Dutch Columnist: Bitcoin Destabilizes the Economy and Undermines Banks

A Dutch columnist has come under flak for urging readers to sell their bitcoins because they’re “dangerous”. In a widely shared op-ed, the writer asserts that “bitcrash” is dangerous because it has no financial institution to monitor it and is a menace to the economy. The article has sparked intense debate as to whether it is satire or merely the latest case of bitcoin scaremongering.

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Blame it on Bitcoin

According to Poe’s law, it is impossible to tell, without the author’s intent clearly stated, whether a piece of work is a parody or a sincere expression of its creator’s views. This adage certainly applies to “Bitcrash, or why you should sell [bitcoin] now” by Sandra Phlippen, the chief economist at Holland’s AD.nl news site. In a venomous column, she takes aim at bitcoin for a host of perceived ills, including the usual canards about money laundering and tax avoidance. The economist also throws-in the latest attack vector which the anti-bitcoin brigade have stumbled upon – energy consumption, speaking of “heavily environmentally harmful computer power” (and not mentioning the fact that the banking industry consumes a lot more).

Dutch Columnist: Bitcoin Destabilizes the Economy and Undermines Banks
Sandra Phlippen: either a master troll or a mega bitcoin bull. Or just clueless.

A slew of similar articles now surface on a weekly basis, likening bitcoin’s energy consumption to that of an entire country. Aside from these figures being overstated, exponents of bitcoin mining are missing the point. The value of having a fully decentralized currency that is independent of governmental meddling cannot be overstated. As news.Bitcoin.com recently noted, “Bitcoin…adds measurable value, providing verifiable truth Read More Here