[2013-12-28] Do you really know bitcoin? Here are 11 myths

[LiteCoinGuy]

Do you really know bitcoin? Here are 11 myths

http://www.cnbc.com/id/101298888

[1715555134]

1715555134

[1715555134]

1715555134

[1715555134]

1715555134

[1715555134]

1715555134

[qwk]

"I absolutely understand why there are so many bitcoin haters out there. But don't hate the player; hate the game," Colas said. "Technology is a tremendously disruptive force in society, and it knows no boundaries. It disturbs every status quo. That's what is does. Just don't make the mistake of thinking that you can reverse it by calling it a bubble."

I like that conclusion.

[odolvlobo]

It's a nice list, but I disagree with:

#3 (Bitcoin is a currency) -- The reasons are confused. They say that Bitcoin is a payment system, therefore it is not a currency, but the reality is that Bitcoin is payment system with its own currency. Maybe the author misunderstands. Anyway, I don't see why it wouldn't be a currency except when there are some arbitrary requirements, such as it has to be state-supported.

#9 (It's a Ponzi scheme) -- I don't disagree that this is a myth, but the argument is poor. Bitcoin can't be a Ponzi scheme because it is 100% transparent and there is no operator. I think that many people use "Ponzi scheme" when they mean "pyramid scheme" because they don't know the difference. Bitcoin is not a pyramid scheme either.

#5 (Chinese citizens can't buy bitcoins) -- I don't know anyone that thinks this or even cares.

[Spaceman_Spiff]

#9 (It's a Ponzi scheme) -- I don't disagree that this is a myth, but the argument is poor. Bitcoin can't be a Ponzi scheme because it is 100% transparent and there is no operator. I think that many people use "Ponzi scheme" when they mean "pyramid scheme" because they don't know the difference. Bitcoin is not a pyramid scheme either.

Actually, the most you could accuse bitcoin of, is being a pump and dump imho.

[black_swan]

It's a nice list, but I disagree with:

#3 (Bitcoin is a currency) -- The reasons are confused. They say that Bitcoin is a payment system, therefore it is not a currency, but the reality is that Bitcoin is payment system with its own currency. Maybe the author misunderstands. Anyway, I don't see why it wouldn't be a currency except when there are some arbitrary requirements, such as it has to be state-supported.

#9 (It's a Ponzi scheme) -- I don't disagree that this is a myth, but the argument is poor. Bitcoin can't be a Ponzi scheme because it is 100% transparent and there is no operator. I think that many people use "Ponzi scheme" when they mean "pyramid scheme" because they don't know the difference. Bitcoin is not a pyramid scheme either.

#5 (Chinese citizens can't buy bitcoins) -- I don't know anyone that thinks this or even cares.

#3 Agree with you but I don't agree with the fact that it's "low-cost replacement for credit cards and other payment mechanisms.", miners + electricity per transaction is expensive
#5 Didn't the ban came after the huge pump? I think the author missed something..
#9 Agree with you, there is no central operator hence it's not a Ponzi (Services, like exchanges, could be)

Also:
#6 bitcoin is a store of value, the blockchain is there to support the value
#8 I am happy to give my personal details to a bank, why should I keep my public address a secret if required by the law?

[bryant.coleman]

Chinese citizens are still buying up Bitcoins. They are mostly using local bitcoins and exchanges such as BTC-E. And in BTC-China, today's volume was 2,983.06 BTC.