Announcing a Return to our Roots: The All-New Bitcoin Magazine

Does Bitcoin Have an Image Problem? Three Reasons It Shouldn’t.


         Does Bitcoin Have an Image Problem? Three Reasons It Shouldn’t.
Last week TechCrunch delved into bitcoin’s image problem. Having followed bitcoin for the past year or so, I expected a substantive critique of bitcoin’s legitimate branding... let’s call them opportunities. Instead I got a poorly researched bit of toothless invective. Here are the piece’s biggest errors.
Take the Winklevii, white knights in the bitcoin army, who are asking for little to no regulation of the bitcoin markets, a prospect that will further drive away “respectable” users.
Oh, if only. In reality, Business Insider reports that last week at the New York hearing on regulating bitcoin, the Winklevoss twins said they were gratified the Department was discussing ways to help legitimize Bitcoin commerce. And that their Bitcoin ETF is awaiting regulatory approval from the SEC.
As it stands now, bitcoin is used to buy drugs and maybe stuff from Overstock.
Actually, people who research things before they say them have found that illegal narcotics make up about half a percent of bitcoin transactions.
Finally, bitcoin users are seen as misogynistic and sexist. While this post by Arianna Simpson is not indicative of the entire culture, it is a cautionary tale for those who may want to take part in a meet-up or seminar. Furthermore, new users trying to ask questions in forums or IRC chat rooms are bombarded with invective, and posts like this one casting a negative light on BTC receive countless defensive replies. If bitcoin users don’t want to be seen as sexist, insular nerds, then the change begins from within.
How someone who wrangled a TechCrunch byline could be so unfamiliar with the tech community at large to think that what Simpson experienced is any way unusual for a tech meetup of any kind absolutely baffles me. Our author is either inexplicably ignorant about the problems which plague the tech sector in general, or is being disingenuous in an effort to make bitcoin look especially bad.
There is no impetus for the average user to dump money into an unregulated system that appears as volatile as the currency of some banana republic run by a capricious dictator.
How about a 4,000% increase in price or an escape hatch for people living under oppressive regimes?And perhaps the biggest whopper of them all:
I understand the value of the system as a .zip file for wealth.
Well, no, you clearly don’t. This is where the legitimate branding opportunities come in. Bitcoin is probably going to help the wealthy the most and first. That’s just how things work. However, that doesn’t mean bitcoin doesn’t eventually offer the most promise to the poor. Here’s how.1. Smart PropertySmart Property, built on the Bitcoin protocol or protocols based on it, has the potential to open up worlds of credit and contract previously unavailable to people who are low-income, homeless and otherwise not currently deemed “credit-worthy.”See: Money remittance assistanceRemittances are a huge deal for people in developing nations. And bitcoin makes them cheaper and easier than ever before.See: Innovative charityHow odd that our author would say, “Forums like /r/bitcoin on Reddit are endlessly effusive, crowing that this cafe is accepting bitcoin and this dentist is filling cavities for bitcoin,” and yet totally miss the most exciting thing on /r/Bitcoin. The subreddit makes up the vast majority of funding for Florida’s most effective and innovative homeless shelter, whose operating budget is almost entirely made up of the cryptocurrency, obtained via donations from reddit users.See:



Ten Years Later, a Reflection on Bitcoin’s Genesis and Satoshi’s Timing

Rather than focusing simply on what the genesis block is, today is a day to reflect on what the genesis block represents.

Colin Harper

Op Ed: From Gray To Black and White: Traditional Regulations Come to Crypto

For the crypto industry, recent developments — at both the federal and international levels — signal that the time for plausible deniability or unregulated freedom is coming to an end and more traditional regulations are moving to the forefront.

Courtney Rogers Perrin and Joshua Lewis

Bitcoin Price Analysis: Blowing Through Support Levels on the Way to $3,000

Bitcoin continues to tumble lower and lower as it struggles to claim any footing in the market. It’s down almost 50% in three weeks and it’s showing very little sign of stopping. It’s currently clutching onto the $3,500 values but it doesn’t look like it can hold on much longer.

Bitcoin Schmitcoin

Op Ed: SEC’s Latest Declaration Creates Legal Minefield for Digital Assets

This broad, authoritative declaration is not unexpected, as, to date, the SEC has stated that all digital assets — regardless of whether they function as alt coins or utility tokens — are securities at least initially and, thus, subject to its jurisdiction.

Huhnsik Chung and Nicholas Secara