Wall Street Journal article

 

I saw a WSJ article yesterday badmouthing Bitcoin. Same old BS. Apparently they take Bitcoin as a threat to government run currencies (as do the governments of China and America) and as a threat to our status quo (currently failing) banking systems. With much hyperbole the WSJ article mostly just attacks Bitcoin regarding the electricity that mining consumes. 

The way it is: 

• 99% of bitcoin miners buy their electricity with good money, or they generate their own electricity. The utility companies are happy to sell it to them - they can always build out and generate more.  Nobody is being deprived by this.  Has WSJ turned anti-freemarket and become communist??
• Current banking and finance operations of the world consume 100 times more electricity than is consumed by bitcoin mining.  How critical is the WSJ about the unnecessary consumption of power by the Bank of America, or by Citibank?  
• With Bitcoin, electricity consumption for mining insures the security of the network.  There is nothing comparable to insure the security of the US dollar and US banks - and it shows.. 
• China shut down bitcoin mining in their country for one reason: they could not stop their people from using the Bitcoin system - they would not tolerate this because it compromised the government's control over its citizen's actions.

I am still optimistic that Bitcoin will win over the free world and will soon become one of the world's top currencies.