NY Post Troll Bait article on MIT $100 worth BTC per Student

[abercrombie]

Pretty entertaining troll bait at NY Post with words like "worldwide scam" and "bitloons -- anytime I write negatively about bitcoin, the loons come out to fight with me."  

MIT students engineering bitcoin scheme

[NapoleonBonaparte]

This guy is a complete joke, he obviously never took an economics class.

Regardless of how he view bitcoin, he does get it right when he said bitcoin is a confident game.

[Beliathon]

Regardless of how he view bitcoin, he does get it right when he said bitcoin is a confident game.

So is the dollar, and every other currency in the world for that matter.

Actually, thinking about it, bitcoin is the only form of money with mathematically provable reason to have confidence in it. Every fiat currency is predicated on "it's complicated, you wouldn't understand. Just trust us."

[DannyHamilton]

. . . he does get it right when he said bitcoin is a confident game.

So is the dollar, and every other currency in the world for that matter. . .

So is gold, silver, and any other commodity that you can't eat, drink, live on, or protect yourself with.

[Ron~Popeil]

This guy is a complete joke, he obviously never took an economics class.

Regardless of how he view bitcoin, he does get it right when he said bitcoin is a confident game.

Maybe so but how many confidence games are run by rules set by and fully known by the participants? Name one other currency that applies the rules equally to everyone. 

[Este Nuno]

Regardless of how he view bitcoin, he does get it right when he said bitcoin is a confident game.

So is the dollar, and every other currency in the world for that matter.

Actually, thinking about it, bitcoin is the only form of money with mathematically provable reason to have confidence in it. Every fiat currency is predicated on "it's complicated, you wouldn't understand. Just trust us."

That's a gross oversimplification. There's no simple mathematically provable reason to have confidence in Bitcoin. A hash function is just a hash function. It doesn't have some inherent higher meaning. It's one cog in the complex system.

[CozyLife]

I'm writing a CCN article on this now. John Crudele didn't care to defend his statements when I contacted him. Let me know if you have anything you'd like me to quote you on in my article about his story.

[franky1]

the article writer definitely does not have a clue. where he wrote that the price of gasoline is cheap seems odd compared to the dollar economy doing 'so well'.

um doesn't he realize that the 'unrest' in the middle east is why gasoline is cheap. basically the americans, instead of paying for oil, are pretty much stealing it, thus they can sell it to corporations cheaper. and the middle east are in uproar because of it.

his maths is 1+1=0 because he fails to put one and one together.

now getting back to the subject of bitcoin. he thinks there is nothing to buy with bitcoin and thus bitcoin is purely a 'confidence game' because he thinks people only value bitcoin for hoarding.

maybe he needs a wake up call to realize there is 4 places to buy food within 1 street block of MIT(accepting bitcoin directly) and yes there is even a cash machine. also with over 50 places within the takeaway/delivery range of MIT (via foodler).

it is not costing the student a dime to receive the $100 worth of coin and the students will have the freedom to do what they want with the coin.

oh well, atleast i now know another media writer to ignore in future due to lack of research and understanding of the article they write

[wasserman99]

Regardless of how he view bitcoin, he does get it right when he said bitcoin is a confident game.

So is the dollar, and every other currency in the world for that matter.

Actually, thinking about it, bitcoin is the only form of money with mathematically provable reason to have confidence in it. Every fiat currency is predicated on "it's complicated, you wouldn't understand. Just trust us."

There is no mathematical reason to trust bitcoin. The reason that bitcoin has value is because the market gives it value. If the market were to "decide" to value it at zero tomorrow then anything you would have invested in it would be gone.

[franky1]

Regardless of how he view bitcoin, he does get it right when he said bitcoin is a confident game.

So is the dollar, and every other currency in the world for that matter.

Actually, thinking about it, bitcoin is the only form of money with mathematically provable reason to have confidence in it. Every fiat currency is predicated on "it's complicated, you wouldn't understand. Just trust us."

