[FORTUNE] The clock is ticking on Bitcoin

[Freakin]

Crash is a tricky word, but you certainly can't insist it only goes up up up when it's currently trading at <50% of it's high from a little over a week ago.  It is a *highly* volatile market and you can only say factually that it has gone from $.005 to it's current price of ~$14 for a 200k%+ increase.  That is 100% accurate and incredibly compelling.

It's not 100% accurate, because you're leaving out the fact that on its way to the current price it achieved a high just over DOUBLE the current price.  I don't think you can just ignore the fact that a week ago people thought their 100 btc were worth $3000 in their pocket, and today that could only be $1500 in their pocket.

It is 100% accurate, it just leaves out information about what is possibly considered a major spike & correction

The same bit of information must be left out if you say it's going "up up up".

Bitcoins are going UP UP UP! Except when they're not, like right now.

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[hazek]

Hey Bruce, would it kill you to lay off on the CAPs usage? Tbh you come off as kinda mentally retarded.. Especially replying to a reporter.

[Grinder]

Hey Bruce, would it kill you to lay off on the CAPs usage? Tbh you come off as kinda mentally retarded.. Especially replying to a reporter.

This. There is no way you'll be taken seriously if you give those kind of nitpicking rants as replies. Most of the "terribly misleading" statements are probably just worded that way to make sure they use terms their readers have some grasp with. They are not 100% accurate, but if you think this wasn't good enough you shouldn't bother giving interviews at all. Also, to claim that nobody uses bitcoins to buy drugs on Silk Road is just silly. I don't know anyone who uses Bitcoins to buy anything at all, does that mean it never happens?

[relative]

I don't know anyone who uses Bitcoins to buy anything at all, does that mean it never happens?

pretty much, yes 

[FreddyFender]

It would be fun to see if certain media outlets received marching orders from their bosses or if internal emails are available to shed light on a consistent theme among the latest spat of fluff reporting. Are they seeing Bitcoin as such an insignificant item or is this concerted with no attempt to backup inconsistent facts that these articles are relaying? Let's look back on previous articles by all the reporting for continuity and factual basis on previous subject matter. Only about 108 articles this past week... anybody got a lifetime to lend? HAHAHA.
Bahbra is gonna be rich someday.
- reposted from notable sources

[Phil21]

I think as long as reporters find these types of "mouthpieces" for bitcoin, you're going to continue to see these types of articles.  This one honestly isn't too bad, as far as tech journalism goes.  Anyone that thinks otherwise simply has not dealt with the media before.   I do agree it *is* a wake up call as to how inaccurate things are reported if you're first becoming exposed to this.  Bitcoin is being treated no differently than any other tech in that regards, however.

Honestly, after seeing the e-mail sent to this reporter by who appears to be the primary contributor to the story, I'm very surprised this article was as fair as it was.  We deserved worse, given that input.  Garbage in, garbage out - most people here should realize that.

Bitcoin definitely needs at least a few people who can be counted on to give professional, rational, and accurate responses/interviews to the media.  Those who cannot really should take a step back and consider the damage they are doing to the perception of Bitcoin, regardless of how technically "correct" they are in their paranoid rants.  A well reasoned and properly toned e-mail/conversation/interview goes a hell of a lot further than some idiot on the internet flaming a reporter in all caps.  You can be correct, but still horribly wrong at the same time.

My advice?  If you're talking to the media, pretend you're talking on behalf of an employer.  Is what your saying accurate?  Is it professional?  Will saying this get you fired?  Can you disagree with someone in a more reasonable sounding manner regardless of how idiotic or wrong their statements are?  Take the high road.

Remember folks, a US Senator has a hell of a lot more immediate trust instilled on the media and general populace than some otherwise well reasoned and respected person on the Internet.  It's not even a competition when it's against a few whacko-sounding net kooks talking in a disjointed, disrespectful, and completely embarrassing manner.

Also remember, the media will *always* try to contact the net kooks for stories once they become known, since they provide good antics and quotes to write about.  Hey, it's probably some of the only fun a reporter gets to have these days

To those whom presented themselves professionally in this piece - for what it's worth you have my thanks!

Just my .02btc, coming from someone who could care less about the speculation angle and wants this project to be an overall long-term success.

[akiyama]

Hey Bruce, would it kill you to lay off on the CAPs usage? Tbh you come off as kinda mentally retarded.. Especially replying to a reporter.

and the "OMG"s ... pretty please ?

[Swishercutter]

I find it odd that in just about any forum whenever you mention Bitcoin there is always a troll that will dedicate the day to trying to sway people from Bitcoin...for a while I thought it was other miners trying to keep the difficulty down...now I am starting to wonder...there is a media attack for sure and I do suspect someone is trying to cause a mass exodus.

It wouldn't take much invested to cause ripples...couple million.  How much annually does the banking industry stand to lose in fees?

