He keeps saying that "some computer guy" can flip a switch and all your bitcoins are gone or worthless. This is not correct. Bitcoin is a distributed currency. No one person, or group of people control it.
He conflates the failure of bitcoin exchanges with weaknesses in the currency itself. Here's a pretty good technical explanation of how bitcoin works: https://en.bitcoin.it/wiki/How_bitcoin_works From: [email protected] [mailto:[email protected]] On Behalf Of Micheal Espinola Jr Sent: Thursday, March 06, 2014 5:22 PM To: ntsysadm Subject: Re: [NTSysADM] OT:Bitcoin What is he saying about bitcoin, in this video or otherwise, that is inaccurate or somehow otherwise misinformed? -- Espi On Thu, Mar 6, 2014 at 2:09 PM, Ken Cornetet <[email protected]<mailto:[email protected]>> wrote: No, because Dave has at some point in the past went from doing what he does best (personal finance) to being an expert on all things financial. This is a good example. He clearly has done zero research into bitcoin, and yet he is an expert on it. Now, I'm not saying bitcoin is a good investment, but I am saying that Dave clearly doesn't understand what it is, or what makes it valuable. In fact, he gets things exactly 180 degrees wrong. Bitcoin's strengths are that it doesn't depend on a government backing it. Like gold or silver, and unlike paper money, bitcoin has an inherit value (a hard to find number with certain cryptographic properties). He also conflates the the failure of MtGox with the bitcoin currency itself. That's a bit like saying dollars are junk because some savings and loans failed during the 70s (which weren't FDIC insured and real people lost real money). From: [email protected]<mailto:[email protected]> [mailto:[email protected]<mailto:[email protected]>] On Behalf Of Webster Sent: Thursday, March 06, 2014 2:17 PM To: [email protected]<mailto:[email protected]> Subject: RE: [NTSysADM] OT:Bitcoin Just because he thinks Bitcoins are a pile of crap and a scam? Webster From: [email protected]<mailto:[email protected]> <[email protected]<mailto:[email protected]>> on behalf of Ken Cornetet <[email protected]<mailto:[email protected]>> Sent: Thursday, March 6, 2014 12:28 PM To: [email protected]<mailto:[email protected]> Subject: RE: [NTSysADM] OT:Bitcoin I have great deal of respect for Dave's financial philosophy and advice for the most part, but Dave long ago lost the distinction between his opinions and facts. From: [email protected]<mailto:[email protected]> [mailto:[email protected]] On Behalf Of Rod Trent Sent: Thursday, March 06, 2014 12:59 PM To: [email protected]<mailto:[email protected]> Subject: RE: [NTSysADM] OT:Bitcoin Oh, he does. He says it pretty plainly. From: [email protected]<mailto:[email protected]> [mailto:[email protected]] On Behalf Of Tigran K Sent: Thursday, March 6, 2014 12:37 PM To: [email protected]<mailto:[email protected]> Subject: Re: [NTSysADM] OT:Bitcoin He doesn't understand what bitcoin is. On Thu, Mar 6, 2014 at 9:21 AM, Rod Trent <[email protected]<mailto:[email protected]>> wrote: To me...this pretty much explains the whole Bitcoin scam... http://youtu.be/32l1ht1wlLI From: [email protected]<mailto:[email protected]> [mailto:[email protected]<mailto:[email protected]>] On Behalf Of J- P Sent: Thursday, March 6, 2014 12:02 PM To: [email protected]<mailto:[email protected]> Subject: [NTSysADM] OT:Bitcoin http://www.pcworld.com/article/2105280/10-questions-on-the-mt-gox-implosion.html Jean-Paul Natola
