Here is another interesting post by KD from the Tickerforum.org
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I read the post, but not sure if I approve of the tone in much of it. Seems very negative. I don't know why people spend their time writing so much negative stuff. If I didn't like something, I would simply avoid paying any attention to it, and certainly would not spend all my time writing about it!
That being said, some of his points are valid, but he exaggerates a lot too. He says you can't use a currency where the value falls 50% in a few minutes. If we look at the price history of bitcoin, how many times have it fallen 50% in minutes? Sure, voaltility is a problem, but this is still a small market, and once it becomes bigger, it will take more to move it, and hence it will become more stable.
I would think most businesses accepting bitcoin are able to handle the risk. Business owners are not stupid. Instead of swinging the FUD-hammer, it would be good to point out the flaws or shortcomings in a neutral language, and perhaps even suggest what can be done about it.
I'm not sure what it is about bitcoin to have some of it's hardest critics not critizising it in an academic and intelligent way, but going so hard at it like it's some scumbag that raped their wife.
The notion of the strongest support level of bitcoin being at 0.00 is ridiculous. As long as the bitcoin system is running, there will be a use for it. Look at the decline after the bubble in the summer 2011. It went down to 2ish. It didn't go to zero. No matter what price point we're looking at, there will always be someone that's interested in using bitcoin, because it's such an easy way to pay online.
Sure there are risks, and some of these risks are really bad, like promising a Chinese business man 1000 dollars, and then you buy BTC and send it to him, and the exchange rate goes down significantly before he can convert it to his local currency. But it could also go up - or just flatline. You don't know - and as bitcoins are being more and more used, the market will grow - and we will eventually see more stability.
Sometimes I wonder, do the critics expect everything to work right off the bat ? No matter what you do, if you do something new, creating a microprocessor, starting a company, building a hospital robot or introducing a crypto-currency, everything will not be perfect from the set go, it needs to evolve.
It's like a mother giving birth to a child, some people may look at the baby and say: He can never become a professor, he doesn't even speak correct language, he can't sustain himself, he's drooling all over, and his place is on the floor, crawling, he will never be able to walk, run or do business or academics, just look at him, he can't do those things!
Some people are very short sighted, they don't see the larger picture. What's important is to be a visionary, to imagine things that are outside the box, things that can grow and become big, and even if you tried and didn't succeed, it was still a hell of a journey!
I sometimes wonder if some bloggers are paid to sway public opinion, and I guess many people swallow what the critics say, totally raw - but come on, what's the point of being so utterly negative, why spend your time on that ?
