Bitcoin Forum

I just read this:
http://www.finance-guy.net/finblog/enroncoin

What do you guys think?

Would Bitcoin gain better traction if it offered the option to work with USD or EUR as well as bitcoin?

I think the article is quite harsh, whatever the opposite of rose tinted spectacles are is what the author is wearing imo, but yes crypto would gain better traction if it offered the option to work with USD or EUR as well as an unstable backing currency like Bitcoin.

Luckily BitUSD and BitEUR already exist - https://bitcointalk.org/index.php?topic=922252.msg10128457#msg10128457

You can already hedge in BitUSD/EUR/Gold/Silver in a few seconds inside some of these wallets with no centralized counterparty risk. So you can not be exposed to the crypto downturn at all & still stay in crypto if you like.

Not understanding what you're asking.

I've read most of the article,

It's pretty much the mining I agree on.

I think that the infrastructure is great, but it needs to be linked to money people are familiar with, otherwise nobody will be interested in it.

It's rubbish.  As soon as I saw "mining is dying" and "there is no intrinsic value", I stopped reading.

Am I correct to assume this is your blog? Most of your posts are links to that site.

yawn, BitCrap pump.

Yes, bitcoin mining is dying because the real miners cannot cover the costs with this BTC price.

Also, the cloud mining is already dead because they are ponzi.

https://coinfire.cf/2015/01/19/sec-investigation-of-gaw-miners-underway/

All these are FACTS not SF. things. :)

Then some miners will drop out, network hashrate will decrease, difficulty will adjust, and
the miners still in the game will get more of the pie and become profitable.

Mining will ALWAYS be profitable for someone.

If that ever happened I would be gone. One of the single greatest things about bitcoin is that it is independent of any currency. If it were linked to the dollar then the Federal Reserve could control the value of bitcoin. That's not what you want, right? Or maybe it should be linked to the Ruble? Then Putin could chose what you can do with your BTC.

I think a lot of new business are trying exactly that .That and stabilizing the price should lead to more adoption.

There are some exchanges that let you buy scamcoins like USD and EUR. 

Sorry but that is rubbish.

We cannot take seriously a person who compares M-Pesa with Bitcoin, because it is centralized and can be shutdown by a criminal government anytime. As if M-Pesa (or paypal or whatever) balances, which are just numbers on computers, had any more intrinsic value than BTC!

About the mining, that is completely irrelevant to BTC. If 99% of miners go out of business and price is $50, BTC will work and perform and function just as well as today.

Transactions confirm, value is transferred, no matter where BTC price or world hashrate stands.

This is funny, no one says "USD is doomed" if a bank fails or a money transmitter. An USD is an USD, even if SWIFT goes down the tube tomorrow. Shutting down the BTC network will be much harder than shutting down SWIFT or a bank.

 :)

sooner or later, people that still spread misinformation about Bitcoin will be revealed as doing so intentionally.

Well that has been done all throughout. Doesn't look like it will stop bitcoin.

You'd expect they have some clue of what they are writing about after their claimed 6 months of reporting on bitcoin...
Reading the article it becomes clear they have no idea what they are talking about...

Work with USD/EUR?! Those people don't seem to get Bitcoin. My god, it's a decentralised system, completely void of any outside influences. That is what is making Bitcoin so unique and interesting.

Same old bullshit, "no intrinsic value", as if U.S. Dollars take more work to create than bitcoins.

"Merchants selling drives down the price", as if merchants can get the bitcoins from customers without the customers first buying the bitcoins and driving up the price.

"Miners are turning off their machines", as if there aren't 100 other SHA256 coins to make money on.

There they go again.... Trying to say that the blockchain is amazing but Bitcoin is not.  :P

I
Well the miners are dropping off...

I guess he is looking for the monetary returns of Bitcoin, I'm not sure how that works... Where do you think the intrinsic value is?

That's right, you are right and I agree with you.