2014

“The Doomsday Cult of Bitcoin” – NYMAG| $668.28

By Alexander Reed

Last Updated: Dec 26, 2024

bitcoin obituary

With the future of money in the hands of Satoshi Nakamoto’s brilliant protocol, inexact central planning would be replaced by algorithmic decentralization.

Of course, none of that has happened. And it’s exceedingly likely that none of it will.

After all, the difference between the Seekers’ apocalyptic prediction and the Bitcoin dream is that the latter can self-fulfill. The nature of a speculative commodity like Bitcoin is that it essentially runs on hope – the more people who buy the hype, the higher the value goes, and the more firms like Andreessen Horowitz are willing to pump money into strengthening the Bitcoin ecosystem. Wish for the UFO hard enough, and it might actually arrive.

But the Bitcoin dream is all but dead. Now the true believers are trying to cope with their setbacks by increasing their numbers. And if history is any guide, they’ll keep telling you the bright future of Bitcoin is just ahead, long after they’ve ceased to believe it themselves.

Eulogy made by Kevin Roose

Source

Free Bitcoin Crash Course

  • Enjoyed by over 100,000 students.
  • One email a day, 7 days in a row.
  • Short and educational, guaranteed!

Why you can trust 99Bitcoins

10+ Years

Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.

90hr+

Weekly Research

100k+

Monthly readers

50+

Expert contributors

2000+

Crypto Projects Reviewed

Google News Icon
Follow 99Bitcoins on your Google News Feed
Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!
Subscribe now
Disclaimer Icon
Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Alexander Reed
Alexander Reed
Editor

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including... Read More

Back to top