Bitcoin is a classic private currency scam. It fails to offer stable values, security from theft, privacy from government and ease of use. With prices near $1000 per bitcoin, it is in a huge speculative bubble.
- Simple critique of Bitcoin [More...]
- For all its technotarian groovyness, Bitcoin suffers from classic private currency flaws that make it a scam.
- Bitcoin predictions. [More...]
- At some point in the not-so-distant future, a nation will issue its own crypto-currency that is exchangeable one-to-one with its ordinary currency... Even the rumor of these currencies will make Bitcoin plummet.
- A Pick-Up Mini Internet Symposium: **More Than** Five Posts on BitCoin Triggered by a Question from Adrienne Jeffries of The Verge… [More...]
- Tyler Cowen, Nick Rowe, Hal Varian, Brad DeLong, John Levine and Joe Weisenthal all discuss aspects of Bitcoin and its future.
- Academics Spy Weaknesses in Bitcoin’s Foundations [More...]
- Game theory suggests the rules governing Bitcoin may need to be updated if the currency is to endure.
- Adam Smith Hates Bitcoin [More...]
- "[...] people think it’s smart, nay cutting-edge, to create a sort of virtual currency whose creation requires wasting real resources in a way Adam Smith considered foolish and outmoded in 1776."
- BadEconomics, search for libertarian, Austrian Economics, and Bitcoin. [More...]
- The BadEconomics reddit routinely scoffs at libertarian economic claims, Austrian Economics, and Bitcoin.
- Bitcoin Exposed [More...]
- Paultard silver promotion versus Bitcoin evangelism. 26 reasons why Bitcoin is not as good as silver, when neither is a particularly good investment. A pox on both their houses!
- Bitcoin Is Broken [More...]
- Two researchers at Cornell have published a paper describing an attack strategy called Selfish-mine that creates immediate higher profits, encouraging others to join in a pool, which eventually gives the pool control over the Bitcoin blockchain.
- Bitcoin is ludicrous, but it tells us something important about the nature of money [More...]
- Bitcoin's inelasticity of supply means it would have the same macroeconomic problems as gold, causing deflation.
- Bitcoin is no Great Mystery [More...]
- "One wonders why any libertarian would get excited about it (as it turns out, most do not!). [...] Bitcoins are just another speculative activity for those producing and buying them. It is just another type of gold buggery -- except even more ridiculous.
- Bitcoin Proves The Libertarian Idea Of Paradise Would Be Hell On Earth [More...]
- The bit coin experience is characterized by radical instability, chaos, the rise of a boss-class of criminals who assassinate people they don't like, and a mass handover of wealth to a minority even smaller than the 1% that currently lauds it in the United States.
- Bitcoin to revolutionise the economy [More...]
- It is completely incorrect to describe Bitcoin as a “pyramid scheme.” Technically, it’s a “pump-and-dump.” Some excellent sarcasm too.
- Bitcoin, Magical Thinking, and Political Ideology [More...]
- "Bitcoin has become synonymous with everything wrong with Silicon Valley: a marriage of dubious technology and questionable economics wrapped up in a crypto-libertarian political agenda that smacks of nerds-do-it-better paternalism."
- Bitcoin: The Cryptopolitics of Cryptocurrencies [More...]
- A clear debunking of many ideological claims about Bitcoin. "Bitcoin’s incredible volatility and lack of regulation, celebrated by cyberlibertarians, actually prevent the cryptocurrency from being used in just the way its advocates claim."
- Bitcoinmania at FT Alphaville [More...]
- The Financial Times blog on Bitcoin shenannigans. Properly skeptical.
- Fool's Gold [More...]
- "Bitcoin is a fantasy [...] More than anything else, it resembles a Ponzi scheme -- and the wild claims made on its behalf reveal a great deal about a libertarian strain of thinking with deep roots in the American psyche."
- How and why Bitcoin will plummet in price [More...]
- Tyler Cowen makes a strong marginalist argument for why values of crypto currencies will plummet. Prices of currencies will be limited by marketing costs of potential competitors. "In short, we are still in a situation where supply-side arbitrage has not worked its way through the value of Bitcoin. And that is one reason -- among others -- why I expect the value of Bitcoin to fall -- a lot."
