

Render unto Caesar, but who backs Bitcoin? - 7402
http://dealbook.nytimes.com/2013/11/25/render-unto-caesar-but-who-backs-the-bitcoin/?hpw&rref=technology&_r=0

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gwern
Terrible article. Ironic comparison to Paris Hilton (who is still getting
richer every day, last I checked; may Bitcoin be so blessed as to 'go the way
of Paris Hilton'!), unself-aware worry about dealing in dozens of currencies
with different rules (newsflash: there's literally hundreds of currencies out
there! Almost one to a country, even...), complete failure to recognize the
value of Bitcoin as a secure decentralized digital cash with tons of
advantages like a built-in scripting language for doing escrow and other smart
contracts...

That this is appearing in the NYT is a reminder that while Bitcoin may seem to
be everywhere and almost a done deal from a HN bubble, the rest of the world
really still has no idea.

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simplemath
"BITCOIN IS A FANTASY RABBLE RABBLE RABBLE"

A fantasy with a built in pseudomynous essentially instantaneous global
transaction system with no chargebacks or double spends or fees.

I can see absolutely no value in that whatsoever. Sorkin is a shill, plain and
simple.

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nightcracker
Awful article - here's some blatantly false facts/things that annoy me:

> Let’s start with bitcoin’s value — or more accurately, the volatility of its
> value.

That's because it's rising fast in popularity, not because of a flaw in
bitcoin itself. If everyone wanted to have dollars RIGHT NOW it would rise in
value very fast too and be "volatile". There is nothing about bitcoin that is
inherently volatile.

> Then there is the issue of how limited the supply of bitcoin truly is.
> Bitcoin is digitally “mined” by computers running an algorithm. (If you just
> rolled your eyes, you’re not alone.)

I didn't roll my eyes, and I'm disgusted by your ignorance. Do you always roll
your eyes at things you don't understand?

> Bitcoin can be transferred anonymously

False. All Bitcoin transactions are public and traceable. Silk Road?

> But if, and this is a big if, your peer-to-peer transaction doesn’t work
> properly, there is no central clearinghouse to complain to.

You fucked up - though shit. Do you really think you're going to get that
100000 dollar back you've sent to the wrong address in mail?

> Can you imagine a world in which we all transact with dozens of different
> currencies every day with different rules?

Oh, you mean like nation-wide rules, and like Yen, Dollar, Euro, Pounds?

> In truth, the best bitcoin can hope for is to be a second-rate version of
> gold, if that.

So a currency that is mathematically limited, not governed by anything
([http://en.wikipedia.org/wiki/Executive_Order_6102](http://en.wikipedia.org/wiki/Executive_Order_6102)),
and costs nothing to transfer is inferior to gold?

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simplemath
This is honestly one of the worst articles I've ever read. I don't even know
where to start.

