Friday, March 07, 2014

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Newsweek Cover Story About Bitcoin Reminds Me of Another Newsweek Cover Story Involving Another Virtual Currency

Bitcoin Newsweek Second Life

Hey, Newsweek has a cover story allegedly revealing the mysterious identity of Bitcoin's creator. It's a very interesting story to be sure, but by putting it on the cover, Newsweek is strongly implying that Bitcoin is also, well, one of the most important news stories of the week. As the article claims, Bitcoin is "the world's most wildly successful digital currency".

Hmm, where I did read a similar story with similar claims a few years ago? Oh right:

Second Life Newsweek Bitcoin

On the cover of Newsweek:

Just as Google sexed up the way we search, and instant messaging altered the way we interact, Second Life is fast becoming the next red-hot tool on the Internet... In the past year, membership has soared to more than 8 million users — 2 million having signed on in the last two months alone.

Memo to Newsweek: There were never 8 million "users" of Second Life (as opposed to registrations), and the actual number at the time this 2007 article came out was closer to 300,000. And Bitcoin is not the world's most wildly successful digital currency. That distinction belongs to the digital currency of Second Life.

And so the new hype cycle follows the same pattern as the old one (as it's wont to do). And I continue to feel like I'm taking crazy pills.

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DBDigital Epsilon

The ironic thing is Newsweek has already been proven wrong. I think it was Ars Technica that released a story giving details that Newsweek's information about the identity of Bitcoin's creator was very incorrect. I don't have the article handy or I would give the link here.

Gwyneth Llewelyn

In the mean time, Newsweek has posted a letter from the poor guy who was misidentified as Bitcoin's creator. It's sad really, since he might not be able to afford legal counsel to sue Newsweek...

Is their claim that Bitcoin exchanges 500 million dollars per day true? If so, I'd say it's certainly a digital currency "more successful" than the L$ — which "only" gets 500 million dollars transacted per year.

Still, as far as I know, the huge success of Bitcoin is that it's so successfully employed on those kinds of sites that cannot use PayPal or similar credit card processors. Aye, you know what kinds of sites I mean. By contrast, the L$ is mostly used to acquire content and pay tier...

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