- I'm Changing My Mind About Bitcoin [More...]
- Joe Weisenthal changes his opinion from "joke" to "unknown future". He points out that the current increase in value is due to Chinese money laundering or circumventing of capital controls: he cites Tyler Cowen as saying this could change radically due to crackdowns or liberalization.
- In Search of a Stable Electronic Currency [More...]
- "The central problem with Bitcoin in its present form, though, is that it doesn’t really solve any sensible economic problem." Discussion of three alternative, more useful functions for electronic currencies.
- Is the cryptocurrency Bitcoin a good idea? [More...]
- Adam Cohen writes: "... this is not a good idea, this is a scam. Someone out there is trying to become very rich off of this system, and anyone who participates will be playing hot-potato until the inevitable collapse."
- Ross Ulbricht aka Dread Pirate Roberts and Silk Road (1 link)
- Eagle Scout become libertarian become bitcoin drug dealer become buyer of murder. An example of how Bitcoin can not guarantee anonymity. As "Dread Pirate Roberts", he created the Silk Road unregulated market for drugs and other black market deals.
- The Bitcoin Bubble and a Bad Hypothesis [More...]
- "Bitcoin is perhaps the finest example of a pure bubble. [...] The closest parallel is the fictitious dotcom company imagined in Garry Trudeau’s Doonesbury, whose only product was its own stock."
- The Doomsday Cult of Bitcoin [More...]
- "Ask any of these Bitcoin believers about any of the recent incidents, and they will defend the currency with religious fervor. [...] But these are head-fakes, meant to distract from Bitcoin's disastrous move to the mainstream while consoling believers about the current state of affairs.
- The Greatest Investment Opportunity Since Dogecoin [More...]
- A nice satire on the greed of bitcoin investors.
- The Rise and Fall of Bitcoin [More...]
- Benjamin Wallace at Wired describes the early history of bitcoins, including a peak, crash, theft and hacking.
- Why I want Bitcoin to die in a fire [More...]
- "BitCoin looks like it was designed as a weapon intended to damage central banking and money issuing banks, with a Libertarian political agenda in mind.... Which is fine if you're a Libertarian, but I tend to take the stance that Libertarianism is like Leninism: a fascinating, internally consistent political theory with some good underlying points that, regrettably, makes prescriptions about how to run human society that can only work if we replace real messy human beings with frictionless spherical humanoids of uniform density...."
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If, say, Google Cayman Islands were to start GoogleCoin, and announce that it would always stand ready to buy back GoogleCoins at a fixed real value, it could make a (small) fortune and, I think, eliminate BitCoin’s business in a month…
Brad DeLong, "A Pick-Up Mini Internet Symposium: **More Than** Five Posts on BitCoin Triggered by a Question from Adrienne Jeffries of The Verge…"
It is really very satisfying to see the same idiots who call Social security a ponzi scheme lose thousands of dollars in an actual ponzi scheme. [bitcoin]
It is unfortunate that the kind of computing Bitcoin pioneered has been given the name "cryptocurrency", and has been associated with all sorts of technofinancial scheming. When you hear "cryptocurrency", don't think of Bitcoin or money at all. Think of Paul Krugman's babysitting co-op. Cryptocurrency applications deal with the problem of organizing people and their resources into a collaborative enterprise by issuing tokens to those who participate and do their part, redeemable for future services from the network. So they will always involve some kind of scrip. But, contra Bitcoin, the scrip need not be the raison d'être of the application. Like the babysitting co-op (and a sensible monetary economy), the rules for issue of scrip can be designed to maximize participation in the network, rather than to reward hoarding and speculation.
Steve Waldman, "Econometrics, open science, and cryptocurrency"
I don't understand. How did this unregulated, imaginary currency invented by an anonymous hacker and backed by the full faith and credit of YouTube comments ever go wrong?
Stephen Colbert on Bitcoin, "The Colbert Report" 4/17/2013