Washington Post: 'R.I.P. Bitcoin. It’s time to move on'

[knowhow]

The bitcoin nowadays is a high risk investment that can bring short results that any other market can offer,soo investors are getting inside bitcoin,get 50%investment into two months its like crazy if someone talk about it,but bitcoin made it and well news will always try to hit bitcoin,but its too big to anyone kill it,this news just make more people search about bitcoin and join.

[srinikethan]

what?is that so?..thats sad to here...!!but is the bitcoins really gone in washington?...that would be the dark day if its done

[Kollor]

The media just made the article more interesting, and catchy...its just an elaboration of what mike hearn's statements which I think mike hearn really has a point there and I think those things that he said must be addressed seriously..  But we must be glad right now that the news didn't result to a serious problem and just give bitcoin's price a dip..

[Anddos]

Seeing as how the price bumped right up I don't think there is any need for such news that try to manipulate the price. I know what they're trying to do but it won't work.

[QuestionAuthority]

I think everyone in Bitcoinland suffers from Stockholm syndrome. The article isn't that bad or incredibly incorrect.

[chek2fire]

I think everyone in Bitcoinland suffers from Stockholm syndrome. The article isn't that bad or incredibly incorrect

I think everyone in fiatland suffer from schizoaffective disorder. The article isn't that bad or incredibly incorrect to that.

[ecarross]

I doubt it.

[virtualdn]

And today is once again more alive than ever..don't you just love these news?

[jokerrj]

Seeing as how the price bumped right up I don't think there is any need for such news that try to manipulate the price. I know what they're trying to do but it won't work.

Yeah any efforts or any article won't work unless the people stop using bitcoins or stop having faith in it, and I don't think that's gonna happen in near future as we know bitcoin will rise in future for sure.

[PakistanHockeyfan]

Nowadays, I actually do appreciate these random magazines, blogs, and news crews that spend hours on end trying to demolish Bitcoin with false information. Sure, Bitcoin is growing in size fairly slowly but slow and steady wins the race. It can only get better. They must feel either threatened, or must have lost some money with it.

[Anddos]

I think everyone in Bitcoinland suffers from Stockholm syndrome. The article isn't that bad or incredibly incorrect.

So you think bitcoin is going downhill before it's even all mined?

[Bit_Happy]

Looks like the mainstream establishment media has gone into full-spin anti-bitcoin mode! Would love to hear your comments on this article published just 2 hours ago!

~~

"Not long ago, venture capitalists were talking about how Bitcoin was going to transform the global currency system and render governments powerless to police monetary transactions.  Now the cryptocurrency is fighting for survival.  The reality came to light on Jan. 14, when its influential developer, Mike Hearn, declared Bitcoin a failure and disclosed that he had sold all of his Bitcoins.  The price of Bitcoin fell 10 percent in a single day on the news, a sad result for those who are losing money on it.

Bitcoin did have great potential, but it is damaged beyond repair.  A replacement is badly needed.

Most currency and transaction systems today are opaque, inefficient, and expensive.  Take the North American Stock Exchange, the NASDAQ, as an example.  It is amongst the most technologically advanced in the world.  Yet if I buy or sell a share of Facebook on the NASDAQ, I have to wait several days for the trade to finalize and clear.  This is unacceptable; it should take milliseconds.

In Venezuela, citizens wishing to buy anything of value on supermarket shelves wait all day in lines to do so, because hyperinflation causes the paper currencies in their pockets to lose significant value every day.  When migrant workers there send money back to their families in places such as Mexico, India, and Africa, they are gouged by money-transfer companies—paying as much as 5–12 percent in fees.  And even in the United States, payment processors and credit-card companies collect merchant fees of 1–2.5 percent of the value of every transaction.  This is a burden on the economy.

