I almost spilled my coffee this morning when first getting a glimpse of this article demanding an outright ban on Bitcoin. Has the sensationalist styled New York Post crossed over and joined forces with The Onion?
In a scathing article appearing last night in the New York Post, writer Jonathon M. Trugman calls for an outright ban on bitcoin and says that anyone calling it a currency is either slimy or stupid, as it’s not backed by any government.
Once again, let’s be clear: Bitcoin is not a currency, crypto or otherwise. A legitimate currency is a store of an economic value based upon a nation’s level of economic strength.
Anybody referring to bitcoin as a currency is either slimy or just plain stupid.
Not only does this article reflect a complete misunderstanding of bitcoin it also appears the author has never bothered to gain even the most basic understanding of currency. According to Wikipedia, a “currency” is:
A currency (from Middle English: curraunt, “in circulation”) in the most specific use of the word refers to money in any form when in actual use or circulation
A much more general use of the word currency is anything that is used in any circumstances, as a medium of exchange. In this use, “currency” is a synonym for the concept of money.
Bitcoin certainly is a currency and perhaps the most efficient and fair currency ever created. If anyone posted such nonsense on Bitcointalk.org or the bitcoin subreddit they would be instantly tagged as a troll, however this writer seems to genuinely believe his own anti-bitcoin rhetoric.
Or – could it be that the Post is again contorting its coverage to suit Murdoch’s business needs. Either way, this article was good for a few laughs this morning as I sipped my Sunday coffee.
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