[2017-06-15] Opinion: Stay away from bitcoin — it’s complete garbage

[bbc.reporter]

The writer of the article has completely missed the point about bitcoin and other cryptocoins. He thinks it is only a currency and has not looked into them enough to see the technical developments poured in making them.

For him it is all about market share, competition and speculation. If I had four hands I would give this a 4 thumbs down article.


Brett Arends the writer of the article.

If you’ve ever wondered what “cryptocurrencies” such as bitcoin, litecoin and ethereum are for, ask one of their legions of techie-libertarian fans.

And it’s dollars to dogecoins (yet another one) that the conversation will go something like this:

You: So what’s the purpose of bitcoin?

Fan: The technology is absolutely amazing!

You: Yes, but what’s it for?

Fan: Really, the “blockchain” technology is a total masterpiece, way ahead of its time!

You: Yes, yes, I understand that. But what is it actually for?

Fan: You don’t understand! It’s a completely decentralized money system! Totally revolutionary!

You: Honestly, does it have a purpose? Any purpose at all?

Fan: It’s the wave of the future!

Read in full http://www.marketwatch.com/story/stay-away-from-bitcoin-its-complete-garbage-2017-06-15

[HTracer]

"What are its real-life uses? ... "

Whether those authors are not aware that their copyright fees for online publishing will be paid in coins soon or they just pretend.

[cr1776]

If you have to completely make up one side of a conversation to make your point, your argument must be completely bankrupt.  Something like this is about as accurate:

You: So, what do you know about bitcoin?
Brett Arends: Absolutely nothing, except what I've heard on retweeted on twitter.

You: Tell me about your qualifications?
Brett Arends: Well, I am a journalist, what else do I need?  I mean, if I want to make a point, it is easier to make a fake conversation so the other side says what I want. It is a hallmark of fake-news.

You: Is your technique to be snarky in order to attempt to come across as superior to others to hide your lack of knowledge?
Brett Arends: Yes, of course, that is how most journalists do it when trying to stop people from using things that take away my masters' control.  We do it with gold and many other things because we like authoritarians.  It makes it easier when someone or some group does my thinking for me.  

You: Can you elaborate?
Brett Arends: Of course, for hours without saying anything of substance. But I choose not to now, except to say bitcoin takes power from my masters' fiat overlords, so it must be bad.  We want power.

You: Thank your your time.
Brett Arends: Sure, this was a big time commitment and I had to read a few more tweets to find answers.

Etc. - of course it is all fiction

[Kprawn]

Brett Arends : Bitcoin is garbage!

Me : What do you know about the technology?

Brett Arends  : Not a lot, who cares?

Me : I care, because you are talking shit about something you know very little about.

Brett Arends  : OK, Why should I care?

Me : Because you do not own your money.

Brett Arends : What? Who does?

Me : The bank and your government.

Brett Arends  : No ways, I am the only one with access to my bank accounts.

Me : Oh shit, I have a lot to teach you..... Where do I start?

[Iranus]

You: Honestly, does it have a purpose? Any purpose at all?

1.  Banking and ownership.

2.  Free payments and money transfers globally.

3.  International remittances.

4.  Cybersecurity.

5.  Academic records.

6.  Voting.

7.  IoT (e.g. IOTA).

8.  The music industry, and being fairer to artists in general.

9.  Prediction markets (e.g. Augur).

10.  The stock market, and decentralised exchanges like Waves.

11.  Real estate.

12.  Insurance (with oracles from cryptocurrencies like Byteball, using publicly available data).

13.  Cloud storage (e.g. MaidSafe, Storj).

14.  Supply chain management.

15.  Provably fair mechanisms in gambling and decentralised betting.

16.  Gift cards from small businesses.

17.  Gun tracking.

18.  Wills (feat. oracles and/or nLocktime transactions).

19.  Charities and their transparency.

20.  Ride sharing and Uber-like platforms.

Sources:  my brain and this article.

[RodeoX]

Ah, so a guy who just heard about bitcoin is here to tell us about bitcoin.

So the $600 in purchases I have made in the last week are not real? Ok, bra. Whatever you say. 
I guess he knows bitcoin because he knows it's garbage. It is a little like garbage I suppose...? It has piled up like garbage and now I have all this money to deal with. Piles and piles of money. I should have listened to him.

hehe. 

[Coin-Keeper]

Ah, so a guy who just heard about bitcoin is here to tell us about bitcoin.

So the $600 in purchases I have made in the last week are not real? Ok, bra. Whatever you say. 
I guess he knows bitcoin because he knows it's garbage. It is a little like garbage I suppose...? It has piled up like garbage and now I have all this money to deal with. Piles and piles of money. I should have listened to him.

hehe. 

I think the exact same thing every time I look at one of my Trezors!

[1Referee]

Nice that a picture has been included of this Brett Arends. Looking at his bald head, I directly come to the conclusion that it's very likely that Bitcoin allowed me to gain more dollars in numbers, than every single hair he lost combined.

[Taki]

You: So what’s the purpose of bitcoin?

Fan: The technology is absolutely amazing!

You: Yes, but what’s it for?

Fan: Really, the “blockchain” technology is a total masterpiece, way ahead of its time!

You: Yes, yes, I understand that. But what is it actually for?

Fan: You don’t understand! It’s a completely decentralized money system! Totally revolutionary!

You: Honestly, does it have a purpose? Any purpose at all?

Fan: It’s the wave of the future![/i]

This dialogue looks like a dialogue between the autor who doesn't know a thing about cryptocurrencies and some bitcoin "fun" who doesn't know how to explain all perspectives of bitcoin.
I don't know is it worth to write to you all pluses and minuses of bitcoin as currency and technology, I am sure there is no need in that, cause we all here know bitcoin.
I think the autor just met wrong person, if I would talk to him about crypto I am sure he would hurry to join us

[richardsNY]

Nice that a picture has been included of this Brett Arends. Looking at his bald head, I directly come to the conclusion that it's very likely that Bitcoin allowed me to gain more dollars in numbers, than every single hair he lost combined.

I did a quick browse through Wikipedia, and it seems brown haired people have between 100-110k hairs. Let's say he lost around 40% of his hair, does that mean you made like $40k in total?

[1Referee]

I did a quick browse through Wikipedia, and it seems brown haired people have between 100-110k hairs. Let's say he lost around 40% of his hair, does that mean you made like $40k in total?

Lol. It was a certain form of sarcasm to point out that the garbage he is referring to, has made me a good sum of profit throughout the years. For your curiosity - I have made more than $40K this year alone.

[d5000]

Well - although I agree that the article is total crap and unworthy of a journalist that seems to have some experience - at least he has a point that is worth criticizing: volatility. Many bitcoin fans ignore it, but it's a pretty big problem if a currency can't work as an unit of account.

I have already proposed at least a part of a solution in this forum, backing it with (digital) goods. Another idea is a collective, but totally voluntary rebalancing between Bitcoin and a fiat currency.

Brett got numbers totally wrong, though: If you invested $1 at January 1, 2017, you now don't own $30 but more something like $2.50.