Bitcoin Forum

http://money.cnn.com/2013/05/14/investing/bremmer-bitcoin/index.html?iid=HP_LN

LOL. With a CEO being totally ignorant towards bitcoin (and thinking something like AMEX points will replace it), I would be very surprised if Eurasia Group is still around in 10 years.

Dinosaur mentality about what is new should be wrong, and what they learned 174 years ago still applies.

Didn't someone years ago say that Rock-n-Roll was just a fad?


Whatever other cryptocurrencies try to compete with bitcoin would have to have an equal or higher adoption rate to be successful. With all the news of VC, entrepreneurs and small business owners becoming entwined in bitcoin commerce, it's unlikely that anything will be even close to competing for the next decade (if ever).


Except that Amex points are simply icing on the cake; no one would've signed on for the service if they didn't need a credit card at all. His example is pretty poor.

I see where he's coming from because if a bigger play saw the opportunity in over $1b in bitcoins being released over the next years they could move over and take over a large portion in network hashing power to attempt to get these bitcoins. However, he still isn't upgrading his mentality.

And this belongs in the news section I think:)

 after recent development's, I also think that bitcoin won't be around in 10 years.

"People can buy things with Amex points. That's a real kind of currency that's created by American Express to allow them to have a greater piece of consumption that they otherwise wouldn't get," said Bremmer.

To


"People can buy things with Dollars. That's a real kind of currency that's created by the Federal Reserve to allow them to have a greater piece of consumption that they otherwise wouldn't get," said Bremmer.


Yeah, that guy really understands what's going on. </ sarcasam>

Why, because its from a legitamate news source and not from a random blog?  Good thinking.  Lets set that bar real high.  ::)

its piss poor.

my banking cc just wiped 25000 pts off my account b/c i didn't "use" it last year.

I love these guys ...

Bitcoin will be around longer than the human race...

Is this like those guys who keep saying the world's going to end every few years?  They keep getting it wrong, too.

You're right - he obviously doesn't get it.  I'm pretty sure AMEX handles transactions in various currencies now, and any of them can earm Amex points.  So if people want to remain ignorant about CC rewards programs, AMEX can still give out their points even on transactions done in bitcoin.

And since this touches on a sore spot with me and CC companies:
Are Amex points part of a rewards program?  CC rewards programs are funded by charging merchants higher discount rates on transactions incurred on the cards.  The merchant has no way of knowing what their full transaction cost will be until long after the transaction is completed.  This practice leads directly to higher prices for everyone.  So what he is in effect saying is "We'd prefer to keep the existing systems in place so that people can buy shit with other people's money and we make a shit load of money."

To which "recent developments" are you specifically referring?

Funny how they always fall on the same argument, "Bitcoins were stolen by hackers." Of course dumbass, things that have real liquid value are frequently stolen. I guess he's never heard of a "bank heist."

"People can buy things with Amex points. That's a real kind of currency that's created by American Express to allow them to have a greater piece of consumption that they otherwise wouldn't get," said Bremmer.

Wow, Im seriously dying here laughing. I mean, he seriously just called Amex points a real currency. You cant make this shit up.