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://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