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Author Topic: 2012-07-03 hypergridbusiness.com - 5 reasons grids should avoid BitCoin  (Read 1443 times)
julz
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July 03, 2012, 09:21:12 AM
 #1

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5 reasons grids should avoid BitCoin

Maria Korolov
2012-07-03

http://www.hypergridbusiness.com/2012/07/5-reasons-grids-should-avoid-bitcoin/

...
But before you bet your company’s future on BitCoin, here are some thoughts to consider.
...
1. There are no BitCoin police
...
2. BitCoins have no backers
...
3. BitCoins are volatile
...
4. BitCoins may attract regulatory attention
...
5. BitCoins are unfair
...

 Roll Eyes

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July 03, 2012, 10:19:38 AM
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besides her being still trapped in the banking farytale: "If you have, say, $100 in your bank account, and the bank lends $90 of it to someone else to start a business" ... she also seems to believe that it is getting harder to mine bitcoins simply because now it is "later". in fact, the difficulty has already been higher in the past then it is now. this depends on interest, not time. if her "justin bieber byte coins" story comes true, it will be very easy to mine bitcoins once again.
§ 1 is also fun. what's protected are the numbers on your account, not the actual value.
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July 03, 2012, 10:53:45 AM
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besides her being still trapped in the banking farytale: "If you have, say, $100 in your bank account, and the bank lends $90 of it to someone else to start a business" ...

That's only dependent on responsible monentary policies. All the insurance in the world won't protect you from idiotic bankers. It's a false sense of security.

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July 03, 2012, 12:23:08 PM
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From the article

Quote
Money is created when banks lend it out. If you have, say, $100 in your bank account, and the bank lends $90 of it to someone else to start a business, the total amount of money effectively in circulation has almost doubled.

People borrow money to finance college educations, to buy cars and houses, to start new businesses. Governments borrow money to pay for infrastructure projects. The loans help grow the economy. If the economy grows at the same pace as the money supply, inflation is minimal. To increase the amount of money in circulation regulators can allow banks to lend out more of their depositors money, or they can lower interest rates.

Our modern financial system is a pretty darn amazing invention. Money is never wasted.

What a naive bint. Let me give an example of how amazing banks loan money to the captains of industry so they can help the economy grow.

In 2006 Ulster Bank/Royal Bank of Scotland (now owned by the UK tax payer) gave a multimillion euro loan to an Irish property developer so he could buy a field in the middle of no where and build a load of houses.

This was the result



Would anyone like to argue that the money wasn't wasted? You can see this repeated thousands of times across Ireland. The phenomenon has been called "Ghost Estates" and they are estimated to have cost approximately €80 billion to build. All of those loans have now been added to the national debt of the country.

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July 03, 2012, 02:19:21 PM
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Would anyone like to argue that the money wasn't wasted? You can see this repeated thousands of times across Ireland. The phenomenon has been called "Ghost Estates" and they are estimated to have cost approximately €80 billion to build. All of those loans have now been added to the national debt of the country.

There's no such thing as a free lunch. (TM)

In any case, the article seems to be written in a panic or a way to pad views for the sake of padding views.

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July 03, 2012, 05:01:12 PM
 #6

Lets all be honest: any news is good news... its been boring lately Wink

I shall enjoy laughing in my head at this attack piece, make more!

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July 03, 2012, 05:08:42 PM
 #7

From the article

Quote
Money is created when banks lend it out. If you have, say, $100 in your bank account, and the bank lends $90 of it to someone else to start a business, the total amount of money effectively in circulation has almost doubled.

People borrow money to finance college educations, to buy cars and houses, to start new businesses. Governments borrow money to pay for infrastructure projects. The loans help grow the economy. If the economy grows at the same pace as the money supply, inflation is minimal. To increase the amount of money in circulation regulators can allow banks to lend out more of their depositors money, or they can lower interest rates.

Our modern financial system is a pretty darn amazing invention. Money is never wasted.

What a naive bint. Let me give an example of how amazing banks loan money to the captains of industry so they can help the economy grow.

