Comments on: Virtual Bitcoins are appealing but probably doomed http://blogs.reuters.com/breakingviews/2011/05/27/virtual-bitcoins-are-appealing-but-probably-doomed/ Mon, 26 Sep 2016 03:26:00 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: UnderdogSlap http://blogs.reuters.com/breakingviews/2011/05/27/virtual-bitcoins-are-appealing-but-probably-doomed/comment-page-1/#comment-7661 Wed, 01 Jun 2011 05:52:52 +0000 http://blogs.reuters.com/columns/?p=6125#comment-7661 From the content of previous comments, it sure seems like the tea-partiers, the wiki-leakers, and the tech-geekers all banded together and bought bitcoins.

I have some respect for you all, but you need to get out more. Listen to someone with a different idea once in a while.

I would venture a guess that this may be driven by fears of the “NEW WORLD ORDER”. Be careful to not create your own worst fear.

There is Someone Good watching over us.

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By: rwills http://blogs.reuters.com/breakingviews/2011/05/27/virtual-bitcoins-are-appealing-but-probably-doomed/comment-page-1/#comment-7658 Tue, 31 May 2011 14:23:13 +0000 http://blogs.reuters.com/columns/?p=6125#comment-7658 Does anybody in this room remember tulip seeds or beany babies? And how we were all going to get rich in trading in these types of gambles?

It turns out that, tulip seeds reproduce in huge quantities. Who’ld-of-thought? And when the market prices of beany babies went up, so did manufacturing of them.

The internet is full of people claiming to be Martians. Just making a statement & broadcasting it online, and having gullible people repeat it does not make that statement factual or truthful or accurate or correct.

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By: TraderTimm http://blogs.reuters.com/breakingviews/2011/05/27/virtual-bitcoins-are-appealing-but-probably-doomed/comment-page-1/#comment-7651 Mon, 30 May 2011 08:08:06 +0000 http://blogs.reuters.com/columns/?p=6125#comment-7651 The entire article can be debunked here:

https://en.bitcoin.it/wiki/Myths

I realize this is the internet, and perhaps you had a pressing deadline before hammering out this story with little to no research, but trust me – the resources exist, even if you fail to use them.

Please do your homework before writing about BitCoin, Mr. Cyran – it would do your readers justice.

Cheers,

TraderTimm

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By: callesantiago http://blogs.reuters.com/breakingviews/2011/05/27/virtual-bitcoins-are-appealing-but-probably-doomed/comment-page-1/#comment-7650 Mon, 30 May 2011 03:47:12 +0000 http://blogs.reuters.com/columns/?p=6125#comment-7650 For a different point of view about potential demand for Bitcoin, you may want to read this:

http://cs702.wordpress.com/2011/05/29/on -the-potential-adoption-and-price-apprec iation-of-bitcoin-in-the-long-run/

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By: JonathanW http://blogs.reuters.com/breakingviews/2011/05/27/virtual-bitcoins-are-appealing-but-probably-doomed/comment-page-1/#comment-7646 Sat, 28 May 2011 23:25:35 +0000 http://blogs.reuters.com/columns/?p=6125#comment-7646 “But this abstract gold may not survive what looks like a bubble.”
Why?
The run up in the exchange rate does indeed look frothy- but nothing in your article supports claiming bitcoin to be doomed. Just because the .com bubble popped didn’t spell the end for .coms.
Also, Bitcoin, the concept and implementation, isn’t a company or an industry. The technology itself is not patented and worth nothing. If you want to say that there is a bitcoin valuation bubble then say it; you would probably be correct. But prices falling for bitcoins, just like for gold, does not mean doom for either.

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By: davidredekop http://blogs.reuters.com/breakingviews/2011/05/27/virtual-bitcoins-are-appealing-but-probably-doomed/comment-page-1/#comment-7645 Sat, 28 May 2011 20:19:22 +0000 http://blogs.reuters.com/columns/?p=6125#comment-7645 I agree with @KyleSmith, the appeal is definitely concrete. It’s been vetted by security specialist Steve Gibson on the SecurityNow podcast, and we accept it as a form of payment at our company for products and services as of May 2011.

The world’s biggest financial sins occur on Wall Street. Bitcoin can change that. Bitcoin is so fully transparent with absolutely no unknowns and it has solved all traditional currency problems from fraud to international trade to supply, but most importantly there is no middleman. While it is appealing to libertarian ideals and criminals alike, there are legislative ways to adopt it and benefit all of society. The timing is great! Look at all the shakeup happening with Square (SquareUp) and Google Wallet and PayPal.

