Bitcoin Obituaries

And unlike nasty governments, which do things like managing the money supply or preventing de-stabilizing speculation, Bitcoin is independent of any government… Ah, but the number of Bitcoins in circulation is strictly limited to $21 million… Now in fairness, central banks and bank regulators did a pretty good job of managing the money supply for..

Everyone says the blockchain, the technology underpinning cryptocurrencies such as bitcoin, is going to change EVERYTHING. And yet, after years of tireless effort and billions of dollars invested, nobody has actually come up with a use for the blockchain—besides currency speculation and illegal transactions. Each purported use case — from payments to legal documents, from..

2008 – The deception begins, “The steady addition of a constant amount of new coins is analogous to gold miners expending resources to add gold to circulation.” Satoshi Nakamoto 2008. Fact – Bitcoin mining has no similarities to gold or mining gold, but plenty of similarities to the deceptive glitter of fool’s gold (iron pyrite,..

These currencies are going to trade to zero or pretty close to it when the bubble pops,” predicts Schiff. “Right now, the only reason why people are buying bitcoin is because the price is going up. When it turns around, they are not going to sell it for the same reason.” “There is no value in bitcoin, you can’t..

This bottleneck makes for a highly risky and illiquid cryptocurrency, Oldenburg says, adding that “the old bitcoin network is virtually useless.” Oldenburg goes on to say that many bitcoin investors haven’t understood these risks because they have only been buying the cryptocurrency – but never sold or traded them. “As soon as people realize that this is..

Krugman says the price of bitcoin is helped by the fact that no one understands it and people are caught up in the mystique of this new technology. It’s got this mystique about it, because it’s some fancy technological thing that nobody really understands. There’s been no demonstration yet that it actually is helpful in..

“The rise of bitcoin and other cryptocurrencies has been one of the most spectacular phenomena of financial markets in recent years. Bitcoin will continue to rise – and rise high – during most of 2018, but Russia and China will together engineer a crash,” the Danish bank predicts. After that, bitcoin will collapse to $1,000..

Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), told BBC’s “Newsnight” on Thursday, “If you want to invest in bitcoin, be prepared to lose all your money.” Bailey said a lack of backing from governments and central banks for the world’s most popular digital currency was evidence that putting money into bictoin was not..

The biggest names in investing — including Druckenmiller, Dalio, Chanos, Gundlach and Klarman — are all now criticizing bitcoin, saying the pre-eminent cryptocurrency has critical flaws. Billionaire Stanley Druckenmiller told CNBC Tuesday he is skeptical bitcoin can be a viable digital currency.  “What I do know about bitcoin is, the concept it could ever be a medium of exchange..

THE real-life Wolf of Wall Street has slammed Bitcoin as a “huge, gigantic scam” and has warned would-be investers not to waste their cash. Jordan Belfort believes the controversial cryptocurrency is a bubble and could be set to plummet in value soon. Eulogy made by Jordan Belfort Source

Bitcoin is the World’s first distributed, decentralised Ponzi scheme. No single operator is running it, and everyone has a chance to participate in it, but its value is determined purely by the weight of money coming into it and the willingness of holders to sell it. Like any Ponzi scheme, earlier participants came in at lower..

As for where the vanilla bitcoin goes from here, it seems locked into its destiny as a replacement for gold, not dollars and euros. Bitcoin may have failed in its original mission, but its greatest victory may be to open the door for other, more-scalable cryptocurrencies. Harnessing the power of the blockchain, projects like Ethereum,..