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Parent Category: Bitcoin
14. 02. 07


Is it a wave or already a tsunami of crypto-acceptance?

 As is well known Bitcoin is a fad, a bubble, a pseudocurrency having no practical meaning and application. These truths have been    revealed by a significant number of web experts, and are most likely not to be discussed. It's amazing to see that numerous morons all  over the world decide to accept payments in this parody of currency, disregarding the immense risk of losing their money, which is absent in the case of well known and popular fiat currencies.
But the facts...

 In the little town of Greeley, Colorado (USA) a gentleman named Shahzad Sarwar decided that the gas station he owns will sell fuel for Bitcoins. What's more, some of the fuel he has already sold. As he admits in his interview for CoinDesk, his decision to buy this station was just plain stupid. It seems that stupidity drives this man's actions rather often - he now accepts payment in quasi-money the value of which is guaranteed neither by the United States, nor even by Burkina Faso. Furthermore, he tries to undermine decades of the efforts of his country to tax the world on oil transactions using dollar. In broader view - imagine oil commodity exchanges trading in a currency which is only a measure of value, not a geopolitical instrument.

We all know that the passion for gambling is a sign of stupidity (except for casino owners passion to shear idiots of their money). Online gambling market is currently estimated at approximately $30 billion and does not seem to present upward trend reversed. This confirms the old adage that the average intelligence level of the population on planet Earth is constant, only the number of people rises. But back to the Bitcoin topic - those who are winning in gambling (casino owners ) are not afraid of instability quasi-money, on the contrary, more and more casinos accept it. Always thought that casino owners are smarter - what a disappointment.

While one can forgive short-sightedness of some pump operator from Colorado, or greed of casino owners, it's absolutely unforgivable to give pretty awesome cars in exchange of virtual world only quasi-money. Imagine that there are people willing to sell Lamborghini Gallardo LP 550-2 Spyder for 310 these non-existent coins. As a bargain they will add iconic DeLorean DMC -12 for 24 of them plus brand new Land Rover for additional few. C'mon, we are not in wilderness to exchange gold into glass beads! Such people should be legally banned not only to sale, but even approach these pieces of admiration and desire.

The epidemic of short-sightedness, however, extends much further. We all know that IT guys have invented Bitcoin and pumped its bubble, to have new processors and graphics cards. Unfortunately, even among those cunning geniuses are people less smart. Service is willing to allow the collection of funds for developers through its platform in Bitcois. Many programmers and developers already use donation mechanisms in this worth laughing currency. Worse, some crowdfunding portals already accept collecting funds this way.
Pathetic... but, it's not the end yet.

There are people who have achieved a lot. For example a guy who dressed up as a flight attendant while not shaving his beard. But did this in his own plane belonging to his own airlines. As usual aircrafts fly relatively low, he has built something that flies higher. It's called SpaceX. And it flies in space.
Richard Branson, the man in question, is the guy whom you can admire for his ingenuity and acumen in doing business. However his business cleaverness got somehow impaired recently as he decided to accept Bitcoins in exchange for the opportunity to tour aboard said SpaceX to orbit of our planet. Imagine - the machine worth billions of bucks, fuel for hundreds of thousands, and he gives you the opportunity to fly on this miracle in exchange for something that exists on the Internet and imagination of naive people.
If the above did not result in a lost of respect for Richard's business abilities, maybe this information will. He gave a speech on the occasion of the economic forum in Davos, claiming that Bitcoin is the future and blah, blah, blah... . Head of J.P. Morgan, whose statement full of healthy skepticism about Bitcoin Branson referred to, could probably not stop laughing. In the end, JP is the bank which knows better what money is, without this knowledge it would not be able to make this global crisis.
Branson is a nice guy, but maybe it would be better to give his enterprises into compulsory administration before he ruins them by turning his capital into worthless virtual fantasy.

And this is not the end of the sad news. Big auction sites start accepting transactions with this phantom money. For example, - valued at 1.1 billion dollars business will soon be worth a dime or less as it just began to accept payments in cryptocoins. Short-sightedness? Management stupidity? Maybe agent paid by business rivals placed as a CEO? It is difficult to say.
Worse than that - eBay also makes tentative steps towards a similar solution, let's just hope that they quickly come to their senses.

Maybe you want education for this bitcoin? If you just have some of these quasi-money and some spare time. Go to the University of Cumbria in the UK. They will greet you there with open arms. We can only wonder how they intend to pay teachers, or how long teachers will want to work for charity. Apparently, the level of knowledge and common sense among scholars can be embarrassingly low in spite of all these letters before their names.

In this whole paranoia are also some positive aspects. WikiLeaks organization known for its - let's not be afraid of the term - sabotage actions, forcing patriotism driven politicians and officials from many countries to justify their deeds made for prosperity of us all, now accepts donations in Bitcoins.
Well... the bubble bursts and we'll get rid of these quasi-currencies and the aforementioned troublemakers at the same time.

The whole situation is a source of considerable anxiety. It is not merely about this ridiculous phantom crypto-currency, the problem is broader. Where has the old stable world gone? Its permanent values, trust in politicians, banks, fiat money. What has changed, where did we make a mistake?
What causes that there are people willing to use such pseudo-currency, with value neither backed nor guaranteed by any government, no bank providing safety measures and reliability assured by virtually no one. Currency you cannot withdraw in ATM and feel texture of the note under your fingers.
And the most important question - when will  this maddness come to an end? Before the tsunami mentioned in title would trigger damage beyond repair.

Dear women, as those who remain in the shadow of your men - please try to influence them to stop this pathetic game!

MM for BWmag