Bitcoin and the growing number of copycat blockchain-based fidgets are guilty of false advertising when called “cryptocurrencies”. They’re more like “cryptostamps”.
Bitcoin and its many sprogs have none of institutional backing of actual currencies or even the physical presence and alternative uses of gold. They represent a pure mania – the price rising in the belief that other people will continue to bet on the price continuing to rise.
The belief or hope that there will always be a greater fool wanting to buy is supposed to be underwritten by bitcoin’s “limited edition” status – a limited number can be produced. Which makes bitcoin buyers more like stamp collectors – or perhaps rare coin collectors.
Eulogy made by Michael Pascoe
