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Author Topic: One of the most Biased articles ive ever read. (Financial Times)  (Read 1211 times)
MbitSport
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November 10, 2015, 07:16:28 PM
 #1

http://www.ft.com/cms/s/0/1877c388-8797-11e5-90de-f44762bf9896.html#axzz3r7J89upV

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Bitcoin also lacks another feature of currencies: the balance sheet of a central bank standing behind it. They might be intangible, but a balance sheet has two sides to it, lists of assets and liabilities.
The bitcoin ledger, by comparison, is just a glorified list of liabilities, keeping track of where the bitcoins are located.


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November 10, 2015, 07:53:14 PM
 #2

every bank note is an IOU

and thus bank balances are ONLY a list of liabilities..
banks do not list ASSETS.. FIAT is not an asset, but credit, no longer backed by the promise of gold..

bitcoin is an ASSET. it needs no backing.. just like gold is an asset and needs no backing..

its fiat that needs backing..

.. really think the FT are hiring people that dont have a clue about basic economics.. which is strange for a financial media outlet.

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November 10, 2015, 08:29:34 PM
 #3

every bank note is an IOU

and thus bank balances are ONLY a list of liabilities..
banks do not list ASSETS.. FIAT is not an asset, but credit, no longer backed by the promise of gold..

bitcoin is an ASSET. it needs no backing.. just like gold is an asset and needs no backing..

its fiat that needs backing..

.. really think the FT are hiring people that dont have a clue about basic economics.. which is strange for a financial media outlet.

Bitcoin, the blockchain, and its network participants makes for a seriously disruptive technology that most will struggle to understand.

This article is simply another example of the blind leading the blind.
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November 10, 2015, 08:32:14 PM
 #4

every bank note is an IOU

and thus bank balances are ONLY a list of liabilities..
banks do not list ASSETS.. FIAT is not an asset, but credit, no longer backed by the promise of gold..

bitcoin is an ASSET. it needs no backing.. just like gold is an asset and needs no backing..

its fiat that needs backing..

.. really think the FT are hiring people that dont have a clue about basic economics.. which is strange for a financial media outlet.



What just happened to op.(Err I mean the writer of the article.)
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November 11, 2015, 12:07:52 AM
 #5

Quote
The bitcoin ledger, by comparison, is just a glorified list of liabilities, keeping track of where the bitcoins are located.

I'd rather say it's a great, positive list of assets. The value of those assets is far from fixed, that's a fact, but there isn't a single liability in the blockchain, nor in BTC. No credit, no debit, only assets.

The journalist has also chosen a wrong word when he used "located". I guess the guy's not very familiar with BTC. There's no balance sheet in BTC, but this is precisely what makes it great.
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November 11, 2015, 02:49:48 AM
 #6

http://www.ft.com/cms/s/0/1877c388-8797-11e5-90de-f44762bf9896.html#axzz3r7J89upV

Quote
Bitcoin also lacks another feature of currencies: the balance sheet of a central bank standing behind it. They might be intangible, but a balance sheet has two sides to it, lists of assets and liabilities.
The bitcoin ledger, by comparison, is just a glorified list of liabilities, keeping track of where the bitcoins are located.



Whereas fiat currency, on the other hand (no pun intended) ...


MbitSport
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November 11, 2015, 12:54:41 PM
 #7

every bank note is an IOU

and thus bank balances are ONLY a list of liabilities..
banks do not list ASSETS.. FIAT is not an asset, but credit, no longer backed by the promise of gold..

bitcoin is an ASSET. it needs no backing.. just like gold is an asset and needs no backing..

its fiat that needs backing..

.. really think the FT are hiring people that dont have a clue about basic economics.. which is strange for a financial media outlet.



What just happened to op.

Im not in agreement with the article, in fact the exact opposite.
spartacusrex
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November 11, 2015, 12:59:56 PM
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Can't read the article! Need to subscribe.. Anyone copy / paste ?  (If that's allowed..)

MbitSport
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November 11, 2015, 01:07:47 PM
 #9

Can't read the article! Need to subscribe.. Anyone copy / paste ?  (If that's allowed..)

I just tried to copy & paste it here but seems as though theyre asking me to pay to read it as well now lol, what a joke.

Guess you can get a jist of the article here: https://www.cryptocoinsnews.com/financial-times-writer-calls-bitcoin-pyramid-scheme/ but would have really been better to read the article itself to really soak in the BS that was seeping from it.
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November 11, 2015, 01:20:25 PM
 #10

every bank note is an IOU

and thus bank balances are ONLY a list of liabilities..
banks do not list ASSETS.. FIAT is not an asset, but credit, no longer backed by the promise of gold..

bitcoin is an ASSET. it needs no backing.. just like gold is an asset and needs no backing..

its fiat that needs backing..

.. really think the FT are hiring people that dont have a clue about basic economics.. which is strange for a financial media outlet.



What just happened to op.

Im not in agreement with the article, in fact the exact opposite.

My bad that should of been obvious to me.
acquafredda
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November 11, 2015, 01:27:55 PM
 #11

http://www.ft.com/cms/s/0/1877c388-8797-11e5-90de-f44762bf9896.html#axzz3r7J89upV

Quote
Bitcoin also lacks another feature of currencies: the balance sheet of a central bank standing behind it. They might be intangible, but a balance sheet has two sides to it, lists of assets and liabilities.
The bitcoin ledger, by comparison, is just a glorified list of liabilities, keeping track of where the bitcoins are located.



Whereas fiat currency, on the other hand (no pun intended) ...



