For all the bubble talk...if there is any sign of a bubble, it is Bitcoin. Bitcoins are completely worthless, they have no value. The price action shows it - they are currently bouncing between $230 and $235, six months ago that was $260, and one year ago it was $400. It is headed to $0.
The smell of scam is all over it. The inventor hides his identity. Bitcoin companies are awash in scams and criminal charges - Mt. Gox, Butterfly Labs etc.
The Bitcoin hype machine can't answer one simple question - why do Bitcoins have any value? They can't give a rational answer to this. You can get a Florida real estate swamp land sales shop, or MLM organization running for a little while, but eventually it folds.
I'm glad to see that two people who have had a long, long history of observing financial markets agree with me - Warren Buffett and Charlie Munger. They've been around long enough to see every snake oil scam under the planet. That's why Munger says Bitcoins are "rat poison" and Buffett expressed similar sentiments.
Incidentally, I knew this when Bitcoin was $460 and even mentioned it on HN ( https://news.ycombinator.com/item?id=6753545 ). Those who listened to me saved themselves from losing half their investment. Soon enough I will be pointing to this post when it halves again to $115-$118.
The smell of scam is all over it. The inventor hides his identity. Bitcoin companies are awash in scams and criminal charges - Mt. Gox, Butterfly Labs etc.
The Bitcoin hype machine can't answer one simple question - why do Bitcoins have any value? They can't give a rational answer to this. You can get a Florida real estate swamp land sales shop, or MLM organization running for a little while, but eventually it folds.
I'm glad to see that two people who have had a long, long history of observing financial markets agree with me - Warren Buffett and Charlie Munger. They've been around long enough to see every snake oil scam under the planet. That's why Munger says Bitcoins are "rat poison" and Buffett expressed similar sentiments.
Incidentally, I knew this when Bitcoin was $460 and even mentioned it on HN ( https://news.ycombinator.com/item?id=6753545 ). Those who listened to me saved themselves from losing half their investment. Soon enough I will be pointing to this post when it halves again to $115-$118.