In its current version, in spite of the hype, bitcoin
failed to satisfy the notion of “currency without government” (it proved to not even be a currency at all), can be
neither a short or long term store of value (its expected
value is no higher than 0), cannot operate as a reliable
inflation hedge, and, worst of all, does not constitute, not
even remotely, safe haven for one’s investments, shield
against government tyranny, or tail protection vehicle for
…The customary standard argument is
“bitcoin has its flaws but we are getting a great technology,
we will do wonders with the blockchain”. No, there is no
evidence that we are getting a great technology —unless “great
technology” doesn’t mean “useful”. And we have done —at
the time of writing —in spite of all the fanfare, still close to
nothing with the blockchain.
So we close with a Damascus joke. One vendor was selling
the exact same variety of cucumbers at two different prices.
“Why is this one twice the price?”, the merchant was asked.
“They came on higher quality mules” was the answer.
We only judge a technology in how it solves problems, not
in what technological attributes it has.
Eulogy made by Nassim Nicholas Taleb