

Bitcoin is the Segway of Currency - jmduke
http://www.theatlantic.com/business/archive/2013/11/bitcoin-is-the-segway-of-currency/281625/

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mrb
Wow, what a misinformed article.

\- the author doesn't realize irreversible transactions is actually a benefit
for merchants

\- the author incorrectly uses the term "ponzi scheme" (he applies it to gold
as well)

\- the author is unaware of rapid adoption of Bitcoin by merchants (BitPay's
10,000 merchants...)

\- the author is unaware of many practical benefits of bitcoin (people
escaping their country's inflationary currencies, sending money abroad with
lower fees, etc)

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bradleysmith
Bitcoin allows capital flight out of sovereign states that would otherwise not
allow it; if it is never used for any other purpose, it is more historically
impacting and meaningful then the Segway.

This article is like a Segway: It is quite smug, and it falls a bit short of
useful.

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jboggan
I'm saving this to repost in 5 years. Ha.

There is a lot of uncertainty in establishing a value relative to the dollar
because the positive Senate hearings on Monday injected ebullient chaos into
the market. Wherever the value temporarily settles it will definitely be "more
than last Friday."

Not to mention that most price stability mechanisms for other currencies and
commodities don't yet exist for Bitcoin. There are arbitrage opportunities
galore but few ways to technically implement them due to the nascent and
fragmented market. That will change.

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colinbartlett
The author seems to think "governments can't tax" gold and that Bitcoin users
aim to avoid taxes as well, which couldn't be farther from the truth.

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rkirkendall
"Because, as Y Combinator's Paul Graham puts it, you can't ride a Segway
without looking like a "smug dork." And people generally try to avoid looking
like that. "

Thinking about Google Glass, I feel like the author may have picked the wrong
new tech to compare to a Segway. I still wouldn't agree with it, but he would
have a better argument.

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jondtaylor
People can use escrow for some customer protection. It worked out well for me
the last time I ordered from bitmit.

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Zigurd
Segway _wishes_ it was the bitcoin of transportation.

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rainmaking
Segway failed. Segway was new. Bitcoin is new. Therefore, bitcoin will fail.
Because PG.

