2013-07-07 ArabianGazette.com - The curious case of Bitcoin

[Stephen Gornick]

It's been a while since a single article has had such a high ratio of erroneous statements and uninformed opinions within.

The curious case of Bitcoin
by Zain Naeem,
Head of equity research at Maan Securities (Pvt) Ltd in Pakistan's stock markets.

This does open the opportunity to launder money, as ownership cannot be determined, but this is a bug that can be set right over time.
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There needs to be central authority which can regulate the currency and make clearing of transactions more trustworthy. Till then it seems, this fad of Bitcoin will persist until something new is developed.
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Just like the latest iPhones, the fashion of this currency will fade when something new comes along. This might see the fate of Bitcoin being relegated to a software currency used by gamers and developers for purchase of game content in the MMORPG games.

 - http://arabiangazette.com/curious-case-bitcoin-20130707/

[superduh]

Thanks for the laugh

[Gabi]

Failometer over 9000 

[bitfromit]

A new world record breaker here.

[bitfromit]

I have terrible news. There is a huge "BUG" in Bitcoin. You see, "ownership cannot be determined" - Oops! But never mind all is not lost, apparently "that can be set right over time." so no need to panic here.

However there is another grave problem : it is unreliable and insecure because "There needs to be central authority which can regulate the currency and make clearing of transactions more trustworthy".

Alas, perhaps if "this fad of Bitcoin will persist until something new is developed." We should probably just throw in the towel and get busy on that "something new".

Must try to stop reading the news but morbid curiosity keeps sucking us in.