JayJuanGee
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How much alt coin diversification is needed? 0%?


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March 05, 2014, 10:23:08 PM

http://nymag.com/daily/intelligencer/2014/03/doomsday-cult-of-bitcoin.html

The above quoted article is such bullshit that it is hardly worth repeating.... Maybe I am guilty of the same but I just wanted to make clear my referent?   Surely, with any movement, there are going to be some people who are true believers, and they have NO basis in fact for their beliefs - however, to put bitcoin in that category and to suggest that a lot of bitcoin followers fall into cultish behavior attempts to poo poo and to minimize a large number of concrete and positive contributions of bitcoin.  

Your outright dismissal of the article is exactly the type of cultish behaviour the author is talking about - dismiss anything that doesn't fit the faith view.

What concrete contributions has bitcoin made? It certainly hasn't changed the world yet, and it's highly unlikely it will without some drastic change to the limited exchange problem. The killer app for BTC could be transferring money online, but that only works if it can be easily converted to local currency.
Give these things time for pete's sake.  A little over a year ago disbelievers were saying that no serious company accepted bitcoin, that you couldn't buy food with it etc. , and that therefore it wasn't useful and had failed....  Now look at overstock.com, food delivery services, etc. ..

Absolutely. Slow and steady I can see.  It's the hype that's nutty - predictions of a 10x increase in value again with little to drive it. It's the hype that the author is talking about.

Actually, Tailor, you may have a good point if you suggest that the BTC price is outpacing the building of the infrastructure...   Actually, I would consider those to be very decent kinds of arguments... but on the other hand to suggest that BTC has NO value or nearly NO value, fails to account for several innovations that bitcoin brings... beyond the mere payment processing system.. which is NO small innovation even by itsellf.