Bitcoin was born with serious flaws.  It was unregulated and provided anonymity, so it rapidly became a haven for drug dealers and anarchists.  Its price fluctuated wildly, allowing for crazy speculation.  And, with the majority of Bitcoin being owned by the small group that started promoting it, it has been compared to a Ponzi scheme.  Exchanges built on top of it also had severe security vulnerabilities.  And then there were the venture capitalists who got carried away.  Several of them purchased considerable coinage and then began to hype it as a powerful disruption that could underpin all manner of financial innovation, from mobile banking to borderless, instant money transfers.  They also poured millions of dollars into Bitcoin start-ups hoping to reap even greater fortunes.

But Bitcoin was not ready for primetime.  Hearn’s criticism has laid bare the nightmarish reality—a list of negatives that is both long and frightening."

Full Story: https://www.washingtonpost.com/news/innovations/wp/2016/01/19/r-i-p-bitcoin-its-time-to-move-on/

~~

I think we need to start taking this media coverage seriously and start demanding that core clean up its act.

While employed at Credit Suisse First Boston, the banking firm invested over $150 million dollars on a project Vivek Wadhwa was working on.

Mike Hearn & the Washington Post cannot kill Bitcoin that easily. Soon enough, the same paper will be writing stories about Bitcoin's amazing comeback.  

[Yakamoto]

what?is that so?..thats sad to here...!!but is the bitcoins really gone in washington?...that would be the dark day if its done

didn't give strong affect to bitcoin,washington is just small area and i dont think bitcoiners alive there ,and bitcoin still alive

I have to chuckle that the article is from so long ago (in the world of the internet anyways), and now Bitcoin is hitting one of it's most valuable peaks since last year.

I wonder how many more articles like this are going to start coming out if we crack $500.

[MicroGuy]

Mike Hearn & the Washington Post cannot kill Bitcoin that easily. Soon enough, the same paper will be writing stories about Bitcoin's amazing comeback.  

This is a very good attitude and one that rings kind and true!

[Amph]

Mike Hearn & the Washington Post cannot kill Bitcoin that easily. Soon enough, the same paper will be writing stories about Bitcoin's amazing comeback.  

mike hearn did it just to buy more cheap coin, you see the price is increasing again after the drama, he knows that 100%

so now he have more coins than before, bitcoin will not die simply because in the decentralized field there is nothing better, and is the only one of its kind(alt are only clone)

there is no competition in the decentralized environment...

[CoinHopper]

Lol, how wrong they were proven..

And yeah, time will tell. Wait till 10 years later, when all those bitches are worth nothing and bitcoins are worth $1 million each

[QuestionAuthority]

I think everyone in Bitcoinland suffers from Stockholm syndrome. The article isn't that bad or incredibly incorrect.

So you think bitcoin is going downhill before it's even all mined?

Everything goes downhill and uphill. I just can't find any massively inaccurate information in the article. Lots of venture capital was poured into Bitcoin and lost, Bitcoin started as a haven for drug dealers, bla, bla, bla. What happens in the future is anybody's guess. They're just using past performance to predict the future which doesn't always work.

[teddy5145]

Nowadays, I actually do appreciate these random magazines, blogs, and news crews that spend hours on end trying to demolish Bitcoin with false information. Sure, Bitcoin is growing in size fairly slowly but slow and steady wins the race. It can only get better. They must feel either threatened, or must have lost some money with it.

Or maybe the people who wrote these articles are actually bitcoin users itself
They knew bitcoin are just gonna go up, thats why they wrote these news, to get some cheap coins
Just look at the price, 2 weeks ago we were stuck at $380 and now we are right at $450
Imagine how many those people made during that price

[AMR008]

This is not the 1st time bitcoin ia dying. I doubt it. Time will decide it all

[Palinanv]

What a hilarious comment. I don't know of Bitcoin ever dying. It is still thriving pretty well. The price keeps increasing and decreasing but it can still be used as a currency without the increase and decrease.

I see this is an article published in the midst of the blocksize debate. Well, what do we see now, bitcoin is already on the way back to it's value way before the debate issue. While it still isn't fully resolved, I'm pretty sure soon it's gonna be in everyone's backs to move on.

We are not going to be moving on anytime soon though. There's a huge demand for BTC and that won't change overnight. The small amount dropping and picking is very great for pump and dumps.