Topic: 2013-11-27 NYTIMES: A Prediction: Bitcoin Is Doomed to Fail (Read 2440 times)
heh, I don't even have to read the article I can just read the post in this thread and I already know what a pile of fud it is. I'm tried of reading pure non journalistic dribble.
As I said on HackerNews:
This article is posted on DealBook (strictly speaking an entity independent from the NYTimes). DealBook is a financial-news website founded by Andrew Ross Sorkin [1]. This person has always had an anti-Bitcoin stance, probably because he clearly does not understand Bitcoin at all (see him interview the Winklevoss twins about Bitcoin: http://www.youtube.com/watch?v=1oGuKEazS5o ) and people tend to be dubious or scared by something they don't understand.
[1] http://en.wikipedia.org/wiki/Andrew_Ross_Sorkin
This article is posted on DealBook (strictly speaking an entity independent from the NYTimes). DealBook is a financial-news website founded by Andrew Ross Sorkin [1]. This person has always had an anti-Bitcoin stance, probably because he clearly does not understand Bitcoin at all (see him interview the Winklevoss twins about Bitcoin: http://www.youtube.com/watch?v=1oGuKEazS5o ) and people tend to be dubious or scared by something they don't understand.
[1] http://en.wikipedia.org/wiki/Andrew_Ross_Sorkin
pro government NYTIMES.. that just cues me to never read the damn newspaper.
I love private money. 
Wow. Did he even provide any evidence to anything or just likes to rant random things out of nowhere.
It was the New York Slimes. What did you expect from them...real journalism?
Wow. Did he even provide any evidence to anything or just likes to rant random things out of nowhere.
Pure straight out of his ass.
I'm going to have a chat with this guy. It'll be hilarious if/once bitcoins hit like 100K.
The comments after the article are far better than the article itself.
Your comment persuaded me to take a look at them. I'm glad I did. There are thoughtful people out there who "get it" - posters claiming to be from Brazil, Canada, New Zealand, China, even "the internet". Great to see! Perhaps the present era of media FUD will end in this way, with facts from the amateurs relentlessly trumping spin from the professionals.
The comments after the article are far better than the article itself.
Quote
The developers of bitcoin are trying to show that money can be successfully privatized. They will fail, because money that is not issued by governments is always doomed to failure. Money is inevitably a tool of the state.
Gold sustained 5,000 years as private form of money. Which state issued money survived more than a couple of hundred years?
Quote
Still, the typical current combination of low interest rates, large government deficits and high ratios of debt to G.D.P. amounts to an invitation to monetary accidents. ...Bitcoin, or something like it, will thrive until the authorities do better.
This is why fiat is doomed to fail, not bitcoin.
The fact that they are attacking must mean they feel threatened. 
Too late.
... this is the third vacuous 'bitcoin hit piece' in 2 days coming out of establishment propaganda mouthpiece the NYTimes shit-rag ... just about conclusive evidence they have gone on the attack.
And all the usual attack authors who get rolled out when they want war, peace, money, votes ... you name it 'issue du jour' ... this paper is toxic to the core ... like pravda of the former ussr.
Most modern econ pseudo scientist are on the government payroll and must push the government line. The fact that they are attacking must mean they feel threatened. And all the usual attack authors who get rolled out when they want war, peace, money, votes ... you name it 'issue du jour' ... this paper is toxic to the core ... like pravda of the former ussr.
... this is the third vacuous 'bitcoin hit piece' in 2 days coming out of establishment propaganda mouthpiece the NYTimes shit-rag ... just about conclusive evidence they have gone on the attack.
And all the usual attack authors who get rolled out when they want war, peace, money, votes ... you name it 'issue du jour' ... this paper is toxic to the core ... like pravda of the former ussr.
And all the usual attack authors who get rolled out when they want war, peace, money, votes ... you name it 'issue du jour' ... this paper is toxic to the core ... like pravda of the former ussr.
Tell him to define 'the state'. Then watch as he realizes that Bitcoin's successes take power from the existing 'state'. Perhaps he realizes though, and he's just trying to protect the current 'state'.
Then ask him to point out any one currency that lasted over 300 years, or to point out a 'global reserve currency' that has lasted over 50 years.
Then ask him to point out any one currency that lasted over 300 years, or to point out a 'global reserve currency' that has lasted over 50 years.
Wow, so much fail.
Bitcoin is an outlet for the failure of government to manage money well. Even the article agrees with that. But what makes anyone think that will change anytime soon or ever?
However, modern governments are enabled by their ability to control the nature of money. Once they lose that capacity in any significant degree, they also lose much of what has enabled them to grow to their current state. The US federal government couldn't have ever have grown anywhere near to what it is today without the Federal Reserve Act of 1913.
We need to set up a bitcoin short and market it to journalists so they can put their money where their mouth is, instead of merely spouting their next misinformed theory without consequence
He doesn't even realize that FED's printed green papers are true private money.
LOL how can he know?
This is a shocking truth. Federal Reserve is a private entity!
lol he couldnt have gotten it more backwards.
The fact is, all fiat currencies eventually fail as proven by history.
The fact is, all fiat currencies eventually fail as proven by history.
He doesn't even realize that FED's printed green papers are true private money.
Bitcoin is an outlet for the failure of government to manage money well. Even the article agrees with that. But what makes anyone think that will change anytime soon or ever?
Jump to: