Quote
Bitcoin believers say that that because Bitcoin has gone up in price, that proves it’s not a bubble. Of course, it would not be a bubble unless it went up in price. The fact that a speculative instrument has risen in price is not indicative as to whether it is a bubble or not.
i think this guy is putting words in our mouths - i've yet to see someone make that argument.
i'd like to think that most of us agree with him that bitcoin is more speculative than it is a medium of exchange, but that doesn't mean it's only a speculative bubble. aftter all, you could say the same thing about gold.
where i completely disagree with him is where he says that central governments backing currency is better than "strangers" who contribute to a blockchain. wtf is he talking about? why the fuck would we need to sue bitcoin? if you jump in, it is at your own risk - there is no FDIC here.
then when he goes on to list why dollars are better than btc.. well, shit, that's the most retarded part of his blog.