[Jaime Frontero]

bruce?

you are kind of a fanatic - and that's ok.

but let me give you a tip - because you're becoming a very high-profile, go-to guy as far as the media is concerned.

get contracts for interviews.  real contracts, with... like... lawyers.  and don't give any more interviews without final cut: that is, it doesn't print or air without your ok.  the slant of a piece on Bitcoin is irrelevant; but you need to keep a firm hold on context, exact quotes, and facts.

[finnthecelt]

I find it odd that in just about any forum whenever you mention Bitcoin there is always a troll that will dedicate the day to trying to sway people from Bitcoin...for a while I thought it was other miners trying to keep the difficulty down...now I am starting to wonder...there is a media attack for sure and I do suspect someone is trying to cause a mass exodus.

It wouldn't take much invested to cause ripples...couple million.  How much annually does the banking industry stand to lose in fees?

You can be dam sure there are all kinds embedded in these pages. All kinds with different agendas. Miners who want to keep the difficulty down. And certainly, certainly gov agents and agents (i use that term loosely, aka, actors), of banks, corps, etc, who are trying to sway opinion.

It took many, many years for the Fed member banks to convince people that fiat was valid currency and they are incorporating the digital world into their fraud. Bitcoin will be a clear and present danger to their world and it will be acted upon. I'm curious beyond words how this will play out as the gov's previous foray into the world of bittorrent was an utter failure. It backfired and they brought more interest into something they tried to shut down. So now what the fuk do they do?

If they're smart they will not combat it openly through litigation but rather subterfuge. They will paint such a negative picture in the media in an attempt to keep it grounded in hopes that it will only be used in small niches. Eventually there will be competing currencies and this will become more clear to the larger mass of ignorant gov stooges. You can be sure some know it is an unstoppable train at this point.

We need to be aware of their tactics. Catalog the methods they use (it WILL be primarily media based attacks) and somehow counter them. It'll be a grassroots ground war spreading the gospel like an apostle. Many will not have the fortitude for it. Unfortunate too. This is the beginning of something that is sending shockwaves through the world that will be felt for ages. Many can't see that.

[Swishercutter]

Here is my example from a discussion I was in regarding the 5830's back in stock at Newegg...granted I shouldn't have kept kicking the troll but whatever.

http://slickdeals.net/forums/showthread.php?sduid=0&t=3028001

BTW...WTF is up with all the "I have popcorn ready" comments, I have seen them in multiple forums. (I guess they are in the "Popcorn gallery"? That is the only thing I can think.)

[Swishercutter]

I find it odd that in just about any forum whenever you mention Bitcoin there is always a troll that will dedicate the day to trying to sway people from Bitcoin...for a while I thought it was other miners trying to keep the difficulty down...now I am starting to wonder...there is a media attack for sure and I do suspect someone is trying to cause a mass exodus.

It wouldn't take much invested to cause ripples...couple million.  How much annually does the banking industry stand to lose in fees?

You can be dam sure there are all kinds embedded in these pages. All kinds with different agendas. Miners who want to keep the difficulty down. And certainly, certainly gov agents and agents (i use that term loosely, aka, actors), of banks, corps, etc, who are trying to sway opinion.

It took many, many years for the Fed member banks to convince people that fiat was valid currency and they are incorporating the digital world into their fraud. Bitcoin will be a clear and present danger to their world and it will be acted upon. I'm curious beyond words how this will play out as the gov's previous foray into the world of bittorrent was an utter failure. It backfired and they brought more interest into something they tried to shut down. So now what the fuk do they do?

If they're smart they will not combat it openly through litigation but rather subterfuge. They will paint such a negative picture in the media in an attempt to keep it grounded in hopes that it will only be used in small niches. Eventually there will be competing currencies and this will become more clear to the larger mass of ignorant gov stooges. You can be sure some know it is an unstoppable train at this point.

We need to be aware of their tactics. Catalog the methods they use (it WILL be primarily media based attacks) and somehow counter them. It'll be a grassroots ground war spreading the gospel like an apostle. Many will not have the fortitude for it. Unfortunate too. This is the beginning of something that is sending shockwaves through the world that will be felt for ages. Many can't see that.

I agree...to quote a line from the movie "Strange Days", "...it's not whether you are paranoid...it's whether you are paranoid enough.."

[finnthecelt]

Here is my example from a discussion I was in regarding the 5830's back in stock at Newegg...granted I shouldn't have kept kicking the troll but whatever.

http://slickdeals.net/forums/showthread.php?sduid=0&t=3028001

BTW...WTF is up with all the "I have popcorn ready" comments, I have seen them in multiple forums.

That's interesting. The ignorance is truly amazing. How about the one guy who says it would take about 40 days to recover your cost in a condescending tone.

Anyone who's ever owned a business would LOVE to recover their costs that fast. Most have capital to carry them through the first two years of expected LOSS so they can then realize gains. But hey, what do you expect from a bunch of people buying video cards for gaming (nothing against that but they have no business knowledge [general assumption])?

