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Print 12 comment(s) - last by Ryanman.. on Mar 13 at 8:57 AM

Funny video highlights serious issues with the world's most popular cryptocurrency.

Given all the Bitcoin scams and Bitcoin scammers around these days, some are trying to figure out why people are entrusting so much money in a scheme predisposed to fraud and popular among fraud artists.
 
Conan O'Brien offers a humorous take on this mess, interviewing the "COO of Bitcoin".  In the video, the Bitcoin professional tries to explain in "layman's terms" and then with a high-production video what exactly Bitcoin is.



Mr. O'Brien deserves some props for getting close to the definition when comparing Bitcoin to PayPal.  Bitcoin to the common man is a lot like PayPal.  It is arguably not a currency
 
However, unlike PayPal it is stored locally as data in wallet apps, making it pretty easy to steal.  And it acts as a speculative investment.  And it seeds wealth to early adopters.  And it makes a tempting honeypot for government sorts, who watch bemused as drug sellers mail packages of drugs in the mail, thinking they will be protected by Bitcoin's "anonymity".

Source: TeamCoco



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Never any upsides
By Ristogod on 3/11/2014 11:51:19 AM , Rating: -1
You sure like to spin Bitcoin as only negative. Understandably its weaknesses can be exploited (most of the weaknesses are inherent to the people and implementations surrounding it, less than weaknesses of it's own self), but that isn't a characteristic unique solely to Bitcoin. You don't have to look far into any currency or asset to see fraud, theft and abuse. Unless it's your personal agenda to see against it, I wouldn't mind a little more equal treatment on the pros and cons when it's written about. It's hard to further emerging technologies when every setback is written about in a doomsday prophecy tone.




RE: Never any upsides
By drlumen on 3/11/2014 12:13:52 PM , Rating: 2
Personally, I always thought their previous years coverage of Mt.Gox and bitcoin was a bit of undeserved hype. I'm glad they are giving as much attention to Gox's demise as they did to its rise.

This may not be good for bitcoin in general but I don't care. I didn't invest any real money into it and won't.

At worst this Karpeles guy was a d-bag. IMO, he was a greedy scam artist guilty of fraud on a massive scale. At best he was an egotistical and incompetent d-bag on a massive scale.


RE: Never any upsides
By v1001 on 3/11/2014 12:15:52 PM , Rating: 2
Are you kidding all we had to hear about for years was all the fools who prophesied about bitcoin like it was the second coming of the real currency. They'd attack anyone who said different. It's nice to finally get to hear the real story about it. It deserves to be ridiculed so hopefully more blind won't keep leading the blind. For years you people kept pumping this junk for your own gain. Turning a blind eye to it's down sides. Let's give some more warnings to this disaster so others don't get ensnared.


RE: Never any upsides
By michael2k on 3/11/2014 12:22:16 PM , Rating: 2
The only pro to BitCoin is that you can make it yourself; everything else about it is the same as any other speculative financial investment.

If you replaced the word 'BitCoin' with "Cloth Diapers" you get much the same effect.
1) You can make it yourself
2) Quite a few people hoard them
3) They are traded over the Internet (there are in fact diaper exchanges!)
4) Some people are buying specialized hardware to make them as efficiently as possible in order to make money off the phenomenon


RE: Never any upsides
By atechfan on 3/11/2014 1:09:28 PM , Rating: 2
There are upsides?


RE: Never any upsides
By retrospooty on 3/11/2014 2:51:20 PM , Rating: 1
Have considered the inventreprenuertunities ?


RE: Never any upsides
By The Von Matrices on 3/11/2014 5:32:32 PM , Rating: 1
Within each individual news article, Jason is more or less accurate. The problem is the topics on which he chooses to report, but this is hardly a problem limited to him. In a world of internet news driven by drawing the highest number of page views, reporting less sensational and more positive news (e.g. that Overstock.com/Tigerdirect now accept Bitcoin) just isn't profitable. I agree with your comment, but I don't think it will change anything. Just remember that even if you get rated down, comment ratings on the internet are driven by popular opinion of the article's viewers rather than by the merits of their content.

What Bitcoin has always needed is wide public awareness in order to succeed. While the breach of trust with Karpeles is of course undesirable, it also causes more and more reporting on Bitcoin. Just the mere idea that major news networks are discussing it gives it credibility and encourages people to find out more about it. Who would have thought months ago that Bitcoin would become part of late night comedy routines? How many people do you think saw that clip and and went on to learn more about Bitcoin? I suspect the number is not insignificant.


RE: Never any upsides
By TSS on 3/11/2014 7:59:23 PM , Rating: 2
http://www.dailytech.com/Virgin+Galactic+to+Accept...

http://www.dailytech.com/Bitcoin+Rollercoaster+Rid...

http://www.dailytech.com/US+Treasury+Goes+Easy+on+...

Then explain those 3 articles putting bitcoin in a positive light. If anything Jason has shown himself to be a proponent of bitcoin, with to my memory the positive articles far outweighing the few negative ones as of late. And why have there been negatives? Maybe because negative things are happening to bitcoin? (well, mt.gox, bitcoin is still at $640 a pop on other exchanges) Which is also why the OP was rated down (and you as well), plain ignoring bad stuff or trying to explain it as "sensationalism" isn't going to do anybody good. Sometimes bad stuff happens, get over it.

If your oppinion has merit it *will* be appreciated. If you want proof, search for my name on that middle link there. You'll find a very negative comment, on a positive bitcoin article, while it was only going up from there going from $32 to $1100+ later on, and i still got rated up to 4 for it. Because it had merit, for no other reason then that. It's a comment i can still stand by to this very day, while yours and the OP's is just a simple google away from being disproven. That's the real difference between being rated up or down.

Aside from those times when you just ruffle feathers. I've done that before, no amount of merit will save your rating when you know you're pissing people off. But meh, if ratings on the internet is all you care about, commenter or journalist.... then i pity you.


"I'm an Internet expert too. It's all right to wire the industrial zone only, but there are many problems if other regions of the North are wired." -- North Korean Supreme Commander Kim Jong-il














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