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EFF Stops Accepting Bitcoin, Regifts All Donations
Gendou writes "The EFF issued a statement that it will no longer accept Bitcoin donations, has not used any of the donations, and will transfer all past donations to The Bitcoin Faucet. See also additional and forum threads."
You do realize it doesn't work that way, right? You can't just go "give me my dollars for bitcoin" and you instantly get it. There have to be enough requests on whatever exchange you like and depending on how much you trade you risk causing a price swing which ends up netting you less money in return.
For those who won't realize before clicking the link the story is to an objectivist periodical that was co-founded by Ayn Rand. Take that as you will.
I think anyone who has invested any substantial amount of money in bitcoin as an "investment" has already been on the receiving end of an "epic mount".
Seven puppies were harmed during the making of this post.
I don't think they were foolish to accept Bitcoins. Even selling them at a low rate gets them more money than they had before the donation (presuming that it covers costs). But setting a preference for something of more stable value is also within their rights.
It seems their concerns were legal: "While EFF is often the defender of people ensnared in legal issues arising from new technologies, we try very hard to keep EFF from becoming the actual subject of those fights or issues. Since there is no caselaw on this topic, and the legal implications are still very unclear, we worry that our acceptance of Bitcoins may move us into the possible subject role."
They say a little knowledge is a dangerous thing, but it's not one half so bad as a lot of ignorance. - Terry Pratchett
It is completely incorrect to call Bitcoin a "pyramid scheme." Technically, it's a "pump-and-dump."
I care about Bitcoin, I like seeing some news about it. I find it interesting.
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