Episode 515: A Bet Over Bitcoin : Planet Money : NPR
Felix Salmon: The Satoshi Paradox : Bitcoin
Shell launches major cost-cutting drive - sources - Reuters
Who are the smartest bitcoin bears you know?
It is always interesting to me to hear from intelligent people that are on the opposite side of the coin. Who are some of the most intelligent people that are bearish on bitcoin? The names that come up for me are founder of ruby on rails David Heinemeier Hansonn, Reuters reporter Felix Salmon and Peter Schiff. Would love to compile a list of the most well reasoned arguments against bitcoin, especially as we soar to new highs.
http://blogs.reuters.com/felix-salmon/2013/11/30/waiting-for-bitcoin-to-get-boring/ Extract: "The latest bright idea from Alderney — that the tiny island (population: 1,900) should print physical bitcoins backed by electronic bitcoins — is certifiably bonkers. For one thing, the whole point of bitcoin is that it isn’t going to suffer the same fate as all those currencies which the government promised were backed by something else. (The dollar was backed by gold, once; the Argentine peso was backed by the dollar. Neither lasted, and if the burghers of Alderney ever change their mind about the bitcoin backing, or it gets hacked or stolen, the owners of the physical bitcoins are going to have no recourse.) More weirdly, the Alderney bitcoins are going to have about £500 worth of gold in them, which makes no sense at all. Let’s say that the gold in the coin is worth $800, while the bitcoin backing it is worth $1,000. What, then, would the coin be worth? It can’t be much less than $1,000, at least as long as it can be redeemed for an electronic bitcoin, or a bitcoin’s worth of pounds sterling. But by the same token, it can’t be worth much more than $1,000, because numismatists don’t tend to value gimmicks very highly, so it’s not going to have significant value as a collector’s item. And the most you could sell it for, in terms of its fundamental value, is the value of one bitcoin. Which means that there’s no point whatsoever in pouring £500 worth of gold into it — the gold doesn’t increase the value of the coin at all. All of which is to say that the FT is splashing all over its front page a crazy bitcoin scheme which is never going to happen. “An independent company will provide the Bitcoins,” explains the newspaper, credulously. “If the price plunged, neither Alderney nor the Royal Mint would lose anything.” But what independent company would ever do such a thing? The company would essentially need to hand over its bitcoins to Alderney, would probably have to help fund the cost of manufacturing the coins out of gold, and would get essentially nothing in return for the huge risk it was taking that all its coins would become worthless. The news here, then, is not so much that there’s some new cockamamie scheme involving bitcoins — a new such scheme is dreamed up every day. Rather, it’s the way in which the bitcoin bug has infected news editors to the point at which they’ll splash any old vaporware silliness all over their front pages. One of the less reported aspects of the bitcoin story is the way in which editors tend to be much more excited about it than reporters, who are generally more skeptical, and who worry that their own reporting will only serve to inflate the bubble even further."
Last week, the forlorn and chronic bitcoin skeptic Felix Salmon, of the Reuters blogging world, took a shot at SecondMarket and their new trust. Salmon says that “no sensible investor should go ... Das geht aus einer vom Reuters-Blogger Felix Salmon verbreiteten Mitteilung hervor, die Nakamoto offenbar von seinem Rechtsanwalt anfertigen ließ. Der 64-jährige US-Amerikaner will demnach ... Reuters financial blogger Felix Salmon talks to Bob about Bitcoin's impact on the real world and how every conversation about Bitcoin is making it a little bit stronger. Comments  Allegations ... Articles by Felix Salmon. Felix Salmon is the finance blogger at Reuters. Spotify launches a news channel “They’re going to launch something that radio has had for decades but that has never existed in podcasting format: a simple news channel.” Covering bitcoin while owning bitcoin “The web of undisclosed conflicts in the bitcoin world is almost impossible to disentangle, especially ... Felix Salmon. The Satoshi Paradox. By Felix Salmon. March 7, 2014 . Newsweek wanted a scoop for its relaunch cover story, and boy did it deliver: it uncovered the identity of Satoshi Nakamoto, the inventor of bitcoin. Who then promptly came out and denied everything. Which means that one of the two is wrong: either Nakamoto is lying through his teeth, or Newsweek has made what is probably the ...
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