BITCOIN Pyramid

A lot of monkeys lived near a village.�������

One day a merchant came to the village to buy these monkeys!������

He announced that he will buy the monkeys @ $100 each. �💵

The villagers thought that this man is mad.😇

They thought how can somebody buy stray monkeys at $100 each?🤔

Still, some people caught some monkeys and sold them to this merchant and he
gave $100 for each monkey. 😬

This news spread like wildfire and people caught monkeys and sold them to the
merchant.😬

After a few days, the merchant announced that he will buy monkeys @ $200
each. �💵💵

The lazy villagers all ran around to catch the remaining monkeys!������

They sold the remaining monkeys @ $200 each.😋

Then the merchant announced that he will buy monkeys @ 500 each!
😮💵💵💵💵💵

The villagers start to lose sleep! ... They caught six or seven monkeys,
which was all that was left and got $500 each.🙊������

The villagers waited anxiously for the next announcement.🙄

Then the merchant announced that he is going home for a week. And when he
returns, he will buy monkeys @ $1000 each!�💵💵💵💵💵💵💵💵💵💵

He asked his employee to take care of the monkeys he bought. He was alone
taking care of all the monkeys in a cage.ðŸ¤*ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ð Ÿ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’

The merchant went home.😎

The villagers were very sad as there were no more monkeys left for them to
sell it at $1000 each.˜¹ï¸�😞😓

Then the employee told them that he will sell some monkeys @ $700 each
secretly. 😶

This news spread like fire. Since the merchant buys monkey @ $1000 each,
there is a $300 profit for each monkey.😬

The next day, the villagers made a queue near the monkey cage.��������🤑🤑

The employee sold all the monkeys at $700 each. The rich bought monkeys in
big lots. The poor borrowed money from money lenders and also bought
monkeys! ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’ðŸ�’💵💵🠒µðŸ’µðŸ’µðŸ’µðŸ’µðŸ’µðŸ’µðŸ’µ

The villagers took care of their monkeys & waited for the merchant to return. 😕

But nobody came! ...😤 Then they ran to the employee...ðŸ¤*

But he has already left too !😉

The villagers then realized that they have bought the useless stray monkeys
@ $700 each and were unable to sell them! 😩😫😨😰ðŸ˜*ðŸ˜*ðŸ˜*ðŸ˜*ðŸ˜*ðŸ˜*

The Bitcoin will be the next monkey business 😜

This"monkey business" will make a lot of people bankrupt and a few people filthy rich. �😉😅

That's how it will work🤣

On Fri, 05 Jan 2018 08:31:48 -0800, harry wrote:

The Bitcoin will be the next monkey business 😜

It's *already* the "next" monkey business.


This"monkey business" will make a lot of people bankrupt and a few
people filthy rich.

As your little story made clear, it's when the ordinary joe in the street
starts to pile in the belief of making a fortune and the price/time graph
turns parabolic that you know there's a meltdown a' comin'.
Actually, you didn't even need to construct an allegory about monkeys
because exactly the same thing happened for real with tulip bulbs (of all
things) about 300 years ago!




--
This message may be freely reproduced without limit or charge only via
the Usenet protocol. Reproduction in whole or part through other
protocols, whether for profit or not, is conditional upon a charge of
GBP10.00 per reproduction. Publication in this manner via non-Usenet
protocols constitutes acceptance of this condition.

Well I thought all normal people realised this long ago, this is why all the
bitcoin spam is automatically dumped in my spam folder.
Its really no different to all that buying up of debt the last time around.
In the end if nobody allies any kind of currency to something people want
its worthless.
Brian

--
----- -
This newsgroup posting comes to you directly from...
The Sofa of Brian Gaff...

Blind user, so no pictures please!
"harry" wrote in message
...
BITCOIN Pyramid

A lot of monkeys lived near a village.??????????????

One day a merchant came to the village to buy these monkeys!????????????

He announced that he will buy the monkeys @ $100 each. ????

The villagers thought that this man is mad.??

They thought how can somebody buy stray monkeys at $100 each???

Still, some people caught some monkeys and sold them to this merchant and
he
gave $100 for each monkey. ??

This news spread like wildfire and people caught monkeys and sold them to
the
merchant.??

After a few days, the merchant announced that he will buy monkeys @ $200
each. ??????

The lazy villagers all ran around to catch the remaining
monkeys!????????????

They sold the remaining monkeys @ $200 each.??

Then the merchant announced that he will buy monkeys @ 500 each!
????????????

The villagers start to lose sleep! ... They caught six or seven monkeys,
which was all that was left and got $500 each.??????????????

The villagers waited anxiously for the next announcement.??

Then the merchant announced that he is going home for a week. And when he
returns, he will buy monkeys @ $1000 each!??????????????????????

He asked his employee to take care of the monkeys he bought. He was alone
taking care of all the monkeys in a
cage.??????????????????????????????????????????

