Wow, Yahoo Finance is downright idiotic

[spiral_mind]

This one quote in particular is painfully bad.

Source: http://finance.yahoo.com/blogs/breakout/winklevosses-trying-bring-bitcoin-mainstream-investors-171834667.html

[Bitcoins] don't act as a substitute for physical money. They are just a barrier between you and your cash.

Imagine every dollar in your wallet being worth anywhere from $13 to $266 depending on what an anonymous trader decides at any given moment. While the premise of Bitcoin and all digital currencies is that they are free from the manipulation of Central Banks that's only partially true. All digital currencies do is swap out groups like the Federal Reserve or Bank of Japan and replace them with whomever it is that's in charge of the manufacturing Bitcoins themselves.

Who is that central banker in control of the Bitcoin supply? No one knows. Here's how it's explained in the regulatory S-1 filing:

"Satoshi Nakamoto is considered to be the creator of Bitcoins and the Bitcoin Network; however, no individual with that actual name has been publicly identified as the Bitcoin Network’s creator, and the general consensus is that the name is a pseudonym for the actual inventor or inventors."

How stupid can these 'journalists' get? Satoshi Nakamoto doesn't back the value of Bitcoin personally. He's not a central banker. He doesn't even develop code for Bitcoin anymore as far as we know.

They could have bothered to do even a little bit of research before jumping to publishing.

They say this right after explaining that "if someone will pay $100 for a Bitcoin" that's what its worth. Well that's certainly half of it. Satoshi doesn't back Bitcoin himself rather the community of developers and the community of users who trust the cryptography and design of Bitcoin do.

[PerfectAgent]

All digital currencies do is swap out groups like the Federal Reserve or Bank of Japan and replace them with whomever it is that's in charge of the manufacturing Bitcoins themselves.

Haha, oh man, this line's good.

[CoinsForTech]

Most journalists know nothing about Bitcoin or how it works and are simply chasing something to report. Unfortunately as Bitcoin popularity rises so will the number of sensationalized articles.

[weav]

All digital currencies do is swap out groups like the Federal Reserve or Bank of Japan and replace them with whomever it is that's in charge of the manufacturing Bitcoins themselves.

Haha, oh man, this line's good.

Haha wtf The entire article is sort of polemically oozing fear of the unknown, must have been fun to read the press releases about the first cars..

All automobiles do is swap out groups of horses and replace them with whatever it is that's in charge of the moving passengers themselves.

[Melbustus]

The comments are particularly ignorant and brain-dead too. Most other news outlets are reasonably informed and fair now, but Yahoo finance is consistently awful.

[bbit]

so pathetic lol

[solex]

This one quote in particular is painfully bad.

Source: http://finance.yahoo.com/blogs/breakout/winklevosses-trying-bring-bitcoin-mainstream-investors-171834667.html

Imagine every dollar in your wallet being worth anywhere from $13 to $266 depending on what an anonymous trader decides at any given moment. ...

This is just infantile. They must be paying the Teletubbies to write their articles.

[LightRider]

Imagine every dollar in your wallet being worth anywhere from $13 to $266

Bitcoin: So awful that it will only make your money worth at least 13 times more than it used to be.

[amincd]

"Dost thou not know, my son, with how little wisdom the world is governed?"

[ABitBack]

They refer to bitcoin as an "imaginary" currency...next they are going to do reports on fairies and unicorns. AND just look at the comments, people putting buzzwords together. "Another NSA scam" Wtf how did he come up with that? Sounds like something Fox News would say.

[greyhawk]

"Another NSA scam" Wtf how did he come up with that? Sounds like something Fox News would say.

Have a nice read of this NSA document: http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm

[franky1]

articles like this seem to be wrote by one person, that that person bought in at the high price of $250 and is now butt hurt that its worth $88

[Ozymandias]

Imagine every dollar in your wallet being worth anywhere from $13 to $266 depending on what an anonymous trader decides at any given moment. ...

If every dollar in my wallet was worth between $13 and $266 I'd be pretty fucking thrilled. Unfortunately each dollar I own is worth only $1 and that $1 buys me less and less every year

[ErebusBat]

In case anyone else hasn't figured this out:  The best way to discredit/kill/manipulate bitcoin is to scare people away from them.  This is usually called a hit peace.   Look at what is coming out about Snowden.

Until people learn that they can not trust the media (which they wont) then you will have people in power manipulating them through the media.  The few that realize it and say so just sound like conspiracy theory nuts.  (It doesn't help that we are pegged in the same light as Alex Jones).

[Joe_Bauers]

The idiots in traditional finance are starting to hear the proverbial "footsteps" of the coming age. The comments on yahoo are definitely entertaining though, and add to the evidence of the overall stupidity of humans in general