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bitcoin obituary

“Once You Use Bitcoin You Can’t Go ‘Back’ — And That’s Its Fatal Flaw” – Wired | $835.11

26. November 2013

And, in the greater scheme of things, bitcoin is small: even at a roughly 10 billion dollar market capitalization it is almost irrelevant in financial terms. This is probably roughly the peak market capitalization achieved by Beanie Babies in 1999. There are indeed important and valuable ideas that exist in bitcoin’s design. But bitcoin itself? I believe its volatility and built-in irreversibility will doom it to the ash-heap of history.

“Once You Use Bitcoin You Can’t Go ‘Back’ — And That’s Its Fatal Flaw” – Wired | $835.11 Read More

bitcoin obituary

“Why Bitcoin Will Fail as a Currency” – The Calculating Investor | $14.01

13. July 2011

Although I think that Bitcoin is ingenious and fascinating in many ways, I don’t believe that it will succeed as a currency. The problem is that a Bitcoin is unlikely to ever be a good store of value (a primary function of any widely accepted currency) because the (eventually) fixed money supply will cause the purchasing power of a Bitcoin to be extremely volatile.

“Why Bitcoin Will Fail as a Currency” – The Calculating Investor | $14.01 Read More

bitcoin obituary

“Bitcoin Sees the Grim Reaper” – NY Mag | $105.70

20. June 2013

Bitcoin’s path to the grave has always been fairly clear to me. . . . You can’t seize a Bitcoin like you can seize a dollar, since it’s simply an alphanumeric string. But people need to be able to get their money in and out of the Bitcoin economy in order for it to be a useful alternative. With Mt. Gox and other Bitcoin go-betweens having such a hard time staying afloat, it probably won’t be long before even some Bitcoin diehards consider packing it in.

“Bitcoin Sees the Grim Reaper” – NY Mag | $105.70 Read More

bitcoin obituary

“Game Over, Bitcoin. Where Is The Next Human-based Digital Currency?” – OUI Share | $122.30

21. May 2013

Everyone agrees that Bitcoin is an amazing proof of concept from a technical standpoint, and has succeeded in raising much awareness for the current flaws of the monetary system. But does Bitcoin really address these flaws? More and more prominent economists and net activists say no.

“Game Over, Bitcoin. Where Is The Next Human-based Digital Currency?” – OUI Share | $122.30 Read More

bitcoin obituary

“The Rise and Fall of Bitcoin” – Wired | $2.37

23. November 2011

Beyond the most hardcore users, skepticism has only increased. Nobel Prize-winning economist Paul Krugman wrote that the currency’s tendency to fluctuate has encouraged hoarding. Stefan Brands, a former ecash consultant and digital currency pioneer, calls bitcoin “clever” and is loath to bash it but believes it’s fundamentally structured like “a pyramid scheme” that rewards early adopters.

“The Rise and Fall of Bitcoin” – Wired | $2.37 Read More

bitcoin obituary

“Bitcoin Is A Remarkable Innovation, Here’s Why It Will Fail” – Salon | $145.16

16. October 2013

In theory, bitcoin could become a lawful virtual currency if the bitcoin community gave up anonymity and therefore incorporated the identities of bitcoin senders and receivers as part of the currency. But that would eliminate the cash-like feature that makes bitcoin attractive and vastly decrease the demand for bitcoin. That does not seem like a viable path forward. . . . While I praise the sheer ingenuity of bitcoin and its payments innovation, it should be buried.

“Bitcoin Is A Remarkable Innovation, Here’s Why It Will Fail” – Salon | $145.16 Read More

bitcoin obituary

“Bitcoin Is A Joke” – Business Insider | $433.57

16. November 2013

But make no mistake, Bitcoin is not the currency of the future. It has no intrinsic value. . . . Bitcoin? Nada. There’s nothing keeping it being a thing. . . . Again, Bitcoin might go up a lot more before it ultimately ends. That’s the nature of bubbles. The dotcom bubble crashed a bunch of times on its way up. Then one day it ended. The same will happen with this.

“Bitcoin Is A Joke” – Business Insider | $433.57 Read More

bitcoin obituary

“Bitcoin Will Crash To $10 By Mid-2014” – Business Insider | $887.63

13. December 2013

Bitcoin is not a legitimate currency but simply a risky virtual commodity bet. . . . Bitcoin lacks the essential attributes that are needed to support a widely recognized transactional currency. If Bitcoin was allowed to proliferate as a currency it would produce greater economic uncertainty, reduced trade and lower individual standard of living.

“Bitcoin Will Crash To $10 By Mid-2014” – Business Insider | $887.63 Read More

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