This video is still up from 2013. At this point the little experiment known as bitcoin is going to be absorbed by the central bankers. But as we've said all along, bitcoin is nothing more than an artificial commodity pretending to be money. It doesn't fit our definition and is open to speculation. At the very end of this video, the narrator mentions zero sum (a game theory term) in an accounting connection. It doesn't make the connection legitimate. Just because some college professor with more prestige than his brains would warrant decides to use a fraudulent analogy from a questionable source attempting to seem “up to date” does not make it either useful or correct. Game theory is part of deliberate public opinion manipulation technologies by those who view humanity as “the masses” and support the ideology that would like more of us dead so that THEIR view of themselves and the world could continue as “sustainable,” etc. They only care about their own power and keeping it. If bitcoin helps THEM to do that, so much the better.
This article came out in 2014 (on a dubious -looks good but that's all it is website) that attempts to claim that of course no one but good honest people intended bitcoin to represent an improvement over the present monetary system. I'm yelling bullshit at the top of my lungs. That goes for any and ALL so called electronic crypto-currencies being promoted these days; they are all the same, they are all commodities, their “backing” is as big a confidence SCAM as anything tried on the public so far. These people have no idea what money is and must be in order to function down the line a few hundred years. People these days assume everything is going to get more technical and more technical, etc. when as a matter of fact the diminishing returns to scale law and all its analogies are still part of nature and tend to check the hubris of the more arrogant to prove their claims false. We continue to imagine a life with an internet when that is placing far too much confidence on just another complicated system that must be preserved or else.
Here is another video from 2013 describing the problems with bitcoin.
There is much more. What we have said since the beginning when we began looking at this and other attempts to solve the age old problems with money, is that bitcoin and all the others were nothing but one commodity pricing another commodity and that is NO improvement.
Riegel's (and Kitson's) solution was better, a money that is issued by us, that does not need to be paid back, that bears no interest, that lets everyone have a fresh start, that is PRIVATE, that uses a single ledger (an important detail that will certainly get more attention) and is designed from the start not to have some of the drawbacks of other alternatives to the present “public” money.
In the meantime, those with more cash than they know what to do with are suffering from something called an ism, an itch, an irritation; specifically they have more money than they would like to see doing nothing so they want to use a little capitalism (making money on money without work) to get even more of it. Let me ask you something. Why do you want or need more? I'll give you a few answers: 1) because taxation is theft (as some say) and one has to run ahead of the wolves or they will eat away at your wealth (note the understanding discrepancy we've noted often that wealth must be more than mere stuff) and 2) because you need a certain amount of cash to keep the business machine that generated the income running. Now, that business represents real wealth since it is cranking in an income (minus expenses is profit). The profit is what one lives on so it is necessary to be able to make the reward of business not only to keep that business going but to live from the operation; to make the whole business worth while.
Finally and again, people are looking for ready made off the shelf solutions because by and large the present chaos of things 1) continually distracts from what's really important and 2) people who are working are kept so busy that they have little time to even consider anything else and they can't imagine that something so relatively simple a concept as money (it has been made more complicated entirely due to the people running it for their own purposes -to stay in control) could and should be in their control. It is a matter of universal conditioning. It is necessary to break that conditioning, to admit that you know little or nothing, to question everything, etc. just as I had to do, in order to see anything else. This solution is NOT ready made. It is more like a do it yourself kit and assembly IS required. But more than any tokens, accounting systems, computer hardware, etc. this solution takes real people doing real work for each other in order to have their own solution. We'll have more to say about creative uses for the proposed Valuns and how to build an economy from the ground up, grass roots, person to person, eye to eye contact, etc. and what recent insights have come from some recent discussions.
And here's a brief video -turn the sound off it's obnoxious- and just read what it says. I defy anyone to prove the allegations wrong. In fact no one can prove anything about bitcoin one way or another because it is THEIR system not yours or mine. That's elementary and without that basic understanding, knowing the difference between what's really yours and what isn't, there's ... little maturity worth considering.