Quote from: entropy137 on November 20, 2011, 09:37:12 PM

If Jim Rogers wanted to do it right, he'd create an entirely new CryptoCoin, peg it to a value, guarantee that value, put MtGox out of business, and finance structured ASIC development and sell the opportunity as monopolized hardware. He wouldn't buy into Bitcoin. Ever.

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Peg it to a value in what? Dollars? You can get dollars at the bank. Gold? There are already gold backed credit cards. ASICs can get reverse engineered. Has Intel ever "monopolized" CPUs?

It would seem to me that the way to "do it right" would be to buy up a million or two of bitcoins and then invest in bitcoin startups that would build the infrastructure of the bitcoin economy allowing technical illiterates to use it as well as merchants to hedge for currency risk. Then talk about bitcoin every time he goes on TV.

The way to do it right is to buy out all the coins, and start investing in good ideas.
Starting a "whole new coin" that's "backed by something" has already been done before, and it didn't turn out well Wink

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