A Rebuttal To Charles Stross About Bitcoin

New submitter buddha379 writes "Over the holidays we discussed a story from SF author Charles Stross called 'Why I Want Bitcoin to Die in a Fire,' just as Bitcoin's price collapsed on news of the Chinese government's cautious approach to the fledgling internet currency. Well known economist Paul Krugman quoted the piece in a NY Times blog post called 'Bitcoin is Evil'. Now, with U.S. regulators reaffirming their hands off approach, U.S. companies embracing it and prices surging again, Bitcoin Magazine returns with a rebuttal called 'Why Charles Stross Doesn't Know a Thing about Bitcoin.' The article notes that like many other popular pieces, Stross' story seems to 'completely miss the point on why Bitcoin is a revolutionary concept.'"

Comments

Re:Bitcoin is vulernable to government manipulatio

[Rockoon]

Every other currency is also vulnerable to govt manipulation - What exactly is it you don't understand about this Federal Reserve printing money to buy assets with, which convinces you the fiat currency call The US Dollar isn't being manipulated like a hand puppet?

...and as a point of fact, the Federal Reserve is currently involved in what is by far the biggest Ponzi scheme the world has ever seen, namely the U.S. Federal Debt.

Anyone that doesnt think that this is true hasn't been listening. "If we don't raise the debt ceiling then we will default on our debt" -- which translates directly to "If we cannot get money from new investors then we wont be able to pay the old investors" -- So the federal government is actively Ponzi -- The FED's involvement is in the buying up all of the governments treasury bills (using magically appearing money, no less) that cannot be sold on the open market at artificially low interest rates.

Introducing THE SLASHDOLLA!

[Chas]

I have instituted a new ponz^H^H^H^cryptocurrency. I will be naming it Slashdolla.

Current valuation is $1,000,000,000 to one Slashdolla.

If you too want to get in on the goodness, while the gettin's good, head over here, download the client and get crackin'!