- 2018-05-03: Top Bitcoin Myths (investopedia.com)
The piece listed five myths and their refutations. Here are the bullets:-
1. Digital Currencies Are Primarily Used for Illicit Activity
2. Digital Currencies Don't Have Value
3. Cryptocurrencies Aren't Secure
4. Digital Currencies Are Bad for the Environment
5. Cryptocurrencies Are a Scam
As I was working my way through other stories from May, I realized that the 'myths' might not be myths at all. They are more like controversies. Following is one story confirming each of the five myths:-
1. Illicit Activity • 2018-05-23: Kidnappers snatch a 13-year-old South African boy and demand his ransom be paid in bitcoins (cnn.com)
2. Don't Have Value • 2018-05-01: Warren Buffett explains one thing people still don't understand about bitcoin (cnbc.com; 'Bitcoin isn't an investment')
3. Aren't Secure • 2018-05-29: Bitcoin Gold Suffers Rare '51% Attack' (fortune.com)
4. Bad for the Environment • 2018-05-29: Bitcoin backlash as ‘miners’ suck up electricity, stress power grids in Central Washington (seattletimes.com)
5. Are a Scam • 2018-05-24: Bitcoin Price Manipulation Probe Launched By Justice Department (bloomberg.com)
The difference between a myth and a controversy is like the difference between a fact and an opinion. Here are three more opinions from knowledgeable financial experts who have made correct calls many times in the past:-
- 2018-05-03: Nouriel Roubini says bitcoin is ‘bulls–t’ and only attracts ‘suckers’ (marketwatch.com)
- 2018-05-08: Warren Buffett says bitcoin is 'probably rat poison squared' (cnbc.com)
- 2018-05-21: Bitcoin could be another failed currency, Robert Shiller says (cnbc.com)
Compare these people with those who are trying to explode the 'myths'. What are their respective track records?
No comments:
Post a Comment