Quote from: Ramazi on June 24, 2016, 07:27:45 AM

Quote from: r0ach on June 23, 2016, 07:38:50 PM

The problem is you don't see the obvious categorization here, private money vs public money. The Federal Reserve currently lends debt based money into existence and charges you interest to use it. This is obviously private money and detrimental to anyone that's suckered into using it when it's clearly neo-feudalism through usury. Gold? Anyone can find it if they try hard enough. There's no strings attached to it. It's not debt based. It's not issued by a central authority. It's not possible to be extorted by interest or devaluation by some unknown party just by picking it up. It's permissionless, public money.

The same dynamic exists in cryptocurrency. IPO scamcoins are essentially directly replicating the Federal Reserve banks, in that they're attempting to charge you to utilize their private money system. Even if you remove the interest or devaluation aspects, it's still a system of extortion. Pay me to use my money. Private money. It is capitalism, but it's also subjecting yourself to be someone's slave where they make the rules and you're there to benefit them at your own expense.

In traditional Bitcion PoW, the block reward does not benefit the issuer, so there is no master and slave dynamic. It's public money, just like gold. Everything else that deviates from this model where the issuer benefits is just a flat out extortion scheme. I'm sorry all of you people want to get paid, but it's not possible in this domain unless you willingly become an extortionist scammer. The reason this forum exists is for the facilitation of public money to defeat those private money scams.

Roach, good observations and strong points!

Does it mean that only Bitcoin is a good basis for social projects, all other currencies are "private" ones? The holders of currencies will benefit and all other participants will loose sooner or later.

I'm rather new to the topic, so sorry if my question is stupid one.

r0ach is just trying to sell you Monero proof-of-work bagholding that he bought. His logic is incorrect. See my detailed rebuttal immediately above yours.