Tuesday, February 25, 2014

Some news for Tuesday, including some bitcoin Schadenfreude (and bonus Genesis lyrics)

I capitalized Schadenfreude and not bitcoin, because Schadenfreude is real while bitcoins turns out to be just another pile of fiat.

Here's some reading:

Reformed Borker (Bork Bork Bork!) - and then the whole world broke out. Is the breakout of the MCSI All-World index a harbinger of the imminent massive repudiation of debt? Or instead is it a sign that you're still flat-footed and need to get your ass in gear?

Mining.com - Mt. Gox goes bust, 744,408 bitcoins gone missing. Where some bitcoin fanclown posts this comment:
"We are building a new financial order, and those of us building it, investing in it, and growing it, will pay the price of bringing it to the world. This is the harsh truth. We are building the channels, the bridges, and the towers of tomorrow's finance, and we put ourselves at risk in doing so."
Some of you are going to die - 
martyrs, of course, to the freedom that I shall provide.
I personally prefer building things in a world with workers' compensation, workplace health & safety legislation, and no harsh truths. Then again, I work in engineering, in the real world, where you try not to be responsible for massive death and destruction.

Though yes, I know, 300 years ago you could build channels and bridges by simply killing enough worthless Irishmen.

BI - Gartman on the collapse of Mt. Gox. Quote:
"We have never been fans of Bitcoin, believing it to be nothing more than a scam of the first order and a breeding ground for drug dealing and tax evasion. We have pled with our clients around the world not to become involved with Bitcoin in any form or fashion, but even we are stunned by the announcement that the Bitcoin exchange, Mt. Gox, has gone bankrupt... or soon will... in the past twenty four hours, proving once again our old adage that 'there is never just one cockroach'.

"Mt.Gox had delayed paying out trading profits and/or holdings of cash or of Bitcoins themselves in recent weeks, blaming problems on technical circumstances... upon “server” problems... or upon other technical irregularities. Now it is being reported that Mt. Gox has suffered the theft of several hundred thousand of its deposited Bitcoins and that the theft took place a year or more ago and is only now coming to light.”
Hm. Have you ever had this happen to your "fiat" dollars? Ever had them all just disappear one day? No?


  1. Ah well, I knew that quote straight off. Back when they didn't let Mr Collins off the drumkit and things were creative.

  2. My translation of that bitcoin boob's quote would be more like, "I'm one of the dumb fuckwits who believed in this bullshit. Oh crap."