[WriteLog] WriteLog 11.22 released AND a special sale...

[Hal Kennedy]

My thought exactly.  USD are backed by the USG.  Bitcoin is backed by 
nobody.  Which is deal breaker #1 for me.  #2 is there is no central 
bank.  Despite Libertarians' dislike of central banking, stable currency 
value derives from central banking.  There is, of course, no Bitcoin 
central bank.

I admit to not paying close attention to Bitcoin valuation, but I think 
I remember Bitcoin peaking at $1,400 USD and being down around $1 USD.  
I am risk averse enough to not buy Bitcoins at $1,400 for my IRA and 
401K.  It just doesn't feel right.....

73,
Hal
N4GG

On 9/19/2014 12:29 PM, k2qmf at juno.com wrote:
> I don't know about you but my bank
> has FDIC insurance!!!
>
> Go figure!
>
> K2QMF
>
> On Fri, 19 Sep 2014 15:30:45 +0000 "Wayne, W5XD" <w5xd at writelog.com>
> writes:
>>> Bitcoins sound a little bit sketchy to me...
>>>
>> http://www.bloomberg.com/news/2014-02-28/mt-gox-exchange-files-for-bankr
> uptcy.html
>>   
>>
> <http://www.bloomberg.com/news/2014-02-28/mt-gox-exchange-files-for-bankr
> uptcy.html>
>> Yes, it does sound sketchy. Here are some facts to ponder:
>>
>> mt-gox is (was) a bitcoin exchange where "exchange" is an important
>> word to understand.
>> It was "like" a bank in the sense that bitcoin owners entrusted
>> their private keys to
>> a third party (mt-gox) who treated them in an insecure way (i.e. the
>> private keys were
>> stolen). This is analogous to taking a pile of cash to a bank, who
>> put it in a safe, but
>> the cash disappeared from the safe. The keeper of the safe declared
>> bankruptcy because
>> he didn't have the resources to pay back the depositors.
>>
>> Would we allow ourselves to say cash is "sketchy" and we should not
>> use it? Every
>> individual has to make a choice, but the underlying choice is one of
>> trust: do
>> you trust (a) the technology behind the "cash" or the "digital
>> currency"? (b) the
>> keepers of the keys to lock to the safe? (c) that the "cash" is
>> itself not counterfeit?
>> or (d) the cash won't be inflated to zero value by the time you want
>> it back?
>>
>> My understanding of bitcoin, based on my own technical expertise, is
>> that its technology
>> meets basic standards of trustworthiness. But there is no absolute
>> standard of
>> trustworthiness. Each of us has to make a relative judgement of
>> whether one choice is
>> more trustworthy ("secure") than another. In this case, the choice
>> is between bitcoin
>> and the US dollar. Each offers a very different set of technical
>> tradeoffs, and a very
>> different set of human judgement tradeoffs (that is, you have to
>> predict the future
>> behavior of people in order to make a decision about who to trust.)
>>
>> Wayne, W5XD
>>
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> ____________________________________________________________
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