The merchant went home.??

The villagers were very sad as there were no more monkeys left for them to
sell it at $1000 each.??????

Then the employee told them that he will sell some monkeys @ $700 each
secretly. ??

This news spread like fire. Since the merchant buys monkey @ $1000 each,
there is a $300 profit for each monkey.??

The next day, the villagers made a queue near the monkey
cage.????????????????????

The employee sold all the monkeys at $700 each. The rich bought monkeys in
big lots. The poor borrowed money from money lenders and also bought
monkeys! ????????????????????????????????????????

The villagers took care of their monkeys & waited for the merchant to
return. ??

But nobody came! ...?? Then they ran to the employee...??

But he has already left too !??

The villagers then realized that they have bought the useless stray
monkeys
@ $700 each and were unable to sell them! ????????????????????

The Bitcoin will be the next monkey business ??

This"monkey business" will make a lot of people bankrupt and a few people
filthy rich. ??????

That's how it will work??

On Fri, 05 Jan 2018 21:08:22 +0000, Brian Gaff wrote:

Well I thought all normal people realised this long ago, this is why all
the bitcoin spam is automatically dumped in my spam folder.
Its really no different to all that buying up of debt the last time
around.
In the end if nobody allies any kind of currency to something people
want its worthless.

And what is it actually backed by? Just number-crunching, zillions of
computer cycles and electricity bills, ergo precisely nothing of what
people want or need.



--
This message may be freely reproduced without limit or charge only via
the Usenet protocol. Reproduction in whole or part through other
protocols, whether for profit or not, is conditional upon a charge of
GBP10.00 per reproduction. Publication in this manner via non-Usenet
protocols constitutes acceptance of this condition.

On 05/01/18 23:28, Cursitor Doom wrote:
On Fri, 05 Jan 2018 21:08:22 +0000, Brian Gaff wrote:

Well I thought all normal people realised this long ago, this is why all
the bitcoin spam is automatically dumped in my spam folder.
Its really no different to all that buying up of debt the last time
around.
In the end if nobody allies any kind of currency to something people
want its worthless.

And what is it actually backed by? Just number-crunching, zillions of
computer cycles and electricity bills, ergo precisely nothing of what
people want or need.




A bit like gold, bits of printed plastic paper or cowrie shells then




--
Microsoft : the best reason to go to Linux that ever existed.

On 05/01/2018 18:21, Cursitor Doom wrote:
On Fri, 05 Jan 2018 08:31:48 -0800, harry wrote:

The Bitcoin will be the next monkey business 😜

It's *already* the "next" monkey business.


This"monkey business" will make a lot of people bankrupt and a few
people filthy rich.

As your little story made clear, it's when the ordinary joe in the street
starts to pile in the belief of making a fortune and the price/time graph
turns parabolic that you know there's a meltdown a' comin'.
Actually, you didn't even need to construct an allegory about monkeys
because exactly the same thing happened for real with tulip bulbs (of all
things) about 300 years ago!




The clever monkeys bought bitcoins in 2009 for 6 cents each.

If they managed to sell out at $19,000 without being defrauded,
then they are laughing.

If they were defrauded, then they haven't lost much.

In article ,
Andrew writes:
The clever monkeys bought bitcoins in 2009 for 6 cents each.

Someone I work with mined many hundreds of them back then, just
to test out the performance of a new array of GPU processors.
They were worth 7p each at the time, and no one bothered to keep them.
Apparently, that's probably what happened to most of the early
bitcoins.

- "look after the pennies and the pounds will look after themselves"


If they managed to sell out at $19,000 without being defrauded,
then they are laughing.

If they were defrauded, then they haven't lost much.

--
Andrew Gabriel
[email address is not usable -- followup in the newsgroup]

On 06/01/2018 06:29, The Natural Philosopher wrote:
On 05/01/18 23:28, Cursitor Doom wrote:
On Fri, 05 Jan 2018 21:08:22 +0000, Brian Gaff wrote:

Well I thought all normal people realised this long ago, this is why all
the bitcoin spam is automatically dumped in my spam folder.
Â* Its really no different to all that buying up of debt the last time
Â* around.
In the end if nobody allies any kind of currency to something people
want its worthless.

And what is it actually backed by? Just number-crunching, zillions of
computer cycles and electricity bills, ergo precisely nothing of what
people want or need.




A bit like gold, bits of printed plastic paper or cowrie shells then




+1

On Sat, 06 Jan 2018 06:29:40 +0000, The Natural Philosopher wrote:

A bit like gold, bits of printed plastic paper or cowrie shells then

You've lumped totally disparate investment classes into one as if they
were all alike in some way. Cowrie shells were an early form of currency
based on their physical attractiveness. Gold has both industrial and
cultural desirability to underpin its value. Printed plastic is fiat
money with precisely zero intrinsic value.



