{"id":18984,"date":"2023-01-31T05:53:52","date_gmt":"2023-01-31T13:53:52","guid":{"rendered":"https:\/\/coinnetworknews.com\/four-ways-not-to-attack-bitcoin-bitcoin-magazine\/"},"modified":"2023-01-31T05:53:52","modified_gmt":"2023-01-31T13:53:52","slug":"four-ways-not-to-attack-bitcoin-bitcoin-magazine","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/four-ways-not-to-attack-bitcoin-bitcoin-magazine\/","title":{"rendered":"Four Ways Not To Attack Bitcoin &#8211; Bitcoin Magazine"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/bitcoinmagazine.com\/.image\/c_limit%2Ccs_srgb%2Ch_1200%2Cq_auto:good%2Cw_1200\/MTg4MjMyNTkwNzAzMDExNjI2\/bitcoin-not-crypto-nfts-web3-or-defi.png\" \/><\/p>\n<div>\n<p><em>This is an opinion editorial by Joakim Book, a research fellow at the American Institute for Economic Research and contributor to Bitcoin Magazine, HumanProgress.org and the Mises Institute.<\/em><\/p>\n<p>Finding fault with Bitcoin and Bitcoiners is easy. Every schmuck, stick, know-it-all pundit, wiseass and <a href=\"https:\/\/bitcoinmagazine.com\/culture\/bad-bitcoin-takes-will-haunt-you\">establishment elite<\/a> has a handful of complaints readily available. Bitcoin uses too much electricity; its fixed money supply schedule makes interventions from a benevolent central bank impossible; it doesn\u2019t have enough inflation for a growing economy; it is used by pesky criminals; and its mean, <a href=\"https:\/\/bitcoinmagazine.com\/markets\/asset-bubbles-covid-19-make-bitcoin-case\">technobabbling<\/a> users hurt my brittle feelings.<\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-b not-size-c not-size-d\" data-ad-group=\"in_content-0\"\/>\n<p>The objections get tiresome about as quickly as they get recycled. <\/p>\n<p>One fantastic example is the doomspeaker economist Nouriel Roubini, known for his bombastic and bearish declarations \u2014 <a href=\"https:\/\/fortune.com\/2022\/12\/07\/how-bad-recession-economist-dr-doom-nouriel-roubini-stock-market-forecast\/\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">frequently nicknamed<\/a> \u201cDr. Doom\u201d by the financial press. In his own mind, he is merely \u201crealistic,\u201d which every madman would say about himself when queried. In his latest book, \u201c<a href=\"https:\/\/www.littlebrown.com\/titles\/nouriel-roubini\/megathreats\/9780316284059\/\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">Megathreats: The Ten Trends That Imperil Our Future, And How To Survive Them<\/a>,\u201d he insists that most people overlook something about this infamous nickname:<\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-b not-size-c not-size-d\" data-ad-group=\"in_content-1\"\/>\n<blockquote tml-render-layout=\"inline\" class=\"m-blockquote l-inline\">\n<p>\u201cThose who label me Dr. Doom fail to see that I examine the upside with as much rigor as the downside. Optimists and pessimists both call me contrarian. If I could choose my nickname, Dr. Realist sounds right.\u201d\u00a0<\/p>\n<\/blockquote>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-c\" data-ad-group=\"in_content-0\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-d\" data-ad-group=\"in_content-0\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-c not-size-d\" data-ad-group=\"in_content-0\"\/>\n<p>The Bitcoin obituaries site 99bitcoins.com lists our beloved economist hater <a href=\"https:\/\/99bitcoins.com\/?s=nouriel+roubini\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">12 times<\/a>, but Googling finds plenty more Bitcoin denouncements from this outspoken character \u2014 in every outlet that\u2019ll have him, it seems, from Twitter to the <a href=\"https:\/\/www.ft.com\/content\/9be5ad05-b17a-4449-807b-5dbcb5ef8170\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">Financial Times<\/a>.