Bitcoin press hits, notable sources

[dacoinminster]

I have no idea if this site is "notable", but I really like the author's logic: http://dailyreckoning.com/an-emerging-free-market-currency/

[dacoinminster]

On the other hand, "U.S. News and World Report", a magazine I used to read at Grandma's house, probably counts as notable:

http://money.usnews.com/money/blogs/my-money/2011/06/03/the-future-of-money-hint-its-virtual

Though I doubt it will make the print edition.

[edd]

http://www.openmarket.org/2011/06/03/bitcoins-all-buzz-no-substance/

[kloinko1n]

BitCoin is the future of a single worldwide currency. It seems like God sent it.

Remember what happened to Jesus? Also God-sent...

Expect a SWAT-team in your bitcoin exchange when it threatens to go main stream. 

[Astro]

Note sure how notable this is, but the obese pants-shitters over at Something Awful have a 28 page thread that thrashes bitcoin in every way possible.

http://forums.somethingawful.com/showthread.php?threadid=3413928

I wonder what they're so angry about?

[error]

Note sure how notable this is, but the obese pants-shitters over at Something Awful have a 28 page thread that thrashes bitcoin in every way possible.

http://forums.somethingawful.com/showthread.php?threadid=3413928

I wonder what they're so angry about?

Dunno. They wanted me to register, and I said no.

[Findeton]

http://www.openmarket.org/2011/06/03/bitcoins-all-buzz-no-substance/

They say bitcoins should be able to be traced back to when they were no currency, just a commodity, and therefore bitcoins won't suceed.

Well, I think that's not a good argument:
- Firstly, if something hasn't happened before, it doesn't mean it won't happen.
- Secondly, I actually see bitcoin as a commodity. Only when/if it stabilizes i'm going to treat it as currency. I can marginally use it as currency, but for me it's more a commodity right now.

[Astro]

Dunno. They wanted me to register, and I said no.

This is all you really need to see to get the gist of the debate:

[Vladimir]

http://www.openmarket.org/2011/06/03/bitcoins-all-buzz-no-substance/

Carrots! We need to use carrots as money!

[majamalu]

I have no idea if this site is "notable", but I really like the author's logic: http://dailyreckoning.com/an-emerging-free-market-currency/

It IS a very notable site in libertarian circles.

[Indemnified]

http://www.openmarket.org/2011/06/03/bitcoins-all-buzz-no-substance/

They say bitcoins should be able to be traced back to when they were no currency, just a commodity, and therefore bitcoins won't suceed.

Well, I think that's not a good argument:
- Firstly, if something hasn't happened before, it doesn't mean it won't happen.
- Secondly, I actually see bitcoin as a commodity. Only when/if it stabilizes i'm going to treat it as currency. I can marginally use it as currency, but for me it's more a commodity right now.

He's just plain wrong about what money. Instead of gold (under the control of the bullion dealers/bankers as used by the Athenians, the Spartans used iron that had been heated and then pitted to make it useless   as a commodity or for any practical purpose. The Yap Islanders used huge stone rings, and would agree that a man was rich even if his stone ring (quarried on another island) had sunk to the bottom of the sea during a crossing. As long as everyone agreed that he was the owner of the stonne ring at the bottom of the oceran, he was rich.

Bitcoin has everything needed to be currency, and is far superior to any commodity money or any fiat mony (superior for people in general, not for a privileged elite who control access to a commodity, or who can emit by "fiat".

[JohnDoe]

Note sure how notable this is, but the obese pants-shitters over at Something Awful have a 28 page thread that thrashes bitcoin in every way possible.

http://forums.somethingawful.com/showthread.php?threadid=3413928

I wonder what they're so angry about?

Couldn't read it but for a big and somewhat positive thread see this:

http://forums.hipinion.com/viewtopic.php?f=1&t=28335&sid=5fc63d6cfe184d837d77a12c01b1839d

[xf2_org]

Bitcoin: The Significance of Decentralised Currency

Bitcoin is the most resilient of all currencies; unlike others, it can weather a global economic meltdown or even a nuclear war

According to Underground Economist Sean Lynch, Bitcoin will never devalue to absolute worthlessness because of its extreme liquidity relative to other currencies – it will always bounce back eventually.

