2013-11-06 Yahoo Finance / Business Insider: Bitcoin is a Joke

[BitChick]

Here is another fun one to bring back in a year or two and laugh at! 

From the article:

But make no mistake, Bitcoin is not the currency of the future. It has no intrinsic value.

It goes on to say how the US dollar has intrinsic value because the government says it does.  How does that make it more valuable then Bitcoin?  Really?    

There is so much more to poke fun at here!  Enjoy!   


http://finance.yahoo.com/news/bitcoin-total-joke-224200448.html

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[rpietila]

I am too busy counting my money to care about misled journalists.

[BitChick]

I am too busy counting my money to care about misled journalists.

YES. 

[symaxian]

Pretty sure these guys will keep spewing the fact that Bitcoin is "nothing more than a bubble" til the end of their days. Though the attacks might become more varied and targeted, "What is Bitcoin secured by? Only number and computational theory! Yeah just theories!"

[justusranvier]

Only number and computational theory! Yeah just theories!"

Monetary Creationists...

[FeedbackLoop]

Only number and computational theory! Yeah just theories!"

Monetary Creationists...

 

[BitChick]

Only number and computational theory! Yeah just theories!"

Monetary Creationists...

C'mon now.  Some of us are creationist on here.  I know it is probably hard for you to believe since I seem to be highly outnumbered.  That said, evolution is a THEORY too.

But this is off topic and I know you were just cracking a joke.  

[FeedbackLoop]

C'mon now.  Some of us are creationist on here.

   

Flat Earther also?

[exstasie]

I am too busy counting my money to care about misled journalists.

Someone is just sad that they missed the boat on this one...

[420]

phase 1: ignore
phase 2: mock you
phase 3: demonize you
phase 4: ?
phase 5: profit

[420]

was twitter IPO done specially because of bitcoin's new rally? or was twitter planned for weeks in advance

[live627]

Bitcoin is fiat currency in the most literal sense of the word.

I just died.

[420]

Bitcoin is fiat currency in the most literal sense of the word.

I just died.

just like gold; besides paperweight value

[solex]

The author of this joke article prides himself on being wrong as often as he is right

http://www.theatlanticwire.com/business/2012/05/joe-weisenthal-best-kind-wrong/52140/

"Weisenthal embraces this freedom. He will make the same prediction repeatedly, crowing when he’s right and shrugging it off when he isn’t. Earlier this year, he wrote several times that a major stock index, the Standard & Poor’s 500, was about to post its first big loss of the year. When it finally happened, he hailed the successful prediction without reference to its less-fortunate predecessors."

Expect him to crow how great Bitcoin is in a few years shrugging off his previous idiot statements like water off a duck's back.

[qwerty555]

I have just posted this on the Yahoo comments. I don't know if they will accept it or delete

    1 America is losing the power and influence you state.China is fast becoming the world leader and is now publicly active in that goal.
    Search 9-signs-china-making-move-against-us-dollar

    2 Use in trade is not the only criteria for intrinsic value its the PRICE and bitcoin has a price.

    intrinsic value

    Definitions (7)Save to FavoritesSee Examples
    1. General: Underlying, essential, inherent value.
    2. Ecology: Value that the environment and life forms have in their own right, and which is not derived from the human use they can or cannot be put to.
    3. Economics: No intrinsic value exists for any good or service except its price (see use value) which is reflection of its demand and supply position and not of any inherent quality.

    3 Your statement that Business/trade is only conducted in dollars is incorrect. There are swaps, barters, rights licences given, none of which is always taxed

    4 Cyber/crypto currency is definitely the future. Search the cost of handling money. Anything that reduces costs in handling counting theft will eventually be adopted by banks and governments. It may not be bitcoin but thats the only game in town at the moment and probably the testing ground for National schemes. Once teething problems are ironed out and public acceptance is widespread watch for Countries to copy it as an ADDITIONAL option in the first instance.

    5 Bitcoin has been ruled as a currency in Eastern District of Texas Federal Court. Also as private money by Germany apart from many others..

    6 Does it have to immediately have all and equal attributes to other fiats? No it can develop. Also Try searching hyperinflation wiki and see just how many fiats have tumbled in the last 100 yrs.

    7 Lastly it may not matter what the US position is as its China that is now market leader and they like it and they are trying to reduce dependence on the Dollar and will probably succeed and arguably already have to some degree. refer you back to 1 above.

    So what is more laughable..bitcoin or the article you wrote.

Reply

[marcus_of_augustus]

Only number and computational theory! Yeah just theories!"

Monetary Creationists...

Intelligent Design?

The great lord satoshi?

[Buffer Overflow]

The U.S. Dollar has intrinsic value because the U.S. government which sets the laws of doing business in the United States says it has intrinsic value.

Maybe, just maybe, they are telling you pork pies?
Sshhhhh, keep it to yourself though.

[RodeoX]

Bitcoin is a joke... and the joke is on the author. 

[zeroday]

On top of all these laws requiring the U.S. dollar to be used, the United States has a gigantic military that can force people around the world to use dollars (if it came to that) so yes, there's a lot of real-world value behind greenbacks

^and this is why I stick with bitcoin. Violence always leads to self destruction.

[Quantus]

"The United States has a gigantic military that can force people around the world to use dollars."


Please go on... Tell us all about this fantasy world Bitcoin users live in.