hear the moaning and complaints when this boom busts.

Bitcoin Explained

A lot of monkeys lived near a village. One day a merchant came to the village and said that he will buy the monkeys for $100 each. The villagers thought that this man is mad, buy stray monkeys at $100 each

Still, some people caught some monkeys and gave it to this merchant and he gave them $100 for each monkey. This news spread like wildfire and people caught monkeys and sold them to the merchant.After a few days, the merchant announced that he will buy monkeys for $200 each.The lazy villagers caught abd sold the remaining monkeys for $200 each.Then the merchant announced that he will buy monkeys for $500 each!The villagers started to lose sleep! … They caught seven monkeys, which was all that was left and got paid $500 each.The villagers were waiting anxiously for the next announcement.Then the merchant announced that he is going home for a week. And when he returns, he will buy monkeys for $1000 each!He asked his employee to take care of the monkeys he bought. He was all alone taking care of all the monkeys in a cage.The villagers were very sad as there were no more monkeys left for them to sell at $1000 each.Then the employee told them that he will sell some monkeys for $700 each, secretly.This news spread like wild fire. Since the merchant buys monkey for $1000 each, there is a $300 profit for each monkey.The next day, villagers formed a queue near the monkey cage.The employee sold all the monkeys at $700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys!

The villagers took care of their monkeys & waited for the merchant.He didn’t come .. Then they ran to the employee… But he had already left too!

The villagers then realized that they had bought the useless monkeys for $700 each and were unable to sell them!The Bitcoin will be the next monkey business .Many people will be bankrupt, and a few filthy rich.

BITCOIN EXPLAINED

CASH ONLY

The sign itself explains all I need to know about Bitcoins.

Bitcoins are based on nothing but faith and trust.

Come to think of it, our government-printed fiat money is based on nothing but faith and trust.

Something to be said for Krugerrands, British sovereigns/guineas, etc. Simply put, they are pretty much based on 1 man-hour of labor.

The addendum to sign explains it all.

Bitcoin Bubble * POP *

True Story

Hyperinflation has gotten so bad in Venezuela that Maduro’s economic brainiacs decided to introduce their own cryptocurrency called a “petro”. Nobody’s buying it !!

http://www.dw.com/en/venezuelas-bitcoin-is-the-cryptocurrency-called-petro-a-damp-squib/a-42057691

There is a lot of that going around lately.

wait a minute, so people will pay me to explain that?

I’m loving all these stories about guys who bought bitcoins when they were a dozen for a penny, but have lost the all-important digital ID keys that are the only way to reclaim their precious bitcoins now that the dumb things are worth thousands of $$$s!

You learn really quickly about the intrinsic value of a currency when you travel and people refuse your money. Bitcoins value lies in the fact that governments haven’t yet learned how to tax it.

That’s how I feel…ignorance is bliss…I listened to the guy on NPR this morning trying to find which hard drive he pocketed his bitcoins that he bought 10 years ago in….they are now worth thousands, but he didn’t manage to find them.