2013-05-14 CNN Money: Strategist predicts end of Bitcoin

[n8rwJeTt8TrrLKPa55eU]

"I would be very surprised if Bitcoin is still around in 10 years," said Bremmer, the founder and CEO of Eurasia Group, the world's largest risk consulting firm. He thinks that bigger players will enter the field and improve upon Bitcoin's weaknesses.

http://money.cnn.com/2013/05/14/investing/bremmer-bitcoin/index.html

Recommended: read comments sorted by "Best", and smile.

[Geist]

Considering he's comparing Bitcoin to Frequent Flyer miles and Amazon Coins, I don't think he knows what he's talking about.

However, I will admit that a better cryptocurrency could come out, but the only way it would would replace bitcoin is if it was a massive improvement. Otherwise, Bitcoin will stay on top for no other reason than people know about it and it is a proven concept.

[empoweoqwj]

Boy have I read some ill-informed, idiotic articles in the last few months, but Jeez Luiz, this one is really hard to beat e.g:

"People can buy things with Amex points. That's a real kind of currency that's created by American Express to allow them to have a greater piece of consumption that they otherwise wouldn't get," said Bremmer."

wtf? Reminds me of an analyst on a financial TV channel about 10 years ago, saying that "cameras in phones would be a niche market"  

What is with analysts and technology? Isn't it their job to get to grip with new stuff? They should all retire if they can't be bothered to embrace the future.

[Jutarul]

Considering he's comparing Bitcoin to Frequent Flyer miles and Amazon Coins, I don't think he knows what he's talking about.

Exactly.

Also people keep confusing currency with money [http://goldsilver.com/hidden-secrets-money/currency-money/].
USD is currency, bitcoin is money.

[Gabi]

Haters gonna hate  

[knybe]

What is with analysts and technology? Isn't it their job to get to grip with new stuff? They should all retire if they can't be bothered to embrace the future.

It's their job, as they see it, to shape and manipulate reality with FUD and any other tools at their disposal.

[server]

CNN.

[aquarius]

CNN.

this.. says it all

[Piper67]

Someone should open a bet and offer Mr. Best a chance to put his money where his misguided ideas and mouth are. 

[oakpacific]

The greatest obstacle to Bitcoin widespread adoption: lack of proper math education.

[BitChick]

Someone should open a bet and offer Mr. Best a chance to put his money where his misguided ideas and mouth are. 

Yes.  Also, it seems ironic that there was press again today about even more VC groups pouring money into BTC.  I have pondered that there may be "better" designed virtual currencies in the future, but BTC is definitely the first to get major traction, and as time goes on the more people invested will in turn strengthen it even more.  I think we are already seeing that.

[cbeast]

There are no "bigger players," only smaller minds.

[justusranvier]

There are no "bigger players," only smaller minds.

There are no misinformed pundits in the media, only people who want a lower entry point.

[Piper67]

Someone should open a bet and offer Mr. Best a chance to put his money where his misguided ideas and mouth are. 

Yes.  Also, it seems ironic that there was press again today about even more VC groups pouring money into BTC.  I have pondered that there may be "better" designed virtual currencies in the future, but BTC is definitely the first to get major traction, and as time goes on the more people invested will in turn strengthen it even more.  I think we are already seeing that.

Any significant improvement on Bitcoin can just as easily be co-opted into Bitcoin. The so-called "flaws" in the protocol aren't flaws at all, otherwise one of the myriad other cryptocoins created without them would have already succeeded by now.

Facebook today doesn't look exactly like Facebook did in 2006 either, but it's still Facebook. 

[TraderTimm]

I can't wait for the Crap News Network bobble-heads try to explain further development and interest in Bitcoin after their "Death Announcement" story.

More likely they'll just ignore it and focus on whatever shiny piece of news-foil is in their clutches, like a small cat.

[cypherdoc]

my bank cc just lopped off 25000 reward pts b/c i didn't "use" them last year.

[superduh]

i've lost many airline miles and other "currencies" that expire.
also have a letter saying i should book some more flights or use my points to buy magazines that i don't want and aren't worth anything to me.
yay

[marcus_of_augustus]

Haters gonna hate  

It is increasingly hard not to come to that conclusion I'm afraid .... this guy is meant to be some global guru on risk assessments and all he can come up with on CNN is FUD on why it will never work ...?

How about he gives the percentage risks that BitCoin destabilises the incumbent (insolvent) financial players who are being propped up by Central bank money printing? Now that would be some analysis worth reading.

And this bit was hilarious, he is basically saying the USD is backed by third world corruption like Bitcoin is backed by the SR ...

"Don't underestimate the importance of cash," he said. "Cash facilitates corruption, and there are many governments out there that want to be able to avoid paper trails on every transaction they engage in."Globally, the cash that works for these transactions is the dollar, often the $100 bill.

"This is not insignificant for helping the U.S. as the global reserve currency," Bremmer said

[Jason]

"Its failings notwithstanding, there is much to be said in favor of journalism in that by giving us the opinion of the uneducated, it keeps us in touch with the ignorance of the community."

-- Oscar Wilde

[marcus_of_augustus]

"Its failings notwithstanding, there is much to be said in favor of journalism in that by giving us the opinion of the uneducated, it keeps us in touch with the ignorance of the community."

-- Oscar Wilde

Great quote ... when I turn on the evening news my wife always says "why do you watch it?" ... my reply is that "I like to see what stories the sheeple are being fed."