Wednesday, February 17, 2016
Finally a success for Bitcoin! Oops.
Most of Bitcoin's idiotic claims are prima facie wrong.
Bitcoin is supposed to be untraceable. Instant nonsense. Running every transaction through NSA means every transaction is PERFECTLY KNOWN to the Deep State.
Bitcoin is supposed to be stable. Instant nonsense. Any "currency" that can be expanded by one out-of-control "miner" is the exact opposite of stable.
Bitcoin is supposed to be "democratic". P0w3r 2 teh Pplz, d00d. Instant nonsense. The design itself favors rich fuckheads who can afford the supercomputers and electricity and air conditioning for massive "mining".
Bitcoin is supposed to be Green. See previous item, electricity and air conditioning. EACH transaction, EACH single sale, uses the same electricity as 1.5 DAYS of an average American household. Or, as I figured earlier, each Bitcoin sale uses as much power as 450 simple paper-rectangle sales using typical cash registers.
Finally we have a failure that isn't instantly obvious! Bitcoin is supposed to be fast. With all those computers, it must be able to handle BILLIONS AND BILLIONS of sales per second! Nope. Turns out the system CAN'T RUN FASTER than SEVEN total transactions per second worldwide. Not seven billion, not seven million, not seven thousand. SEVEN. You can push a button with one finger faster than that.
Compare this again to a human cashier using a mechanical cash register. Leaving aside the pleasantries like discussing the weather or football, a simple paper-rectangle transaction takes less than 10 seconds.
So: The super-hi-tech Bitcoin's TOTAL WORLDWIDE carrying capacity is the same as one big WalMart store with 70 cashiers, or 70 little convenience stores scattered around the world.
In mathy terms,
(Patel * 70) >= Bitcoin.
= = = = =
When you examine the full picture of Bitcoin and its DESIGNED-IN idiocy, you can only reach one conclusion. The conclusion grows stronger when you look at the "biography" of the "founder", Rakanuki Furoshito or whatever. The biography is furohinto. Ex-CIA, worked for Hughes. What more do you need? Bitcoin is a giant sting, and a giant high-IQ belly-laugh, aimed at those Libertarian hacker types. Good stings are always obvious, as I've noted repeatedly.
¶ 8:41 AM 
Finally we have a failure that isn't instantly obvious! Bitcoin is supposed to be fast. With all those computers, it must be able to handle BILLIONS AND BILLIONS of sales per second! Nope. Turns out the system CAN'T RUN FASTER than SEVEN total transactions per second worldwide. Not seven billion, not seven million, not seven thousand. SEVEN. You can push a button with one finger faster than that.
Compare this again to a human cashier using a mechanical cash register. Leaving aside the pleasantries like discussing the weather or football, a simple paper-rectangle transaction takes less than 10 seconds.
So: The super-hi-tech Bitcoin's TOTAL WORLDWIDE carrying capacity is the same as one big WalMart store with 70 cashiers, or 70 little convenience stores scattered around the world.
In mathy terms,
(Patel * 70) >= Bitcoin.
= = = = =
When you examine the full picture of Bitcoin and its DESIGNED-IN idiocy, you can only reach one conclusion. The conclusion grows stronger when you look at the "biography" of the "founder", Rakanuki Furoshito or whatever. The biography is furohinto. Ex-CIA, worked for Hughes. What more do you need? Bitcoin is a giant sting, and a giant high-IQ belly-laugh, aimed at those Libertarian hacker types. Good stings are always obvious, as I've noted repeatedly.
¶ 8:41 AM
