Bitcoin press hits, notable sources

[ChupacabraHunter]

Yes, please could someone scan Forbes?

Chupacabraaa..

[Stephen Gornick]

The Hindu (Bangalore, India) - New currency on the block by Deepa Kurup
 - http://www.thehindu.com/news/cities/Bangalore/article2001732.ece

"This open source project was created in 2009 by Satoshi Nakamoto and was formally announced by Google in March 2010"  ha!!

But this part was spot on:

"BitCoin is yet to make an impact among Indian users. But considering the thousands of PayPal customers who suffered last year when the firm withdrew services from India, this is one idea that is likely to catch on among freelancers and small businesses."

[stic.man]

it's been in newstands for a couple weeks at least, read it at the store yesterday.  I've gotta admit, people I've spoken to are looking at it differently now that it's been "legitimized" in their eyes.

[Anonymous]

At what point in the podcast does Leo smash bitcoin?

It is at 47:25. The host Leo seems to actually like Bitcoin (he was one of the hosts in that great Security Now show about Bitcoin.) Instead, he criticizes the cash/Bitcoin exchange markets which, he thinks, are mostly used for money laundering. Here is the actual quote (the context is within a segment of the episode where they are talking about alternative currency / money transfer sites like WebMoney, Liberty Reserve, and how they are used by crooks to sell illegal software and services):

You know Bitcoin, which is very interesting, we did a whole show on Bitcoin at Security Now.
I think, really, because you can generate these Bitcoins on your Mac or any computer with spare cycles.
And then there is a a market for Bitcoin in cash.
And the only reason I could think of why that would be is because that's a great way to launder money, you know.

Leo can buy something now for bitcoins if he wants it ... http://www.thisweekinbitcoin.com  

[FreeMoney]

http://www.survivalblog.com/2011/05/the_coming_bitcoin_revolution.html
http://www.survivalblog.com/tencent.html

Brief and favorable. I sent the first dime :-)

[kiba]

http://apenwarr.ca/log/?m=201105#08

Anybody see this? It been nuked several times from HN people.

[Longmarch]

http://apenwarr.ca/log/?m=201105#08

Anybody see this? It been nuked several times from HN people.

Just read this.  Would be interested in reading anyone's response/rebuttal.  (Though the guy is kind of a dick in his manner, his reasoning isn't entirely unsound.)

[ploum]

http://apenwarr.ca/log/?m=201105#08

Anybody see this? It been nuked several times from HN people.

Just read this.  Would be interested in reading anyone's response/rebuttal.  (Though the guy is kind of a dick in his manner, his reasoning isn't entirely unsound.)

I did one here:
http://bitcointalk.org/index.php?topic=7712.msg112514#msg112514

I'm really completely surprized that this article makes some fuss. There are plenty of bad stuffs to say about bitcoin. This guy completely miss them and fall into his own illogical fallacies. (the fact that it was retweeted so much confirm the fact that rhetoric is more important than logic. People don't use logic, they follow their feeling)

[eMansipater]

This post isn't worth taking seriously.  His argument is literally "it's safe to assume that bitcoin has serious flaws" which is just ridiculous.  But if you need all four points debunked:

1.  BitCoin has nothing to do with a gold standard.  Because there's no gold.  To be more precise, this issue only matters if the entire economy were to become BitCoin, and this isn't going to happen.  BitCoin is a niche--distributed, zero-trust, low-overhead money.  If his argument is true the only consequence is that the whole economy won't become BitCoin because it will be outcompeted in other sectors of money usage:  not that BitCoin will fail.
2.  Governments won't squash it if it has any significant momentum, because the private information transfer problem is mathematically solved.  When comparing to filesharing one has to note that multi-gigabyte files are being shared via p2p, which is the only reason the whole business hasn't gone fully dark yet.  If there is any threat to BitCoin, the whole system can be easily encrypted and undetectable with just a few lines of code.  See the BitFN project.
3.  lol.  LOL.  lol.  Just ask any crypto pro about whether "it's safe to assume that [bitcoin's cryptosystem] has serious flaws".  This guy needs to learn some math, and do his homework.  BitCoin uses very highly tested crypto in very highly tested ways.  Online banking would fail first.
4.  Yes.  BitCoin is only useful online.  Too bad the internet is such a fledgling project with no future.

[ploum]

Anyway, no sign of a Forbes rally due to the print version. Bruce, I'm still waiting for your 5$/btc predicted this morning 

[MoonShadow]

Anyway, no sign of a Forbes rally due to the print version. Bruce, I'm still waiting for your 5$/btc predicted this morning 

Really?  Did Bruce really predict that there would be such a rapid response from the remainder of the Forbes readership that actually reads print?

[ploum]

Yes, he did :
https://twitter.com/#!/brucewagner/status/67575981820485632

Sorry Bruce ;-)

[Dusty]

4.  Yes.  BitCoin is only useful online.  Too bad the internet is such a fledgling project with no future.

ROTFL 

[Ian Maxwell]

Folks saying the Forbes article had no major effect: Don't forget that the issue went to subscribers quite some time before it hit the newsstand. I read the print article several weeks ago in my department office at school. You know, just before we spiked up to 4.15 from 2.6 or so.

[kiba]

1.  BitCoin has nothing to do with a gold standard.  Because there's no gold.  To be more precise, this issue only matters if the entire economy were to become BitCoin, and this isn't going to happen.  BitCoin is a niche--distributed, zero-trust, low-overhead money.  If his argument is true the only consequence is that the whole economy won't become BitCoin because it will be outcompeted in other sectors of money usage:  not that BitCoin will fail.

Technologies have a tendency to escape their little niches.

[MemoryDealers]

It looks like bitcoins are making it into the physical world as well.

http://bitbills.com/index.html

[Morgoth37]

I can sell silver and gold coins minted over 3000 years ago, and numismatic premiums aside, I can reap their precious metal worth to purchase any products made in the world. Can anyone look me in the digital eyes and convince me that Bitcoins will be of value in 30 years, much less 3 millenia from now?

[allinvain]

I can sell silver and gold coins minted over 3000 years ago, and numismatic premiums aside, I can reap their precious metal worth to purchase any products made in the world. Can anyone look me in the digital eyes and convince me that Bitcoins will be of value in 30 years, much less 3 millenia from now?

Can anyone look you in the eyes and convince you that the USD you sell your silver and gold for will be of value 30 years, much less 3 millenia from now?

Your argument is not valid because gold and silver are not officially treated as money, they are commodities.

[Posidon]

Anyway, no sign of a Forbes rally due to the print version. Bruce, I'm still waiting for your 5$/btc predicted this morning 

$4.99...close enough?

[eMansipater]

1.  BitCoin has nothing to do with a gold standard.  Because there's no gold.  To be more precise, this issue only matters if the entire economy were to become BitCoin, and this isn't going to happen.  BitCoin is a niche--distributed, zero-trust, low-overhead money.  If his argument is true the only consequence is that the whole economy won't become BitCoin because it will be outcompeted in other sectors of money usage:  not that BitCoin will fail.

Technologies have a tendency to escape their little niches.

Very true--but there's no need to speculate when the response that avoids speculation is already effective.  He might be wrong, he might be right; but either way it's not critical to BitCoin's survival.