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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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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.


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