Forbes article: “We Need To Shut Bitcoin And All Other Cryptocurrencies Down. Here’s Why.” & My Response

We Need To Shut Bitcoin And All Other Cryptocurrencies Down. Here's Why.

You've got to be kidding me with this absolute garbage. Read it for yourself, but the guy is wrong about almost everything he says. It looks like clickbait, but it's in Forbes and I thought Forbes was a respectable publication. When are journalists going to start taking their publications seriously when it comes to cryptocurrency? Why is this Jason Bloomberg dope the "president" of a tech company?

I got so incensed about it that I pushed out a response article of my own. Read it and give me some feedback, or don't — either way, understand that this is the kind of ignorance we're up against in the crypto world. Dinosaurs who think that the whole idea of a decentralized system is so dangerous that it should just be made illegal.

"First they ignore you, then they laugh at you, then they fight you, then you win." It looks like we're getting to the "fight you" stage.

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Bitcoin – The Currency of the Internet

What is the best response to the argument that Bitcoin isn’t truly scarce?

I’ve heard Peter Schiff argue that Bitcoin isn’t truly scarce because an infinite number of competing cryptocurrencies can be invented. But by that logic, gold isn’t truly scarce either because I can take a random piece of wood, spray paint it gold, and offer this “woodgold” as a competing commodity.

A goldbug might reply that this analogy is ridiculous because gold has properties (scarcity, historical value) that woodgold doesn’t. But that’s exactly the point. Bitcoin has properties that a random altcoin doesn’t; i.e., network security (people seriously underestimate how valuable it is that Bitcoin has survived nearly a decade of sophisticated and persistent attacks), the development community, first mover status, number of adopters, etc. Sure, anyone can create an infinite number of random altcoins, but good luck trying to get people to adopt it and to take the time to protect the integrity of the network.

What is your best response to the “bitcoin isn’t truly scarce” argument?

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Bitcoin – The Currency of the Internet

***** WARNING ****** DO NOT SEND ANY (LARGE) SUMS TO COINBASE. $40,000 wire transfer missing since 12/18 with ZERO response

The question is- why would you ever trust this company? How do you not reach out to a customer who trusted you with this amount of money? Is this who you want to be dealing with if/ when the shit really hits the fan in the cryptocurrency space ? It is a total sham(e), I would have absolutely been a customer, and likely an active one long term. For all those who have had positive experiences with Coinbase- that's great, but don't assume it will not happen to you at some point, especially when liquidity goes to hell after a crash. If they can't help a newer customer willing to put in a large amount of funds, why will they help those who put in less. No, I did not deposit this amount without depositing a smaller amount first, which went through, so assumed the systems were fine, and hey worst case the wire is rejected …. WRONG. Don't assume it won't happen to you!! Yes I filed a CFPB and state Financial Institutions complaint. Yes I called a zillion times. Yes I did everything they instructed on their "customer support" site. Never in my wildest dreams did I think this could happen in this country. This company has reared its ugly face as a total fraud and/or perhaps a total Ponzi scheme. How in the world do you return other wires from 5 days ago before addressing ones from more than a month ago, never mind the amount! Let this be a warning to you all, I would not wish this on ANYONE.

ADDENDUM: I attempted to transfer to my GDAX account, but the wire goes through the associated Coinbase account, and shows up as a Coinbase deposit (had transferred funds before), hence the references to Coinbase.

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Bitcoin – The Currency of the Internet

Andreas Antonopoulos posted this response to “a prominent member of the bitcoin community” on patreon.

Andreas M. Antonopoulos posted In defense of optimism Yesterday, I woke to a flurry of activity on Twitter. A prominent member of the bitcoin community had decided to a message to me that many perceived as critical. The tweet pointed out that had I managed my money better I would be wealthy and wouldn't need the support of patrons. It was in response to a message I posted on Twitter a week earlier, to once again dispel the impression that I am a bitcoin millionaire. It is hard for many to accept that someone who has been involved since 2012 has not amassed a great fortune in bitcoin. The truth, however, is that due to circumstances and some poor choices I made, I was not able to benefit as much from the rise of bitcoin as some others have.

