Bitcoin Is A Joke

Bitcoin Is A Joke

REUTERS/Eliana Aponte

 

 

Bitcoin is back in the news, as the digital currency has surged to new all-time highs in recent weeks.

A few weeks ago, it was just above $100. Today it’s over $260.

This surge has prompted Timothy B Lee at The Washington Post to ask whether those who have called it a bubble in the past should retract and admit that they were wrong.

Well I’m not totally sure if I’ve called it a bubble, but I have spoken negatively of it, and I’ll say that I still think it’s a joke, and probably in a bubble.

Now first of all, I find the premise of Lee’s post to be hilarious. The currency has been surging several percent every day lately, and that’s evidence that it’s not in a bubble?

Before going on, I want to be clear that saying something is a bubble is not saying it will go down. It could go to $500 or $1000 or $10,000. That’s the nature of manias.

 

Read more: http://www.businessinsider.com/bitcoin-is-a-currency-for-clowns-2013-11#ixzz2k4Npgj7x

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