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Bitcoin is a protocol; it’s not going anywhere. Like nearly all mainstream articles, this one is quite shortsighted. It’s like saying the TCP/IP protocol has

Bitcoin is a protocol; it’s not going anywhere. Like nearly all mainstream articles, this one is quite shortsighted. It’s like saying the TCP/IP protocol has failed in the early 90s when there were many competitors that were more popular. I’m old enough to remember when you had to install a TCP/IP as an add-on to Mac OS and Windows. Let’s look back at this article when Fidelity’s bitcoin ETF is approved later this year…

skybrian 5y ago
It’s not going anywhere as a protocol, but as a speculative asset, its price could fall dramatically if it were to be abandoned. We should hope that happens because it’s holding up progress. It’s like people are flying around in replicas of the Wright brothers’ first airplane. Sure, put it in a museum but don’t fly the thing.
mpfundstein 5y ago
the article actually says that it is a great tool for brave traders. Especially with the crazy up and down waves. the article does not say bitcoin will disappear. the article just claims that bitcoin is not the future of money, and makes some reasonable observations regarding this. especially that it is so easily manipulated by billionaires. so I think your point is m00t.
- alwillis 5y ago
  especially that it is so easily manipulated by billionaires. Ironically the billionaire in question is Elon Musk, who's company bought $1.5 billion of BTC as a treasury reserve asset. Tesla sold 10% of its BTC after it appreciated in price to make it appear to be profitable, even though Tesla made more money selling BTC than it did from selling cars. The price corrected because said billionaire tweeted stale energy FUD because he wants to make his company--who's cars plug-in to a grid powered by fossil fuels and who's batteries are made from rare earth minerals from 3rd world countries--appear to care about the environment. And make Tesla look like an appropriate recipient of energy tax credits. It didn't help that his tweet coincided with the news that China is banning cryptocurrency for like the 10th time and the fed having to admit that with the highly manipulated CPI being something like 4.6% that inflation might actually be a thing. So you keep on thinking Elon or any other billionaire can manipulate the price of BTC at his or her whim.

skybrian 5y ago

It’s not going anywhere as a protocol, but as a speculative asset, its price could fall dramatically if it were to be abandoned. We should hope that happens because it’s holding up progress. It’s like people are flying around in replicas of the Wright brothers’ first airplane. Sure, put it in a museum but don’t fly the thing.

mpfundstein 5y ago

the article actually says that it is a great tool for brave traders. Especially with the crazy up and down waves. the article does not say bitcoin will disappear. the article just claims that bitcoin is not the future of money, and makes some reasonable observations regarding this. especially that it is so easily manipulated by billionaires. so I think your point is m00t.

alwillis 5y ago
especially that it is so easily manipulated by billionaires. Ironically the billionaire in question is Elon Musk, who's company bought $1.5 billion of BTC as a treasury reserve asset. Tesla sold 10% of its BTC after it appreciated in price to make it appear to be profitable, even though Tesla made more money selling BTC than it did from selling cars. The price corrected because said billionaire tweeted stale energy FUD because he wants to make his company--who's cars plug-in to a grid powered by fossil fuels and who's batteries are made from rare earth minerals from 3rd world countries--appear to care about the environment. And make Tesla look like an appropriate recipient of energy tax credits. It didn't help that his tweet coincided with the news that China is banning cryptocurrency for like the 10th time and the fed having to admit that with the highly manipulated CPI being something like 4.6% that inflation might actually be a thing. So you keep on thinking Elon or any other billionaire can manipulate the price of BTC at his or her whim.