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    Author Topic: Can Bitcoin Survive? Is It Legal? - Forbes  (Read 3231 times)
    Confucius
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    June 29, 2011, 03:39:34 AM
     #21

    I can see subtle bias in this article. I liked it apart from the fact he tried to present it as objective, but it ultimately had negative connotations associated to it.

    Quote from: Peter Cohan
    Although the sudden drop was caused by a hacker breaking into Bitcoin’s currency changer
    That is explicitly saying that Bitcoin is the owner of the currency changer (Mt Gox.). That doesn't even makes sense because Bitcoins cant own anything because noone owns Bitcoins.  Huh
    People will read that and believe it was a security fault on Bitcoins behalf.

    Quote from: Mann
    Mann notes that Bitcoin’s ultimate ambition well might be illegal in any event
    Bitcoins ultimate ambition well might be written in the published whitepaper, which it is. That is

    Quote from: Bitcoin Whitepaper
    These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.

    What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.
    I do not believe the publishers cared about if governments think they are an imposter currency. Their goal is not to enrage governments and people, but to solve the specific problem of how to make virtual transactions have similar properties to cash.

    It will be a long an tedious argument between the people and their governments debating if Bitcoins is a fraudulent currency (or some other disagreement).

    Also, instead of being original, Peter uses the typical Drugs-Bitcoins association, which I'm sure hes aware is simply enforcing unlearned peoples doubts. Anyone that mentions you can buy drugs with Bitcoins, should also mention that you can buy drugs with federal monies, from far more people just as easily, and usually as securely (well for me anyway...).

    Quote from: Peter Cohan
    Bitcoin – the online currency used to buy Alpaca wool socks and illegal drugs
    Angry

    ~ Conf
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