There is no mathematical reason to trust bitcoin. The reason that bitcoin has value is because the market gives it value. If the market were to "decide" to value it at zero tomorrow then anything you would have invested in it would be gone.

WRONG
it costs miners about $500 to mine a bitcoin so they will refuse to sell below that. and people buying from the miners wil refuse to sell below the cost they paid. its called a resistance point and why right now the price even after a dump keeps settling back to $500+.. and why the price didnt drop below $450 in spring because the resistance point was $400ish back then. (even when mtgox dropped to $100 the rest of the community stayed above the resistance points)

the only time it would drop below the resistance point is when people are selling the coins they bought dirt cheap early on or they are dumb to sell at a loss. which doesnt last long before resetting/correcting itself.

the market has some psychology behind it and is not purely a magical number made from vapour.

alot of whales are trying to test the resolve of this weeks $500 resistance point.. and alot tested the resolve during the gox scandle. which both proved that the price has actual value.

so if you want to call the decembers $1200 speculation/vapour go ahead, as that high price was too high and had no backing. and even i call that the speculative high.. but basing bitcoins true value's of the LOWS, you do get to see where bitcoins true value lays

[CozyLife]

I finished my article on CCN. Please let me know what you think!

[QuestionAuthority]

I finished my article on CCN. Please let me know what you think!

Nice! Why don't you send that link to the editor of the NY Post. He may want to know he has an old fool that refuses to do research on his staff.

[bornil267645]

Nice job, waiting to see how it goes...

[wasserman99]

Regardless of how he view bitcoin, he does get it right when he said bitcoin is a confident game.

So is the dollar, and every other currency in the world for that matter.

Actually, thinking about it, bitcoin is the only form of money with mathematically provable reason to have confidence in it. Every fiat currency is predicated on "it's complicated, you wouldn't understand. Just trust us."

There is no mathematical reason to trust bitcoin. The reason that bitcoin has value is because the market gives it value. If the market were to "decide" to value it at zero tomorrow then anything you would have invested in it would be gone.

WRONG
it costs miners about $500 to mine a bitcoin so they will refuse to sell below that. and people buying from the miners wil refuse to sell below the cost they paid. its called a resistance point and why right now the price even after a dump keeps settling back to $500+.. and why the price didnt drop below $450 in spring because the resistance point was $400ish back then. (even when mtgox dropped to $100 the rest of the community stayed above the resistance points)

I think you have this backwards. If it cost miners $500 to mine a bitcoin they will not mine unless bitcoin is selling for at least $500. Since the bitcoin that miners sell only makes up a small percentage of the market the rest of the people who hold bitcoin can sell enough so that the price could fall below the cost of mining.

[CozyLife]

I finished my article on CCN. Please let me know what you think!

Nice! Why don't you send that link to the editor of the NY Post. He may want to know he has an old fool that refuses to do research on his staff.

I passed it along to them.

[franky1]

I think you have this backwards. If it cost miners $500 to mine a bitcoin they will not mine unless bitcoin is selling for at least $500. Since the bitcoin that miners sell only makes up a small percentage of the market the rest of the people who hold bitcoin can sell enough so that the price could fall below the cost of mining.

actually SMART miners that know what bitcoin is do not sell at a loss, they continue to mine. they just hoard instead of sell, if miners stopped mining. we would see the hash rate drop..
only a small amount of dumb miners with a small amount of power would quit. but th majority do not give up

thus the hashrate does not drop. which means your point is disproved.

instead the hoarding dries up the amount of coins that are being sold at spread and dries up the amount of bitcoin being put as 'waiting orders' on the sell wall. which causes a supply shortage and a higher demand, to cause the price rise.

this has happened around the reward halving and also all the time for the last 5 years as the hashrate has been rising. maybe its best you start observing charts and correlations of different data sources, rather than forming opinions based purely on your imagination

[Este Nuno]

Regardless of how he view bitcoin, he does get it right when he said bitcoin is a confident game.

So is the dollar, and every other currency in the world for that matter.

