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BitCon: The Naked Truth About Bitcoin
This is the book that the bitcoin world does not want you to read. And they will say whatever they can to stop you from discovering the truth.
That truth is In the global scheme of economic phenomena, bitcoin is a non-event.
But for the “faithful,” bitcoin has become a religion and they use their cultish zeal to defend their own self-interests. They criticize this book and the conclusions reached with childish temper tantrums, most of them without bothering to read the only book about bitcoin written without rose colored glasses.
That should say a lot - because this book pulls the curtain back on the “faithful’s” wizard, and reveals, there is no there there.
What Jeffrey Robinson, the international best-selling author of THE LAUNDRYMEN, has done to upset the “faithful” is to demonstrate conclusively that, when it comes to bitcoin, what you see is not necessarily what you get.
After spending more than a year trekking through “Planet-Bitcoin,” he reveals a digital-something pretending to be a currency; that same digital-something pretending to be a commodity; a political movement that reeks of a delusional cult; and a technology – a unique peer-to-peer transfer system – that happens to be brilliant.
He spoke with big players and small players, economists, tech analysts, bankers, cryptographers, digital engineers, entrepreneurs, venture capitalists, businessmen, regulators, get-rich-quick schemers, wannabes, cult followers, political anarchists, and the “rock stars” of the eco system - from “Bitcoin Jesus” Roger Ver to now convicted bitcoin felon Charlie Shrem, from Overstock.com's CEO Patrick Byrne to Silicon Valley venture capitalist Marc Andreessen - all of whom have a major stake in bitcoin’s profotable future or abject failure.
He investigates the great promises made by the “Faithful”: that bitcoin will replace fiat; that central bankers are trembling at the feet of this all encompassing digital currency; that bitcoin is the perfect solution to the developing world’s unbanked and underbanked; that bitcoin is a speeding freight train bearing down on the dollar’s dominance as the world’s primary currency; and that bitcoin is wildly successful having gone so viral that it is viral cubed.
Laying out the facts and citing sources, he separates the myths from the naked truths, one by one, and points to these two indisputable all the years alter, there is still not one single bitcoin driven blockchain business up and running and profitable; and there is still not even one venture capitalist who has sunk money into a bitcoin driven blockchain business who has seen a return on his money.
Entire forums on the Internet have been filled with the “faithful’s” wrath about this book, and rallying calls for trolls everywhere to get even.
Yet, with typical wit, humor, and his jaundiced eye for cons, scams, pirates, hype, market manipulation, misinformation, outright lies, self-fulfilling Ponzis, sleight of hand and a mob of greater fools, Robinson produces the evidence to prove
* Punch for punch, the pretend-currency can’t stand toe-to-toe with the non-convertible Cuban peso.
* The pretend-commodity is really just a casino chip for a loaded roulette wheel.
* There are fewer businesses worldwide who see bitcoins day to day than there are piano tuners in Canada.
* There are fewer people actually using bitcoins to buy goods and services than there are members enrolled in Kuwait Airways frequent flyer program.
And yet...
* The “blockchain” technology behind bitcoin, has the potential to change the world.
Jeffrey Robinson rips through the headlines, the hot air and the hysteria to prove, without any doubt, that when it comes to bitcoin, what you see is simply not what you get.
That truth is In the global scheme of economic phenomena, bitcoin is a non-event.
But for the “faithful,” bitcoin has become a religion and they use their cultish zeal to defend their own self-interests. They criticize this book and the conclusions reached with childish temper tantrums, most of them without bothering to read the only book about bitcoin written without rose colored glasses.
That should say a lot - because this book pulls the curtain back on the “faithful’s” wizard, and reveals, there is no there there.
What Jeffrey Robinson, the international best-selling author of THE LAUNDRYMEN, has done to upset the “faithful” is to demonstrate conclusively that, when it comes to bitcoin, what you see is not necessarily what you get.
