So much lulz in this article.... (5 reasons you should avoid Bitcoin)

[Xenland]

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

[1715266209]

1715266209

[Xenland]

(fiat)... inflation is minimal.

Our modern financial system(federal reserve) is a pretty darn amazing invention. Money is never wasted.

Now, we do have quite a bit of economic inequality right now, especially here in the United States, but that is less a factor of the financial system than the political system, and plenty of countries with similar financial systems to ours have more equitable distributions of wealth.

At the end of the article it says

BitCoin alternatives

There are plenty of alternatives to BitCoin.

You can use regular money on your grid by way of PayPal and PayPal Micropayments. These modules are widely available for OpenSim and many hosting companies will set you up for little or no extra cost.

You can use the OMC currency from Virwox — which also supports BitCoin trading, if you want your customers to have the option to use BitCoin in some capacity.

And you can issue your own currency. That has some legal implications as well (see yesterday’s article Virtual Currency 101), and you have to be careful about how your set up your currency, but if you do it right you get to keep all the money you make from selling your currency in addition to providing a fun, low-cost way for your users to spend money in-world.

Hosting companies Dreamland Metaverse and TalentRaspel specialize in setting up custom virtual currencies for private grids — and the Website infrastructure needed to manage them. And the currency modules are also available, if you have the technical skills to set it up on your own.

[Yankee (BitInstant)]

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

HAHAHAHA It's kind of funny, but this author has no understanding of the worldwide financial system nor basic macro economis 101.

Don't you find it intriguing that the thing's he says to stay away from are the very things that attract us all to Bitcoin!

1. There are no BitCoin police

> Wait, you mean there is no regulator that can stick their hands in my bank account and take all my money? Oh my gosh, what will I do!

2. BitCoins have no backers

> This one is just lulz "BitCoins are like Beanie Babies — as long as people want them, their price will go up. "

3. BitCoins are volatile

> Duh, so is every currency. In fact, the past 4 months have been the most stable...ever. Didn't Zimbabwes currency inflate by like 10000% in 2 years?

4. BitCoins may attract regulatory attention

> This one pisses me off the most. EVERYTHING attracts regulatory attention. Author is not up to do on regulatory matters surrounding Bitcoin

5. BitCoins are unfair

> Go cry

[Portnoy]

Just a small correction...

Don't you find it intriguing that the thing's he she says...

About the Author:
Maria Korolov is editor and publisher of Hypergrid Business. She has
been a journalist for more than twenty years and has worked for the
Chicago Tribune, Reuters, and Computerworld and has reported from
over a dozen countries, including Russia and China.

[Yankee (BitInstant)]

Just a small correction...

Don't you find it intriguing that the thing's he she says...

About the Author:
Maria Korolov is editor and publisher of Hypergrid Business. She has
been a journalist for more than twenty years and has worked for the
Chicago Tribune, Reuters, and Computerworld and has reported from
over a dozen countries, including Russia and China.

I stand corrected....but my statements still stand 

[Saturn7]

It's because of articles like this the value of bitcoin goes up. 

[kiba]

Clearly, she need an editor herself. Or maybe she's desperate for traffic, no matter how badly written the article is?

[Portnoy]

Clearly, she need an editor herself. Or maybe she's desperate for traffic, no matter how badly written the article is?

I liked the one theory presented in the comments that she is spreading FUD to try and drop
the price so she can buy a bunch of them herself. 

Ya, I don't think she has that much influence...

[Gareth Nelson]

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

Before I even read the link, is that Maria's writing?

If so, i'm disappointed - I know her work and she's usually better at not falling for common myths.

[grantbdev]

I died at this point:

Then something sexier comes along — Justin Bieber, say, releases ByteCoin and gives away a free kiss to all users. What is to keep users from selling off their BitCoins and switching to ByteCoins?

[pekv2]

How can a women take so much bashing and keep writing?

