Bitcoin Obituaries

BITCOIN’S price volatility is a pedigree of the rampant trader speculation which has fuelled the rise of the cryptocurrency, according to a top member of the Governing Board of the Austrian National Bank, Kurt Pribil. The banking chief explained his “unambiguous position”, underlining that the way he sees it, cryptocurrencies have no inherent value behind..

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,”..

While bitcoin is real and very alive today, there is reason to believe its success would be its own demise. Our analysis suggests that either bitcoin remains volatile and investors eventually walk away — or bitcoin stabilizes and becomes widely popular, only to die a slow, painful death by a thousand regulatory cuts across a..

“At a more fundamental level, we should wonder why Bitcoin exists at all. There is no reason. We can already trade almost anything that is legal over the internet and pay for it in various ways. It’s fast, convenient, inexpensive and quite safe.” “We can predict the collapse of the value of Bitcoin, even when..

The story that Bitcoin victims are being sold is that, because we cannot trust government-issued currencies. This is complete nonsense. Yes, the price of Bitcoin may yet double or even quadruple — because its price is based on pure speculation, and these stories are feeding such speculation. But Bitcoin’s market price is almost certain at..

Is bitcoin set to become “gold 2.0?” Answer: Absolutely not — and here’s why. Currencies can serve at least two functions: a medium of exchange or a store of value. People will take dollars as payment for their labor, because they know they can use those dollars to buy groceries or pay the rent or..

Nicholas Weaver, a researcher at the International Computer Science Institute at UC Berkeley. Weaver teaches a course on blockchains and seems to think the technology is, at best, misguided and, at worst, a fraud. There are private blockchains, which is a 20-year-old technology that somehow causes idiots to throw money at it, and then you have..

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..

The conclusion is that the incentive to buy BitCoin or any other virtual cryptocurrency is the speculation that someone else will pay more real world currency (real purchasing power) at some time in the future. That is the essence of the Greater Fool Theory. Eulogy made by Jeffrey Smith Source

Digital currencies, in their current form, should be prohibited by law. And not because they are a Ponzi scheme (which they are), and not because they can help facilitate criminal activity (which they do), but because they incur colossal social waste…. An important part of the deception is that mining is mathematically guaranteed to become..

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 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..