This week in cryptocurrencies: everyone loses it
Everyone got a bit silly and breathless about bitcoin this week. Here are a few of the articles which weren’t complete nonsense. Or, if nonsense, were nonsensical in an interesting way. So, let’s sit back, stick on some Antônio Carlos Jobim (tune) and relax a little.
Nobel prize winner Joseph Stiglitz has a pop at bitcoin, doesn’t understand bitcoin
In “well, that’s what I reckon anyway” news, Joseph Stiglitz, who is an old man, said that bitcoin should be banned because it was only suitable for gypsies, tramps and thieves. It was not clear how the grey-haired sourpuss thought the U.S. government could ban it, or indeed if he actually knew what bitcoin is. The septuagenarian social scientist is 74 years old.
Alright, Stiglitz, but what about Africa?
If you’re some rich guy with a steady job then bitcoin looks like a highly volatile asset. But what about if, like millions of Africans, you don’t have a bank account? Then it starts to look like the first financial system that could meet your needs. Great round-up here about the digital currency situation in Africa.
Regulators in New Zealand have warned investors to avoid a NZD$220million ICO as it is a massive load of bullshit.
If you don’t know what an ICO is there’s an explanation here but it’s basically a fashionable way for start-ups to raise money without much oversight. These articles beautifully and hilariously tell a story of hubris and nemesis. May print up some Ashutoush Sharma t-shirts.
Wall Street Journal can’t think of anything lamer than a mature woman, suggest that if women are buying bitcoin it must be overvalued.
Should I invest in bitcoin?
No, of course not. FFS. (I am not a financial advisor.)
Well, you can give it a whirl if it’s just play money says black-haired 69 year old Mark Cuban. Act like the glass is already broken then you can relax into it. And maybe… maybe… maybe… it’ll go to $40,000 and you can cash out and go buy some stuff that won’t make you happy or prevent the inevitability of your cold death.
But then, you’re dying anyway. May as well ride the tiger as the light dims. Fuck it — buy bitcoin!
Until next week,
P.S. Buy bitcoin.