Thursday, December 19, 2013

Former Twitter Engineer: Let's It Rip On Bitcoin

Alex Payne,s a former Twitter employee, lashes out about Bitcoin in a post. A lot of his commentary is anti-capitalistic confusion. He need to read Lew Rockwell's new book real bad. That said, he does make two important observations:

Bitcoin owes its present flexibility to a lack of regulation (or, more accurately, a lack of understanding around existing regulations and/or unwillingness to comply with them). If the broader Bitcoin experiment doesn’t implode, the currency will be regulated just as any other.
. In order for Bitcoin to grow a thriving ecosystem, it apparently needs  US-based, VC-backed company that has “worked closely with banks and regulators to ensure that the service is safe and compliant”.

And Coinbase certainly feels, uh, compliant. It took me over a week to use the service to turn US dollars into a fraction of a Bitcoin, an experience that coupled the bureaucratic tedium of legacy consumer financial services with the cold mechanization of notoriously customer-hostile PayPal, but with the exciting twist that I have no idea from moment to moment how much my shiny new Internet money is actually worth.


  1. Hey Wenzel, care to revisit your "aggressive buy" recommendation on gold and all the money that has cost people who listen to you?

    1. It's still on. You need to subscribe to the EPJ Daily Alert: A. To find out what is going on now and B. to learn the date that I forecast gold will start to climb. That date hasn't arrived yet.

      Duh, you need to buy before it starts going up. That's why you buy now.

  2. Alex Payne's faulty assumptions:

    1. That bitcoin is unregulated. It is regulated by algorithm instead of being regulated by government bureaucracies. Un-corrupted. Regulators can regulate the exchange points but no more.
    2. That bitcoin needs a US-based VC community? Bitcoin was doing just fine without them. Fortunately, they see the value where others don't.
    3. That Coinbase is the only way to get bitcoins. Try harder Charlie Brown.

  3. $1200 to $500 in a day. Yeah, something I definitely want to be involved in. Shitcoins, here today gone later today. Make like China and BUY GOLD!