Episode 515: A Bet Over Bitcoin : Planet Money : NPR

Who are the smartest bitcoin bears you know?

It is always interesting to me to hear from intelligent people that are on the opposite side of the coin. Who are some of the most intelligent people that are bearish on bitcoin? The names that come up for me are founder of ruby on rails David Heinemeier Hansonn, Reuters reporter Felix Salmon and Peter Schiff. Would love to compile a list of the most well reasoned arguments against bitcoin, especially as we soar to new highs.
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Waiting for Bitcoin to get boring Felix Salmon

http://blogs.reuters.com/felix-salmon/2013/11/30/waiting-for-bitcoin-to-get-boring/ Extract: "The latest bright idea from Alderney — that the tiny island (population: 1,900) should print physical bitcoins backed by electronic bitcoins — is certifiably bonkers. For one thing, the whole point of bitcoin is that it isn’t going to suffer the same fate as all those currencies which the government promised were backed by something else. (The dollar was backed by gold, once; the Argentine peso was backed by the dollar. Neither lasted, and if the burghers of Alderney ever change their mind about the bitcoin backing, or it gets hacked or stolen, the owners of the physical bitcoins are going to have no recourse.) More weirdly, the Alderney bitcoins are going to have about £500 worth of gold in them, which makes no sense at all. Let’s say that the gold in the coin is worth $800, while the bitcoin backing it is worth $1,000. What, then, would the coin be worth? It can’t be much less than $1,000, at least as long as it can be redeemed for an electronic bitcoin, or a bitcoin’s worth of pounds sterling. But by the same token, it can’t be worth much more than $1,000, because numismatists don’t tend to value gimmicks very highly, so it’s not going to have significant value as a collector’s item. And the most you could sell it for, in terms of its fundamental value, is the value of one bitcoin. Which means that there’s no point whatsoever in pouring £500 worth of gold into it — the gold doesn’t increase the value of the coin at all. All of which is to say that the FT is splashing all over its front page a crazy bitcoin scheme which is never going to happen. “An independent company will provide the Bitcoins,” explains the newspaper, credulously. “If the price plunged, neither Alderney nor the Royal Mint would lose anything.” But what independent company would ever do such a thing? The company would essentially need to hand over its bitcoins to Alderney, would probably have to help fund the cost of manufacturing the coins out of gold, and would get essentially nothing in return for the huge risk it was taking that all its coins would become worthless. The news here, then, is not so much that there’s some new cockamamie scheme involving bitcoins — a new such scheme is dreamed up every day. Rather, it’s the way in which the bitcoin bug has infected news editors to the point at which they’ll splash any old vaporware silliness all over their front pages. One of the less reported aspects of the bitcoin story is the way in which editors tend to be much more excited about it than reporters, who are generally more skeptical, and who worry that their own reporting will only serve to inflate the bubble even further."
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The Financial Crisis as Conversion Experience Ep. 049 - Financial Journalist Felix Salmon is a Curmudgeon and a Baker #358 - Financial Journalist Felix Salmon is a Curmudgeon and a Baker Bloomberg apologizes for spying scandal Why it makes sense to sell your stocks

r/Bitcoin: A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money … Press J to jump to the feed. Press question mark to learn the rest of the keyboard shortcuts. r/Bitcoin. log in sign up. User account menu. 30. Felix Salmon: The Satoshi Paradox. Close. 30. Posted by. u/r721. 5 years ago. Archived. Felix Salmon: The ... Last week, the forlorn and chronic bitcoin skeptic Felix Salmon, of the Reuters blogging world, took a shot at SecondMarket and their new trust. Salmon says that “no sensible investor should go ... Reuters financial blogger Felix Salmon talks to Bob about Bitcoin's impact on the real world and how every conversation about Bitcoin is making it a little bit stronger. Comments [1] Allegations ... Felix Salmon. The promise of Ripple. By Felix Salmon. April 11, 2013 . This is a chart of the value of bitcoin yesterday, Wednesday. It’s hardly a secret that bitcoins are a highly volatile asset class, so relatively few eyebrows were raised when the price soared from an opening level of $230 all the way to a high of $266. An intraday swing of more than 15% is pretty much par for the bitcoin ... Felix Salmon a senior editor at Fusion. He's written about finance and economics for Portfolio, Reuters, and Wired. Bitcoin’s Problem With Women Felix Salmon. Risk Mismanagement Felix Salmon ...

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The Financial Crisis as Conversion Experience

Bloomberg News apologized for allowing its journalists to access financial computer terminals, which gave them access to information about the company's clients. Reuters financial blogger Felix ... "Absolutely astonishing" — Reuters economics blogger Felix Salmon "Congestion pricing gets a new weapon" — Crains Insider "The best [modeling] tool that I have seen in my nearly 40 years ... This week is another example of how the podcasting world really is like a small fraternity/sorority where hosts often appear on each other’s shows. Today it’s Felix Salmon, host of the Slate ... I’m a big Felix fan and have been reading (he did stints at Reuters, Portfolio Magazine and Euromoney) and listening to him for quite some time so I had a list of topics to cover, including ... Chrystia Freeland, Reuters James B. Stewart, New York Times Megan McArdle, Newsweek/Daily Beast Moderated By: Felix Salmon, Reuters. Category News & Politics; Show more Show less. Loading ...

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