We all remember these articles. Whether it be back in 2013 or right now, these articles were everywhere and will continue to be around until Bitcoin reaches 100K. But while we are waiting for Bitcoin to reach the 100K dream, let's look at how wrong the media was about Bitcoin.
This was written on Forbes in August around the time Bitcoin hit 4K USD. And for some reason, they have "Your ultimate guide to buying bitcoin" right next to the article denouncing Bitcoin. Make up your damn mind Forbes! But what does the article say? Maybe it has some valid points against Bitcoin!
Nope! Of course, it doesn't, it's just another mainstream media attack on something they don't understand. Very evident when in the article they stated "Bitcoin value has multiple weaknesses. Someone could hack the blockchain, create more Bitcoins and manipulate the value or sell the illegitimate Bitcoins and abscond with the buyers’ dollars."
This just shows how whoever wrote this has no clear idea of how Bitcoin works. Seriously, "Hack the blockchain"? Is that the best you could come up with? Fortunately the blockchain doesn't work like a poorly coded video game, and cannot be "hacked" to create more Bitcoins. Something a bit similar could happen however, that I mentioned in this article.
But even if the scenario I mentioned in that article occurred, they wouldn't be able to create new ones, just spend coins they have already spent. Though that would devalue their coins and in that scenario, it would just be more profitable to mine coins.
Now thankfully they realized they screwed up and changed that little "hack the blockchain" gem to:
"Someone could hack the exchange you are using to trade or store Bitcoins"
Well yeah no shit, don't hold your coins in an exchange, hold them in a wallet. But they don't mention that, do they? Nope!
The rest of the article is just a bunch of comparisons to the tulip bulbs thing, but they also forget to mention there's a finite amount of Bitcoin.
Here they say Bitcoin is a joke, a bubble and all the other buzzwords in the dictionary. And funnily enough 8 days later Bitcoin nearly doubled in price.
This occurrence of constant articles from the media saying Bitcoin is dead is so common, that there is an archive of nearly 200 articles from well-known sources denouncing Bitcoin, which you can find right here.
And after 200 articles of false predictions of Bitcoin kicking the bucket, they still won't shut up about it though!
I honestly don't think they will ever shut up about Bitcoin dying anytime soon, but I suppose we will see when we see the headline:
"Bitcoin reaches 10K, but it's still a bad investment despite it being the best investment in the last decade."