“Bitcoin’s Wild Ride Shows The Truth: It Is Probably Worth Zero” – Wall Street Journal | $3,569.56

Last updated on November 20th, 2017 at 11:31 pm

Behind every bubble is a good idea bursting to get out, and bitcoin kind of looks like a good idea, at least if you squint a bit. A digital currency without borders that governments can’t control and that allows secret online transactions? I’m in. Bitcoin itself? Not so much.

So is a single bitcoin worth $500,000, $5,000, $500 or $0? I’m inclined to say $0, especially if bitcoin’s value depends on it being adopted as a global digital currency to replace dollars. There is no chance whatsoever that bitcoin can displace the dollar, for the simple reason that it is badly designed. Bitcoin can handle a pathetically small number of transactions, and uses an inordinate amount of electricity to do so, making it entirely unsuitable to replace ordinary money.

Eulogy made by James Mackintosh

Source

Leave a Reply

Be the First to Comment!

Notify of
avatar
 
wpDiscuz