<\/p>\n<p>To Roubini, bitcoin was a bubble in <a href=\"https:\/\/twitter.com\/Nouriel\/status\/321433038292672512\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">2013<\/a>, a \u201cPonzi game\u201d and \u201cnot a currency\u201d in <a href=\"https:\/\/twitter.com\/nouriel\/status\/442725510423248897\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">2014<\/a>, a \u201cgigantic speculative bubble\u201d in <a href=\"https:\/\/www.businessinsider.com\/qa-with-nouriel-roubini-bitcoin-is-a-gigantic-speculative-bubble-that-will-end-2017-11?r=US&amp;IR=T\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">2017<\/a>, almost all transactions were fake in <a href=\"https:\/\/www.project-syndicate.org\/commentary\/cryptocurrency-exchanges-are-financial-scams-by-nouriel-roubini-2019-07\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">2019<\/a> and, most tastefully, in <a href=\"https:\/\/twitter.com\/Nouriel\/status\/1325884383170093056\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">2020<\/a> a little bit of everything:<\/p>\n<p>What his new book does so well is outline the world\u2019s many macroeconomic troubles. For five mesmerizing chapters, he describes the debt problems, the demographic impossibility that is the bankrupt Ponzi (sorry, \u201cpension\u201d) schemes of Western nations, the easy money disaster and the boom-bust cycle that it gives rise to. Stagflation in the 2020s did not come as a surprise to him, and he locates the blame precisely where it should be: \u201cWe poured massive amounts of money and fiscal stimulus into a financial and economic system already awash in cash and credit.\u201d With a short-term view and politically-captured central banks, we get disastrously easy money because \u201cthat is what voters want and leveraged markets need to avoid crashing.\u201d<\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-c\" data-ad-group=\"in_content-1\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-d\" data-ad-group=\"in_content-1\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-c not-size-d\" data-ad-group=\"in_content-1\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-b not-size-c not-size-d\" data-ad-group=\"in_content-2\"\/>\n<p>He even comes down on <a href=\"https:\/\/bitcoinmagazine.com\/business\/bitcoin-was-made-for-this-the-apex-of-apolitical\">the correct side<\/a> of the 2022 blunder to use the dollar payment rails to sanction a G8 economy: \u201cThis sort of weaponizing of currency for the pursuit of national security goals is the latest frontier of the mission creep of central banks, starting with the Fed\u201d (ignoring that the Federal Reserve doesn\u2019t make sanction decisions). <\/p>\n<p>As a rule, whatever Bitcoin\u2019s flaws are \u2014 as a money, as a protocol, as a usable tool, as a community \u2014 it gets better, relatively speaking, when the incumbent monetary system gets worse. Whatever your position on Bitcoin was three, five or 10 years ago, you must look at it more favorably today: the monetary system in place has gotten so much worse, with inflation, anti-money-laundering bureaucracy, clown-world behavior and frozen accounts being just the worst offenders. All is not well in the world of money; that makes Bitcoin a more tempting prospect, all things equal. <\/p>\n<p>So, is Roubini a Bitcoiner now? Has the ultimate Bitcoin bear, diligently at it for a decade, <em>finally<\/em> come around? Seeing clearly the monetary madness of the world, it wouldn\u2019t be the strangest thing for Dr. Doom to at last tone down his criticism of Bitcoin. <\/p>\n<p>Instead, we got Groundhog Day. <\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-b not-size-c not-size-d\" data-ad-group=\"in_content-3\"\/>\n<p>The single chapter dedicated to financial instability spends a dozen or so pages on Bitcoin, unbelievably dedicating most of them to \u201ccrypto,\u201d \u201cDeFi,\u201d \u201cstablecoins\u201d and central bank digital currencies. <em>Sigh<\/em>. <\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-c\" data-ad-group=\"in_content-2\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-d\" data-ad-group=\"in_content-2\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-c not-size-d\" data-ad-group=\"in_content-2\"\/>\n<p>Still, even here we had potential: The rise of crypto, explains Roubini, \u201cexposes our collective wilting faith in the ability of governments to back the money they issue.\u201d Hear, hear. <\/p>\n<h2 id=\"queen-taylor-called\">Queen Taylor Called<\/h2>\n<blockquote tml-render-layout=\"inline\" class=\"m-blockquote l-inline\">\n<p>\u201cUgh, so he calls me up and he\u2019s like \u2018I still love youuu\u2019, and I\u2019m like \u2018I just\u2026 <strong>I mean, this is exhausting, you know?<\/strong> Like, we are never getting back together. Like, ever.