Bitcoin Obituaries

With the price of bitcoin moving toward $12,000, a top economist on Tuesday sent a stark warning to investors: The cryptocurrency is in a “dangerous speculative bubble.” Roach suggested that exchange legitimization makes bitcoin “somewhat dangerous” for investors, given what he described as a “lack of intrinsic underlying economic value to the concept.” “Like all bubbles, they burst,” Roach..

Jim Rickards is the editor of Strategic Intelligence and the author of Currency Wars: The Making of the Next Global Crisis. He believes gold can go to $10,000 an ounce but he is much more skeptical about bitcoin. Rickards doesn’t trust the bitcoin price action and doesn’t believe the cryptocurrency will fare well in a..

…However, the CME Group is about to shake things up. While a number of folks see nothing but positives surrounding the CME Group’s announcement that it’ll begin offering bitcoin futures, and there is validity to the idea that it’ll draw in tons of new money from institutional investors who’ve previously been stuck on the sidelines,..

The problem that cryptocurrencies face is that they fail the two key metrics of what makes a currency a currency,” Donovan said. “A currency has to be a widely used medium of exchange. Cryptocurrencies are never going to achieve that. Period.” “The fatal issue for cryptocurrencies is that the supply of them can only ever..

It has not transformed the economy of today. While the number of bitcoin transactions is growing every year, it’s nothing close to a mass-market consumer technology, like Google, or Netflix, or even PayPal. Bitcoin remains cumbersome to use (the typical transaction can take up to 10 minutes) and the price is extremely volatile. It is, for..

“So it seems to me it ought to be outlawed,” Stiglitz said Wednesday in a Bloomberg Television interview with Francine Lacqua and Tom Keene. “It doesn’t serve any socially useful function.” Eulogy made by Joseph Stiglitz Source

It’s been a puzzle to explain why bitcoin’s gone parabolic. Why would we expect the way down to be any different? The practical applications for cryptocurrencies to facilitate legal commerce appear hampered by relatively expensive transaction fees and the high energy costs associated with mining at this juncture. On this note, Nobel Prize-winning economist Joseph Stiglitz said that bitcoin “ought..

Bitcoin is a fake and made-up scam. Can you articulate what it is? “Bullshit jargon that means nothing”-you. Hell no. All we can say for sure about this imaginary “coin” is that it is going to cost you a bundle (sucker)….. Then there are the idiots—like you—who say, “Where I can but some ‘Bitcoin’ to get..

Central bankers say the success of bitcoin and other cryptocurrencies is just a bubble…. The problem with bitcoin is that it could easily blow up and central banks could then be accused of not doing anything,” …. although technology is revolutionising banking, digital currencies will not replace physical money anytime soon. “It’s too far off.”..

I’m not so sanguine about Bitcoin’s supposed impregnability, nor about many of its other appealing claims. The Mt. Gox affair of 2014 must be forgotten now, but back then some sharpie hacked 850,000 Bitcoins (valued over $450,000,000) out of the exchange, which was processing almost two-thirds of all the Bitcoin trades in the world. Mt…

Bitcoin looks like a sure bubble — a disaster waiting to happen… So bitcoin, then. A bubble or not? If you ignore the arguments that attempt to justify its valuations, it looks like one, albeit with dynamics that are very hard to interpret. If you listen to them, it looks that way even more, with more..

The reasons why Bitcoin cannot succeed in the long run go so much deeper than that. Just like any other speculative asset, no one really knows what is going to happen in the future. However, when one looks at the big picture, it becomes clear that Bitcoin will struggle to survive. Eulogy made by Elena..