I just don't take these guys seriously. I've been investing in silver for over three years now and when I was buying it at $8.90 I had an investment advisor tell me I was nuts. Well it went up to just shy of $50 and now holding steady. Now that I'm studying the economics and philosophy behind BTC I will run it as a speculative business investment. I will hold onto my BTC like they were oz's of silver or gold and pay the electric bill out of my day job.

IF BTC is burnt to ash so be it. I've lost more on crazier ideas. But what these dweebs don't understand is that BTC is an attempt to bring change to a world that so desperately needs it in a way that it can actually accomplish something. What are they doing? What change are they trying to bring about? None. They are watchers not doers. Eating popcorn and watching the doers do that which they don't understand like it was Netflix or something.

And for enduring all that is exactly why people who are involved in BTC deserve to be rewarded. Perhaps we are martyred and future generations benefit and the history books write of us. Many of the founding fathers of America did much of what they did not for their own gain as much as for ideals. A man must ask himeslf at the end of the day what he has contributed to his fellow man. Popcorn eaters can choke on those salty seeds!!

[hugolp]

The hit pieces are getting bolder. I can smell the fear from here.

[Phil21]

Bruce - re-reading my post, it looks like this was a personal attack on you, and I guess it somewhat was.  This was not my intent and I do apologize.  I actually enjoy reading your stuff and think you bring a ton (way more than I have, or am likely to!) of value to the community.

I just hate to see Bitcoin develop a PR problem because we as as a community can't do something as simple as having reasonable, respectful, and *truthful* conversations with detractors.   Trying to tell people not a single person has used a bitcoin for Silk Road purchases for example I believe is counter-productive to the cause - it's a completely made-up fact that is demonstrably false.

Otherwise, let the revolution continue!  It takes all types, and the community diversity is what will make this idea take hold and become strong!

-Phil

[Swishercutter]

Here is my example from a discussion I was in regarding the 5830's back in stock at Newegg...granted I shouldn't have kept kicking the troll but whatever.

http://slickdeals.net/forums/showthread.php?sduid=0&t=3028001

BTW...WTF is up with all the "I have popcorn ready" comments, I have seen them in multiple forums.

That's interesting. The ignorance is truly amazing. How about the one guy who says it would take about 40 days to recover your cost in a condescending tone.

Anyone who's ever owned a business would LOVE to recover their costs that fast. Most have capital to carry them through the first two years of expected LOSS so they can then realize gains. But hey, what do you expect from a bunch of people buying video cards for gaming (nothing against that but they have no business knowledge [general assumption])?

I just don't take these guys seriously. I've been investing in silver for over three years now and when I was buying it at $8.90 I had an investment advisor tell me I was nuts. Well it went up to just shy of $50 and now holding steady. Now that I'm studying the economics and philosophy behind BTC I will run it as a speculative business investment. I will hold onto my BTC like they were oz's of silver or gold and pay the electric bill out of my day job.

IF BTC is burnt to ash so be it. I've lost more on crazier ideas. But what these dweebs don't understand is that BTC is an attempt to bring change to a world that so desperately needs it in a way that it can actually accomplish something. What are they doing? What change are they trying to bring about? None. They are watchers not doers. Eating popcorn and watching the doers do that which they don't understand like it was Netflix or something.

And for enduring all that is exactly why people who are involved in BTC deserve to be rewarded. Perhaps we are martyred and future generations benefit and the history books write of us. Many of the founding fathers of America did much of what they did not for their own gain as much as for ideals. A man must ask himeslf at the end of the day what he has contributed to his fellow man. Popcorn eaters can choke on those salty seeds!!

The same people cannot understand why someone would open source anything. "You just gave it away...Why?"  Sometimes things are bigger than money.  I am currently involved with RepRap's, Arduino, and Bitcoin...it is difficult to explain to anyone what kind of an impact things like this have...in the coming weeks when my RepRap site is online I am planning to accept Bitcoin.

[lemonginger]

Step 1) Buy RepRap with BTC
Step 2) Make RepRap build GPUs
Step 3) Take over world!

[Swishercutter]

Step 1) Buy RepRap with BTC
Step 2) Make RepRap build GPUs
Step 3) Take over world!

Just like my business plan
Step 1)Build RepRap
Step 2)Source parts for a bunch of RepRaps
Step 3)??
Step 4)Profit? Emphasis on question mark.

[Grinder]

I agree...to quote a line from the movie "Strange Days", "...it's not whether you are paranoid...it's whether you are paranoid enough.."

Great, add more paranoia to the fanatic rants. That's exactly what Bitcoin needs to be taken seriously.

[Swishercutter]

I agree...to quote a line from the movie "Strange Days", "...it's not whether you are paranoid...it's whether you are paranoid enough.."

Great, add more paranoia to the fanatic rants. That's exactly what Bitcoin needs to be taken seriously.

Everything can use more paranoia...it keeps us safe.

Even more with the latest security fails surrounding Bitcoin paranoia could only help the cause.