\u2019\u201d<\/p>\n<p>\u2013Bitcoin philosopher <a href=\"https:\/\/youtu.be\/WA4iX5D9Z64?t=138\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">Taylor Swift<\/a><\/p>\n<\/blockquote>\n<p>If you are to critique Bitcoin \u2014 something <a href=\"https:\/\/www.youtube.com\/watch?v=flD6VW0BhYo\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">you<\/a> <a href=\"https:\/\/bitcoinmagazine.com\/culture\/why-bitcoins-ossification-will-be-necessary\">certainly<\/a>, <a href=\"https:\/\/www.aier.org\/article\/bitcoins-fixed-money-supply-is-a-weakness\/\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">certainly<\/a> can do \u2014 here are some things you should do:<\/p>\n<p><em>First, get your monetary attributes in order<\/em>. <\/p>\n<p>There are three \u2014 store of value, unit of account, medium of exchange \u2014 not five. You can\u2019t invent <a href=\"https:\/\/bitcoinmagazine.com\/culture\/the-obscured-attribute-of-money\">new ones<\/a> and duplicating previous ones isn\u2019t useful. Roubini introduces \u201csingle numeraire,\u201d which is exactly the same thing as a unit of account, and splits store of value into stable value against \u201cmarket value\u201d and against \u201can index of the price of goods and services.\u201d Try carving out a difference. This is silly word play. <\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-b not-size-c not-size-d\" data-ad-group=\"in_content-4\"\/>\n<p><em>Second, make sure your criticism is levied against Bitcoin, not \u201ccrypto.\u201d<\/em> <\/p>\n<p>Most people think of bitcoin as merely the first \u201ccryptocurrency,\u201d the most famous among tens of thousands of scammy shitcoins. It\u2019s not. What holds and happens in the la-la land of vaporware tokens rarely has anything to do with Bitcoin: <a href=\"https:\/\/bitcoinmagazine.com\/legal\/sbf-formally-indicted-charged-with-fraud\">Sam Bankman-Fried\u2019s shenanigans<\/a>, <a href=\"https:\/\/bitcoinmagazine.com\/markets\/terra-collapse-teaches-about-crypto-and-bitcoin\">Terra\u2019s implosion<\/a> or the <a href=\"https:\/\/www.bbc.com\/news\/world-us-canada-62005066\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">Cryptoqueen<\/a> scam do in no way detract from Bitcoin\u2019s core, its principles or operations. When Roubini cites \u201cBaconCoin,\u201d quotes LoanSnap\u2019s founder or reports negative comments by DogeCoin\u2019s creator, he does not undermine Bitcoin\u2019s promise. <\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-c\" data-ad-group=\"in_content-3\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-d\" data-ad-group=\"in_content-3\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-c not-size-d\" data-ad-group=\"in_content-3\"\/>\n<p>Bitcoin is a one-off monetary invention, separated from every other money or \u201ccrypto\u201d by a Great Wall of categories and concepts: it doesn\u2019t have a company or founder running it, like every other shitcoin does; it doesn\u2019t have counterparty risk nor is it subject to censorship like every other fiat currency. Bitcoin has no CEO and no marketing department; it has the strongest <a href=\"https:\/\/bitcoinmagazine.com\/culture\/nassim-taleb-vs-taleb-quotes\">Lindy<\/a> and the highest <a href=\"https:\/\/mempool.space\/graphs\/mining\/hashrate-difficulty#all\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">hash rate<\/a>. <\/p>\n<p><em>Third<\/em> \u2014 and this is a hard one \u2014 <em>make sure your points haven\u2019t already been debunked, answered and relegated to the dustbin of unimpressive, erroneous jabs at Bitcoin<\/em>. <\/p>\n<p>Repeating an outdated accusation makes <em>you<\/em> look stupid, not Bitcoin. Roubini goes for the vast wealth inequality in Bitcoinland, believing it to be \u201cworse than that of North Korea.\u201d It\u2019s not, and as flawed as these investigations are, UTXO ownership seems to become <a href=\"https:\/\/ecommerceinstitut.de\/bitcoin-wealth-is-becoming-more-evenly-distributed-over-time-3-4-2\/\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">less and less unequal<\/a> over time \u2014 as you\u2019d expect for an emerging money that gets distributed in use. <\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-b not-size-c not-size-d\" data-ad-group=\"in_content-5\"\/>\n<p>Unsurprisingly, it uses too much energy, as much as a small country and therefore \u201cwill blunt urgent climate initiatives to slow down global warming.