2013-03-21 Bloomberg - A look at the World's Largest Online Currency

[labestiol]

http://www.bloomberg.com/video/a-look-at-the-world-s-largest-online-currency-cPMjkXT0QB~SWJbQWWaB2g.html

[1714095000]

1714095000

[1714095000]

1714095000

[1714095000]

1714095000

[1714095000]

1714095000

[1714095000]

1714095000

[labestiol]

Could be worse, but they still clearly don't get it.

Funniest moment is probably the confusion around "algorithms", where basically bitcoin issuance algo is the same (bad) thing as algorithmic trading.

[cedivad]

You made my day. It was incredibly funny.
They don't get it.

When they will, it will be too late.

[Gabi]

[Roger_Murdock]

So lose confidence in the Euro and gain confidence in a currency with absolutely no central-- no power to tax? That, in theory, is the point of a currency, right? That you can raise money through taxation and back-- or... once upon a time it was gold. Now it's, you know, the idea that you can honor your debts, and grow your economy and that kind of thing.

There's a supply out there, and it's set by an algorithm. It can't reach more than 21 million. And every few hours, it multiplies and then halves. It's this very complicated thing.

What exactly does it take to register as an "epic fail" if that clip doesn't qualify?

[mccorvic]

It really is funny to see how the information about bitcoin gets processed by people new to BTC.  I know we all want to blame them for not "Getting it" but we also have the opportunity to look inward and adjust how we introduce people to BTC and teach them about it.

Though, the guy who said that the purpose of currency is to tax it is beyond hope and needs to just take a basic econ course or something.

[cypherdoc]

hey, c'mon.

you gotta give Sarah Eisen credit.  she was trying. 

she even said, "i'll bet you..."

[bb113]

The guy who doesn't understand what currency is has been talking of bitcoin before. Interesting.

It’s worth bearing in mind that while Bitcoin operates outside the parameters of governmental control and is often used to dubious ends, so too is a lot of the money we see around us. The US Treasury printed 3bn $100 bills in the 2012 fiscal year and, 80% of them go overseas, according to Federal Reserve estimates. As Nicholas Colas, ConvergEx Group chief market strategist, notes, “many of them simply facilitate the global drug and arms trade, not to mention tax evasion and human trafficking”.  Bitcoins fit into the world of real currency more than anyone would like to think.

http://www.psfk.com/2013/03/bitcoin-digital-currency.html


Sorry, bad quote snip. I'm not sure what his angle is now.

[cypherdoc]

i used to subscribe to Tom Keene's podcast years ago.

when Sarah Eisen came on board, the girl arguing for Bitcoin, she was a huge hit.  she really has a darling commentary voice (nerdy) and she's educated.  

she gets it.

[Spaceman_Spiff]

Might be a stupid question, but is this the first time we get airtime on a big network? (outside of the good wife  )

[Piper67]

Might be a stupid question, but is this the first time we get airtime on a big network? (outside of the good wife  )

There was a much better Bloomberg segment on last week.

[bb113]

i used to subscribe to Tom Keene's podcast years ago.

when Sarah Eisen came on board, the girl arguing for Bitcoin, she was a huge hit.  she really has a darling commentary voice (nerdy) and she's educated.  

she gets it.

Yes, she was good. I think the other two were just there to contribute crappy counterarguments. The same as on talk radio when people from the other party call in with horrible arguments.

[molecular]

haha:

well is it? Let's talk to Ron Paul and Ben Bernanke wether or not this really is a currency.

hell yes. That's the only sensible thing this guy said the whole time while repeatedly interrupting the nice ladies. What a crook.

[molecular]

Could be worse, but they still clearly don't get it.

Funniest moment is probably the confusion around "algorithms", where basically bitcoin issuance algo is the same (bad) thing as algorithmic trading.

yeah, lol: "it multiplies and then it halves... it's very complicated".

[molecular]

It really is funny to see how the information about bitcoin gets processed by people new to BTC.  I know we all want to blame them for not "Getting it" but we also have the opportunity to look inward and adjust how we introduce people to BTC and teach them about it.

Though, the guy who said that the purpose of currency is to tax it is beyond hope and needs to just take a basic econ course or something.

Well, if you define currency as "money controlled by a nationstate" then it's maybe not so wrong to attribute taxation (by inflation) as one of its purposes. But maybe that's stretching it a bit too far and probably not what he had in mind.

[maxmint]

Here's the problem: most people don't even try to understand what bitcoin is. I mean, the guy is comparing it to farmville... he obviously has no clue what bitcoin is all about.
It would take 3 minutes to explain the most important facts to him.

[mccorvic]

"it multiplies and then it halves... it's very complicated".

I think this should be the official bitcoin slogan.   

[tjohej]

Guess this news wasn't big enough for bloomberg to host the relating video on their youtube channel.

[cypherdoc]

Might be a stupid question, but is this the first time we get airtime on a big network? (outside of the good wife   )

There was a much better Bloomberg segment on last week.

i wouldn't say that one was better.

i actually enjoy the confusion and outright skepticism displayed by commentators who don't understand the slightest about what they're dealing with.  they're almost frantic.  Sarah Eisen did great though.  watch that look she gives the guy near the end.

one day it will hit them right between the eyes and it won't be pretty.

[molecular]

Might be a stupid question, but is this the first time we get airtime on a big network? (outside of the good wife   )

There was a much better Bloomberg segment on last week.

i wouldn't say that one was better.

i actually enjoy the confusion and outright skepticism displayed by commentators who don't understand the slightest about what they're dealing with.  they're almost frantic.  Sarah Eisen did great though.  watch that look she gives the guy near the end.

one day it will hit them right between the eyes and it won't be pretty.

Imagine them watching this video in 5 years or so when (if) bitcoin is the world currency. Absolutely painful!

It's like picturing myself quitting the satoshi client in may 2010 on my laptop thinking: "this shit clearly isn't working, there should be at least 0.01 BTC after 2 days of 'generating'": absolutely painful.