Bitcoin pieces

It has been a volatile month for the world’s most popular experimental currency:

USD/BTC April 2013

As you can see(1), the U.S. dollar — measured in milli-bitcoins — has been highly unstable. In Felix Salmon’s words:

[The dollar] is clearly not an effective store of wealth — just look at how quickly that wealth can be evaporated. Neither is it a useful payments mechanism, given how fast its value can fluctuate.

I might be paraphrasing slightly.

Ryan Avent makes the same point more verbosely (and politely).

More recently, Izabella Kaminska accuses me of accusing her of… You know what? Never mind. For the 0 of you who care, listen to the audio, read the comments, and judge for yourself. I will make two quick points:

  1. With the possible exception of “shock jocks”, no journalist publicly expresses opinions significantly divergent from those of her sources or those of her organization, ever. This is not a conspiracy theory; it is common sense.
  2. Anyone who accuses me of “the skin in the game fallacy” is a moron.

Ahh, that feels better.

[Update, following evening]

In my apparently excessive free time, I had a little back-and-forth with Izabella today. Note that I made this post last night, well before today’s exchange, but if you read them in the opposite order it looks even more like I am attacking her in particular.

For what it is worth, that was not my intention. It’s just that all of the Bitcoin bashing from the FT seems to have her name attached to it.

To rephrase my earlier assertion: Journalists have no more license to express their true opinions in public than I do to express mine to my employer. The eagerness of mainstream financial journalism to run Bitcoin bashing articles — no matter how idiotic — does say something about the financial sector’s reaction to Bitcoin, in my view. I consider this obvious.

But I do regret making it personal.

My next post will be purely technical.

(1) I know, my gnuplot-fu is weak. But it serves the purpose.

1 comment to Bitcoin pieces

  • fratris filia nullius

    Ha ha ha. Classic.

    Thanks, by the way, of taking what little I knew about bitcoin and absolutely eviscerating it. I think I’ll stick to helping the economy by staying out of debt and trying to buy local. :-)

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