Topic: China and the US a la Munger: "Bitcoin is rat poison!" (Read 3087 times)
Bitcoin doesn't have to be fully worldwide to be successful, china can build all the walls they want, one day there people will demand freedom to match their wealth
More stink from the pig pen. 
or is that Chinese food? porc fried rice?
I love the analogy to rat poison though as I often think of bankers as rats.
+1 for banker poison which means your current score is -434
You must slowly be coming around.
or is that Chinese food? porc fried rice?I love the analogy to rat poison though as I often think of bankers as rats.
+1 for banker poison which means your current score is -434
You must slowly be coming around.
You've got a very valid point but if they can get into The Pentagon's systems (arguably one of the most secure in the world) and steal hundreds of billions worth of top secret info which they're using to develop their own knock-off versions, a serious attack on Bitcoin isn't out of the realm of possibilities.
China could easily drop millions upon millions into developing and building ASIC supercomputers purely to try their hand at a 51% attack. If 51% fails, they could probably utilise thousands of their devs to go around hacking stuff. These are simple possibilities and no doubt there are many more they know of, which we don't.
I'm not a conspiracy theory nut or here to start arguments; I just believe that China are dead against crypto currencies for fiscal and political reasons and they're making it quite clear they won't tolerate crypto as a financial medium. China is still communist, still repressive and it will stop at nothing to ensure its fiat currency stays where they want it to.
China could easily drop millions upon millions into developing and building ASIC supercomputers purely to try their hand at a 51% attack. If 51% fails, they could probably utilise thousands of their devs to go around hacking stuff. These are simple possibilities and no doubt there are many more they know of, which we don't.
I'm not a conspiracy theory nut or here to start arguments; I just believe that China are dead against crypto currencies for fiscal and political reasons and they're making it quite clear they won't tolerate crypto as a financial medium. China is still communist, still repressive and it will stop at nothing to ensure its fiat currency stays where they want it to.
They could actually try, but if they build ASIC supercomputers, then difficulty will grow exponentially and they will still ultimately fail to try a 51% attack. I think the majority of China successes at breaking into the Pentagon's systems and whatnot is primarily due to human factors and long tongues, the factors which bitcoin technology by its very nature is very well protected from...
You've got a very valid point but if they can get into The Pentagon's systems (arguably one of the most secure in the world) and steal hundreds of billions worth of top secret info which they're using to develop their own knock-off versions, a serious attack on Bitcoin isn't out of the realm of possibilities.
China could easily drop millions upon millions into developing and building ASIC supercomputers purely to try their hand at a 51% attack. If 51% fails, they could probably utilise thousands of their devs to go around hacking stuff. These are simple possibilities and no doubt there are many more they know of, which we don't.
I'm not a conspiracy theory nut or here to start arguments; I just believe that China are dead against crypto currencies for fiscal and political reasons and they're making it quite clear they won't tolerate crypto as a financial medium. China is still communist, still repressive and it will stop at nothing to ensure its fiat currency stays where they want it to.
China could easily drop millions upon millions into developing and building ASIC supercomputers purely to try their hand at a 51% attack. If 51% fails, they could probably utilise thousands of their devs to go around hacking stuff. These are simple possibilities and no doubt there are many more they know of, which we don't.
I'm not a conspiracy theory nut or here to start arguments; I just believe that China are dead against crypto currencies for fiscal and political reasons and they're making it quite clear they won't tolerate crypto as a financial medium. China is still communist, still repressive and it will stop at nothing to ensure its fiat currency stays where they want it to.
The OP has some pretty wild ideas but some of it is definitely worth thinking about.
Bitcoin is a thorn in the side to the Chinese government and they're pretty hell-bent on removing it from the Chinese currency market. Look back to what they did to the Chinese Bitcoin exchanges last week. Their government doesn't like Bitcoin because it kind of alleviates the cap on the amount of money people can send out of the country, plus it's anonymous.
I believe the single biggest threat to the future of Bitcoin is the potential for Chinese government-sponsored sabotage of the Bitcoin network. They are believed to have stolen the top secret plans for America's stealth fighter planes and aircraft carriers, so I doubt Bitcoin is going to be too difficult for them to break, if they really wanted it to.
Bitcoin is a thorn in the side to the Chinese government and they're pretty hell-bent on removing it from the Chinese currency market. Look back to what they did to the Chinese Bitcoin exchanges last week. Their government doesn't like Bitcoin because it kind of alleviates the cap on the amount of money people can send out of the country, plus it's anonymous.
I believe the single biggest threat to the future of Bitcoin is the potential for Chinese government-sponsored sabotage of the Bitcoin network. They are believed to have stolen the top secret plans for America's stealth fighter planes and aircraft carriers, so I doubt Bitcoin is going to be too difficult for them to break, if they really wanted it to.
