I’ve written about Bitcoin before. It has three main weaknesses:
No intrinsic value — can’t be used of themselves to produce something else.
Cannot be used to settle all debts, public and private
Less secure than insured bank deposits….
I commented in my Bitcoin article that it was like Penny Stocks, and that’s even more true with all of the promoters touting their own little cryptocurrencies. The promoters get the benefit, and those who speculate early in the boom, and the losers are those fools who get there late….
Ultimately, most of the cryptocurrencies will go out at zero. Don’t say I didn’t warn you.
Eulogy made by David Merkel