It's been a while since I have written about Bitcoin... I must confess that I have a fascination for a currency which is backed by the full faith and credit of a bunch of Rand-fanboy tech bros and various international criminal cartels. In this spirit, I have to say that the precipitous plunge in the cryptocurrency's value (almost 50%) came as no surprise at all. I actually advised a friend of mine, a guy with a lot of different revenue streams rather an a 9-to-5, who has long been involved in Bitcoin to sell, but he is an early adopter, in for the long haul. The metastatic increase in Bitcoin value struck me as a classic pump-and-dump scheme. I view Bitcoin to be a Ponzi scheme that has no one particular person at the apex of the pyramid.
The real problem with Bitcoin is that individual investors are at a serious disadvantage in a system which favors entities with the computing power to mine Bitcoins, and the economic clout to trade in volume, and the amoral attitude towards straight-up stealing Bitcoins... entities such as North Korea's regime. The whole cryptocurrency movement, with the exception of the use of the tech for illegal transactions, reminds me of the tulip bubble, with the difference that tulip bulbs are real, unlike Bitcoins.
The whole kerfuffle is a wonder to behold- a view into what a true 'libertarian' economy would be. It's a cautionary tale, and the people who will lose their shirts aren't exactly sympathetic individuals.
ADDENDUM: I forgot to add this bit of hilarity from a true believer. Timing is the key, just like in comedy.