No, this doesn't work this way and that's probably why China is so harsh towards bitcoin. If you know some encryption algorithm, this doesn't automatically mean that you can decipher everything encrypted with it (we are well past those good ol' times). That's how the matters stand with bitcoin...
Welcome asymmetric cryptography
The OP has some pretty wild ideas but some of it is definitely worth thinking about.
Bitcoin is a thorn in the side to the Chinese government and they're pretty hell-bent on removing it from the Chinese currency market. Look back to what they did to the Chinese Bitcoin exchanges last week. Their government doesn't like Bitcoin because it kind of alleviates the cap on the amount of money people can send out of the country, plus it's anonymous.
I believe the single biggest threat to the future of Bitcoin is the potential for Chinese government-sponsored sabotage of the Bitcoin network. They are believed to have stolen the top secret plans for America's stealth fighter planes and aircraft carriers, so I doubt Bitcoin is going to be too difficult for them to break, if they really wanted it to.
Bitcoin is a thorn in the side to the Chinese government and they're pretty hell-bent on removing it from the Chinese currency market. Look back to what they did to the Chinese Bitcoin exchanges last week. Their government doesn't like Bitcoin because it kind of alleviates the cap on the amount of money people can send out of the country, plus it's anonymous.
I believe the single biggest threat to the future of Bitcoin is the potential for Chinese government-sponsored sabotage of the Bitcoin network. They are believed to have stolen the top secret plans for America's stealth fighter planes and aircraft carriers, so I doubt Bitcoin is going to be too difficult for them to break, if they really wanted it to.
DISCLOSURE: I dont believe Bitcoin is viable, even if it were allowed to compete.
Hate to break the news man, but Bitcoin is already viable. Its not some failed experiment. Its real and its valued in BILLIONS of fiat papers.
Sodium flouride is rat poison too but everyone drinks it.
Don't remind me
Sodium flouride is rat poison too but everyone drinks it.
@Hideyoshi, if you quote other user's post, please copy/paste original text to the quote block! 
It is a cure for the predatory disease of capitalism socialism that hunts the working class.
fify
Bitcoin has become a religion of the repressed masses. It is kinda similar to Christianity. There are the bad guys, there are the poor guys, and there is the promise of a better land. It is a cure for the predatory disease of capitalism that hunts the working class. At least that's how it is being sold to the masses. It's doomed to not fail. It is an idea, something that exist in the mind, and thus it is without any tangible properties that would make it fail. There is plenty of $$$ one can make from this dream, so I recommend you to jump in while you can.
Why China is the most important market of the 21st century.
China is the next great nation.
They have great plans for the yuan and are slowly moving away from the dollar peg and treasuries. Their currency will rise dramatically once it is allowed to float freely.
The Chinese will see a RISING yuan and thus a exploding living standard.
China is the next great nation.
They have great plans for the yuan and are slowly moving away from the dollar peg and treasuries. Their currency will rise dramatically once it is allowed to float freely.
The Chinese will see a RISING yuan and thus a exploding living standard.
I do not know who said such stupid things, but they are completely foolish and untrue. Chinese government is totalitarian, but they are afraid of political unrest, too, and to avoid it must keep unemployment as low as possible. To do this thing, they must make exports as cheap as possible, and thus have as many people work at factories as possible, which means they have to keep their currency as cheap as possible. If Chinese government allowed for such things as stated above, price of Chinese labor and exports will go up, unemployment will go up, and people with power in government may have to deal with popular revolution. Again. They fear this, and will not let it happen.
Fiat money is shit, decentralized currencies are the future. Learn to deal with not being able to steal from people silently via inflation.
Many U.S. corporations have begun bringing back manufacturing home and this trend will even increase witch cheap energy (shale gas), automation and rising wages in China.
Chinese likely will lag forever in the level of technology and simply clone western inventions as they do it now (it is a specific part of their mentality and is difficult to change). As the result, Chinese economy will be like it was 100 years ago!
Chinese likely will lag forever in the level of technology and simply clone western inventions as they do it now (it is a specific part of their mentality and is difficult to change). As the result, Chinese economy will be like it was 100 years ago!
And the fact the Bitcoin is accepted regardless of its effect on TPTB in free nations is a pretty good commentary on WHY these nations lead in technology and therefore standard of living.
