Last updated on August 18th, 2017 at 01:01 pm
There’s certainly a lot of bullishness about bitcoin and cryptocurrency, and that’s the case with bubbles in general. The psychology of bubbles fuels it. You just become more convinced that it’s going to work. And the higher the price goes, the more convinced you become that you’re right. But it’s not going up because it’s going to work. It’s going up because of speculation….
What it comes down to is that bitcoin ain’t money…The main benefit of bitcoin – the only segment of society where it’s used for something other than speculation – is crime….
This is a speculative frenzy. Right now, this is a bubble. It’s a cult. When you’re in it, obviously you need more people to believe in it, because the price can only go up if other people buy in. In that sense it’s a natural Ponzi scheme – a lot of it is just plain greed.
Eulogy made by: Peter Schiff