Bitcoin Obituaries

The Bitcoin bandwagon is falling apart. Failure to cut out middleman. Failure to serve those who could benefit most. Current investors fading away as regulation and taxes kick in. Unfortunately, Bitcoin has totally failed to serve its purpose… The cryptocurrency is considered “digital gold,” and has regressive transaction fees that make smaller purchases more expensive..

I believe there are 2 primary reasons Bitcoins (and other cryptocurrencies) won’t be used, in their current form, in the future. I think Bitcoin’s doomed. Weighing up the costs and benefits of using Bitcoin as a currency for a lot of transactions: The costs we face in accepting Bitcoin as a currency. It’s basically private..

It’s a matter of when, not if, the Bitcoin bubble will pop, according to Allianz Global Investors.  “In our view, its intrinsic value must be zero,” Stefan Hofrichter, the company’s head of global economics and strategy, wrote in a recent web post. “A bitcoin is a claim on nobody – in contrast to, for instance, sovereign..

It’s a bad idea. A cryptocurrency makes a lot of sense to some libertarians. Here’s a universal currency, not controlled by any government, that allows individuals to conduct financial transactions privately, anonymously without any intermediary — banker or government — taking a cut. (At least in theory. The IRS has been public about getting its..

Square and Robinhood have successfully pushed up Bitcoin price in the short-term. This is not the end, but the beginning of the making of another 2008. Goldman backed Circle acquires suspicious cryptocurrency only exchange Poloniex for a shocking $400 million. Rationale makes sense as Goldman needs inventory to start a legitimate cryptocurrency trading desk, and..

Predictions that bitcoin and other cryptocurrencies will fail typically elicit a broader defence of the underlying blockchain technology. Yes, the argument goes, more than half of “initial coin offerings” to date have already failed, and most of the 1,500-plus cryptocurrencies also will fail, but blockchain will nonetheless revolutionise finance and human interactions generally. In reality,..

That’s not the currency of the future—that’s a giant multi-level marketing scheme. Broadly defined, multi-level marketing schemes work by creating a structure where people are recruited and then incentivized to recruit new members… Isn’t this exactly what is happening in the cryptocurrency world? Those who bought in early have an incredibly strong interest to recruit..

Investors should only consider cryptocurrencies such as bitcoin if they are prepared to lose everything, BlackRock Investment Institute said in its weekly report Monday. “We see cryptocurrencies potentially becoming more widely used in the future as the markets mature. Yet for now we believe they should only be considered by those who can stomach potentially complete losses,”..

Outspoken hedge-fund manager Paul Singer offered perhaps his most withering assessment of cryptocurrencies to date, denouncing the technology and describing it as worse than a fraud. “When the history is written, cryptocurrencies will likely be described as one of the most brilliant scams in history,” Singer said in a letter to clients dated January, which..

Lesetja Kganyago, the incoming chair of the International Monetary Fund’s policy advisory committee, says cryptocurrencies pose no threat to the reserve currencies of the world. The backing of central banks to protect the value of their currencies is crucial, Kganyago said in an interview with Business Insider South Africa. “If the rand loses value, there is..

“It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange,” Carney told students at London’s Regent’s University. Eulogy made by Mark Carney Source  

Volatility and hordes of bubble-chasing speculative investors are not Bitcoin’s only problem, there are technical shortcomings as well. Eli is actually an optimist about the potential for cryptocurrencies. However, he argues that when you look at all the important features for a cryptocurrency, Bitcoin is either dominated by Ethereum or soon will be. One issue is transaction..