On this issue of Bitcoin, I remain Agnostic. If it is a pyramid scheme, I think it still has a substantial amount of time before it bottoms, there exists room to make money.... On Wed, Nov 26, 2014 at 2:40 PM, Mark Kipyegon via skunkworks < skunkworks@lists.my.co.ke> wrote:
On 26/11/2014 14:07, Paul Roy via skunkworks wrote:
1. Who invented bitcoin? Why is s/he in hiding? If i were the inventor i would proudly be associated with BTC in this case the guy went to hiding...did he know something or is he/she remaining anonymous avoiding legal action from eminent collapse of bitcoin with a few billionaires and majority impoverished?
Being an inventor certainly doesn't make you liable for how your creation is used.
2. Ok BTC is popular and they claim over 6 million coins blah...blah... have been mined so far. How did this happen? Who are these billionaires who spent enormous computing resources to mine bitcoin while the rest of the world was asleep?
Resources available online show that even the largest and earliest miners of bitcoin aren't making returns on the scale that you claim.
3. Paypal has a disclaimer on bitcoin trade...do they know something? Many governments do not recognize bitcoin and others have even burned it as a legal tender
The US Treasury Department and the European Central Bank both recognise bitcoin as a "virtual currency".I don't understand the point being made here.
4. What's backing this currency? Air?
Physical gold and silver are other examples of currency that isn't backed (non-fiat) as opposed to fiat currency that is backed by government.
Anyway the truth is that some genius came up with some incredible algorithm based on cryptography, released the code, used pseudo-names to hide s/he identity, got his/her cronies and fictitious accounts with millions of these so called coins, sat back and enjoying billions coming his/her way.
What a genius!
pro
On Wed, Nov 26, 2014 at 10:57 AM, Anthony Lenya <tlensya@gmail.com <mailto:tlensya@gmail.com>> wrote:
Bernie Madoff anyone? ?
On 26 Nov 2014 10:54, "Patrick Kariuki via skunkworks" <skunkworks@lists.my.co.ke <mailto:skunkworks@lists.my.co.ke>>
wrote:
Any basis for your advice?
The US Marshal service is auctioning Bitcoins - If the Bitcoin was part of some ponzi scheme wouldn't they destroy them instead?
http://www.usmarshals.gov/assets/2014/dpr-bitcoins/
On Wed, Nov 26, 2014 at 10:05 AM, Paul Roy via skunkworks <skunkworks@lists.my.co.ke <mailto:skunkworks@lists.my.co.ke>> wrote:
John,
Good to see you trying to marshal support for digital currency. This is simply pyramid scheme that will make so many people lose their hard earned cash, moreso fraudsters and hackers are having a playing field ripping off many innocent investors...
My advice, keep off bitcoin!
pro
On Wed, Nov 26, 2014 at 9:33 AM, John Karanja via skunkworks <skunkworks@lists.my.co.ke <mailto:skunkworks@lists.my.co.ke>> wrote:
Hi Listers,
Bitcoin Meetup sign up here: <https://mail.google.com/mail/u/0/goog_1446634865>
http://www.meetup.com/Kenya-Bitcoin/events/218657905/
Bitcoin which is like /global M-Pesa is/ the World’s most celebrated digital and crypto-currency. The past 5 years has seen this new technology experience gradual and steady growth in use around the World. Bitcoin today has over 10 million users globally and is growing fast!
Together with the African Digital Currency Association(ADCA) we are hosting a Bitcoin Meetup on Monday 1st December 2014 5:30PM at the iHub, 4th Floor, Bishop Magua Centre, Ngong Road, Directly opposite Uchumi, Ngong Road. We look forward to demonstrating how you can Buy, Trade and Store your Bitcoin in this
session.
Come prepared with your Bitcoin Wallets which you can download from Google Play and Apple Store as Whive <http://Whive.org> will be sponsoring free BTC Giveways.
If you have no idea how to set up the wallet buzz me off-list and I will help.
Bitcoin Meetup sign up here: <https://mail.google.com/mail/u/0/goog_1446634865>
http://www.meetup.com/Kenya-Bitcoin/events/218657905/
As background info read about E.A legal status and regulation of Bitcoin on the iHub community blog here. Post by ADCA lead Michael Kimani.
http://community.ihub.co.ke/blogs/21585/digital-currency-regulation-in-east-...
See you there,
John Karanja
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Roy.
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