2013 bitcoin obituary
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“A Bitcoin FAQ” – Broken Librarian | $122.50

Yes. It’s not anonymous, it’s not free, it’s not instant, and it’s not convenient. It’s extremely difficult to make money on it, mining is useless, and it’s literally impossible that it will ever go into widespread use. Unless you have an ideological stake in the concept of Bitcoin (or want to buy drugs and/or child porn), there is literally no reason to get involved in it.

2013 bitcoin obituary
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“Why Bitcoin Is Doomed To Fail” – moneygeek | $93.43

In this blog post, you’ll learn exactly what bitcoin is, and why I personally am pretty sure it’s doomed to fail. . . . I’m willing to go on record for saying that bitcoin will crash. I’m pretty sure about it. It’s human nature. But here’s what I don’t know – I don’t know when it will crash. Many a people tried to predict when bubbles will end, and most failed miserably. It could take months, even years. In the meanwhile, some people will become rich, and they will call me a fool. But inevitably, it will all end in tears for many. Make sure you’re not one of them.

2013 bitcoin obituary
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“The SEC Shows Why Bitcoin Is Doomed” – Bloomberg View | $93.57

All of which is to say that doing anything legally with bitcoins — and especially converting them into fiat currencies — is going to get harder and more expensive as governments involve themselves. So hard and so expensive, I’d argue, that any advantages the crypto-currency may have over normal means of exchange, like credit cards, will soon disappear.

2013 bitcoin obituary
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“Why Bitcoin will fail” – DailyPaul.com | $105.39

The problem, as I see it, is that bitcoin only value is it’s medium of exchange, without any real effort. It is ripe for fraud and manipulation, but what fiat monetary system isn’t. The automatic systems of growth to a finite number of units along with the division into smaller increments are intended to eliminate the problems of past monetary failures but cannot control human nature. As the medium of exchange and perceived value increases, hording will occur.

2013 bitcoin obituary
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“Bitcoin Sees the Grim Reaper” – NY Mag | $105.70

Bitcoin’s path to the grave has always been fairly clear to me. . . . You can’t seize a Bitcoin like you can seize a dollar, since it’s simply an alphanumeric string. But people need to be able to get their money in and out of the Bitcoin economy in order for it to be a useful alternative. With Mt. Gox and other Bitcoin go-betweens having such a hard time staying afloat, it probably won’t be long before even some Bitcoin diehards consider packing it in.

2013 bitcoin obituary
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“Why Bitcoin Is Doomed to Fail” – Chron | $141.32

The very reasons why Bitcoin has taken off today will be major reasons why its value is likely to collapse tomorrow. . . . [dramatic price instability] will cause the ultimate failure of the Bitcoin experiment. . . . Bitcoin will fail because a small number of hoarders control most of the supply.

2013 bitcoin obituary
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“The Rise and Fall of Bitcoin” – Wired | $2.37

Beyond the most hardcore users, skepticism has only increased. Nobel Prize-winning economist Paul Krugman wrote that the currency’s tendency to fluctuate has encouraged hoarding. Stefan Brands, a former ecash consultant and digital currency pioneer, calls bitcoin “clever” and is loath to bash it but believes it’s fundamentally structured like “a pyramid scheme” that rewards early adopters.

2013 bitcoin obituary
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“Why Bitcoin Will Fail as a Currency” – The Calculating Investor | $14.01

Although I think that Bitcoin is ingenious and fascinating in many ways, I don’t believe that it will succeed as a currency. The problem is that a Bitcoin is unlikely to ever be a good store of value (a primary function of any widely accepted currency) because the (eventually) fixed money supply will cause the purchasing power of a Bitcoin to be extremely volatile.

2011 bitcoin obituary
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“So, That’s the End of Bitcoin Then” – Forbes | $15.15

Bitcoins aren’t secure, as both the recent theft and this password problem show. They’re not liquid, nor a store of value, as the price collapse shows and if they’re none of those things then they’ll not be a great medium of exchange either as who would want to accept them? . . . It’s difficult to see what the currency has going for it.

2011 bitcoin obituary
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“Why Bitcoin Will Fail As A Currency” – Tav’s Blog | $19.73

Because, by design, there will never be more than 21 million Bitcoins in existence. And thanks to hoarding and attrition, we can be sure that it will eventually serve as nothing more than as a collector’s item. . . . I would like to call upon the Bitcoin community to stop referring to it as a digital currency. This is misleading and harmful.

2011 bitcoin obituary
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“Why bitcoin will fail” – Apenwarr | $3.12

Like the gold standard, a successful bitcoin would send our economy back into the dark ages. . . . Even if it became popular, governments would squash it because of #1 and because they like being in power. . . . With bitcoin, a single failure of the cryptosystem could result in an utter collapse of the entire financial network.

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