Friday, November 8, 2013

A different kind of Bitcoin war

Two days ago, Business Insider's Joe Weisenthal published an article in which he argued that Bitcoin is actually a bubble that will eventually burst. See that article here. Salient points:

  • Yes, a Bitcoin is now gaining value rapidly (the last report as of this writing is that it's now worth over $300). Folks as respected as the Washington Post's Timothy Lee are now asking whether Bitcoin critics who called it a bubble need to admit that they were wrong.
  • Weisenthal's insistence: This doesn't matter in the long run. "Bitcoin is not the currency of the future. It has no intrinsic value."
  • Unlike the dollar, "If people lose faith in it, it's over. Bitcoin is fiat currency in the most literal sense of the word." And worse: It's a "speculative vehicle."
The response from the Internet? Scorn. Weisenthal has written another piece demonstrating some of the most amusing reactions to his original article:


Whoa, chill pill, buddy.


OK, so this one is actually pretty funny and inspired.

It's never a good sign when advocates of a person or thing start investing their self-esteem into it, which means that they become hostile whenever somebody questions it. When something attracts those types of people, it says a lot about the thing itself: It means that the thing isn't just a person or a product, it's a way of life.


No comments:

Post a Comment