Bitcoin News

Kyt Dotson, writer for SiliconANGLE (@SiliconANGLE), describes how Bitcoin was portrayed in yesterday’s CNN article.  Excerpts:

“In what could be best described as an odd screed against Bitcoin and its potential financial impact on the world, it delves into places that paint the cryptocurrency as a boogeyman while at the same time reporting on money laundering occurring in current banking industry.”
-
“Sanati starts by poisoning the well: citing the black market success of Bitcoin due to its high liquidity and current underground nature in order to make it seem sinister. He even uses a lot of weasel words such as ‘shady’ and ‘sketchy’.”
-
“Fears that Bitcoin might be used for laundering aren’t without merit; they just have nothing to do with the currency per se but how laundering works. Any system that has proven to work is going to become a useful tool for criminal activity—after all the USD is used in exactly this way, thus why finance laws exist.”
-
“One of the important things that this article misses is that financial crimes, money laundering, and their ilk are already illegal.”
-
“Parts of Sanati’s article do read like a hopeful examination of where Bitcoin could go. He sometimes reflects on the same things I do: […].  However, none of these issues lend to an entirely criminal nature—they’re all growing pains.”
-
“There’s nothing inherent to the cryptocurrency that makes it a perfect criminal enterprise as much as it makes it a useful medium of value exchange.”

- http://bit.ly/SU7Gn2
- http://bitcointalk.org/index.php?topic=131488.0 (Further discussion of this article.)
- http://bitcointalk.org/index.php?topic=131679.0 (Further discussion of the CNN article.)

All News - Daily E-mail Subscription - Twitter: @BitcoinNews