Bitcoin and Ethereum Are Dead (And Their Honest Investors Know It)
The $1+ trillion concept is brilliant, but it won’t end well
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Update: Comments insulting my (admittedly limited) intelligence while simultaneously claiming Bitcoin isn’t a Ponzi scheme will automatically be deleted unless you also disclose your BTC+ETH holdings.
Update #2: After nearly 2,000 story responses in <24 hours, I’ve published a follow-up piece entitled People Aren’t Actually “Investing” in Cryptocurrency, They’re Just Gambling and included some of the nastiest comments. :-)
A few weeks ago, I wrote an article suggesting that people are treating cryptocurrency like a Ponzi scheme. That earlier speculators are doing their darndest to convince the world to buy in so they can cash out.
You should’ve seen the nasty messages I received from bitboys.
More negative reaction than all my other articles combined.
And that’s okay.
They’re living with sunk cost fallacy…
Irrational investment bias…
Escalation of commitment…
Modern Dutch tulip mania.
It doesn’t mean I’m wrong.
It also doesn’t mean blockchain technology isn’t brilliant.
It just depends how we use it.
Though certainly not without its risks — it’s a potential surveillance nightmare — I’m generally a fan of blockchain technology.
But a few decades from now, Bitcoin and Ethereum will be collector items, not the currency of the global economy. Here are eight reasons why:
1. It’s already old technology
Bitcoin was an absolutely ground-breaking concept when it came out, just like the Ford Model T or Edison’s incandescent lightbulb.
But the first iteration is rarely the best.
Even my mother-in-law doesn’t use Windows on a PC anymore.
Bitcoin’s proof-of-work distributed ledger is proving itself to be arcane technology compared to proof-of-stake systems. ETH is currently making the switch, but it remains to be seen if…
