Wednesday 29 November 2017

Bitcoin is a bubble waiting to burst

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For those of us with long memories and some sense of history, Bitcoin’s recent meteoric rise is both thrilling and terrifying. It has all the earmarks of a bubble.

Bitcoin Bubble. The accidental alliteration makes it more attractive, but no more or less true. It’s all the similarities with previous economic bubbles going back more than a century that convinces us: This can’t last.

In the space of a few short days, the cryptocurrency, which people mine on their powerful computers, has gained thousands of dollars of fresh value. A year-long Bitcoin value chart is the extreme version of a hockey stick curve.  Read more...

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