Fighting Bitcoin FUD and Bad Journalism

Below are my thoughts on each of her 10 reasons Bitcoin will fail.

10) Blockchain > Bitcoin
Large companies (Banks and financial institutions) like to use this to distract people from the real issues. Yes, Blockchain is great, having a massively distributed database that automatically comes to consensus is the stuff of dreams. But ask yourself why a company would want to implement a “Private Blockchain.” That’s just a jingo-compliant way to say “replicated database.” Bitcoin is the first killer app to come from crypto — decentralized currency.

9) Big Brother Is Watching
Yes BB is watching anyway. Bitcoin is not about avoiding taxes or the dark-web any more than paying with cash is. The real benefit is that for the first time people and businesses can make and accept electronic payments without a third party to ensure trust. Bitcoin is MORE traceable than cash, but it doesn’t allow nations to use banks and financial transactions as enforcement mechanisms for their laws. Whether you pay in USD, stock, gold or BTC you still owe taxes!

8) The Lack Of Leadership
Bitcoin is decentralized currency implemented in an appropriately democratic way. I believe that King George said that the United States lacked leadership after George Washington did not seek reelection too.

7) Laws And Regulations
FUD pure and simple. Why associate ICO’s with Bitcoin instead of Multi-level marketing schemes or other fringe investments? Since Turkey’s economy went down the crapper, does that mean the US dollar is failing? No, they aren’t related either. Interested in seeing a complicated contract? Take a look at what you have to sign when you want to accept credit cards. 49 of the 50 states regulate Money transmitters.

The federal government enforces each state’s laws. Cryptocurrencies are new. New York is trying to regulate the industry actively before other issues get ahead of them. Other states are watching.

6) Use Cases
Bitcoin is distributed, decentralized currency that does not require a bank. Ripple and other centralized solutions work for banked businesses and people but not 75% of the world.

5) Time And Mining Problems
Telcom companies said similar things about Voice Over IP (VOIP). Borders booksellers said the similar things about Amazon. Stock brokerages said less than 5% of their customers would want to trade stock without talking to a broker. We all know what happens. A combination of convenience, lower cost, and better technology wins in the end.

4) Fear, Uncertainty, And Doubt
FUD is what this article is. If people are so eager to sell, why has every drop been readily followed by re-entry into the market?

3) Will The Real Bitcoin Please Stand Up?
Once again, Bitcoin is a distributed, decentralized currency. Any time a new idea comes in, if the market runs with it, that coin becomes the winner. Its like currency evolution or financial Darwinism. Every time the currency comes back stronger.

2) The One Percent Hate Bitcoin
I agree on this. They do hate Bitcoin. They will come to respect it though.

1) The End Of The World As We Know It
More FUD. Look, the world didn’t even end when most of the worlds banks were suddenly insolvent. What WILL bring the world to its knees is if eCommerce payments continue to require banking for both parties.

Lets hope the next article, if still against Bitcoin, has more valid arguments. I believe Bitcoin, and its evolution is the most amazing thing to happen since the Great Experiment — The United States.

Russell’s past experience with eCommerce convinced him that the accelerating trend of privatization of commerce by large banks and credit card merchants was inefficient, insecure and unwise for the world economy. Cryptocurrency technology like Bitcoin and Ethereum are the world’s best bet for the return of sane commerce directly between parties, and he has placed himself at dead-center in this upheaval.

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