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

[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.

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

We will hear those arguments repeated over and over again, I was just thinking that maybe we should try to come up with the answers in a wiki-like format.

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[justusranvier]

We will hear those arguments repeated over and over again, I was just thinking that maybe we should try to come up with the answers in a wiki-like format.

Or perhaps something like this: https://bitcointalk.org/index.php?topic=89772

[Phinnaeus Gage]

Many people believe that governments create money by printing new bills whenever they need more spending cash. But that’s not actually true.

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.

I will no longer be involved with Bitcoin after today upon reading the above. Anybody want to my my user name on this forum?

Senior Writer
Computerworld
Privately Held; 51-200 employees; Publishing industry
February 2000 – May 2001 (1 year 4 months)

Covered the financial services beat, with occasional technology management features. Travel included technology conferences around the United States and a week-long trip to Russia to interview that country's top banking officials.

I can't wait to read what the Junior writers pen. Perhaps stuff my 10-year-old nephew can grasp.

[niko]

*facepalm*

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

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.

The article actually links to these two.

[markm]

So maybe the translation is simply "we don't yet have a module that uses bitcoin as the primary in-world currency, so until we do bitcoin is a bad idea".

-MarkM-

[edmundedgar]

So maybe the translation is simply "we don't yet have a module that uses bitcoin as the primary in-world currency, so until we do bitcoin is a bad idea".

I don't think that's what she's getting at - most of her objections seem to be quite fundamental. Actually that was the strangest thing about the piece - she goes into all that weird, abstract stuff about early adopters being undeserving and banks making your money work hard, without mentioning the fact that there is no practical way for grid owners to use Bitcoin even if they want to, because nobody's written a Bitcoin money module yet.

Anyhow I wrote a response here. I've tried to keep it specific to actual practical concerns faced by people who operate OpenSim grids, and if people make more general comments about fiat banking and things I reserve the right to moderate them.

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

[Raoul Duke]

*facepalm*

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

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.

The article actually links to these two.

The article actually was paid by those two, who may well be one and the same lol

[pekv2]

*facepalm*

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

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.

The article actually links to these two.

The article actually was paid by those two, who may well be one and the same lol

I am confused, my quote is linked in the article? I don't follow, could someone explain to me in a way I might understand?

[Raoul Duke]

*facepalm*

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

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.

The article actually links to these two.

The article actually was paid by those two, who may well be one and the same lol

I am confused, my quote is linked in the article? I don't follow, could someone explain to me in a way I might understand?

No, the 2 companies on that quote below yours are linked from the article, on the last paragraph. Altho it' just links to blog posts about those comanies, it's still advertising.

Nothing more than a sponsored blog post.

[pekv2]

*facepalm*

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

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.

The article actually links to these two.

The article actually was paid by those two, who may well be one and the same lol

I am confused, my quote is linked in the article? I don't follow, could someone explain to me in a way I might understand?

No, the 2 companies on that quote below yours are linked from the article, on the last paragraph. Altho it' just links to blog posts about those comanies, it's still advertising.

Nothing more than a sponsored blog post.

Oh, I'm removing it out of my post then.

[augustocroppo]

You also get the full weight of the FBI, Interpol, and various other local and global agencies who are busy chasing financial criminals.

She must deal a lot with the FBI and Interpol...

[niko]

You also get the full weight of the FBI, Interpol, and various other local and global agencies who are busy chasing financial criminals.

She must deal a lot with the FBI and Interpol...

Yeah, the quality of the photo and of her writing are appropriate...

[R-]

5. Bitcoins are unfair

Yeah bitch, life is unfair.

[Leezyist]

This article makes me want to rage and facepalm at the same time. -_-

[Xenland]

This article makes me want to rage and facepalm at the same time. -_-

Just remember we were nubs once.....

[Gabi]

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

[Boussac]

Many financial firms will even cover your losses for you — credit card customers, for example, aren’t liable for fraudulent charges made to their accounts.

Dear "Sponsored Blogger" Maria

Your post is a fail of gigantic proportion except for the reply-generation and traffic you are getting thanks to the bitcoin forum.
There are many ways to reply to it but I will address just one of the many fallacies your article is riddled with.
Credit card fraud is growing. +12% last year in the country where I live (France) in spite of 3DS and other pathetic attempts of security by propaganda.
The cost of credit card fraud is borne mostly by online merchants who are then forced to integrate it as a premium in the price offered to their customers.
The bitcoin technology is an innovation by which people can buy online without using their credit card number: it's just faster, simpler and safer.
This reason alone convinced me that bitcoin is going to be huge as a transaction network.
Will it be big as a stand alone currency as well ?
Future will tell but my bet is that if the network is bound to be successful, the currency flowing through it will start being happily accepted by merchants without automatic conversion to fiat.

[evoorhees]

It is the same phenomenon that occurs whenever Paul Krugman writes about something - seeing someone who is so retarded, come out in opposition to one's position, makes a wonderful argument for why that position is actually valid.

In any case, I deemed this article the Worst Bitcoin Article of All Time.

[cypherdoc]

It is the same phenomenon that occurs whenever Paul Krugman writes about something - seeing someone who is so retarded, come out in opposition to one's position, makes a wonderful argument for why that position is actually valid.

In any case, I deemed this article the Worst Bitcoin Article of All Time.

Krug even looks retarded.

[Gareth Nelson]

It is the same phenomenon that occurs whenever Paul Krugman writes about something - seeing someone who is so retarded, come out in opposition to one's position, makes a wonderful argument for why that position is actually valid.

In any case, I deemed this article the Worst Bitcoin Article of All Time.

True in this case but not in general:
http://lesswrong.com/lw/lw/reversed_stupidity_is_not_intelligence/