After spending more than a year trekking through “Planet-Bitcoin,” he reveals a digital-something pretending to be a currency; that same digital-something pretending to be a commodity; a political movement that reeks of a delusional cult; and a technology – a unique peer-to-peer transfer system – that happens to be brilliant.
He spoke with big players and small players, economists, tech analysts, bankers, cryptographers, digital engineers, entrepreneurs, venture capitalists, businessmen, regulators, get-rich-quick schemers, wannabes, cult followers, political anarchists, and the “rock stars” of the eco system - from “Bitcoin Jesus” Roger Ver to now convicted bitcoin felon Charlie Shrem, from Overstock.com's CEO Patrick Byrne to Silicon Valley venture capitalist Marc Andreessen - all of whom have a major stake in bitcoin’s profotable future or abject failure.
He investigates the great promises made by the “Faithful”: that bitcoin will replace fiat; that central bankers are trembling at the feet of this all encompassing digital currency; that bitcoin is the perfect solution to the developing world’s unbanked and underbanked; that bitcoin is a speeding freight train bearing down on the dollar’s dominance as the world’s primary currency; and that bitcoin is wildly successful having gone so viral that it is viral cubed.
Laying out the facts and citing sources, he separates the myths from the naked truths, one by one, and points to these two indisputable all the years alter, there is still not one single bitcoin driven blockchain business up and running and profitable; and there is still not even one venture capitalist who has sunk money into a bitcoin driven blockchain business who has seen a return on his money.
Entire forums on the Internet have been filled with the “faithful’s” wrath about this book, and rallying calls for trolls everywhere to get even.
Yet, with typical wit, humor, and his jaundiced eye for cons, scams, pirates, hype, market manipulation, misinformation, outright lies, self-fulfilling Ponzis, sleight of hand and a mob of greater fools, Robinson produces the evidence to prove
* Punch for punch, the pretend-currency can’t stand toe-to-toe with the non-convertible Cuban peso.
* The pretend-commodity is really just a casino chip for a loaded roulette wheel.
* There are fewer businesses worldwide who see bitcoins day to day than there are piano tuners in Canada.
* There are fewer people actually using bitcoins to buy goods and services than there are members enrolled in Kuwait Airways frequent flyer program.
And yet...
* The “blockchain” technology behind bitcoin, has the potential to change the world.
Jeffrey Robinson rips through the headlines, the hot air and the hysteria to prove, without any doubt, that when it comes to bitcoin, what you see is simply not what you get.
168 pages, Kindle Edition
First published September 22, 2014
5 people are currently reading
64 people want to read
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Displaying 1 - 12 of 12 reviews
April 21, 2016
If you’ve ever been at a meeting or cocktail party where bitcoin comes up in the conversation, BitCon is required reading. After reading Jeffrey Robinson’s book, you’ll be able to join the conversation with an actual understanding of bitcoins, warts and all, rather than relying solely on vapid news articles and tweets.
The book is extremely critical of bitcoin. But even bitcoin fans owe it to themselves to read the book. Robinson has done his homework, and can’t be written off as somebody who doesn’t understand bitcoin. BitCon explains the fundamentals of bitcoin with easily understood terms and comparisons. In one passage, Robinson sums up how transactions are verified by bitcoin miners:
BitCon builds on these descriptions by explaining what bitcoin is and what it isn’t. In terms of the classic definition of money, bitcoin doesn’t meet the criteria of being a medium of exchange or a store of value. Bitcoin is not a reliable store of value because its exchange rates are extremely volatile. Would you feel confident taking out a mortgage in bitcoin?
It is not a medium of exchange because it is rarely used to buy goods and services (except in the dark web for underground purchases). Most of the bitcoins in “circulation” aren’t circulated much. They are held, hoarded, traded, and speculated by individuals hoping that the volatility will swing in their favor. When bitcoins are used for dollar-denominated purchases, fees are added coming and going.
High-profile stories about merchants such as car dealers or universities accepting bitcoin are exaggerated and misleading. Typically, those purchases are cases of a consumer with bitcoin who pay an intermediary bitcoin processor to convert the bitcoins to dollars to pay the merchant. The headlines leave out the bitcoin converters were involved.