Someone good a those meme pictures should come up with something like:
Free Nations: Bitcoin Accepted Here
Someone good a those meme pictures should come up with something like:
Free Nations: Bitcoin Accepted Here
The notorious troll and all of the mainstream brains out there (late and latest adopters) can't realise, that state terror is the reason why Bitcoin was created and the ground on which Bitcoin is growing and prospering.
porc,
That is a lot of future telling. Unsurprisingly, all of your fortune telling ignores technology which the US leads on by a very large margin. Secondary to this is the idea that the future of Bitcoin is dependent upon one nation. It isn't. Bitcoin, the technology, is here to stay and it will become much more valuable as time passes. Forget about your fortune telling and start working toward promoting this technology. Whoever you are, to place yourself by its side, would be a very wise move. Confabulate no more about futures and instead work today to improve a present technology.
That is a lot of future telling. Unsurprisingly, all of your fortune telling ignores technology which the US leads on by a very large margin. Secondary to this is the idea that the future of Bitcoin is dependent upon one nation. It isn't. Bitcoin, the technology, is here to stay and it will become much more valuable as time passes. Forget about your fortune telling and start working toward promoting this technology. Whoever you are, to place yourself by its side, would be a very wise move. Confabulate no more about futures and instead work today to improve a present technology.
"Bitcoin is rat poison".
Rat poison is a useful tool as it removes unwanted vermin.
IT'S A COMPLIMENT TOWARDS BITCOIN YOU DUMB ARSE TROLL.
LOL, OP you've just made yourself look a right dick.
LOL
Rat poison is a useful tool as it removes unwanted vermin.
IT'S A COMPLIMENT TOWARDS BITCOIN YOU DUMB ARSE TROLL.
LOL, OP you've just made yourself look a right dick.
LOL
LOL you idiot.
The title was humorous and that was the joke about it!
LOL. Point is: They see it as a competition. They wont let it in, because they know it might remove their power (=rat poison
). No.
Yeah you keep on backpedaling out of that embarrassing hole you just dug.
How you must be kicking yourself you started this thread now.
LOL"Bitcoin is rat poison".
Rat poison is a useful tool as it removes unwanted vermin.
IT'S A COMPLIMENT TOWARDS BITCOIN YOU DUMB ARSE TROLL.
LOL, OP you've just made yourself look a right dick.
LOL
Rat poison is a useful tool as it removes unwanted vermin.
IT'S A COMPLIMENT TOWARDS BITCOIN YOU DUMB ARSE TROLL.
LOL, OP you've just made yourself look a right dick.
LOL
LOL you idiot.
The title was humorous and that was the joke about it!
LOL. Point is: They see it as a competition. They wont let it in, because they know it might remove their power (=rat poison
).
"Bitcoin is rat poison".
Rat poison is a useful tool as it removes unwanted vermin.
IT'S A COMPLIMENT TOWARDS BITCOIN YOU DUMB ARSE TROLL.
LOL, OP you've just made yourself look a right dick.
LOL
Rat poison is a useful tool as it removes unwanted vermin.
IT'S A COMPLIMENT TOWARDS BITCOIN YOU DUMB ARSE TROLL.
LOL, OP you've just made yourself look a right dick.
LOL
http://www.zerohedge.com/news/2013-12-20/china-bails-out-money-markets-second-day-row-following-repo-rate-blow-out
China's central bank said it had injected over 300 billion yuan ($49.2 billion) into the nation's money markets over a three-day period as interbank interest rates surged to their highest levels since June.
The interest rates banks charge each other for short-term loans jumped to 8.2%, the highest level since the June cash squeeze.
The stress in the banking system is starting to spread elsewhere, with stocks in Shanghai falling for a ninth straight day to the weakest level in four months while government bonds dropped, pushing the 10-yield up to near the highest in eight years.
yeah, that almighty yuan alright ... the place is about to go tits up buddy, pay attention ...
... sheesh where did this latest crop of idiots on bitcointalk arrive from, Wall Street?
Quote
China's central bank said it had injected over 300 billion yuan ($49.2 billion) into the nation's money markets over a three-day period as interbank interest rates surged to their highest levels since June.
The interest rates banks charge each other for short-term loans jumped to 8.2%, the highest level since the June cash squeeze.
The stress in the banking system is starting to spread elsewhere, with stocks in Shanghai falling for a ninth straight day to the weakest level in four months while government bonds dropped, pushing the 10-yield up to near the highest in eight years.
yeah, that almighty yuan alright ... the place is about to go tits up buddy, pay attention ...
... sheesh where did this latest crop of idiots on bitcointalk arrive from, Wall Street?
Most Chinese buyers of BTC are using it not as a spending currency, but to hide and protect their currency and asset savings.
Why China is the most important market of the 21st century.
America, a thing of the past.
America is a thing of the past. It is the biggest debtor with huge unfunded liabilities. Its citizens consume but save and produce nothing. They are deeply in debt. They are living of the dollars status and Chinese productivity. The US is becoming more and more socialist. Responsibilities are delegated to the government. The first question we often hear from US citizens is: "How can government help me?". The US dollar is being printed like it is going out of style.
