OpenRuby.com

31 Dec '12, 12am

Bitcoin Magazine - Common Misconceptions About Bitcoin

“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.” - “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.” - “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.” - “Focusing on the black market aspect of Bitcoin is a popular habit of journalists. [Trade for immoral goods or services] are NOT gaining s...

Full article: http://bitcoins.tumblr.com/post/39212985423/bitcoin-magaz...

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