Robinson is a delightful curmudgeon. There are several laugh-out-loud lines, which is rare for a nonfiction book about technology and money. BitCon compares bitcoin supporters to a religious cult (and provides several quotes from articles and social media that justify the comparison), referring to them as “The Faithful.” Vocal bitcoin fans on social media are the “Noise Machine.” Whenever news or a comment by a high-profile entrepreneur could be interpreted as favorable to bitcoin, the Noise Machine circulates the story far and wide without context or nuance. When somebody speaks unfavorably about bitcoin, the Noise Machine excoriates them as fools.
Although BitCon takes no prisoners against what Robinson calls “the pretend currency,” he suggests that the enduring and useful aspect of Bitcoin technology will be the blockchain. A decentralized public ledger will have staying power in recordkeeping separate from currency. However, BitCon doesn’t spend too much time justifying this assertion. Many experts are quoted touting blockchain, but the practical advantages of the protocol aren’t fleshed out. That’s the only weakness in an otherwise enjoyable and informative read.
The book is extremely critical of bitcoin. But even bitcoin fans owe it to themselves to read the book. Robinson has done his homework, and can’t be written off as somebody who doesn’t understand bitcoin. BitCon explains the fundamentals of bitcoin with easily understood terms and comparisons. In one passage, Robinson sums up how transactions are verified by bitcoin miners:
What the miners do is put each individually identifiable transaction into an unalterable “block”—more computer code—which is then attached to all the other blocks that have come before it, to form a “blockchain.” That’s a public ledger where every transaction is visible and set in stone.
BitCon builds on these descriptions by explaining what bitcoin is and what it isn’t. In terms of the classic definition of money, bitcoin doesn’t meet the criteria of being a medium of exchange or a store of value. Bitcoin is not a reliable store of value because its exchange rates are extremely volatile. Would you feel confident taking out a mortgage in bitcoin?
It is not a medium of exchange because it is rarely used to buy goods and services (except in the dark web for underground purchases). Most of the bitcoins in “circulation” aren’t circulated much. They are held, hoarded, traded, and speculated by individuals hoping that the volatility will swing in their favor. When bitcoins are used for dollar-denominated purchases, fees are added coming and going.
High-profile stories about merchants such as car dealers or universities accepting bitcoin are exaggerated and misleading. Typically, those purchases are cases of a consumer with bitcoin who pay an intermediary bitcoin processor to convert the bitcoins to dollars to pay the merchant. The headlines leave out the bitcoin converters were involved.
Robinson is a delightful curmudgeon. There are several laugh-out-loud lines, which is rare for a nonfiction book about technology and money. BitCon compares bitcoin supporters to a religious cult (and provides several quotes from articles and social media that justify the comparison), referring to them as “The Faithful.” Vocal bitcoin fans on social media are the “Noise Machine.” Whenever news or a comment by a high-profile entrepreneur could be interpreted as favorable to bitcoin, the Noise Machine circulates the story far and wide without context or nuance. When somebody speaks unfavorably about bitcoin, the Noise Machine excoriates them as fools.
Although BitCon takes no prisoners against what Robinson calls “the pretend currency,” he suggests that the enduring and useful aspect of Bitcoin technology will be the blockchain. A decentralized public ledger will have staying power in recordkeeping separate from currency. However, BitCon doesn’t spend too much time justifying this assertion. Many experts are quoted touting blockchain, but the practical advantages of the protocol aren’t fleshed out. That’s the only weakness in an otherwise enjoyable and informative read.
April 20, 2017
Tato kniha se četla sama, protože jsem v ní našel souznění se svými názory na Bitcoin jakožto na měnu (autor knihy používá termín "pretend-currency", což by se dalo přeložit jako "falešná-měna"). Ono to pohladí ego, když člověk najde někoho s téměř identickým názorem ;-). To, že je kniha hodnocena kladně, mě jen utvrdilo ve svém pohledu na Bitcoin jakožto měnu.
