Last updated on August 17th, 2017 at 12:35 am
This is why almost none of us should own Bitcoins. 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. Or groups of users can place large buys and sells of Bitcoins, manipulating their value, because there are no controls. Or Bitcoin users could simply start using other crypto-currencies or traditional government-issued currencies and the market could fold completely, making Bitcoins worthless, as has happened to other crypto-currencies. Any one, or all, of these things could happen at any moment.
Unless you are a professional trader, or you simply want to gamble, stay away from Bitcoins. They have no inherent value, because they are a currency which represents value rather than having value themselves.
Eulogy made by: Adam Hartung