Actually, thinking about it, bitcoin is the only form of money with mathematically provable reason to have confidence in it. Every fiat currency is predicated on "it's complicated, you wouldn't understand. Just trust us."

There is no mathematical reason to trust bitcoin. The reason that bitcoin has value is because the market gives it value. If the market were to "decide" to value it at zero tomorrow then anything you would have invested in it would be gone.

WRONG
it costs miners about $500 to mine a bitcoin so they will refuse to sell below that. and people buying from the miners wil refuse to sell below the cost they paid. its called a resistance point and why right now the price even after a dump keeps settling back to $500+.. and why the price didnt drop below $450 in spring because the resistance point was $400ish back then. (even when mtgox dropped to $100 the rest of the community stayed above the resistance points)

the only time it would drop below the resistance point is when people are selling the coins they bought dirt cheap early on or they are dumb to sell at a loss. which doesnt last long before resetting/correcting itself.

the market has some psychology behind it and is not purely a magical number made from vapour.

alot of whales are trying to test the resolve of this weeks $500 resistance point.. and alot tested the resolve during the gox scandle. which both proved that the price has actual value.

so if you want to call the decembers $1200 speculation/vapour go ahead, as that high price was too high and had no backing. and even i call that the speculative high.. but basing bitcoins true value's of the LOWS, you do get to see where bitcoins true value lays

A market resistance point is not a mathematical reason to trust Bitcoin. Bitcoin is a complex system and you trust that it works as a whole, not just one part of it.

[blumangroup]

I think you have this backwards. If it cost miners $500 to mine a bitcoin they will not mine unless bitcoin is selling for at least $500. Since the bitcoin that miners sell only makes up a small percentage of the market the rest of the people who hold bitcoin can sell enough so that the price could fall below the cost of mining.

actually SMART miners that know what bitcoin is do not sell at a loss, they continue to mine. they just hoard instead of sell, if miners stopped mining. we would see the hash rate drop..
only a small amount of dumb miners with a small amount of power would quit. but th majority do not give up

thus the hashrate does not drop. which means your point is disproved.

instead the hoarding dries up the amount of coins that are being sold at spread and dries up the amount of bitcoin being put as 'waiting orders' on the sell wall. which causes a supply shortage and a higher demand, to cause the price rise.

this has happened around the reward halving and also all the time for the last 5 years as the hashrate has been rising. maybe its best you start observing charts and correlations of different data sources, rather than forming opinions based purely on your imagination

I don't think there is any actual guarantee that bitcoin will rise in value. If this was the case then no one would ever sell.

[wasserman99]

I think you have this backwards. If it cost miners $500 to mine a bitcoin they will not mine unless bitcoin is selling for at least $500. Since the bitcoin that miners sell only makes up a small percentage of the market the rest of the people who hold bitcoin can sell enough so that the price could fall below the cost of mining.

actually SMART miners that know what bitcoin is do not sell at a loss, they continue to mine. they just hoard instead of sell, if miners stopped mining. we would see the hash rate drop..
only a small amount of dumb miners with a small amount of power would quit. but th majority do not give up

thus the hashrate does not drop. which means your point is disproved.

instead the hoarding dries up the amount of coins that are being sold at spread and dries up the amount of bitcoin being put as 'waiting orders' on the sell wall. which causes a supply shortage and a higher demand, to cause the price rise.

this has happened around the reward halving and also all the time for the last 5 years as the hashrate has been rising. maybe its best you start observing charts and correlations of different data sources, rather than forming opinions based purely on your imagination

If it costs them $600 to mine 1 BTC but bitcoin is only selling for $500 then why would they not stop mining and then use the $600 to buy 1.2 BTC on an exchange? If they were to continue to mine they would be essentially paying above market rate for something they can easily pay the market rate for.

[RodeoX]

That's why the worlds greatest computer scientist go to MIT and he writes for a tabloid. I think I'll follow MIT, but hey if I need to know anything about celebrity dating, I'll be sure to check the New York Post.