Topic: bitcoin myths (Read 928 times)

This should get you started.

All statements are wrong 

So what bitcoin myths have you heard of, here are some:

Bitcoins don't solve any problems that fiat currency can't solve
Bitcoins are worthless because they aren't backed by anything
The value of bitcoins are based on how much electricity and computing power it takes to mine them
Bitcoins are illegal because they're not legal tender
Bitcoin will only enable tax evaders which will lead to the eventual downfall of the USA
Bitcoins can be printed/minted by anyone and are therefore worthless
Early adopters are unfairly rewarded
21 million coins isn't enough; doesn't scale
Bitcoins are stored in wallet files, just copy the wallet file to get more coins!
Lost coins can't be replaced and this is bad
It's a giant ponzi scheme
Finite coins plus lost coins means deflationary spiral
Bitcoin can't work because there is no way to control inflation
Anyone with enough computing power can take over the network
Bitcoin violates governmental regulations
Point of sale with bitcoins isn't possible because of the 10 minute wait for confirmation
After 21 million coins are mined, no one will generate new blocks
Bitcoin has no built-in chargeback mechanism, and this isn't good
Quantum computers would break Bitcoin's security
Bitcoin mining is a waste of energy and harmful for ecology
Shopkeepers can't seriously set prices in bitcoins because of the volatile exchange rate
Like Flooz and e-gold, bitcoins serve as opportunities for criminals and will be shut down
Bitcoins will be shut down by the government just like Liberty Dollars were
Bitcoin is not decentralized because the developers can dictate the software's behavior
Bitcoin is a pyramid scheme
Bitcoin was hacked