Thanks to you I spent over 20 minutes looking for george on that site.  Grin

Let's give the chance to others as well
http://www.wheresgeorge.com/b:mvzjWW2I8b

And, by the way, where's George?

Honeybadger does not care
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November 11, 2015, 01:31:14 PM
 #12

http://www.ft.com/cms/s/0/1877c388-8797-11e5-90de-f44762bf9896.html#axzz3r7J89upV

Quote
Bitcoin also lacks another feature of currencies: the balance sheet of a central bank standing behind it. They might be intangible, but a balance sheet has two sides to it, lists of assets and liabilities.
The bitcoin ledger, by comparison, is just a glorified list of liabilities, keeping track of where the bitcoins are located.




This is fucking hilarious.  Have you seen the balance sheets of central banks?  This is precisely why I use bitcoin.  I don't like those balance sheets 'backing' my assets.  The central bank balance sheet is fucked with very red ink.  

This FT guy is clearly on drugs.

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spartacusrex
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November 11, 2015, 01:48:59 PM
 #13

http://www.ft.com/cms/s/0/1877c388-8797-11e5-90de-f44762bf9896.html#axzz3r7J89upV

Quote
Bitcoin also lacks another feature of currencies: the balance sheet of a central bank standing behind it. They might be intangible, but a balance sheet has two sides to it, lists of assets and liabilities.
The bitcoin ledger, by comparison, is just a glorified list of liabilities, keeping track of where the bitcoins are located.




This is fucking hilarious.  Have you seen the balance sheets of central banks?  This is precisely why I use bitcoin.  I don't like those balance sheets 'backing' my assets.  The central bank balance sheet is fucked with very red ink.  

This FT guy is clearly on drugs.

++

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November 11, 2015, 02:01:22 PM
 #14

I can't read that news because i have to subscribe, but who would subscribe their news if they can't even provide good news.
Bitcoin is real asset, so it doesn't need backing from anymore. Also, balance sheet is lie & can be manipulated, that's another reason why people use bitcoin.

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November 11, 2015, 02:30:29 PM
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FT is now either wholly or majority owned by Nikkei Stock Exchange IIRC, there was a big deal to that effect recently. Don't blame anyone in that contingent (finance and ancillaries) for feeling threatened by both Bitcoin and blockchain technology in general; they should be.

Vires in numeris
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November 11, 2015, 02:37:36 PM
 #16

http://www.ft.com/cms/s/0/1877c388-8797-11e5-90de-f44762bf9896.html#axzz3r7J89upV

Quote
Bitcoin also lacks another feature of currencies: the balance sheet of a central bank standing behind it. They might be intangible, but a balance sheet has two sides to it, lists of assets and liabilities.
The bitcoin ledger, by comparison, is just a glorified list of liabilities, keeping track of where the bitcoins are located.


Your article given through your link is unreachable because to read it must pay. And I have not in mind to do this. So I am commenting only the part given by you in your main post. There are to much other things (an even more important that these given in your quoted post) that bitcoin don't have compared with the other classic and normal actual currencies. And to many "specialist" of the currencies claim those. Like, have nothing behind bitcoin, no one offer warranties for it (like the other national currencies which have their Central Banks which care about those) etc, etc.

Where is the problem with such kind of "specialists"? Everything told by them is some kind of scholastic lesson learn by them in the Universities they have studied. Have them right? That depends from the point of view. According to them and their studies for sure yes. According to me no.

Here the problem is to change the meaning of the currency. Every concept or word is enriched in time representing the new realities comes from the development of society, economy or technology. As it can be seen the actual concept and meaning of the term or product named "currency" need enrichment.

Bitcoin is for sure currency. For the simple reason that everyone can buy everything which is in sale with it. Even in giants like Microsoft or Dell. This is enough to be named currency. A new kind of currency never seen before. But it is a currency. The qualities of this currency must be reflected in the meaning which have actually the concept of currency. Maybe defining as a deviated currency compared with the normal ones. Or in another way. This can be discussed. But cannot be told never and cannot be put in discussion the being currency of it. It will be a stupidity such last discussion.
MbitSport
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November 11, 2015, 03:03:31 PM
 #17

When i originally posted the article, it didn't ask for a subscription to FT to read it, this is new.

Maybe i should remove the original link?
Betwrong
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November 11, 2015, 03:12:19 PM
 #18

http://www.ft.com/cms/s/0/1877c388-8797-11e5-90de-f44762bf9896.html#axzz3r7J89upV

Quote
Bitcoin also lacks another feature of currencies: the balance sheet of a central bank standing behind it. They might be intangible, but a balance sheet has two sides to it, lists of assets and liabilities.
The bitcoin ledger, by comparison, is just a glorified list of liabilities, keeping track of where the bitcoins are located.




Can't read the article.  Sad Can you paste it here? I don't want to pay my money to those who are issuing biased (in a bad way) articles about Bitcoin. )

MbitSport
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November 11, 2015, 03:19:31 PM
 #19

Im not sure if im allowed to copy and paste the article here but i found a way to read it without subscribing, you can view a cached version by searching the link but copying it into google.

https://www.google.co.uk/#q=http:%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F1877c388-8797-11e5-90de-f44762bf9896.html%23axzz3r7J89upV
Denker
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November 11, 2015, 03:39:28 PM
 #20

Can't read the article! Need to subscribe.. Anyone copy / paste ?  (If that's allowed..)

Just use my link which leads you to another thread about that article. I put the all the context in there.
Have fun reading that shit. Cheesy
Definitely just pure FUD!

https://bitcointalk.org/index.php?topic=1243340.msg12939713#msg12939713

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