Bitcoin Forum

http://www.hypergridbusiness.com/2012/07/5-reasons-grids-should-avoid-bitcoin/

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At the end of the article it says

HAHAHAHA It's kind of funny, but this author has no understanding of the worldwide financial system nor basic macro economis 101.

Don't you find it intriguing that the thing's he says to stay away from are the very things that attract us all to Bitcoin!

1. There are no BitCoin police

> Wait, you mean there is no regulator that can stick their hands in my bank account and take all my money? Oh my gosh, what will I do!

2. BitCoins have no backers

> This one is just lulz "BitCoins are like Beanie Babies — as long as people want them, their price will go up. "

3. BitCoins are volatile

> Duh, so is every currency. In fact, the past 4 months have been the most stable...ever. Didn't Zimbabwes currency inflate by like 10000% in 2 years?

4. BitCoins may attract regulatory attention

> This one pisses me off the most. EVERYTHING attracts regulatory attention. Author is not up to do on regulatory matters surrounding Bitcoin

5. BitCoins are unfair

> Go cry

Just a small correction...

I stand corrected....but my statements still stand  :)

It's because of articles like this the value of bitcoin goes up.  ;D

Clearly, she need an editor herself. Or maybe she's desperate for traffic, no matter how badly written the article is?

I liked the one theory presented in the comments that she is spreading FUD to try and drop
the price so she can buy a bunch of them herself. 

Ya, I don't think she has that much influence...

Before I even read the link, is that Maria's writing?

If so, i'm disappointed - I know her work and she's usually better at not falling for common myths.

I died at this point:

How can a women take so much bashing and keep writing?

Example of a posted comment.


*facepalm*

Someone that hates bitcoin is paying her to write this. Example of above quote. Hmmm.

If you see titles like this: "5 reasons to <blah>" or "Ten way <blah>", you know that the writer is desperate for traffic.

[/quote]

Most bitcoiners are male. Either that, or the woman hates Justin Bieber.

I spat up my coffee when I read it haha :o

For an average person her arguments seem legit, and it couldn't be shrugged off as easy as "Ponzi Scheme" argument. I think that for the next year those will be most popular among Bitcoin detractors, not because it's good but because it's something general public understands. I know why she is wrong, but countering her arguments requires analytics and hard numbers, so I am going to play devil's advocate here to see what we can come up with.

But what happens when your bitcoins get stolen, how can you get your money back from those responsible?

Government has resources to buy the currency from you and force others to buy it even if it's not worth much, therefore you have some guarantees that it's not going to collapse overnight.

It is democracy in US, american people will not elect someone who would do something like what happened in Zimbabwe.

Bitcoin is a grey area right now but it will move towards being illegal or at least some aspects of it will, so people shouldn't bother to use Bitcoin because there is so much uncertainty around it.

The more people use Bitcoin the more rich it makes early adopters, despite the fact that they are doing nothing to increase their wealth.

This is way off. The annual inflation rate in Zimbabwe reached 6.5 × 10¹⁰⁸% in December 2008. http://en.wikipedia.org/wiki/Zimbabwean_dollar (http://en.wikipedia.org/wiki/Zimbabwean_dollar). When government fiat currencies go bad they can go really bad not just 10000%

Doesn't take criticism very well my comment was deleted twice. I didn't even use profanity.  LOL

Thank goodness I got rid of all mine when they dropped through the $2 flloor...

...Oh wait, I didn't. My bad.

-MarkM-

"People [will suddenly] stop wanting them"

hehehe

Was just poking fun at her article, if I wanted to counter it, I would have used bigger words  ;D

We will hear those arguments repeated over and over again, I was just thinking that maybe we should try to come up with the answers in a wiki-like format.

Or perhaps something like this: https://bitcointalk.org/index.php?topic=89772

I will no longer be involved with Bitcoin after today upon reading the above. Anybody want to my my user name on this forum?


I can't wait to read what the Junior writers pen. Perhaps stuff my 10-year-old nephew can grasp.

The article actually links to these two.

So maybe the translation is simply "we don't yet have a module that uses bitcoin as the primary in-world currency, so until we do bitcoin is a bad idea".

-MarkM-

I don't think that's what she's getting at - most of her objections seem to be quite fundamental. Actually that was the strangest thing about the piece - she goes into all that weird, abstract stuff about early adopters being undeserving and banks making your money work hard, without mentioning the fact that there is no practical way for grid owners to use Bitcoin even if they want to, because nobody's written a Bitcoin money module yet.

Anyhow I wrote a response here. I've tried to keep it specific to actual practical concerns faced by people who operate OpenSim grids, and if people make more general comments about fiat banking and things I reserve the right to moderate them.

http://edmundintokyo.wordpress.com/2012/07/04/5-reasons-grids-should-use-bitcoin-if-i-ever-get-around-to-finishing-the-money-server/

The article actually was paid by those two, who may well be one and the same lol

I am confused, my quote is linked in the article? I don't follow, could someone explain to me in a way I might understand?

No, the 2 companies on that quote below yours are linked from the article, on the last paragraph. Altho it' just links to blog posts about those comanies, it's still advertising.

Nothing more than a sponsored blog post.

Oh, I'm removing it out of my post then.

http://1.gravatar.com/avatar/907263a06a736ef0b93c6fef8cb3bf68?s=85&d=http%3A%2F%2Fwww.hypergridbusiness.com%2Fwp-content%2Fthemes%2FStars%2Fthestars%2Fimages%2Fgravatar-blank.jpg%3Fs%3D85&r=G


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She must deal a lot with the FBI and Interpol...

Yeah, the quality of the photo and of her writing are appropriate...

5. Bitcoins are unfair

Yeah bitch, life is unfair.

This article makes me want to rage and facepalm at the same time. -_-

Just remember we were nubs once.....

Dear "Sponsored Blogger" Maria

Your post is a fail of gigantic proportion except for the reply-generation and traffic you are getting thanks to the bitcoin forum.
There are many ways to reply to it but I will address just one of the many fallacies your article is riddled with.
Credit card fraud is growing. +12% last year in the country where I live (France) in spite of 3DS and other pathetic attempts of security by propaganda.
The cost of credit card fraud is borne mostly by online merchants who are then forced to integrate it as a premium in the price offered to their customers.
The bitcoin technology is an innovation by which people can buy online without using their credit card number: it's just faster, simpler and safer.
This reason alone convinced me that bitcoin is going to be huge as a transaction network.
Will it be big as a stand alone currency as well ?
Future will tell but my bet is that if the network is bound to be successful, the currency flowing through it will start being happily accepted by merchants without automatic conversion to fiat.

It is the same phenomenon that occurs whenever Paul Krugman writes about something - seeing someone who is so retarded, come out in opposition to one's position, makes a wonderful argument for why that position is actually valid.

In any case, I deemed this article the Worst Bitcoin Article of All Time.

Krug even looks retarded. :D

True in this case but not in general:
http://lesswrong.com/lw/lw/reversed_stupidity_is_not_intelligence/