\u201d It <a href=\"https:\/\/hbr.org\/2021\/05\/how-much-energy-does-bitcoin-actually-consume\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">doesn\u2019t<\/a> and it won\u2019t: if anything, Bitcoin unlocks <a href=\"https:\/\/bitcoinmagazine.com\/business\/great-american-bitcoin-mining-solves-energy\">stranded energy<\/a>, contributes to <a href=\"https:\/\/bitcoinmagazine.com\/culture\/how-bitcoin-mining-strengthens-electricity-grids\">balancing the grid<\/a> and <a href=\"https:\/\/bitcoinmagazine.com\/culture\/bitcoin-and-gold-energy-debate\">miners<\/a> are <a href=\"https:\/\/bitcoinmagazine.com\/culture\/renewables-will-optimize-bitcoin-mining\">more renewable<\/a> than most major economies. <\/p>\n<p><em>Fourth, make sure that the property of Bitcoin that you\u2019re attacking isn\u2019t worse in the legacy system<\/em>. <\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-c\" data-ad-group=\"in_content-4\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-d\" data-ad-group=\"in_content-4\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-c not-size-d\" data-ad-group=\"in_content-4\"\/>\n<p><a href=\"https:\/\/bitcoinmagazine.com\/business\/what-warren-buffett-gets-right-about-bitcoin\">Warren Buffet<\/a> often makes this error, thinking that hacks, fees or the fact that bitcoin doesn\u2019t generate \u201cyield\u201d dooms it to failure. Nevermind that paper money doesn\u2019t either (unless you count <a href=\"https:\/\/www.aier.org\/article\/where-does-saifedean-think-money-comes-from\/\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">seigniorage<\/a> to the central bank); nevermind that his ridiculing of bitcoin as a Ponzi applies equally well to apartments or Uncle Sam\u2019s pension schemes. <\/p>\n<p>The most absurd accusation arrives with Roubini\u2019s silly soda shitcoins: If you need Coke coins to buy Coke and Pepsi coins to buy Pepsi, how could you ever establish (relative) value?! How could you ever know what either of them are worth?<\/p>\n<p>Makes you wonder how Americans could ever buy things when they\u2019re abroad, how pound-based customers (i.e., British residents) can ever acquire anything sold in euros or spend their <a href=\"https:\/\/bitcoinmagazine.com\/markets\/pension-funds-must-adopt-bitcoin\">melting currency<\/a> on Fifth Avenue. There\u2019s a publicly-displayed market price for you to \u201cconvert\u201d value into the monetary system that you\u2019re familiar with; and there\u2019s a publicly-traded market that the banks on either side of your and your vendor\u2019s transaction can trade and settle such that international trade works. <\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-b not-size-c not-size-d\" data-ad-group=\"in_content-6\"\/>\n<p>Fascinating. <\/p>\n<p>His currency risk examples are illustrative \u2014 and disingenuous. Apparently vendors can\u2019t \u201cprice\u201d goods in bitcoin since \u201can overnight fall in value might wipe out the [seller\u2019s] profit margins.\u201d That\u2019s true as far as it goes, but holds equally so for any cross-currency transaction in the legacy world: imports or export or any supply chain more complicated than your local currency area. Besides, if you worry about the currency exposure in your sales, there is a liquid market that provides hedges for you. Many stores that accept bitcoin through various third-party solutions instantly exchange them for dollars, thus mitigating the risk. <\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-c\" data-ad-group=\"in_content-5\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-d\" data-ad-group=\"in_content-5\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-c not-size-d\" data-ad-group=\"in_content-5\"\/>\n<p>In the very next sentence, Roubini considers the downside of the <em>opposite<\/em> risk:<\/p>\n<blockquote tml-render-layout=\"inline\" class=\"m-blockquote l-inline\">\n<p>\u201cWere someone to write a mortgage with principal and interest in bitcoin, a spike in the value of bitcoin would cause the real value of the mortgage to skyrocket. If default then likely occurs, the lender loses money, and the borrower loses her house.\u201d\u00a0<\/p>\n<\/blockquote>\n<p>I suppose no American therefore owns property in New Zealand or Mexico, no European has debt contracts in USD-dollars. These are not novel risks, but ordinary financial risks that firms and households deal with already.