5 votes

Has Bitcoin Jumped The Shark?

Last Thanksgiving Bitcoin was on a roll. Recently discovered by the mainstream media and the subject of Congressional hearings, Bitcoin was declared a legitimate financial instrument by the U.S. Justice Department, hailed as a "game changer" and identified (incorrectly) as "holding promise" by Ben Bernanke the then Chairman of the Federal Reserve. The price of Bitcoin soared from around $200 at the start of November to over $1200 on Mt. Gox in early December.

Indeed, the euphoria over Bitcoin was such that at the end of 2013, fifty six percent of Bitcoiners predicted a price of $10,000 per Bitcoin in 2014, while other Bitcoin proponents predicted $100K to $1M per Bitcoin.

In just a few months Bitcoin has gone from being on top of the world to falling out of favor. While the Bitcoin technology holds massive promise, the price of Bitcoin does not.

It's time to call "dotbomb" on Bitcoin.

It's 15 minutes of fame is coming to an end.

Bitcoin has jumped the shark.

Here's why:

http://smaulgld.com/bitcoin-jumped-shark/

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

I think it jumped the

I think it jumped the Mountain.

So bitcoin is a scam that will rob idiots of their money?

I fail to see the problem.

Don't feed the pandas. Ever.

a man sees what he wants to see

and disregards the rest

Please subscribe to smaulgld.com

WOW! That about covers it....

Bitcoin has jumped the shark.

Here's why:

http://smaulgld.com/bitcoin-jumped-shark/

SELL Mortimer, sell!

Leges sine moribus vanae

"There is only love and fear" and bitcoin proves it.

What else can I say? Has anything else in this world ever proved more true the old dictum (not a bad word) that there are only 2 basic emotions - love and fear?

Don't feed the pandas. Ever.

Good Humor

People that don't like Bitcoin don't fear it -many think it a foolish farce-nothing to fear

Please subscribe to smaulgld.com

what's it like to run around clicking down-arrows all day?

Are all these anti-bitcoin articles an attempt to protect the poor dumb masses on the internet in general and DP in particular? Cause we get it - bitcoin is nothing but a bunch of ones and zeros floating around the web that has no value to anyone unless they happen to want it. We get it.

Do you mind if I take that subject line and turn it into a full post? You can go ahead and downvote it - I'll send you a link in case you miss it...

Don't feed the pandas. Ever.

do you believe the collective illusion that those ones &

zeros will continued to be valued in the hundreds of dollars per "coin"?

Please subscribe to smaulgld.com

yes I believe in it because I understand it. Cryptography may be

the most powerful force in the world after compound interest.

What I don't understand (honestly) is why anyone would want to run around with a bunch of gold necklaces and bracelets and crap. It is beyond me, but I still wouldn't turn down a gold ring at the right price.

Don't feed the pandas. Ever.

While it's true that stupid

While it's true that stupid people abound, they are our brothers and sisters to look out for.

gold in many instances is kinda silly

trying to replicate it in digital form is even sillier!

Please subscribe to smaulgld.com

That reminds me of Buffet's famous dis of gold

“Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head”

Warren neglected mention that the only reason it gets buried again is that governments of the world have stolen it from the people from whom it rightfully belongs and forced paper on them at gunpoint.

Leges sine moribus vanae

"Paper gets chopped down as

"Paper gets chopped down as trees from the forest, refined, compacted, into little rectangular sheets and stamped with ink. Then, we plant it back in the ground, and pay people to stand around guarding it. It has no utility." Poor Buffet, never learned to think.

Buffett uses a straw man to dis gold as an investment

it's not an investment
http://smaulgld.com/gold-silver-and-real-estate/

Please subscribe to smaulgld.com

You could always tell the age of someone by their wisdom.

Anyone under 30 realizes THERE IS NOTHING TO SHUT DOWN THE INTERNET. How many times have they actually shut ANYTHING DOWN? I can rememeber since the time I was about 12 I have been downloading for "banned" sites and you know what it hasn't stopped a thing. (reminds me of being the cool guy -- if you're not into it, you're not going to understand it.)