Autor není žádný technologický geek. Bitcoin je analyzován čistě z praktického a ekonomického pohledu. Autor striktně rozlišuje mezi Blockchain technologií, jako transakčním protokolem s širokými možnostmi užití a v jedné kapitole nastiňuje praktické možnosti, které Blockchain technologie nabízí. Autor zdůrazňuje, že odtržení Blockchain technologie od Bitcoinu je cesta, se kterou se v budoucnosti setkáme, a která se již dnes naplňuje v podobě venture investic to různých Alt-chain a Closed-chain řešení na bázi Blockchain technologie (ColoredCoin). Budoucnost není v aluminiu, ani v Bitcoinu, ale v Blockchainu, řekl by Cimrman.
Toto vše je pouze hatmatilka pro technologické geeky a tématu Blockchain je věnována pouze předposlední kapitola (jedna ze třinácti). Poznámka pro ne-ajťáky: Blockchain je stavebním základem, nad kterým je Bitcoin postaven. Podobně jako železniční infrastruktura je základem pro služby poskytovanými různými dopravci; paralela tedy je: Blockchain = koleje a vyhýbky, Bitcoin =´RegioJet, Litecoin = Leo Express, atd.)
Z pohledu Bitcoinu jako měny si autor klade jednoduchou otázku, na kterou se snaží najít odpověd:
"Jaký praktický problém Bitcoin vyřešil pro běžného Pepu Nováka z ulice a co ho tedy motivuje používat právě Bitcoin na úkor současných fiat měn".
Kniha poukázuje na to, že vůbec nic. Bitcoin fascinuje čas od času média, která na úvodní straně zmíní fascinující spekulativní bublinu kolem ceny Bitcoinu. Bublinu, která je tažena velmi úzkou skupinou hráčů s Bitcoinem. O nic více ve skutečnosti nejde.
A s tím naprosto souhlasím.
Autor není žádný technologický geek. Bitcoin je analyzován čistě z praktického a ekonomického pohledu. Autor striktně rozlišuje mezi Blockchain technologií, jako transakčním protokolem s širokými možnostmi užití a v jedné kapitole nastiňuje praktické možnosti, které Blockchain technologie nabízí. Autor zdůrazňuje, že odtržení Blockchain technologie od Bitcoinu je cesta, se kterou se v budoucnosti setkáme, a která se již dnes naplňuje v podobě venture investic to různých Alt-chain a Closed-chain řešení na bázi Blockchain technologie (ColoredCoin). Budoucnost není v aluminiu, ani v Bitcoinu, ale v Blockchainu, řekl by Cimrman.
Toto vše je pouze hatmatilka pro technologické geeky a tématu Blockchain je věnována pouze předposlední kapitola (jedna ze třinácti). Poznámka pro ne-ajťáky: Blockchain je stavebním základem, nad kterým je Bitcoin postaven. Podobně jako železniční infrastruktura je základem pro služby poskytovanými různými dopravci; paralela tedy je: Blockchain = koleje a vyhýbky, Bitcoin =´RegioJet, Litecoin = Leo Express, atd.)
Z pohledu Bitcoinu jako měny si autor klade jednoduchou otázku, na kterou se snaží najít odpověd:
"Jaký praktický problém Bitcoin vyřešil pro běžného Pepu Nováka z ulice a co ho tedy motivuje používat právě Bitcoin na úkor současných fiat měn".
Kniha poukázuje na to, že vůbec nic. Bitcoin fascinuje čas od času média, která na úvodní straně zmíní fascinující spekulativní bublinu kolem ceny Bitcoinu. Bublinu, která je tažena velmi úzkou skupinou hráčů s Bitcoinem. O nic více ve skutečnosti nejde.
A s tím naprosto souhlasím.