At the end of 2012, when I heard about bitcoin, I had been working as a freelance consultant for about a year after burning out of my previous work as a partner in a research firm. I had a modest retirement fund, a small amount of credit card debt and enough income to make ends meet. I was really in limbo, looking for the next opportunity. Bitcoin arrived into my awareness and slapped me in the face. You've all heard my story of tumbling down the rabbit hall, absolutely consumed by awe.

What is not quite obvious is that my obsession also drove me to abandon my consulting work and put all my attention into bitcoin. I worked as hard as I have ever worked, focusing full time on this technology. During this time, I was unable to find any way of making a living through bitcoin. I traveled to speak at conferences (which didn't even cover expenses), I consulted with startups (which couldn't pay me), I wrote articles etc. To support my "habit", I dipped into my savings. I cut back on my expenses as much as I could and started ravaging my savings. By mid-2013 I was forced to start liquidating my retirement funds. In my early 40's, I was undoing a lifetime of savings, in a way most people would consider irresponsible. While doing so, I incurred penalty taxes for early withdrawal. Then, I went into credit card debt. By the end of 2013 I was "worse than broke": going into debt at an alarming rate.

Finally, in 2014 I started making a bit of income. I was so deep in debt that I continued to live paycheck to paycheck, struggling to chip away at my debt. It was going to be a long two years before I finally became debt free at the end of 2016.

I won't complain about the lost opportunity. I am extremely fortunate to be able to live debt free, doing my dream job in a field I absolutely love.

Yesterday, while reading the tweet that criticized me for my poor choices, I felt sick to my stomach. It forced me to confront and relive every choice I made and all the missed opportunities. You see, the critical tweet contained a big grain of truth. I could've become wealthy. If only I hadn't sold. If only I hadn't given away hundreds of bitcoin to complete strangers. If only I had reduced my expenses more. If only I had made smarter choices. If only…

Working in bitcoin is an endless struggle against cynicism, negativity, regret. Throughout the last 5 years I have always tried to maintain an optimistic and positive outlook, to focus on the long term, to think about the potential to lift billions out of poverty. But every now and then, I get dragged back into the negative. Yesterday was one of those days. I felt crushed.

And then, something amazing happened. Over the next several hours, tens, dozens, then hundreds of people responded. I sat reading the responses with tears in my eyes. An outpouring of positivity washed over me. People I have never met jumped to my defense, reminding me that they started their journey after watching my videos, or reading my books. Some people attacked the original criticism and its author (which I strongly discourage). But the vast majority focused on optimism.

Not only did people remind me of the importance of my work, they also encouraged each other to support me. In the last year, I have gradually received more and more of my income from Patreon. Patreon allows me to regain my financial security without switching my focus to commercial conferences, banking and investment events and chasing the next paycheck. Because of Patreon, I managed to stop selling and finally HODL. Because of Patreon I can dedicate my entire focus to the people who I have always felt like I am working for: the community of crypto-currency dreamers, visionaries and creators. I now finally get to work for you.

Yesterday, you fed my soul. You reminded me why it is so important to remain optimistic, focused and determined to overcome the cynicism. It's been a long and hard road. Sometimes I get lost. But, every time I do, you step up and help me find my way, find my focus again. You show me that I do not walk alone on this path. You are all there with me. I am part of a wonderful community and you have my back.

Today, I am even more focused on my goals: educate the next 10 million users. Train the next 10,000 developers. Do it all in every medium possible. Do it in more languages. Do it with more energy, with more passion. Do it with unrelenting optimism. In the end, my engine runs on hope, it runs on optimism. And today, it's turbocharged.

Thank you

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Bitcoin – The Currency of the Internet