For The Next Month

“The Time is Now for Bitcoin Startups”

(Via The Time is Now for Bitcoin Startups – Astrohacker.)

Now and for the next couple months.

Sure a few people are going to make a bunch of money but it wont last.


Now to get into some more depth.

“Also like gold, bitcoin has intrinsic value: it is cool.”

Really!?! Coolness is the LAST thing I’m looking for in a currency!

“For instance, there is no bitcoin bank.”

Isn’t half the point not to have a bank? The reason banks came to be was to have a safe place to store something that was physically easy to steal and hard to keep. Not so with bitcoin.

“and there are no reasonable competitors.”

Um, what about USD and the Euro?

“If you create a big bitcoin business, and bitcoin itself becomes big, your business will be big squared.”

Um, not necessarily true. I don’t like the math here. Sure, usually when the tide rises all boats go up but those with holes sink just as fast.

Businesses that already sell products or services can simply start accepting bitcoin, and then profit enormously if bitcoin succeeds.”

One, that’s a massive “if” and two, it’s not exactly simple to just get customers that are using bitcoin, it’s not like they’re everywhere! The customer base is smallb and just try to convince mainstream people to start buying bitcoin to send you.

“Bitcoin is not a guarantee. But neither was the internet, computing, or any other disruptive technology.”

Right but, we weren’t asking people to switch to something that has a high likelihood of vanishing tomorrow!

Just some of my problems with the article and bitcoin in general. Yeah it’s a mess but so am I.

I personally will not be putting my money into this! Maybe just buy one bitcoin to try it.