Bitcoin News

A new post on Bitcoin Magazine (@BitcoinMagazine), which earlier this month underwent a change of ownership, clears up some misconceptions surrounding Bitcoin.  Excerpts:

“Bitcoin does not have a central organization or authority.  […] Rather than thinking of Bitcoin as a product released by a traditional corporation, it is more appropriate to think of it as a self-sustaining digital commodity, similar to gold.”
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“The Bitcoin price did NOT fall to $0.01 in June 2011. […] The root cause was a security mishap at a third party service.  Aside from the attacker, no human being was, at any point, willing to sell bitcoins at anything close to $0.01.”
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“Bitcoin is NOT (yet) seeing massive growth in usage to evade trade sanctions in Iran. […] The media took a single story of an Iranian earning bitcoins by selling music on CoinDL and wrongly extrapolated to a story about Iranians switching to Bitcoin en masse.”
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“Focusing on the black market aspect of Bitcoin is a popular habit of journalists.  [Trade for immoral goods or services] are NOT gaining significant traction.”
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“As public understanding of what Bitcoin is continues to develop, we will be seeing far fewer outdated or inaccurate claims in 2013, and with luck, Bitcoin will be free to rise or fall – but hopefully rise – on its own merits. “

- http://bit.ly/TyDT07
- http://bitcointalk.org/index.php?topic=133919.0 (Further discussion of the article)

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