<\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-b not-size-c not-size-d\" data-ad-group=\"in_content-7\"\/>\n<p>What\u2019s so fascinating is Roubini\u2019s <a href=\"https:\/\/authory.com\/JoakimBook\/The-Asymmetry-of-Bitcoin-Scams-Is-All-Very-Sad-a3cc569e09a0c478488831141d7e87707\" rel=\"noopener\" onclick=\"return phoenixTrackClickEvent(this, event);\" target=\"_blank\">lack of symmetry<\/a>: If margins can get obliterated by an overnight drop, then margins can also be doubled by an equal overnight rise. Symmetric risk. If bitcoin\u2019s exchange rate for dollars falls \u2014 which Roubini is so certain it will \u2014 a bitcoin-denominated mortgage will wipe out itself by becoming easily repayable with appreciating dollars. This isn\u2019t to say that he\u2019s wrong to point out these risks, but that they\u2019re reduced to what economists call \u201crisk aversion.\u201d Unhedged bitcoin transactions or debt contracts are bad if households worry about the downside more than the upside \u2014 which, in the real world, seems to be true only to some extent. <\/p>\n<p>The honest conclusion isn\u2019t Roubini&#8217;s \u201cbitcoin is incapable of being money,\u201d since many established currencies with volatile values between one another can serve that function, but that an emerging bitcoin economy would have this added, minor layer of business risk. <\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-c\" data-ad-group=\"in_content-6\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-b not-size-d\" data-ad-group=\"in_content-6\"\/>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-a not-size-c not-size-d\" data-ad-group=\"in_content-6\"\/>\n<p>It\u2019s like Roubini went out of his way to be up to date on all his other macro worries, only to lay forth criticism of Bitcoin that was outdated by the time he first voiced it in the mid-2010s. <\/p>\n<p>Most devastatingly of all: Can anyone really be taken seriously when they slap a plural \u201cs\u201d on the uncountable noun \u201cbitcoin\u201d?<\/p>\n<aside class=\"m-in-content-ad-row l-inline mm-in-content-ad-row--in-content not-size-b not-size-c not-size-d\" data-ad-group=\"in_content-8\"\/>\n<hr class=\"mm-horizontal-rule mm-horizontal-rule--hr1\"\/>\n<p>The better you understand the faults of the current way of doing monetary things, the better Bitcoin looks. <\/p>\n<p>When you look at the many macro ills that Bitcoiners are so well attuned to, the pit of your stomach should churn in anxiety. When you look at the debts (public <em>and<\/em> private) that rampage the system, you should be feeling nauseous. All of this Roubini captures expertly, and much of his writing could even have been featured on these pages. Our beloved economist hater <em>gets<\/em> the problem, better and more vocally than most. Still, no dice. <\/p>\n<p>It\u2019s unfathomable that someone so attuned to the world\u2019s catastrophic macro problems as Roubini cannot see the master-key solution that is Bitcoin.<\/p>\n<p><em>This is a guest post by Joakim Book. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.<\/em><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/bitcoinmagazine.com\/culture\/four-ways-not-to-attack-bitcoin\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is an opinion editorial by Joakim Book, a research fellow at the American Institute for Economic Research and contributor to Bitcoin Magazine, HumanProgress.org and the Mises Institute. Finding fault with Bitcoin and Bitcoiners is easy. Every schmuck, stick, know-it-all pundit, wiseass and establishment elite has a handful of complaints readily available. Bitcoin uses too [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18985,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,55,7,56,54],"tags":[1030,21,90,1298],"_links":{"self":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts\/18984"}],"collection":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/comments?post=18984"}],"version-history":[{"count":0,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/posts\/18984\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/media\/18985"}],"wp:attachment":[{"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/media?parent=18984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/categories?post=18984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinnetworknews.com\/wp-json\/wp\/v2\/tags?post=18984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}