Topic: Washington Post: 'R.I.P. Bitcoin. It’s time to move on' (Read 5583 times)

I read Washington Post every day, but miss this one, haha.

Time will tell... These kind of articles have been around since many years ago, and they mean nothing to the growth of bitcoin.

Looks like the mainstream establishment media has gone into full-spin anti-bitcoin mode! Would love to hear your comments on this article published just 2 hours ago!

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"Not long ago, venture capitalists were talking about how Bitcoin was going to transform the global currency system and render governments powerless to police monetary transactions.  Now the cryptocurrency is fighting for survival.  The reality came to light on Jan. 14, when its influential developer, Mike Hearn, declared Bitcoin a failure and disclosed that he had sold all of his Bitcoins.  The price of Bitcoin fell 10 percent in a single day on the news, a sad result for those who are losing money on it.

Bitcoin did have great potential, but it is damaged beyond repair.  A replacement is badly needed.

Most currency and transaction systems today are opaque, inefficient, and expensive.  Take the North American Stock Exchange, the NASDAQ, as an example.  It is amongst the most technologically advanced in the world.  Yet if I buy or sell a share of Facebook on the NASDAQ, I have to wait several days for the trade to finalize and clear.  This is unacceptable; it should take milliseconds.

In Venezuela, citizens wishing to buy anything of value on supermarket shelves wait all day in lines to do so, because hyperinflation causes the paper currencies in their pockets to lose significant value every day.  When migrant workers there send money back to their families in places such as Mexico, India, and Africa, they are gouged by money-transfer companies—paying as much as 5–12 percent in fees.  And even in the United States, payment processors and credit-card companies collect merchant fees of 1–2.5 percent of the value of every transaction.  This is a burden on the economy.

Bitcoin was born with serious flaws.  It was unregulated and provided anonymity, so it rapidly became a haven for drug dealers and anarchists.  Its price fluctuated wildly, allowing for crazy speculation.  And, with the majority of Bitcoin being owned by the small group that started promoting it, it has been compared to a Ponzi scheme.  Exchanges built on top of it also had severe security vulnerabilities.  And then there were the venture capitalists who got carried away.  Several of them purchased considerable coinage and then began to hype it as a powerful disruption that could underpin all manner of financial innovation, from mobile banking to borderless, instant money transfers.  They also poured millions of dollars into Bitcoin start-ups hoping to reap even greater fortunes.

But Bitcoin was not ready for primetime.  Hearn’s criticism has laid bare the nightmarish reality—a list of negatives that is both long and frightening."

Full Story: https://www.washingtonpost.com/news/innovations/wp/2016/01/19/r-i-p-bitcoin-its-time-to-move-on/

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I think we need to start taking this media coverage seriously and start demanding that core clean up its act.

I see this is an article published in the midst of the blocksize debate. Well, what do we see now, bitcoin is already on the way back to it's value way before the debate issue. While it still isn't fully resolved, I'm pretty sure soon it's gonna be in everyone's backs to move on.

Nowadays, I actually do appreciate these random magazines, blogs, and news crews that spend hours on end trying to demolish Bitcoin with false information. Sure, Bitcoin is growing in size fairly slowly but slow and steady wins the race. It can only get better. They must feel either threatened, or must have lost some money with it.

So you think bitcoin is going downhill before it's even all mined?

Mike Hearn & the Washington Post cannot kill Bitcoin that easily. Soon enough, the same paper will be writing stories about Bitcoin's amazing comeback.  

Mike Hearn & the Washington Post cannot kill Bitcoin that easily. Soon enough, the same paper will be writing stories about Bitcoin's amazing comeback.  

didn't give strong affect to bitcoin,washington is just small area and i dont think bitcoiners alive there ,and bitcoin still alive

Looks like the mainstream establishment media has gone into full-spin anti-bitcoin mode! Would love to hear your comments on this article published just 2 hours ago!

~~

"Not long ago, venture capitalists were talking about how Bitcoin was going to transform the global currency system and render governments powerless to police monetary transactions.  Now the cryptocurrency is fighting for survival.  The reality came to light on Jan. 14, when its influential developer, Mike Hearn, declared Bitcoin a failure and disclosed that he had sold all of his Bitcoins.  The price of Bitcoin fell 10 percent in a single day on the news, a sad result for those who are losing money on it.

Bitcoin did have great potential, but it is damaged beyond repair.  A replacement is badly needed.

Most currency and transaction systems today are opaque, inefficient, and expensive.  Take the North American Stock Exchange, the NASDAQ, as an example.  It is amongst the most technologically advanced in the world.  Yet if I buy or sell a share of Facebook on the NASDAQ, I have to wait several days for the trade to finalize and clear.  This is unacceptable; it should take milliseconds.

In Venezuela, citizens wishing to buy anything of value on supermarket shelves wait all day in lines to do so, because hyperinflation causes the paper currencies in their pockets to lose significant value every day.  When migrant workers there send money back to their families in places such as Mexico, India, and Africa, they are gouged by money-transfer companies—paying as much as 5–12 percent in fees.  And even in the United States, payment processors and credit-card companies collect merchant fees of 1–2.5 percent of the value of every transaction.  This is a burden on the economy.

Bitcoin was born with serious flaws.  It was unregulated and provided anonymity, so it rapidly became a haven for drug dealers and anarchists.  Its price fluctuated wildly, allowing for crazy speculation.  And, with the majority of Bitcoin being owned by the small group that started promoting it, it has been compared to a Ponzi scheme.  Exchanges built on top of it also had severe security vulnerabilities.  And then there were the venture capitalists who got carried away.  Several of them purchased considerable coinage and then began to hype it as a powerful disruption that could underpin all manner of financial innovation, from mobile banking to borderless, instant money transfers.  They also poured millions of dollars into Bitcoin start-ups hoping to reap even greater fortunes.

But Bitcoin was not ready for primetime.  Hearn’s criticism has laid bare the nightmarish reality—a list of negatives that is both long and frightening."

Full Story: https://www.washingtonpost.com/news/innovations/wp/2016/01/19/r-i-p-bitcoin-its-time-to-move-on/

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I think we need to start taking this media coverage seriously and start demanding that core clean up its act.

I think everyone in Bitcoinland suffers from Stockholm syndrome. The article isn't that bad or incredibly incorrect.

Seeing as how the price bumped right up I don't think there is any need for such news that try to manipulate the price. I know what they're trying to do but it won't work.