Does anyone still doubt that bitcoins are bullshit?

[sublime5447]

Just another example of a beautiful idea with poor execution. Look everyone I love digital currency, shit I am all in on digital currency, but I do think that is important to educate people about what the are really investing in. This is a excerpt from an article on zerohedge. Here is a link to the whole article  http://www.zerohedge.com/news/2013-04-12/guest-post-11-economic-crashes-are-happening-right-now

 #1 Bitcoins

As I write this, the price of Bitcoins has fallen more than 70 percent from where it was on Wednesday.  This is one of the reasons why I have never recommended Bitcoins to anyone.  Yes, alternative currencies are a good thing, but there are a lot of big problems with Bitcoins.  Why would anyone want to invest in a currency that could lose 70 percent of its purchasing power in just two days?  Why would anyone want to invest in a currency where a single person can arbitrarily decide to suspend trading in that currency at any time?

An article by Mike Adams of Natural News described some of the things that we have learned about Bitcoins this week...

#1) The bitcoin infrastructure cannot handle a selloff. Once the rush for the exits gains momentum, you will not be able to get out. Only those who sell early will be able to exit the market.
 
#2) The bitcoin infrastructure is subject to the whims of just one person running MTGox who can arbitrarily decide to shut it down whenever he thinks the market needs a "cooling period." This is nearly equivalent to a financial dictatorship where one person calls the shots.
 
#3) Every piece of bad news will be "spun" by exchanges like MTGox into good-sounding news. As bitcoin was crashing yesterday by 60% in value in mere hours, MTGox announced it was a "victim of our own success!" So while bitcoin holders watched $1 billion in market valuation evaporate, MTGox called it a success. Gee, then what would you call it when bitcoin loses 99%? A "raging" success?
#2 Gold

Guys if you are new to this market dont believe the hype. These are just digits, there are lots of digits out there. How many digits are there? YAYa I know there are only so many of these digits but LTC, PPC, NMC, you can use all of these digits to get those digits.

The root problem with bitcoin is that it incentives people to act like a bunch of trolls hoarding away a good idea, as soon as a coin comes out that incentives sharing and not being a dick face, then bitcoin will be dead! So hold you bitcoins as a retirement plan if you want and hold on to those digits till it goes to 0

[WilderedB]

I'm feeling somewhat disillusioned myself but not because of things such as over-reliance upon a single exchange or the fact that people who don't really understand it try hard to sound smart anyway.

I have a Google alert for anything to do with bitcoins and it's amazing the amount of misinformation out there, the sneering and "told you so" stuff, even as the value claws back up again, passing the $150 mark again today.

No, to me the big issues are things such as wallets being hacked, and then trying (and failing) to follow bizarre security such as running Linux on a thumb drive or 2nd computers with their net access permanently amputated, not to mention the sheer hassle of trying to buy the darn things. You need to take a crash course in how to send money internationally, at which point you become so good at it and familiar with international banking that you don't need bitcoin anyway...

Every time mt.gox screws up it drives more business to other exchanges, which is a good thing. Imagine if they didn't screw up, and really did become a single, central weak point? I like it when they make a mess of things, because it's more business for others and encourages mt.gox to improve their system.

There will always be people out there sneering at new ideas and things they don't understand. I've made a real effort to at least try to understand bitcoin and it has led to some less than pleasant realizations, such as that it's far more complicated, more risky and difficult to explain than I first thought. It's discouraging, for sure.

But bullshit?

Nope.

It's very real, potentially huge and is pretty useful, if enough people were using it/them.

I'm still somewhat wobbly, as to whether I should continue and buy some coins or not (or even how. When you're not in the same country as your bank account it can be tricky).

But no, I can't call it bullshit.



AC

[prof7bit]

This is a excerpt from an article on zerohedge.
 [snip]

stopped reading after the word "zerohedge".

Zerohedge is not relevant for anything. Tyler Durden has proved often enough that 90% of the time he does not have the slightest clue of what he is talking about and all his followers are just as stupid and ignorant as him. They might all have pure and sincere intentions but unfortunately they are all so painfully clueless, they are all so incredibly clueless it almost causes physical pain when reading this nonsense blog and its comments. Thats why I stopped reading it.

[sumantso]

The fall was actually a good ting. A lot of people who heard about BitCoin and thought they had missed the train can now get on it.