Reply to post: Misconceptions...

$67M in bitcoin stolen as hacking typhoon lashes Hong Kong's Bitfinex



There are so many misconceptions in the comments it's hard to know where to start. First off, Bitcoin's (proposed) ISO 4217 code is XBT, so henceforth will refer to it as such.

Secondly, saying the drug trade is the raison d'etre of XBT is like saying the same thing about fiat currency. XBT can also be used to pay for electronics (NewEgg and I believe MSFT even accepts it), as well as games (Steam), as well as for VPS services. It can even be used to purchase beer, should the merchant accept it. Surely these are all things that are at least tangentially related to the interests of anyone with a passion for IT.

Thirdly, XBT is simple to grasp but difficult to master. Even buying and selling has nuances, such as the mysterious miner fee. However, a wallet is little more than a public and private key combination with a certain value of XBT assigned. To spend some or all of the XBT therein, you need the private key. Does this remind you of anything?

Finally, referring to XBT as "newfangled fad-inducing social crap" is just revelling in ignorance. There is a burgeoning industry surrounding XBT and its uses, so it's not going to wink out overnight. Cryptocurrencies are a nascent technology in general, so it's only natural that regulation lags behind the banks. I'm sure anyone even remotely familiar with the history of the banking industry knows it wasn't all sunshine and roses in that industry either, and arguably is still very much a wild-west type of business despite heavy regulation.

Many have profited immensely off the rise of XBT and many take payments for their labours exclusively in XBT and manage to get by. Really, it's not that much different from being paid in USD or AUD while living in the UK. Either way that currency isn't going to convert itself. There are pitfalls, but there are benefits. Not everyone has a use case for it and that's fine, but to dismiss it out-of-hand without even understanding the fundamentals of how it works is just ridiculous.

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