Example of a posted comment.

taking a glimpse at her blog explains it all…
*link removed*

many more pearls like this written by Mrs. Maria K.

*facepalm*

Someone that hates bitcoin is paying her to write this. Example of above quote. Hmmm.

[kiba]

If you see titles like this: "5 reasons to <blah>" or "Ten way <blah>", you know that the writer is desperate for traffic.

[kiba]

Then something sexier comes along — Justin Bieber, say, releases ByteCoin and gives away a free kiss to all users. What is to keep users from selling off their BitCoins and switching to ByteCoins?

[/quote]

Most bitcoiners are male. Either that, or the woman hates Justin Bieber.

[bitstarter]

I spat up my coffee when I read it haha

[Serith]

For an average person her arguments seem legit, and it couldn't be shrugged off as easy as "Ponzi Scheme" argument. I think that for the next year those will be most popular among Bitcoin detractors, not because it's good but because it's something general public understands. I know why she is wrong, but countering her arguments requires analytics and hard numbers, so I am going to play devil's advocate here to see what we can come up with.

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

HAHAHAHA It's kind of funny, but this author has no understanding of the worldwide financial system nor basic macro economis 101.

Don't you find it intriguing that the thing's he says to stay away from are the very things that attract us all to Bitcoin!

1. There are no BitCoin police

> Wait, you mean there is no regulator that can stick their hands in my bank account and take all my money? Oh my gosh, what will I do!

But what happens when your bitcoins get stolen, how can you get your money back from those responsible?

2. BitCoins have no backers

> This one is just lulz "BitCoins are like Beanie Babies — as long as people want them, their price will go up. "

Government has resources to buy the currency from you and force others to buy it even if it's not worth much, therefore you have some guarantees that it's not going to collapse overnight.

3. BitCoins are volatile

> Duh, so is every currency. In fact, the past 4 months have been the most stable...ever. Didn't Zimbabwes currency inflate by like 10000% in 2 years?

It is democracy in US, american people will not elect someone who would do something like what happened in Zimbabwe.

4. BitCoins may attract regulatory attention

> This one pisses me off the most. EVERYTHING attracts regulatory attention. Author is not up to do on regulatory matters surrounding Bitcoin

Bitcoin is a grey area right now but it will move towards being illegal or at least some aspects of it will, so people shouldn't bother to use Bitcoin because there is so much uncertainty around it.

5. BitCoins are unfair

> Go cry

The more people use Bitcoin the more rich it makes early adopters, despite the fact that they are doing nothing to increase their wealth.

[ArticMine]

...
3. BitCoins are volatile

> Duh, so is every currency. In fact, the past 4 months have been the most stable...ever. Didn't Zimbabwes currency inflate by like 10000% in 2 years?

...

This is way off. The annual inflation rate in Zimbabwe reached 6.5 × 10¹⁰⁸% in December 2008. http://en.wikipedia.org/wiki/Zimbabwean_dollar. When government fiat currencies go bad they can go really bad not just 10000%

[madberry]

Doesn't take criticism very well my comment was deleted twice. I didn't even use profanity.  LOL

[markm]

When people stop wanting them, their perceived value will drop through the floor. And, unlike with Beanie Babies, there’s no hope that if you wait long enough they’ll come back into fashion or become historic collectibles.

Thank goodness I got rid of all mine when they dropped through the $2 flloor...

...Oh wait, I didn't. My bad.

-MarkM-

[ineededausername]

"People [will suddenly] stop wanting them"

hehehe

[Yankee (BitInstant)]

For an average person her arguments seem legit, and it couldn't be shrugged off as easy as "Ponzi Scheme" argument. I think that for the next year those will be most popular among Bitcoin detractors, not because it's good but because it's something general public understands. I know why she is wrong, but countering her arguments requires analytics and hard numbers, so I am going to play devil's advocate here to see what we can come up with.

Was just poking fun at her article, if I wanted to counter it, I would have used bigger words