Wednesday, August 3, 2011

1000 Words plus or minus on BitCoin's future

Wow, pay no attention to BitCoin for a few days and the results are so much in line with what I would have expected it's uncanny.

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What is BitCoin? Why Hate It?

BitCoin is a very complicated way to prove that you can fool some of the people some of the time.

I actually don't hate BitCoin. In fact, I appreciate the "stick it to the man" sentiment and libertarian ethos of many BitCoin users.

However, I believe naive people will wind up losing their money when they start dicking around with a medium of exchange designed by cryptologists and hackers and not backed by any real asset or government.

I also believe its negative effects in terms of facilitating money-laundering and tax evasion will outweigh the benefits of presenting a cheaper competitor to PayPal, credit cards and bank transfers.

But feel free to send me some! I'll exchange them for dollars ASAP, with any luck before I get hacked or the whole system comes crashing down.

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ShitCoins

Wednesday, August 3, 2011

1000 Words plus or minus on BitCoin's future

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Shady Traders

Such Outright Scams I Can't Even Link To Them

Scoundrels and Rapscallions

Not So Bad Apart From Boosterism

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