There have been a number of pronouncements from people I more often than not agree with, from Bill Mayer to Warren Buffett, trashing Bitcoin.
Some of it is just plain ignorance. I believe in science and evidence based thinking, so I usually advocate an open mind. Some of it I think is that there has been sort of a media narrative of Bitcoin being a “rich, white, young, and elite” speculative investment - in other words yet another way for those that already have lots of money to get more or move it cheaper.
The truth is Bitcoin is a tremendously novel and disruptive technology that may change the world - or not.
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Every day billions of dollars change hands, and rich corporations take a skim of that. A particularly egregious example is that in many third world countries the expat money sent home by relatives in the US is skimmed by Western Union to the tune of 5% to 10% depending on the size of the transfer. And every time you swipe a credit card you loose 2% or 3% or more.
Bitcoin transfers are free or a few cents. Also think of the millions of “unbanked” is the US or other countries who currently cannot easily participate in some commerce.
Think of the Ukranian protester with a sign asking for Bitcoin because the banks are closed or restricted.
Bitcoin is not evil. It has the potential to transform the world over the next decade. Or maybe its successor (think myspace and facebook).
What happened to Mt, Gox is roughly equivalent to what Bernie Madoff got away with. Doesn’t mean you should stop using dollars.
Anyway, the Bitcoin story is still being written. The most fervent Bitcoin supporter would be the first to tell you they don’t know where its going. What its most definitely not though, is a Ponzi scheme, or something primarily for the purpose of criminal transactions, or a mere tulip bubble.
There are lots of potential issues with Bitcoin. Its very open and transparent, so contrary to what most people think, it's not anonymous enough for some. It may not scale well. Its inherently deflationary, meaning that all other things being equal the value of the coins rise indefinitely, because there is a small finite pool of Bitcoin.
As a progressive and believer in science and evidence based rational thought - I’ll be making my mind up on Bitcoin in the years to come, as the story unfolds, but I am very, very excited at the promise of this brave new digital world and the benefits it may bring to the masses.