BITCOIN IS DEAD BECAUSE YOU ARE TOO DUMB

Bitcoin is dead. Bitcoin is dead, cry the critics. Like vultures at a funeral, financial pundits are circling. Each one is vying to print their ‘I told you, so”s before the other – fighting like starving dogs over table scraps.
Benign Parsimony
Bitcoin is dead, they say again. Miner’s are shutting down. Services are running off with customer’s coins. Bitcoin is a Ponzi Scheme. The Bitcoin CEO was arrested. Bitcoin is for drugs and money laundering. The price is falling, the price is falling.
Hey… Henny Pennying is big business but I don’t picture these individuals as Chicken Littles. To me, they’re a pit of hungry vipers lashing out where ever their gut tells them.
‘With Animal Farm in mind, has Bitcoin the asset’s failure thus shone a light on a system which routinely propagandises the benefits of sharing intellectual property for free while rewarding only those who live by entirely different principles?’ – Isabella Kaminska, FT Alphaville
Ms. Kaminska takes a dozen more wordy paragraphs of five dollar words to say so, but the fundamental flaw in Bitcoin, she claims, is ‘You’re just too dumb.’ Yes, really. Furthermore, she presents dubiously selected excerpts from quotes of Gavin Andresen, mistakes Bitcoin businesses for Bitcoin, and proves she does not understand the underlying technology.
Stop listening to what they say and look at what they are doing. Just as our community rallies when the price rises, so does the community of naysayers with each bubble market correction. Our detractors are becoming a metric to gauge the popularity of Bitcoin. With each passing cycle, the numbers grow on both sides. Actually, this is good news.
Ignorance is Not Tied to the Price of a Bitcoin.
No matter how badly the critics try to frame it that way. To most critics, this technology may as well be magic. Basing their opinion on the price instead of the technology reveals their ignorance. And that is not their fault. Computer Science is a specialized, creative, field. Most users of technology choose to ignore the happenings ‘under the hood’ of their devices and software. That should not deprive them of their opinions of the devices or software.
However, to manufacture clamorous opinions and present them to others while maintaining that ignorance is not only irresponsible but insidious – the literal pretense of knowledge and deliberate misinformation.
The critics sell themselves short. They ignore the nascent technology that grew an $8b market cap. They forget that wealth is a side effect of innovation, a creative process, and anything but finite. Bitcoin the technology is alive, well and here to stay. Bitcoin the price is just a side effect.

This post was published at Crypto Coins News on January 15, 2015.

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