Complaint to Market Oracle over misrepresentation of facts surrounding bitcoin

[James-Cryptonomics]

This is published here: http://cryptonomics.io/news/my-complaint-to-market-oracle-over-misrepresentation-of-facts-surrounding-bitcoin/.

This is my complaint to The Market Oracle regarding this article (http://www.marketoracle.co.uk/Article44455.html). I sent this to them via email yesterday and I am still waiting for their reply.

 
Dear Market Oracle,

As a cryptocurrency advocator I  get used to seeing  ramblings of mistrust from media outlets regarding Bitcoin and rarely get annoyed. After all regardless of my own personal opinions, other people will see differently and one must respect that. With that being said your ‘delightfully’ titled article “Bitcoin Craptocurrency Ponzi Crash Grinds Towards ZERO, Where’s Max Keiser Hiding?” really tested my nerves.

To begin with there are obvious inaccuracies littered throughout your article. Your claim that “Bitcoin Craptocurrency has plunged to USD $230” is misleading at best. Although it is true that on one of the big exchanges prices have plummeted as low as $230 the other two ‘big’ bitcoin exchanges are currently valuing bitcoin at $625 and $602 respectively. Mt.Gox, the exchange you were referring to, is also currently valuing bitcoin at $301. Even after averaging these values out the value is currently placed at $509, which is over double your quoted figure.

This though is still an inaccurate reflection of bitcoins current value as Mt.Gox has recently been plagued by problems, which bitcoin users are fully aware about. The problems are internal and have led to Mt.Gox temporarily halting bitcoin withdrawals from their site. This has led to trust in the platform decreasing and the price dropping.  Subsequently the price you quoted in your article is not a true reflection on actual worth. Your article surprised me as it’s the only article I know to have misreported these facts

I also would like to question your mentioning of Max Keiser in your story. The bitcoin movement has many advocates; and in mentioning just one of these advocates it could be easy for a newcomer to the currency perceiving Max as a ‘bitcoin spokesperson’.  I seriously doubt that if you spent the time to question users of the currency you would find any majority who see Max as a spokesperson for their views.

I can safely say I doubt your sources for these two claims:

1)      “95% of What you reading is WORTHELSS SALES PITCH” and

2)      “99% of Mainstream media is a WORTHLESS SALES PITCH”.

As from my own personal experience I can safely assure you that the mainstream media has done more towards discrediting the currency than promoting.

Taking all of this into account, I hope you understand the need for me to ask you to reflect more accurately regarding bitcoin in the future. As this will enable readers of your site to be more accurately informed.

With sincerity,

James

[MeatPopsicle]

ITT: People who have money on Gox and are upset.

[instructor2121]

Amazing how some will put their neck and credibility on the line when they obviously do not understand BTC fully.

[tabnloz]

I usually take an interest in the Market Oracle's articles. He has generally been pretty good concerning the bull market in stocks and RE since the GFC. He had also published a pro Bitcoin / Winklevii article not long ago. BUt this one is just uninformed bullshit formed by a cursory glance atthe market and not any research.

Another piece of FUD Clickbait I read yesterday was this http://www.crikey.com.au/2014/02/14/kim-coindashian-how-bitcoin-is-going-the-way-of-the-tulip/

Sometimes it just amazes me the lack of time  people put into learning about the thing they are trying to discredit.

[subcoin]

Why even answer something that has "Craptocurrency" in a title?
There is no reason to explain anything to somebody who already dropped to name-calling level...

[instructor2121]

I usually take an interest in the Market Oracle's articles. He has generally been pretty good concerning the bull market in stocks and RE since the GFC. He had also published a pro Bitcoin / Winklevii article not long ago. BUt this one is just uninformed bullshit formed by a cursory glance atthe market and not any research.

Another piece of FUD Clickbait I read yesterday was this http://www.crikey.com.au/2014/02/14/kim-coindashian-how-bitcoin-is-going-the-way-of-the-tulip/

Sometimes it just amazes me the lack of time  people put into learning about the thing they are trying to discredit.

I totally agree...

[solex]

Nadeem Walayat of Market Oracle has the same mental block as Karl Denninger of Market Ticker: they have both devoted years to pointing out the failings of the fiat system to the point where they can't see beyond it, or the prior gold standard. They know the fiat system is doomed, or at least will continue in cycles of booms and busts reducing all the OECD countries to an Argentina-like mess.

In contrast, Satoshi Nakamoto did the hard slog of designing and building a new alternative that kicks the whole fiat system into touch. Walayat and Denninger just can't understand that there is now a proven and viable alternative. One that is getting stronger every day.

[tabnloz]

Why even answer something that has "Craptocurrency" in a title?
There is no reason to explain anything to somebody who already dropped to name-calling level...

In a way, attitudes like theirs are a positive for Bitcoin.

Guys like this would never have dreamed about writing an opinion piece on bitcoin this time last year.

Still, while the possibilty remains that btc could fail, they can rubbish and dismiss it to their hearts content. It doesn't fit into the way they were taught how things work.

So, as the Bitcoin economy survives, grows and gains acceptance, they only serve to discredit themselves.

Time will tell!