Update

The previous long post about the Bitcoin bubble was already going out of date by the time I spell checked it. I was inspired to write it a week ago when the price was almost $17,000, but by the time I finished it, spell checked it, opened a WordPress account, and posted it, a week had slipped by, and the price had gone up to almost $20,000 and then dropped to it’s current $13,500. It dropped by more than $400 just while I was writing this—what, 20 minutes? It’s December 23 2017 at 2:58 PM.

4b8

In an abstract way, I hope it collapses to the ground before even more sheep transfer their hard earned money to whales, but I don’t have a dog in the fight. That must sound mean spirited, given all the people who will get hurt, but every hour it lives, the number increases only increases. It’s mathematically impossible for the total amount of pain to go down or even stay the same.

What I’m fascinated by is that people were still not convinced that Bitcoin is a Ponzi scheme even when the price had ballooned from $1000 to $17,000 in less than a year, not even when it went from $17,000 to almost $20,000 in a few days. A price increase of 450X in just three years makes no impression. The fact that the price is still $13,500, rather than $0 proves that people still aren’t convinced.

 

It’s an almost Medieval level of credulity.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s