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-africa
>
>                 See you there,
>
>                 John Karanja
>
>
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>             --
>             "Change is slow and gradual. It requires hardwork, a bit of
>             luck, a fair amount of self-sacrifice and a lot of patience."
>
>             Roy.
>
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> --
> "Change is slow and gradual. It requires hardwork, a bit of
> luck, a fair amount of self-sacrifice and a lot of patience."
>
> Roy.
>
>
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--
Regards,

Collins Areba,
P.O Box 44441, 00100
Nairobi, Kenya.
Tel: +254 707 750 788 / 720 516 758
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