My Respose to FUD article on Forbes

So I read a FUD article on Forbes yesterday from Adam Hartung , Below is the article in question.

https://www.forbes.com/sites/adamhartung/2017/08/15/a-bitcoin-is-worth-4000-why-you-probably-should-not-own-one/

Mr Hartung has missed the entire point of Bitcoin, like it flew completely over his head. The ENTIRE point of Bitcoin is that no single entity controls the money. We have already seen things like the Greek Crisis where the government shut down the banks for many days and people were waiting line like sheep to a slaughter in hopes to get their money returned to them.

Greece isn't the only place either, there have been countless others.

Most people think it can't happen here in the US but it has in 2008 in California at the IndyMac Bank .

"LOS ANGELES — Like dozens of others waiting in line with her, Joan Rubin said she was drawn to IndyMac Bank by the high interest rates it paid and the friendly service her local branch provided.

All that was a memory, however, as Rubin and about 200 other anxious, embittered and sometimes angry customers swarmed an IndyMac bank branch in the San Fernando Valley on Tuesday, creating a Depression-like scene as they demanded their money just four days after the failing bank was seized by federal regulators.

"I've already lost three nights of sleep and three days of eating; now I'm done," Rubin, 52, said as she sat in a beach chair on the sidewalk in stifling heat. She planned to empty her account after the failure of the bank, which is based in Pasadena and has 33 branches, all in Southern California.

"It's a very sad day in America," Rubin said." Source: http://www.nytimes.com/2008/07/16/business/worldbusiness/16iht-indy.1.14536036.html

So, sorry Mr. Hartung we LOVE the fact that bitcoin is decentralized.

He does make some valid points though, right now there are more speculators than users investing in bitcoin which can drive the prices insanely high, I mean not many people want to be the next person to buy a million dollar pizza. And yes, there will certainly be many corrections along the way. These corrections can and will hurt many investors who just jump in due to fear of missing out, with the exception of long term holders and seasoned day traders. He also talks about possible hacking , which could happen with centralized money too , look at all of these major outlets getting breached and identities and money taken from credit cards so it would be wise to pay heed to this warning and learn to protect yourself with things like cold storage, etc. This is about the only thing I will give him credit for.

He then goes on to compare bitcoin to the the Tulip Mania and it's ultimate crash. This comparison only further shows Mr Hartung's lack of understand how bitcoin works because unlike Tulips you can't just grow more more bitcoin. There is a finite amount of bitcoin that can be generated, after that no more. There might be more forks coming witch will generate new coins, but they aren't bitcoins and are no different than other alt coins. Once we reach the final bitcoin markets will become more stable and more and more people will use it for what it was designed for, as a currency. And if they don't, who cares because it will then truly become a store of value much like gold which can be used to trade for whatever alt currency you need for your day to day activities.

So to the new bitcoin investor/ user take these FUD articles with a grain of salt, yes there are things to watch for and things you need to do to protect yourself, and like with any investment don't spend diaper money for fear of missing out only invest what you can afford to loose until you too become a seasoned investor and know what you are doing

• Harley