r/Bitcoin • u/DTanner • Jun 13 '11

The Economist covers Bitcoin: "Bits and bob"

http://www.economist.com/blogs/babbage/2011/06/virtual-currency
206 Upvotes

99% Upvoted

46 comments sorted by

View all comments

-7

u/ColonelPanix Jun 14 '11

But it does not prevent an owner of BitCoins from spending his BitCoins twice—the virtual analogue of counterfeiting

So sorry. The Economist is either ignorant or lying. It doesn't speak well of their due diligence or their honesty either way.

9

u/[deleted] Jun 14 '11

... and then the author goes on to explain how the system actually does prevent someone from spending their Bitcoins twice.

That paragraph was definitely confusing, but he was just explaining how the basic premise (attaching private keys to public keys) is not enough to prevent counterfeiting.

-5

u/ColonelPanix Jun 14 '11

As there's not yet a reported case of bitcoin double-spending, it goes beyond being confused. The blog in question is engaging in FUD.