A Rebuttal To Charles Stross About Bitcoin

New submitter buddha379 writes "Over the holidays we discussed a story from SF author Charles Stross called 'Why I Want Bitcoin to Die in a Fire,' just as Bitcoin's price collapsed on news of the Chinese government's cautious approach to the fledgling internet currency. Well known economist Paul Krugman quoted the piece in a NY Times blog post called 'Bitcoin is Evil'. Now, with U.S. regulators reaffirming their hands off approach, U.S. companies embracing it and prices surging again, Bitcoin Magazine returns with a rebuttal called 'Why Charles Stross Doesn't Know a Thing about Bitcoin.' The article notes that like many other popular pieces, Stross' story seems to 'completely miss the point on why Bitcoin is a revolutionary concept.'"

Bitcoin is vulernable to government manipulation

[viperidaenz]

As we've seen, all a government needs to do is make a statement about support/regulation and the price drops in half.

Re:ENOUGH. OF. THE. BITCOIN.

[DiSKiLLeR]

I don't understand the bitcoin hate.

Bitcoin is the most amazing thing happening in the world today. It is the internet revolution now taking on the finance industry after conquering the media industry.

Re:Bitcoin is vulernable to government manipulatio

[Bing Tsher E]

Are Bitcoins minted in Rearden Metal?

Re:Bitcoin is vulernable to government manipulatio

[fredprado]

You are right about that, and, adding to your point, do you know what makes swings bigger? Lack of speculation. What bitcoin market needs to soft these swings is more people speculating, contrary to popular belief.

Re:ENOUGH. OF. THE. BITCOIN.

[Jeff Flanagan]

Wired has created a Bitcoin gap with their constant Bitcoin articles, and Slashdot is just trying to catch up.