America, a thing of the past.
America is a thing of the past. It is the biggest debtor with huge unfunded liabilities. Its citizens consume but save and produce nothing. They are deeply in debt. They are living of the dollars status and Chinese productivity. The US is becoming more and more socialist. Responsibilities are delegated to the government. The first question we often hear from US citizens is: "How can government help me?". The US dollar is being printed like it is going out of style.
Now this sounds very familiar for views towards United States of America, on more than several occasions in its entire history.
It's also interesting to note how this idiotic argument is virtually identical in motivation, tone, and 'rationale' to 80s 'japan takes over the world' or 'USSR takes over US'.
Worst of all, it cherry picks and embellishes its tone to the point of masturbatory bitchfest while ignoring all the advantages US not only enjoys but keeps advancing.
But of course, if they were capable of considering that, they will not be getting so ahead of themselves
Chinese government doesn't like bitcoin, because it's not called chinacoin.
LOL
Why China is the most important market of the 21st century.
China is the next great nation. It is becoming more and more free market; after being burnt by communism they have learned their lesson. The Chinese are highly productive and have a high savings rate. China is one of the largest creditor nations on earth. Chinese don't cry for government, but rely on their savings and family if they are in need. They have great plans for the yuan and are slowly moving away from the dollar peg and treasuries. Their currency will rise dramatically once it is allowed to float freely. The dollar wont be propped up and Americans will have to live within their means.
America, a thing of the past.
America is a thing of the past. It is the biggest debtor with huge unfunded liabilities. Its citizens consume but save and produce nothing. They are deeply in debt. They are living of the dollars status and Chinese productivity. The US is becoming more and more socialist. Responsibilities are delegated to the government. The first question we often hear from US citizens is: "How can government help me?". The US dollar is being printed like it is going out of style.
Bitcoins, dead on arrival in the most important market on earth: China.
Bitcoins are not tolerated in one of the great nations of this century. This is a huge issue many of you guys are ignoring. The Chinese will see a RISING yuan and thus a exploding living standard. They wont look for alternatives like bitcoin. The Chinese government has great plans for its currency and it will be a new power tool (like the dollar has been). They wont allow bitcoin to get in the way and thus have prohibited it. If bitcoin is not dead in China yet, the government will keep beating it into the ground, until Bitcoin stops making any sort of noise that might distract from the almighty yuan. As the Chinese will have relatively sound money (yuan), they wont be challenging their government regarding bitcoin.
Bitcoin not having any foothold in the most important market is a huge deal.
The US: dictatorships concentrate power.
The US will become more and more dictatorial. Dictatorships concentrate power and abuse their currency. They hate competition and decentralization. Bitcoin will be treated just as harshly as in China. Mark my word.
DISCLOSURE: I dont believe Bitcoin is viable, even if it were allowed to compete.
China is the next great nation. It is becoming more and more free market; after being burnt by communism they have learned their lesson. The Chinese are highly productive and have a high savings rate. China is one of the largest creditor nations on earth. Chinese don't cry for government, but rely on their savings and family if they are in need. They have great plans for the yuan and are slowly moving away from the dollar peg and treasuries. Their currency will rise dramatically once it is allowed to float freely. The dollar wont be propped up and Americans will have to live within their means.
America, a thing of the past.
America is a thing of the past. It is the biggest debtor with huge unfunded liabilities. Its citizens consume but save and produce nothing. They are deeply in debt. They are living of the dollars status and Chinese productivity. The US is becoming more and more socialist. Responsibilities are delegated to the government. The first question we often hear from US citizens is: "How can government help me?". The US dollar is being printed like it is going out of style.
Bitcoins, dead on arrival in the most important market on earth: China.
Bitcoins are not tolerated in one of the great nations of this century. This is a huge issue many of you guys are ignoring. The Chinese will see a RISING yuan and thus a exploding living standard. They wont look for alternatives like bitcoin. The Chinese government has great plans for its currency and it will be a new power tool (like the dollar has been). They wont allow bitcoin to get in the way and thus have prohibited it. If bitcoin is not dead in China yet, the government will keep beating it into the ground, until Bitcoin stops making any sort of noise that might distract from the almighty yuan. As the Chinese will have relatively sound money (yuan), they wont be challenging their government regarding bitcoin.
Bitcoin not having any foothold in the most important market is a huge deal.
The US: dictatorships concentrate power.
The US will become more and more dictatorial. Dictatorships concentrate power and abuse their currency. They hate competition and decentralization. Bitcoin will be treated just as harshly as in China. Mark my word.
DISCLOSURE: I dont believe Bitcoin is viable, even if it were allowed to compete.
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