
Making a Mint - Garbage
http://www.hackerfactor.com/blog/index.php?/archives/599-Making-a-Mint.html
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sanswork
I'm not even pro bitcoin(pretty neutral really) but there is so many things
wrong with this.

Basically everywhere the author says "as far as I can tell" they are wrong.

Lost Wallet: If you lose your wallet with your cash in it then your cash is
gone. So you don't carry all your cash at one time in one spot. Same with
bitcoin.

Central Hubs Vanish: Confusing exchanges with the block chain.

Evaporation: bitcoin mining will always be needed to verify transactions, and
the increasing price doesn't matter since people will just use smaller pieces
of bitcoin as it does so.

Laundering: Possible through the existing banking system as well(see HSBC)
silk road had $3.5 million in bitcoin because they were paid in bitcoin.

Anonymity: cash is indeed great for it but it's difficult to use across long
distances.

~~~
FatalLogic
That was depressing to read. If he accepted that he still has something to
learn, and he asked for help it would have been great.

But the fact is that he's arrogantly TELLING other people how it all works,
and even boasting that banks are coming to him for advice about Bitcoin

When someone called him out on this in the comments on his blog, he insulted
them.

Also, he still hasn't figured out that mining Bitcoin with a PC is not going
to make him more than a few cents, because he's competing with people with
custom ASIC rigs that are hashing a million times faster than him. And mining
on a pool, he's not even going to reach the payout threshold this year, so he
will basically get nothing.

