............But to say, "I'm not going to buy at $120 because I could have bought at $5 and didn't" is just pure stupidity.
Perma-Bear, looking to buy more at $5.
Topic: Four Reasons You Shouldn't Buy Bitcoins (Read 1405 times)
Perma-Bear, looking to buy more at $5.
But he admits that he holds bitcoins
I thought this was a little bizaar myself.
But he admits that he holds bitcoins
opposite of pump and dump? 
But he admits that he holds bitcoins
I was just about finished typing up a very long rebuttal to each of the author's points but then I thought that the only thing that needs to be said is that all of the reasons he lists are the reasons you should be buying bitcoins right now. None of the points he made are show stoppers. They will all be overcome and Bitcoin's value will rise as a result. Get in now while it's still cheap.
These two sentences really pissed me off, though:
"There’s a good chance you’ll lose most or all of your money. And with each Bitcoin selling for $120, there isn’t nearly as much potential upside as there was a year ago, when you could snap up a Bitcoin for $5."
I would rewrite the first sentence to read, "There is a slight chance you could lose your money but all of the current evidence suggests that Bitcoin is here to stay."
And in regards to upside, he makes it seem like Bitcoin has neared its ceiling. As if you could buy for $120 and maybe double your money because it peaked at $260. But if you bought it a year ago you'd have the potential to make 50 times your money. If only his crystal ball back then was as good as his hindsight today. If you're new to Bitcoin and just learning about it in this article, then you wouldn't have bought back then anyhow. Your potential upside is still enormous even today. But to say, "I'm not going to buy at $120 because I could have bought at $5 and didn't" is just pure stupidity.
These two sentences really pissed me off, though:
"There’s a good chance you’ll lose most or all of your money. And with each Bitcoin selling for $120, there isn’t nearly as much potential upside as there was a year ago, when you could snap up a Bitcoin for $5."
I would rewrite the first sentence to read, "There is a slight chance you could lose your money but all of the current evidence suggests that Bitcoin is here to stay."
And in regards to upside, he makes it seem like Bitcoin has neared its ceiling. As if you could buy for $120 and maybe double your money because it peaked at $260. But if you bought it a year ago you'd have the potential to make 50 times your money. If only his crystal ball back then was as good as his hindsight today. If you're new to Bitcoin and just learning about it in this article, then you wouldn't have bought back then anyhow. Your potential upside is still enormous even today. But to say, "I'm not going to buy at $120 because I could have bought at $5 and didn't" is just pure stupidity.
http://www.forbes.com/sites/timothylee/2013/04/03/four-reason-you-shouldnt-buy-bitcoins/
Little bit old but discuss
The writer of this article is arrogant.... and none of his for points is solid....
Yupp, i don't know why they let him to publish that bullshit on forbes site.
http://www.forbes.com/sites/timothylee/2013/04/03/four-reason-you-shouldnt-buy-bitcoins/
Little bit old but discuss
The writer of this article is arrogant.... and none of his for points is solid....
Quote
Losses. Traditional financial products have strong consumer protections. If someone makes a fraudulent transaction with your credit card or your bank goes belly-up, there are laws in place to limit consumer losses. Bitcoin has no such safety net. If your Bitcoins are lost or stolen, there’s no intermediary with the power to make you whole.
there's nothing preventing you from using an escrow. credit card companies act as a built-in escrow, but it's your responsibility to arrange escrow.Quote
Regulation. Recently, the federal agency responsible for combatting money laundering announced new guidelines for virtual currencies. At the time, I argued that this was a positive development for Bitcoin because it signalled the feds were planning to take a relatively-hands off approach, regulating Bitcoin exchanges but leaving the rest of the Bitcoin economy alone.
But that could change. Bitcoin is extremely resistent to government regulation, a factor boosters cite as an argument in its favor. For this reason, Bitcoin has gained a loyal following among those who engage in legally dubious activities such as drug dealing and gambling. As the technology matures and becomes more widely known, more and more people who want to avoid government scrutiny are likely to adopt it. At some point, federal law enforcement agencies may conclude that Bitcoin is a giant money-laundering machine and look for ways to shut it down.
Completely shuttering Bitcoin would be a challenge, but determined federal regulators could at least push it underground. That would greatly diminish its value for legitimate commerce, and so the currency’s value would likely plunge the day the feds announced new regulatory restrictions.
FUD. illegal activities isn't specifically limited to bitcoins. drug cartels use bank wires and cash exchanges all the time, but there's no push to ban those.But that could change. Bitcoin is extremely resistent to government regulation, a factor boosters cite as an argument in its favor. For this reason, Bitcoin has gained a loyal following among those who engage in legally dubious activities such as drug dealing and gambling. As the technology matures and becomes more widely known, more and more people who want to avoid government scrutiny are likely to adopt it. At some point, federal law enforcement agencies may conclude that Bitcoin is a giant money-laundering machine and look for ways to shut it down.
Completely shuttering Bitcoin would be a challenge, but determined federal regulators could at least push it underground. That would greatly diminish its value for legitimate commerce, and so the currency’s value would likely plunge the day the feds announced new regulatory restrictions.
Quote
Scaling. The Bitcoin protocol requires that every node in the network download a copy of every Bitcoin transaction that has ever occurred. As Bitcoin has grown more popular, running the “full” Bitcoin client has become more and more resource-intensive. The last time I started up my Bitcoin client, it took several hours to download all the transactions that had occurred in the few weeks since the last time I ran it.
false, you can run a lite client. multibit, electrum, and blockchain.info are all optionsQuote
Lack of applications. Finally, there’s a real question about how useful Bitcoin actually is. We know Bitcoin is popular for drugs and gambling, but does it have uses for more conventional forms of commerce? Bitcoin boosters point to sites like BitcoinStore, which says it did half a million dollars in sales last month. But it’s hard to see how that kind of modest turnover can justify the current value of outstanding Bitcoins, which is now well north of $1 billion.
Yes! Do not buy bitcoins! Just like this guy said long ago http://www.youtube.com/watch?v=DoK8HXMSsNg . Buy carrots instead!
Yeah Carrots = good investment.
They are cheaper than dildo..comes in different sizes too..
article title is wrong. it should be more like: why you should be careful when investing in bitcoins, because i can still buy bitcoins to use them right away in a shop or game and most things mentioned in article will not affect me at all.
http://www.forbes.com/sites/timothylee/2013/04/03/four-reason-you-shouldnt-buy-bitcoins/
Little bit old but discuss
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