April 24, 2015
good information
Unlike the few other books I've read on the topic which focused on the economic aspects of money, the Bitcoin technology and/or the "how to", this one explores Bitcoin's long-term viability as a currency and money transferring system. I didn't appreciate the author's ongoing snarky and sarcastic tone towards Bitcoin enthusiasts whom he calls "The Faithful". The rhetoric seemed to mirror some of the fallacious reasoning he accuses the enthusiasts of and wore on me after awhile. In spite of this, the information presented here was different than what I've read so far, very interesting and thought-provoking, and I'm glad I purchased the book.
Unlike the few other books I've read on the topic which focused on the economic aspects of money, the Bitcoin technology and/or the "how to", this one explores Bitcoin's long-term viability as a currency and money transferring system. I didn't appreciate the author's ongoing snarky and sarcastic tone towards Bitcoin enthusiasts whom he calls "The Faithful". The rhetoric seemed to mirror some of the fallacious reasoning he accuses the enthusiasts of and wore on me after awhile. In spite of this, the information presented here was different than what I've read so far, very interesting and thought-provoking, and I'm glad I purchased the book.
February 22, 2022
This book is outdated. It may have reflected some sentiment of skeptics towards "the Faithful" bitcoiners at the time of penning but %80 of this FUD has been debunked since then. Bitcoin is actually legal tender in a country with other countries, and even US States mandating the same.
The Bitcoin network is a global-intergalactic collection of safety deposit boxes in the cyber-metaverse that allows secure, self controlled transfer of "numbers" between boxes. The numbers are called satoshis and a 100 million satoshis equals one bitcoin, theres only 21 Million Bitcoin. Thats all it is, anything that forms around it, including trading options, currency exchange or purchasing and lending platforms are something else that just uses bitcoin as a means of securely holding or moving numbers.
Dr Evil could spend $500M to break the system for no financial gain.
Governments could ban it and risk losing power or high net worth individuals to another jurisdiction.
We could return to the Gold Standard.
Comet could hit earth.
The Bitcoin network is a global-intergalactic collection of safety deposit boxes in the cyber-metaverse that allows secure, self controlled transfer of "numbers" between boxes. The numbers are called satoshis and a 100 million satoshis equals one bitcoin, theres only 21 Million Bitcoin. Thats all it is, anything that forms around it, including trading options, currency exchange or purchasing and lending platforms are something else that just uses bitcoin as a means of securely holding or moving numbers.
Dr Evil could spend $500M to break the system for no financial gain.
Governments could ban it and risk losing power or high net worth individuals to another jurisdiction.
We could return to the Gold Standard.
Comet could hit earth.
September 22, 2017
"Just look at every negative review below. Each is the result of a concerted effort by the bitcoin "faithful" to keep you from discovering the truth."
Novel strategy:
1) Write a bad book
2) Predict that people will think it's bad in the blurb, and...
3) ...use that as evidence that it's not actually bad (?)
4) Profit?
This book would have abysmal reviews if it were about slow-cooking beef, and it wouldn't be because of "The (Roast) Faithful." It's terribly structured, edited, and organized, to the point that it's easy to overlook the few valid points the author makes. Save your time.
Novel strategy:
1) Write a bad book
2) Predict that people will think it's bad in the blurb, and...
3) ...use that as evidence that it's not actually bad (?)
4) Profit?
This book would have abysmal reviews if it were about slow-cooking beef, and it wouldn't be because of "The (Roast) Faithful." It's terribly structured, edited, and organized, to the point that it's easy to overlook the few valid points the author makes. Save your time.
June 20, 2021
Accurate. Nobody explains better. It's also sad.
September 19, 2021
Great story
I loved the exploration of the mindset of the bitcoin enthusiasts.
Their nonsense arguments were laid bare by Mr. Robinson.
I loved the exploration of the mindset of the bitcoin enthusiasts.
Their nonsense arguments were laid bare by Mr. Robinson.
October 9, 2015
There are some excellent books about Bitcoin. This is not one of them. The author is not a fan of Bitcoin, and is open about his bias. He manages to make some very reasonable arguments to support his position. These arguments have been covered before, and would take no more than 20 pages if presented directly.