[...]

[edd]

http://money.usnews.com/money/blogs/my-money/2011/06/03/the-future-of-money-hint-its-virtual

[evoorhees]

http://finance.yahoo.com/banking-budgeting/article/112854/currency-up-200000-percent-smartmoney?mod=bb-budgeting

This article was posted elsewhere a couple days ago, but hit front page of finance.yahoo.com.  Probably a big deal =)

[kloinko1n]

http://www.openmarket.org/2011/06/03/bitcoins-all-buzz-no-substance/

In his article Grant Babcock says:

"The principle that the value of a currency can be traced back to a time when it was not yet a currency but just a commodity like any other is called the regression theorem, and interested parties can read more about it in Human Action Ch 17 § 4."

But he forgets to differentiate between intrinsic value and exchange value.

The intrinsic value might be zero (as is that of the USD), but the exchange value is much higher than zero, due to the specific properties of the bitcoin currency (anonimity, security, safety, traceability, non-inflatability etc...).
So yes, many times a currency starts as a commodity with non-zero value, but that's not an absolute requirement for a currency to be just that: a currency.

For instance, the intrinsic value of the USD started as a certain fixed amount of gold, then went to zero.
The property of it being backed by its artificial scarcity, caused by the requirement of all oil from the Middle East to be payed in USD, gives it a value as exchange currency.

Off topic:
That's also the reason why Saddam Hoessein and Khaddafi (and soon Hugo Chavez, and who knows, Iran) are/were/will be bombed into oblivion by the USA and its partners in crime, the NATO: they were going to accept payment in other than USD currencies.

Back on topic:
So, where intrinsic value is not needed, exchange value is, for a currency to be accepted as a means of exchange.

[SgtSpike]

Just hit SmartMoney:
http://www.smartmoney.com/invest/stocks/the-currency-thats-up-200000-1307029053200/?link=SM_hp_ls4e

A couple of noteworthy quotes from the article, that made me 

Some advanced miners have taken to cooling their machines with dry ice to improve their results.

The FBI didn't respond to requests for comment.

Also,

http://money.usnews.com/money/blogs/my-money/2011/06/03/the-future-of-money-hint-its-virtual

This article was published June 3.  Where the devil was he getting his numbers?

The current cost of a Bitcoin is just over $6.93.

I didn't see this one linked yet.
http://dailyreckoning.com/an-emerging-free-market-currency/

[Indemnified]

From: Jay Hanson's [America2Point0] Digest Number 2130    Thursday, June 2, 2011 4:30 AM


Re: HYPOTHETICALVILLE
Posted by: "Jay Hanson" JayHanson@hawaii.rr.com   emy8rq
Wed Jun 1, 2011 6:55 pm (PDT)

I think we showed that it was fairly easy to devise a simple economic
system without the need for banks, interest, and endless economic
growth. Perhaps "bitcoin" is the answer. Only time will tell...

It seems to me that the economy is going down the toilet again -- my
guess is for the /last time /because of net energy constraints.

Let's hope some bright, honest people are able to reinvent our country before it collapses in anarchy or global war.

Jay

[wareen]

Bitcoin has just hit TV in Germany:

http://www.wdr.de/tv/aks/sendungsbeitraege/2011/kw22/0603/angeklickt.jsp

It is very objectively depicted as the perfect online payment system after a short ranting about a recently found privacy violation by another popular German online payment service - this was _very_ positive press indeed!

Note that WDR is a large public broadcasting service in Germany (part of ARD) and not some private channel!

I'd totally count that as mainstream

[Drifter]

'nother Gawker article: http://gawker.com/5808314/everyone-wants-bitcoins-after-learning-they-can-buy-drugs-with-them

What a joke. Gawker reads one thing into bitcoin: drugs. They then see the price increase and come to the conclusion that they wrote an article on buying drugs with bitcoins, therefore the big price increase is because everyone reads Gawker and wants drugs!!