Topic: 2013-11-06 Yahoo Finance / Business Insider: Bitcoin is a Joke (Read 3070 times)

"Every 30-40 years the Reigning Monetary System Fails and has to be retooled"

http://georgewashington2.blogspot.com/2011/08/average-life-expectancy-for-fiat.html

According to a study of 775 fiat currencies by DollarDaze.org, there is no historical precedence for a fiat currency that has succeeded in holding its value. Twenty percent failed through hyperinflation, 21% were destroyed by war, 12% destroyed by independence, 24% were monetarily reformed, and 23% are still in circulation approaching one of the other outcomes.

The average life expectancy for a fiat currency is 27 years,

And remember - bitcoin is the definition of fiat.

(This much is funny, but that war=peace thing I don't like...)

The real joke is inside the article:

    

the worth of twitter is a bigger joke in my opinion 

sure bitcoin will someday return to the value it started with. i think everyone knows this. even if its 1000 years in the future SOME new crypto will eventually emerge that makes bitcoin look like childs play by comparison but so what? where is this rule that says that for something to not be a bubble it must retain its value for all of eternity? hell that would make everything a bubble since the universe will eventually run out of energy and everything will die. the purpose of bitcoin is to facilitate transactions, it has already done this many many many times, it is already a success.

LOL 

I doubt it.


based on this, the inscription on his tombstone is going to read:  BUBBLE!

"The United States has a gigantic military that can force people around the world to use dollars."


Please go on... Tell us all about this fantasy world Bitcoin users live in.

^and this is why I stick with bitcoin. Violence always leads to self destruction.

Bitcoin is a joke... and the joke is on the author. 

Maybe, just maybe, they are telling you pork pies?
Sshhhhh, keep it to yourself though.

Intelligent Design?

The great lord satoshi?

I have just posted this on the Yahoo comments. I don't know if they will accept it or delete

    1 America is losing the power and influence you state.China is fast becoming the world leader and is now publicly active in that goal.
    Search 9-signs-china-making-move-against-us-dollar

    2 Use in trade is not the only criteria for intrinsic value its the PRICE and bitcoin has a price.

    intrinsic value

    Definitions (7)Save to FavoritesSee Examples
    1. General: Underlying, essential, inherent value.
    2. Ecology: Value that the environment and life forms have in their own right, and which is not derived from the human use they can or cannot be put to.
    3. Economics: No intrinsic value exists for any good or service except its price (see use value) which is reflection of its demand and supply position and not of any inherent quality.

    3 Your statement that Business/trade is only conducted in dollars is incorrect. There are swaps, barters, rights licences given, none of which is always taxed

    4 Cyber/crypto currency is definitely the future. Search the cost of handling money. Anything that reduces costs in handling counting theft will eventually be adopted by banks and governments. It may not be bitcoin but thats the only game in town at the moment and probably the testing ground for National schemes. Once teething problems are ironed out and public acceptance is widespread watch for Countries to copy it as an ADDITIONAL option in the first instance.

    5 Bitcoin has been ruled as a currency in Eastern District of Texas Federal Court. Also as private money by Germany apart from many others..

    6 Does it have to immediately have all and equal attributes to other fiats? No it can develop. Also Try searching hyperinflation wiki and see just how many fiats have tumbled in the last 100 yrs.

    7 Lastly it may not matter what the US position is as its China that is now market leader and they like it and they are trying to reduce dependence on the Dollar and will probably succeed and arguably already have to some degree. refer you back to 1 above.

    So what is more laughable..bitcoin or the article you wrote.

Reply

The author of this joke article prides himself on being wrong as often as he is right

http://www.theatlanticwire.com/business/2012/05/joe-weisenthal-best-kind-wrong/52140/

"Weisenthal embraces this freedom. He will make the same prediction repeatedly, crowing when he’s right and shrugging it off when he isn’t. Earlier this year, he wrote several times that a major stock index, the Standard & Poor’s 500, was about to post its first big loss of the year. When it finally happened, he hailed the successful prediction without reference to its less-fortunate predecessors."

Expect him to crow how great Bitcoin is in a few years shrugging off his previous idiot statements like water off a duck's back.

just like gold; besides paperweight value

I just died.

was twitter IPO done specially because of bitcoin's new rally? or was twitter planned for weeks in advance

phase 1: ignore
phase 2: mock you
phase 3: demonize you
phase 4: ?
phase 5: profit

Someone is just sad that they missed the boat on this one...