Instead, the author sets up weak arguments by the most fringe and extreme proponents of Bitcoins and then mocks them. Again and again, the author presents an un-named fanatic making outrageous claims, and then makes snide comments. He all but ignores the most thoughtful pro-Bitcoin voices, as well as those making major investments relating to Bitcoin.
Even once you wade through this process, while you find some reasonable arguments, others are far less convincing. While not every argument has to be stellar, in some areas he appears to miss the point entirely, even simply glossing over fairly well accepted economic concepts in a manner that makes a reader wonder whether he really understands some of the basics of the international monetary system.
Overall, a very disappointing effort. i just finished a fantastic book on the history of Bitcoin (Digital Gold by Nathaniel Popper). For a critique of Bitcoin, a simple Google search will result in many thoughtful articles on the topic.
Instead, the author sets up weak arguments by the most fringe and extreme proponents of Bitcoins and then mocks them. Again and again, the author presents an un-named fanatic making outrageous claims, and then makes snide comments. He all but ignores the most thoughtful pro-Bitcoin voices, as well as those making major investments relating to Bitcoin.
Even once you wade through this process, while you find some reasonable arguments, others are far less convincing. While not every argument has to be stellar, in some areas he appears to miss the point entirely, even simply glossing over fairly well accepted economic concepts in a manner that makes a reader wonder whether he really understands some of the basics of the international monetary system.
Overall, a very disappointing effort. i just finished a fantastic book on the history of Bitcoin (Digital Gold by Nathaniel Popper). For a critique of Bitcoin, a simple Google search will result in many thoughtful articles on the topic.
January 26, 2015
I enjoyed BitCon by Jeffery Robinson. Jeffery Robinson was a new author for me, so I wasn't entirely sure of what to expect. I was so impressed by the writing style and could tell that Robinson was a true professional in his craft. I hadn't heard much about the BitCon, but was excited to learn more. Robinson unveils some hidden truths about the BitCon and how it has effected our society today. I learned a lot more than I expected to learn and now have a better understanding of the BitCon craze. The book made me laugh and was really entertaining. I love how the author adds some humor into the story. There were some parts in this book that were laugh out-loud funny. The book also contains a clear-cut point of view that really challenges those clichéd views of the BitCon followers. Robinson provides facts and data to back up his views. I found the book to be believable and a great way to debunk all those rumors on BitCon. Whether you are a BitCon follower or someone who knows little about it, I think that this book is a great read. I read through it within a few hours as it was that good.
March 30, 2016
There are a lot of "good books" written on Bitcoin, this however is not one of them. The author has his own agenda in regards to Bitcoin. There is no neutrality to the book, the author's opinion of Bitcoin is quite clear. Rather than an open, honest survey of the subject the author does nothing but present his one sided anti-Bitcoin opinion of the matter. Facts should be presented and the reader allowed to form his/her own opinion.
A much better book on the topic of Bitcoin is Digital Gold by Nathaniel Popper. (http://www.amazon.com/Digital-Gold-Bi...) It is very well researched and very well written.
A much better book on the topic of Bitcoin is Digital Gold by Nathaniel Popper. (http://www.amazon.com/Digital-Gold-Bi...) It is very well researched and very well written.
November 2, 2014
There are legit concerns about Bitcoin (the virtual currency). Some of them are even raised here.
But the overwhelming condescension and derision that drips from every page makes it a hard slog to get through to the substance.
Throw in the author's overwhelming faith in government and Keynesian pseudo-economics poisons the whole affair beyond recovery. Look elsewhere for facts not buried under mountains of bias and cant.
But the overwhelming condescension and derision that drips from every page makes it a hard slog to get through to the substance.
Throw in the author's overwhelming faith in government and Keynesian pseudo-economics poisons the whole affair beyond recovery. Look elsewhere for facts not buried under mountains of bias and cant.
January 6, 2016
An engaging writer, he is maybe a little too condescending towards the bitcoin faithful. Would have liked more discussion on the possibilities of the distributed ledger for applications outside of currency.
Displaying 1 - 12 of 12 reviews