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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 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


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