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Author Topic: 2013-03-21 Bloomberg - Sorry, Bitcoin Isn’t a ‘Currency’  (Read 1543 times)
labestiol
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March 21, 2013, 10:36:59 PM
 #1

http://go.bloomberg.com/market-now/2013/03/21/sorry-bitcoin-isnt-a-currency/

Did you miss the plain old fud ?  Here we go :

Quote
Businessweek‘s Bernhard Warner reports on the surge in Bitcoin interest as Europeans wonder if their money is safe in the wake of the Cyprus deposit tax fiasco.
One place where it’s not safe is in Bitcoin.

1BestioLC7YBVh8Q5LfH6RYURD6MrpP8y6
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stevegee58
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March 21, 2013, 10:43:55 PM
 #2

And yet the MSM are keeping closer and closer track of BTC aren't they?  Wink

You are in a maze of twisty little passages, all alike.
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March 21, 2013, 11:31:02 PM
 #3

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Unfortunately  it’s missing the most essential aspect of money: it’s not useful for buying anything.

This person has clearly never attempted to buy anything using bitcoin. If they had, they would realise how much simpler it makes things.
Jutarul
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March 21, 2013, 11:42:09 PM
 #4

Bitcoin right now is as useless/useful as gold. So in a sense he is right.

Problem is, metals and cryptocurrencies will be all what's left after the paper crash.

The ASICMINER Project https://bitcointalk.org/index.php?topic=99497.0
"The way you solve things is by making it politically profitable for the wrong people to do the right thing.", Milton Friedman
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March 21, 2013, 11:55:11 PM
 #5

I guess he's right at the moment. What annoys me is that he probably hasn't used bitcoin to make a purchase before. I have a feeling that anyone who has actually used bitcoin to purchase something online will realise straight away how much more convenient it is.
jwzguy
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March 22, 2013, 12:01:51 AM
 #6

Bitcoin right now is as useless/useful as gold. So in a sense he is right.

Problem is, metals and cryptocurrencies will be all what's left after the paper crash.
Um, I beg to differ. Bitcoin is already a lot more useful than gold. I can't electronically transfer gold to PIzzaForCoins.com for dinner.

Jutarul
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March 22, 2013, 12:08:35 AM
 #7

Bitcoin right now is as useless/useful as gold. So in a sense he is right.

Problem is, metals and cryptocurrencies will be all what's left after the paper crash.
Um, I beg to differ. Bitcoin is already a lot more useful than gold. I can't electronically transfer gold to PIzzaForCoins.com for dinner.
http://www.gold-speculator.com/munknee/83644-now-available-debit-cards-backed-actual-gold-silver.html (not available in the US though)

The ASICMINER Project https://bitcointalk.org/index.php?topic=99497.0
"The way you solve things is by making it politically profitable for the wrong people to do the right thing.", Milton Friedman
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March 22, 2013, 12:22:34 AM
 #8

Bitcoin right now is as useless/useful as gold. So in a sense he is right.

Problem is, metals and cryptocurrencies will be all what's left after the paper crash.
Um, I beg to differ. Bitcoin is already a lot more useful than gold. I can't electronically transfer gold to PIzzaForCoins.com for dinner.
http://www.gold-speculator.com/munknee/83644-now-available-debit-cards-backed-actual-gold-silver.html (not available in the US though)
That's cool, but I'm in the US.
Jutarul
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March 22, 2013, 12:31:09 AM
 #9

Bitcoin right now is as useless/useful as gold. So in a sense he is right.

Problem is, metals and cryptocurrencies will be all what's left after the paper crash.
Um, I beg to differ. Bitcoin is already a lot more useful than gold. I can't electronically transfer gold to PIzzaForCoins.com for dinner.
http://www.gold-speculator.com/munknee/83644-now-available-debit-cards-backed-actual-gold-silver.html (not available in the US though)
That's cool, but I'm in the US.
And I suppose PIzzaForCoins.com is a US-only service... Well we're getting there. Dunno why a gold-backed debit card would not be allowed in the US. I guess they're afraid that it may become a fashion and they'll run into trouble manipulating the gold price.

The ASICMINER Project https://bitcointalk.org/index.php?topic=99497.0
"The way you solve things is by making it politically profitable for the wrong people to do the right thing.", Milton Friedman
mrb
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March 22, 2013, 01:54:37 AM
 #10

I guess he's right at the moment. What annoys me is that he probably hasn't used bitcoin to make a purchase before. I have a feeling that anyone who has actually used bitcoin to purchase something online will realise straight away how much more convenient it is.

Right? How can he be right? He says people only spend bitcoins on Silk Road, and trade on exchanges.

There are thousand of merchants accepting Bitcoin listed at https://en.bitcoin.it/wiki/Trade

BitPay, a Bitcoin to USD payment gateway, has more than a thousand merchants as customers: https://bitpay.com/

Obviously he is very wrong. People spend bitcoins at all these places. These thousands of merchants are not just popping up and making zero sales.
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March 22, 2013, 02:14:55 AM
 #11

I'm thinking more in terms of the potential for growth. So yeah, there's loads of places now accepting bitcoin as payment, but there's still a long way to go before it becomes a mainstream way of paying for things online.

I quite often here the argument that processors such as bitpay convert to fiat straight away, so essentially you're just paying in fiat. Although this is true at the moment, it seems a very short-sighted view to me. The point is, once you realise the convenience of bitcoin, it's the conversion from bitcoin to fiat which becomes the unnecessary step.
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March 22, 2013, 02:26:35 AM
 #12

The prepared hit piece was designed to highlight scary monster FUD without bring too much attention. The comment section alone is a gem!

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March 22, 2013, 07:50:30 AM
 #13

The guy is past 40..... Give him a break  Cool

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March 22, 2013, 08:21:39 AM
 #14

He's right.

Bitcoin can't be categorized as currency. It can't be categorized as anything. It's a class of its own. A singleton.

GPG ID: FA868D77   bitcoin-otc:forever-d
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March 22, 2013, 10:13:49 AM
 #15

I forgive him.

Bitcoin isn't a currency. Fine by me. I'll continue to use it.


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prezbo
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March 22, 2013, 10:31:09 AM
 #16

The "oh no, it's only being used to buy drugs" argument is really getting old.
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March 22, 2013, 03:51:19 PM
 #17

Kk, it isn't a currency, kthxbye

Btw, if it is not a currency then the fincen blablabla about money transmitter is nonsense, am i right?  Roll Eyes

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March 22, 2013, 03:57:19 PM
 #18

The prepared hit piece was designed to highlight scary monster FUD without bring too much attention. The comment section alone is a gem!

Maybe more like :

Boss to Mark: Mark, I like you and all, but your pieces hardly get any views or comments.  I need this to change !
Mark: Owkay....
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March 22, 2013, 04:00:20 PM
 #19

Then he should do articles about Girls gone Bitcoin, tons of views guaranted  Cheesy

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