MIT, PHDs and Bitcoin – a Useless Bitcoin Bashing

After the US government gave the green light for Bitcoin transactions there are still people, left  right and center, who keep bashing Bitcoin. The reason is that they are probably being paid to do so. The banks are feeling threatened by new currencies beyond their control, but here is the kicker: the US government DOES RECOGNIZE Bitcoin as a legal way to pay for products.             (http://www.forbes.com/sites/kashmirhill/2014/01/31/bitcoins-legality-around-the-world/ )

The Bitcoin critics sound more like the Jehovah’s witnesses that came to my door one day. “Don’t use Bitcoin, it is evil”. “Don’t use Bitcoin, you are supporting criminals”. “Don’t use Bitcoin, because you can buy drugs”. “Don’t use Bitcoin, because it will ruin your marriage as it lets you go out with other ladies/men”. The list is endless, and the reasons the “nay” sayers use get more ridiculous, because they are losing the uphill battle.

So, let’s examine these “arguments” a bit closer. “Normal” or “day to day” money, like Dollars or Euros, are used by criminals, pornstars, drug buyers and sellers, idiots, etc. Normal money can ruin your marriage, because you can go out and have beers with your buddies and “ladyfriends”, etc.

In short, all the negative characteristics that the “critics” use to deface Bitcoin are null and void, because all these arguments can be copied/pasted to EVERY currency, virtual or not, and is not exclusive to the virtual ones.

Here are some examples about “real” or “day to day” currency being used by “evil people”: 90% of the bills in your wallet probably have microscopic traces of cocaine or heroin on them. (http://www.scientificamerican.com/article/cocaine-contaminates-majority-of-american-currency/ )

Now what was surprising is the fact that some “PHD” from MIT wrote some of these critiques on Bitcoin, without thinking clearly. Surely someone from MIT must have a bit more integrity, and as an intellectual, needs to keep an open mind.

This shows that “everybody has a price” and everybody can be bought, even the “PHD’s” from the mighty MIT, and that is a sad trend. Everybody can shout critics at anything or anybody.

Giving constructive arguments on the why & how the writer sees it, this or that way with some footnotes, to back them up, seems too much to ask, even from a PHD who is supposed to have that kind of modus operandi.

So is Bitcoin risk- and carefree? NO! As always, you need to keep your wits about you when dealing with Bitcoin and other cryptocurrencies, just like you do in everyday life.

The fact that the US government does recognize Bitcoin as a “legal payment method” gives Bitcoin a bit more stability. So, in theory, Bitcoin is “more trustworthy” than let’s say Dogecoin.

The lesson of the day is: keep your eyes and ears open for news, and decide for yourself on what course of action YOU would take, and not what some bimbo or bum with a self-proclaimed “PHD from MIT” tells you to do.