Secondly, when people say that bitcoiners are going to lose their butts or it's a ponzi -- so what. If you're not making money you're losing it. Same in every single last investment on the planet not to exclude piles of real dirt.

Tangibility. lol. a fart is tangible, and so is a dollar but I don't see you giving me the one -- only the other.

You obviously don't know much about the Internet

It's all in the system of routers that control traffic on the internet. Gazillions of packets streaming and being routed everywhere - telephone conversations, browser sessions, VPNs, e-mail, twitter, videos, audio tracts, financial transactions, secure sockets, and who knows what else - each one with a little header identifying the source, destination and the kind of data encapsulated therein. These can easily be filtered by the routers - shutting down Twitter (for example) while leaving the rest of the Internet functioning normally.

Leges sine moribus vanae

Sooo...

How has that worked out so far in China and abroad? For instance like what is going on in Turkey, I hear they tried to shut down youtube and twitter. And like usual it had the Streisand effect.

The only time I can think of anything being shut down was the obamacare website, hell even napster is still online.

wolfe's picture

Wait...

Did you just try to make a case that the younger you are, the wiser you are?

Perhaps you should look up the word wisdom. Wisdom is understanding through experience, failure, and success that can only be achieved by age. It is the application of intelligence to real life.

I love how children think they know everything, until they learn better... And in that moment of loss, become wiser.

The Philosophy Of Liberty -
http://www.thephilosophyofliberty.com/

Most bitcoiners understand programming not money

limited artificial scarcity is actually quite humorous as if by limiting nothing you can create something.

Please subscribe to smaulgld.com

How many coin miners do we got here?

I'm doing aurora, doge, and litecoin. Don't be shy.

Let's assume that you follow the law

...then the IRS ruling of Bitcoin as property is a nightmare for any individual or business to transact in Bitcoins. Every transaction is a barter exchange, and you have to keep records of all gains and losses (in dollars) on all transactions and report them to the IRS. The score keeping unit is still dollars on every exchange, so there is no advantage to Bitcoins. In fact, it is a severe disadvantage in terms accounting costs. The only way to eliminate the accounting nightmare would be to peg the value of Bitcoins to the dollar, which is impossible.

The above is assuming that you follow the law, of course.

We all want progress, but if you're on the wrong road, progress means doing an about-turn and walking back to the right road; in that case, the man who turns back soonest is the most progressive.

-C. S. Lewis

This is my favorite, right here:

https://www.coinmarketcap.com

It shows the activity in ALL the cryptocurrencies, not just bitcoin, and I've been gradually watching Bitcoin fade in importance, volume, share of total market cap.

Eventually every "coin" will be worth the same, since there is an infinite supply. That value, of course, is zero.

Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.

http://shadesofthomaspaine.blogexec.com

Also author of Stick it to the Man!

http://www.amazon.com/Stick-Man-Richard-Moyer/dp/1484036417

If any one can invent a coin they will

The price that bitcoin achieved last year was a target for others
Since there is no backing to any of the coins they will end up being no more valuable than stacks of blank checks

Please subscribe to smaulgld.com

All the coins with market cap over $1000,000

Bitcoin Ripple Litecoin Peercoin Auroracoin Dogecoin Nxt Mastercoin Namecoin BitShares-PTS Counterparty Quark Feathercoin Novacoin Vertcoin Primecoin SiliconValleyCoin Infinitecoin DarkCoin Electronic Gulden MaxCoin Megacoin WorldCoin BlackCoin Mintcoin SpainCoin YbCoin

Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.

http://shadesofthomaspaine.blogexec.com

Also author of Stick it to the Man!

http://www.amazon.com/Stick-Man-Richard-Moyer/dp/1484036417

A whole bunch of morons lost their ass or soon will.

Don't worry, Jan Irvin is dedicating every podcast to try and save you. You got burnt folks, you got burnt.