My take on Bitcoin

Bitcoin hype, the party that takes place when the greedy, the naive and the clueless get together.

I am not saying that there isn't a place for the technology of Blockchain, there certainly is, but the pseudo-currencies sitting on it are unlikely to have a fair valuation or to be stable enough to become the currency that enables national economies.

In fact, national economies are at serious peril from parallel currencies. But this post is not about a making a full review of the state of crypto currencies - that would be too ambitious. What I want to do is compile my past commentary for future reference and share it. Yes, I am a sad soul that enjoys making predictions and tracking how well they age, or not.

In early 2014 I posted my first publicly shared view about Bitcoin.

On the day I posted the above, Bitcoin was selling for 572 US Dollars.

On 13th Jan 2013 (BTC @ US$268) I got involved in another Bitcoin debate,

In December '17, a few days before Bitcoin's historic high of over 19,000 USD I posted the tweet below. Next is what actually happened.

Today, 24th Nov 2019, the BBC posted an excellent article (link) about OneCoin, the crypto currency scam that is estimated to have relieved "investors" of something between 4 billion and 15 billion US Dollars. Essentially this organization headed by Dr. Ruta Ignatova built the credibility that normally central banks possess and people paid dearly for this act of faith.

In spite of my theories, Bitcoin is still valued today at approximately 7,200 USD, from a high of over 19,000 back in December '17.

The jury is still out, of course. I could be completely wrong in my assessment and Bitcoin could become a serious economy-enabling tool, more efficient and trusted than traditional currency. Alternatively, the BTC market could eventually run out of fools and be exposed as nothing else than some sort of Monopoly money with forgery protection.

I'll revisit this some day in the future.

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Food for Thought

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