[FORTUNE] The clock is ticking on Bitcoinhttp://tech.fortune.cnn.com/2011/06/17/the-clock-is-ticking-on-bitcoin/
This is a link to the original article in its current state (right-click save-as): http://dl.dropbox.com/u/993053/Created/Personal/The%20Clock%20is%20Ticking%20on%20Bitcoin%20%5BFortune%5D.odt
BRUCE WAGNER'S RESPONSE TO THE FINISHED ARTICLE FOLLOWS:
Below is my latest email back to the author of the article, Daniel Roberts....
On our phone call.... we left off at number 8 below.
I THINK YOU SHOULD CALL ME URGENTLY! 646-580-0022
(1) Meze Grill does not sell burritos.
(2) "....although so far not a single customer has paid this way." // NOT TRUE. We paid for our dinner just the other evening in Bitcoin there.
(3) "....and many of its uses have nothing to do with Silk Road." // BLATANTLY MISLEADING. 0.0000000001% of its use has anything to do with Silk Road. NO ONE I KNOW has ever used Silk Road. It's blatantly misleading to imply that ANYONE uses Bitcoin for such things. It's absolutely irresponsible reporting.
(4) "... In simple terms, here's how it works: After downloading a desktop software client (the most popular one is Dwolla)..." // OMG. This is sooooo inaccurate. (A) There is no need to download a desktop client. (B) Dwolla has nothing to do with Bitcoin. (C) Dwolla is not a desktop client.
(5) "...each Bitcoin is associated with a URL where users can see the entire history of the coin's use, including every user that bought or sold it..." // NOT ACCURATE AT ALL. This is terribly inaccurate and misleading.
(6) "Bitcoins have had volatile ups and downs but never a full crash." // VERY MISLEADING. Bitcoin value has gone UP form $0.06 to about $20 today. That is UP UP UP. No crash at all.
(7) "Now there are even other Bitcoin-like currencies, such as Namecoins, which are bought with Bitcoins and used to pay for domain name hosting. Some traders believe the biggest potential is in the limitless creation of these e-currencies." // OMG OMG OMG I NEED TO CALL YOU. THESE STATEMENTS ARE GOING TO MAKE YOU LOOK LIKE A FOOL!
( 8 ) "At the moment, Bitcoins can't really be used at any mainstream retailers. According to a wiki list of businesses that accept Bitcoin, you can use the currency to buy real goods and services, but we're not exactly talking about Amazon.com (AMZN)." // OMG OMG OMG YOU CAN ALREADY USE BITCOIN TO MAKE PURCHASES ON AMAZON.COM !!!!!!!! via TradeHill.com..... TODAY!
TRADEHILL IS NOT JUST CONVERTING BITCOIN INTO AMAZON MONEY.
TRADEHILL ALLOWS YOU TO COMPLETELY MAKE THE PURCHASE ---- USING ONLY BITCOIN ---- WITH ONE CLICK. THAT IS NOT JUST BUYING AMAZON MONEY.
And many many many online retailers are quickly following suit with the Amazon + TradeHill system.
(9) You mention burritos again.... which Meze Grill does not sell.
(10) "If they really wanted to ensure they aren't losing money from sales paid with Bitcoins, they'd have to watch the exchange rate closely and adjust their price every single day." // This is being solved by new Point of Exchange startups which now accept the correct amount of bitcoin for the dollar amount, sell the bitcoins for dollars instantly, and deposit the US dollars into the merchant's account the next day. This problem will have been solved totally by the time your article goes to print.
(11) "If the USA wants to shut it down," Wagner reasons, "the Internet has a way of detecting censorship and rallying around it. They could block Bitcoin transactions, but it would be censorship." // Those were two separate unrelated statements.... you combined into one statement.
The first one, ACCURATELY, was: "If censorship happens on the internet, the internet by its nature sees that as an error and routes around it."
The second one, ACCURATELY, was: "Most likely, No, the US government could not completely stop the Bitcoin network. To my understanding, the only way the Bitcoin network can be stopped is to completely stop the internet. And the only way to completely stop the internet is to make it illegal and confiscate 100% of the computers. Even then, as long as two computers exist --- in any other country on Earth --- the internet will still exist, and thus.... so will Bitcoin. If the USA decides to vote for internet censorship --- like they have in China --- it will not slow down Bitcoin at all."
THAT is what I actually said.
(12) "But in fact, because users all have identifying web IDs, the government could rather easily identify users today, make it illegal to operate a Bitcoin node, and drive users away with the same scare tactics that the content industry uses on illegal downloaders. And censorship protests or not, there isn't much American traders could do." // 1000% INACCURATE. Bitcoin users DO NOT HAVE IDENTIFYING WED IDs... NOT AT ALL! Only about 2% of the Bitcoin users I know actually operate a "Bitcoin node". That statement is ridiculously misleading. Even if it were made illegal in the USA, it would most likely not even cause a blip in the Bitcoin network, or the value of a Bitcoin on the global market.
(13) "The reality is that a currency that has no regulator, trades on an open exchange, and can be easily stolen is one that won't sit well with lawmakers. So whether Bitcoins are a risky investment or not, expect Uncle Sam to keep the average American consumer from ever getting to make that choice." // WOW. This conclusion really sounds like you were TOLD to write this article.... and TOLD what conclusions to make.
The word "Misleading" seems to be a key concept of this article.
Sad. Very Sad.
Bruce Wagner • OnlyOneTV • http://onlyonetv.com • 646-580-0022
On Fri, Jun 17, 2011 at 12:51 PM, Daniel Roberts <firstname.lastname@example.org
> Bruce, thanks for speaking to me. I enjoyed getting to know you by phone!
> The story is up and being well received... See anything factually wrong?
> I see some Bitcoiners tweeting it negatively but that's because, I imagine,
> they disagree with our angle/conclusions, which is fine.
> But do let me know if there are any errors!
> All the best to you,
> Daniel Roberts
> On 6/17/11 11:46 AM, "Bruce Wagner" <email@example.com
>> Try do better than BusinessWeek just did....
>> I just asked him if he'd like my spelling and accuracy corrections.
>> I strongly recommend letting me review it just before you post it...
>> In case any language is misleading, etc.
>> I won't complain.... I just wanna help make you look good.
>> Bruce Wagner € OnlyOneTV € http://onlyonetv.com € 646-580-0022
>> On Fri, Jun 17, 2011 at 10:38 AM, Bruce Wagner <firstname.lastname@example.org
>>> Right now is good.
>>> I'm on cellphone, but that's ok. Yes?
>>> On Jun 17, 2011 10:34 AM, "Daniel Roberts" <email@example.com
>>>> Ah, okay. Unless right now is good?
>>>> On 6/17/11 10:03 AM, "Bruce Wagner" <firstname.lastname@example.org
>>>>> Sounds great.
>>>>> Can we make it 11:00am ET...?
>>>>> On Jun 17, 2011 9:00 AM, "Daniel Roberts" <email@example.com
>>>>>>> Great, thanks Bruce. Basically I already have a nearly complete story
>>>>>>> but I
>>>>>>> have a couple gaps perhaps you could help me fill in: just as a
>>>>>>> they involve whether there's anyone that has made big returns by
>>>>>>> in BTC, and if that's public/who/how much, and the basic fact of
>>>>>>> exchanges like Mt. Gox or TradeHill charge a transaction fee, which I
>>>>>>> haven't had answered yet. Could I call you around 10:30 EST? Thanks so
>>>>>>> Daniel Roberts
>>>>>>> 1271 Ave of the Americas, 18th Floor, 1853B
>>>>>>> New York, NY 10020
>>>>>>> 212 522 8018