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By: scottk http://blogs.reuters.com/breakingviews/2011/05/27/virtual-bitcoins-are-appealing-but-probably-doomed/comment-page-1/#comment-7644 Sat, 28 May 2011 16:55:45 +0000 http://blogs.reuters.com/columns/?p=6125#comment-7644 They aren’t any more difficult to spend than any other currency. You have to trade them if you want to spend them at most stores, sure, but a) this is a new concept, and as people get used to it more stores will support it, and b) eventually we may see the ability to pay for credit card bills, etc. with Bitcoin.

Either way – people who understand the technology understand that Bitcoin is more secure than many of the current methods of transferring money online. Credit cards are far less secure than people think.

And, we’re already seeing various organizations accept donations in Bitcoin. Not to mention – the value of the Bitcoin is high enough that it’ll pique people’s interest and get them to consider trying it out.

Also, contrary to popular belief Bitcoins aren’t much easier for bad guys to sneak around. All transactions are published to all nodes – yes, the data is anonymized, but that’s no different than real life. The police don’t know where any particular dollar bill came from unless it is “marked”. I’m sure there would be a way that they could do something similar with Bitcoin (maybe keeping a list of keys used for the Bitcoins they’ve transferred). Either way, IMO the benefits far outweigh the risks.

Let’s not forget – Bitcoin is a system run by USERS – not by a business or bank. Whether it ever sees widespread acceptance or not, it will never go away until people decide to stop using it. Because it’s not run by a bank or business, it will keep running so long as the users have the will and the ability to keep it going. For physical money, keeping the economy alive and well is relatively expensive – we need armored trucks, vaults, etc. to keep our physical dollars safe, and we need computer networks for quick access to bank and credit card accounts.

Bitcoin needs only a computer and a computer network, and you have both physical access (you can put them on a Flash drive and hand them to someone if you want) and access via the Internet.

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By: JohnTobey http://blogs.reuters.com/breakingviews/2011/05/27/virtual-bitcoins-are-appealing-but-probably-doomed/comment-page-1/#comment-7642 Sat, 28 May 2011 01:05:30 +0000 http://blogs.reuters.com/columns/?p=6125#comment-7642 “[T]hey’d be less use than paper money in any scenario involving power cuts or lost connectivity.”

This is a misconception. A Bitcoin is secured by a cryptographic key pair, which can be printed out and exchanged, as long as the recipient trusts the payer not to have made a copy. To satisfy this requirement, one can embed the key pair in a tamper-resistant card or bill with anti-counterfeiting features. This is being done by the folks at Bitbills.com.

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By: KyleSmith http://blogs.reuters.com/breakingviews/2011/05/27/virtual-bitcoins-are-appealing-but-probably-doomed/comment-page-1/#comment-7640 Fri, 27 May 2011 22:33:31 +0000 http://blogs.reuters.com/columns/?p=6125#comment-7640 They are very easy to spend on dollars, in other words to sell them.

Many virtual currencies can’t be exchanged back for dollars: Facebook credits, iTunes points, etc. Bitcoins can always be traded back for dollars. The dollars for which they are sold is a number on the real value they represent.

It also represents the number of participants helping secure the peer-to-peer network, which is multiplying on a weekly basis. This measure of the p2p network is called the difficulty factor. And its appeal is concrete, not abstract.

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By: r2kordmaa http://blogs.reuters.com/breakingviews/2011/05/27/virtual-bitcoins-are-appealing-but-probably-doomed/comment-page-1/#comment-7639 Fri, 27 May 2011 22:20:37 +0000 http://blogs.reuters.com/columns/?p=6125#comment-7639 A bubble might indeed burst (not that you can tell before it actually happens, bubbles are always identified in retrospect after all), but does it really destroy Bitcoin? Let’s say a catastrophe strikes and Bitcoin falls from current ~8USD/BTC to 0.08USD/BTC, does it destroy Bitcoin? Sure people who are holding Bitcoins and can’t cash out in time will lose big time but the Bitcoins still remain in circulation. Right now they are mostly used as proxy between fiat currencies, vendors don’t care what the exchange rate is as long as they cash in just as they receive their coins. The price gets set according to up to date exchange rates anyway. As long as merchants accept Bitcoin payments and more start accepting every day Bitcoin will continue to be viable currency no matter the exchange rate

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