2013-11-24 NYTimes In Bitcoin’s Orbit: Rival Virtual Currencies Vie for Accept

[bitcool]

It's going to be interesting to see how much magic power the Network Effect has. 

http://dealbook.nytimes.com/2013/11/24/in-bitcoins-orbit-rival-virtual-currencies-vie-for-acceptance/

[Alty]

You got to love this comment from a Mr Spengler.

SpenglerAZ
The problems with virtual currencies:

1) Not convertible to real currency

2) Government authorities can shut them down,
rendering them worthless

3) Possibility for counterfeiting/fraud

The first movers and insiders profit, and the followers are vulnerable.
Kind of reminds you of a chain letter, doesn't it?

Bravo! 

[wormbog]

You got to love this comment from a Mr Spengler.

SpenglerAZ
The problems with virtual currencies:

1) Not convertible to real currency

2) Government authorities can shut them down,
rendering them worthless

3) Possibility for counterfeiting/fraud

The first movers and insiders profit, and the followers are vulnerable.
Kind of reminds you of a chain letter, doesn't it?

Bravo! 

Classic. It's tough to write up a list that's 100% wrong, but Spengler pulls it off.

Here are some more problems for his list:

4) Probably gives you cancer

5) Highly unstable; might explode at any time

6) Is made of pure evil

[proudhon]

You got to love this comment from a Mr Spengler.

SpenglerAZ
The problems with virtual currencies:

1) Not convertible to real currency

2) Government authorities can shut them down,
rendering them worthless

3) Possibility for counterfeiting/fraud

The first movers and insiders profit, and the followers are vulnerable.
Kind of reminds you of a chain letter, doesn't it?

Bravo! 

I wish we could force everyone who wants to write about bitcoin to start by spending a day or two to understand the byzantine generals problem.