Bitcoins and gold standard dollars -- was Re: Anyone want to make a housecall?

Daniel Fussell dfussell at byu.edu
Tue Jun 4 18:39:38 MDT 2013


On 06/01/2013 05:55 PM, Levi Pearson wrote:
> On Jun 1, 2013, at 5:23 PM, Bonez <sanchiro at gmail.com> wrote:
>
>> Forgive my asking, and know that my question portends no doubt or rejection
>> ... Just curious what your background is, Levi? Do you work in finance, or
>> simply read a lot? I'd like to learn more about our us systems.
> I work in the tech field, like most on the list, but I read a lot from a variety of places. There is an astounding amount of utter nonsense on the Internet, however, so it is necessary to be careful with the sources that you trust, and even then to read critically. Encyclopedias and Wikipedia are good jumping-off points for research, but forums and advocacy sites generally are not. If you look at comment threads or discussion forums, keep in mind that the people who comment there are not a representative sample of the population, and people will argue just as passionately for wrong things as they will right ones. Occasionally they will help to point out real flaws in reasoning or mistaken facts, though, so they are not completely worthless.
I've been in the bank sector, and wikipedia, et al, only tells you half 
the system; there's also a social part of it.  I've watched a solid bank 
collapse under what essentially was a bunch of hair-brained idiots 
raving in forums.  Only the idiots were the stock-holding board members 
making a stink in a public forum about the bank leadership's supposed 
malfeasant decisions that resulted in a fractional percentage reduction 
of their normal stock dividends. Two weeks later, the bank didn't 
exist.  At which point, neither did the stock.  Don't underestimate the 
power of an idiot to destroy value via public forum.  They have no sense 
of self-preservation.

;-Daniel Fussell


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