In 2006 Ulster Bank/Royal Bank of Scotland (now owned by the UK tax payer) gave a multimillion euro loan to an Irish property developer so he could buy a field in the middle of no where and build a load of houses.

This was the result



Would anyone like to argue that the money wasn't wasted? You can see this repeated thousands of times across Ireland. The phenomenon has been called "Ghost Estates" and they are estimated to have cost approximately €80 billion to build. All of those loans have now been added to the national debt of the country.



I assume those plots are rent free? Smiley

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July 03, 2012, 07:48:46 PM
 #8

Heh.

"And yes, I am a big fan of the current financial system"

 - http://www.hypergridbusiness.com/2012/07/5-reasons-grids-should-avoid-bitcoin/#comment-575375699

Incidentally, Bitcoin is getting to be a bigger and bigger percent of all SLL trading on VirWoX.  BTC/SLL trades more than their USD/SLL levels now, and its is approaching the level of ERU/SLL pretty soon.



 - http://bitcoincharts.com/charts/virwoxSLL#rg60zigWeeklyzczsg2011-05-01zeg2012-07-04zm1g10zm2g25zvzcv

VirWoX:

 - http://www.VirWoX.com

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July 03, 2012, 07:50:52 PM
 #9

5 reasons to avoid..

I can think of 500 reasons to jump on board..

BrightAnarchist
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July 03, 2012, 08:22:09 PM
 #10

Lets all be honest: any news is good news... its been boring lately Wink

I shall enjoy laughing in my head at this attack piece, make more!

+1... we need MORE attack pieces!

The more they hate... the better deals I get when I buy
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July 05, 2012, 01:51:19 AM
 #11

A nice rebuttal piece: http://edmundintokyo.wordpress.com/2012/07/04/5-reasons-grids-should-use-bitcoin-if-i-ever-get-around-to-finishing-the-money-server/

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July 05, 2012, 01:58:51 AM
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Maria has replied to this in the comments. I'm curious to see how this continues... Smiley

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July 05, 2012, 02:21:44 AM
 #13

 
Quote from: maria
What makes you think that Bitcoin will be around longer than OMC? (I’m asking this seriously, not snidely. There are no switching costs for companies that decide to stop accepting Bitcoin, whereas if you, say, stop accepting US dollars you will be cutting yourself off from a very large customer base that uses only that currency. There is no large customer base that exclusively uses Bitcoin.)

I must ask....does anybody actually use OMC? Is there anybody who actually use OMC for anything other than interacting in virtual worlds?

Quote from: maria
* Volatility could be a big problem for grids if they collect rent in Bitcoin but pay for their server space in US$ and Euros — they’d have to keep changing their rates. And any merchant who makes a real world living from in-world sales would similarly have to keep adjusting their rates.

Use bitpay or just pay your servers and domain in bitcoin.

Quote from: maria
* How will your users get Bitcoin? If they buy it from you with a credit card, and it turns out the credit card was stolen, you’ll be liable for the entire amount. But if you don’t allow people to buy Bitcoin from you, they won’t be able to play unless they can find other places to buy Bitcoin. The list of exchange that sell Bitcoin are limited and, frankly, none of them have any kind of name recognition (https://en.bitcoin.it/wiki/Trade), except for Virwox itself. Most also require wire transfers or other types of payment methods that the average user isn’t going to understand. For online purchases, you want to be able to make payments with PayPal or with credit cards.

Just because you don't personally recognize them doesn't mean they are unknown. Also, a lot of transfers are done by bank transfers and bitinstant. Exchanges are always looking for better way to get your money in and out.

Paypal and credit cards are dangerous to use simply because bitcoin is non-reversiable and paypal and credit cards are.

Frankly, I should stop responding to this lady's comment. But when somebody is wrong on the internet, I wish to reply.

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July 05, 2012, 02:46:16 AM
 #14

It seems like that blog manually approves all comments. I wonder if anyone else other than Maria will be allowed to reply there.
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