--
This message may be freely reproduced without limit or charge only via
the Usenet protocol. Reproduction in whole or part through other
protocols, whether for profit or not, is conditional upon a charge of
GBP10.00 per reproduction. Publication in this manner via non-Usenet
protocols constitutes acceptance of this condition.

On 06/01/18 23:21, Cursitor Doom wrote:
On Sat, 06 Jan 2018 06:29:40 +0000, The Natural Philosopher wrote:

A bit like gold, bits of printed plastic paper or cowrie shells then

You've lumped totally disparate investment classes #

No. These are not investment classes: They are all currencies. Tokens
representing value but with little or no intrinsic value.

Like bitcoins, what is needed in a currency is the inability to
duplicate. In tefcase pof gold thats because there isnt much around. In
et case of cowerie skells I suspect similar. And in any case cheating in
an island society? In the case of paper money its made spcually hard to
counterfeit.



into one as if they
were all alike in some way.

They are. See above


Cowrie shells were an early form of currency
based on their physical attractiveness. Gold has both industrial and
cultural desirability to underpin its value. Printed plastic is fiat
money with precisely zero intrinsic value.


Completely wrong.

They are all *tokens* of value that have no *intrinsic* value.

Until the advent of electronics gold had no practical use whatsoever. It
was just rare and decorative.





--
Ideas are more powerful than guns. We would not let our enemies have
guns, why should we let them have ideas?

Josef Stalin

"The Natural Philosopher" wrote in message
news
On 05/01/18 23:28, Cursitor Doom wrote:
On Fri, 05 Jan 2018 21:08:22 +0000, Brian Gaff wrote:

Well I thought all normal people realised this long ago, this is why all
the bitcoin spam is automatically dumped in my spam folder.
Its really no different to all that buying up of debt the last time
around.
In the end if nobody allies any kind of currency to something people
want its worthless.

And what is it actually backed by? Just number-crunching, zillions of
computer cycles and electricity bills, ergo precisely nothing of what
people want or need.




A bit like gold,

gold has a utility value - albeit one lower than its investment value

bits of printed plastic paper

The value of bits of printed pa[per is underwritten by a government.
There's also no speculation in their value. They are worth a pound
yesterday, today, tomorrow and next year.

or cowrie shells then

agreed, but times were different then

tim




--
Microsoft : the best reason to go to Linux that ever existed.

tim... wrote:

"The Natural Philosopher" wrote in message
news
On 05/01/18 23:28, Cursitor Doom wrote:
On Fri, 05 Jan 2018 21:08:22 +0000, Brian Gaff wrote:

Well I thought all normal people realised this long ago, this is why all
the bitcoin spam is automatically dumped in my spam folder.
Its really no different to all that buying up of debt the last time
around.
In the end if nobody allies any kind of currency to something people
want its worthless.

And what is it actually backed by? Just number-crunching, zillions of
computer cycles and electricity bills, ergo precisely nothing of what
people want or need.




A bit like gold,

gold has a utility value - albeit one lower than its investment value

bits of printed plastic paper

The value of bits of printed pa[per is underwritten by a government.
There's also no speculation in their value. They are worth a pound
yesterday, today, tomorrow and next year.

I thought currency speculation was actually rather rife! Or are you
with Harold Wislon on this?




or cowrie shells then

agreed, but times were different then


They are still used in rural bits of West Africa as well as elsewhere.

--

Roger Hayter

On Sun, 07 Jan 2018 09:01:55 +0000, The Natural Philosopher wrote:

Like bitcoins, what is needed in a currency is the inability to
duplicate. In tefcase pof gold thats because there isnt much around. In
et case of cowerie skells I suspect similar. And in any case cheating in
an island society? In the case of paper money its made spcually hard to
counterfeit.

Yes, they make paper currency especially hard to counterfeit, but then
they let banks effectively print as much of the stuff as they like by
creating credit out of effectively thin air! I believe for a long time
now, hardly any of the total money supply is comprised of bank notes.



--
This message may be freely reproduced without limit or charge only via
the Usenet protocol. Reproduction in whole or part through other
protocols, whether for profit or not, is conditional upon a charge of
GBP10.00 per reproduction. Publication in this manner via non-Usenet
protocols constitutes acceptance of this condition.

On 07/01/2018 09:01, The Natural Philosopher wrote:

Until the advent of electronics gold had no practical use whatsoever. It
was just rare and decorative.

I'll see your no practical use and raise you some gold teeth.

Even before electronics the corrosion resistance was sometimes useful.

Andy

"Vir Campestris" wrote in message
news
On 07/01/2018 09:01, The Natural Philosopher wrote:

Until the advent of electronics gold had no practical use whatsoever. It
was just rare and decorative.

I'll see your no practical use and raise you some gold teeth.

Even before electronics the corrosion resistance was sometimes useful.

yep

it has value in making jewelry because it is easy to work and doesn't
tarnish

tim