2013-11-06 Yahoo Finance / Business Insider: Bitcoin is a Joke

[bitcool]

Expect him to crow how great Bitcoin is in a few years shrugging off his previous idiot statements like water off a duck's back.

I doubt it.

Before going on, I want to be clear that saying something is a bubble is not saying it will go down. It could go to $500 or $1000 or $10,000. That's the nature of manias.

based on this, the inscription on his tombstone is going to read:  BUBBLE!

[Buffer Overflow]

"The United States has a gigantic military that can force people around the world to use dollars."


Please go on... Tell us all about this fantasy world Bitcoin users live in.

LOL 

[Anon136]

sure bitcoin will someday return to the value it started with. i think everyone knows this. even if its 1000 years in the future SOME new crypto will eventually emerge that makes bitcoin look like childs play by comparison but so what? where is this rule that says that for something to not be a bubble it must retain its value for all of eternity? hell that would make everything a bubble since the universe will eventually run out of energy and everything will die. the purpose of bitcoin is to facilitate transactions, it has already done this many many many times, it is already a success.

[LiteCoinGuy]

the worth of twitter is a bigger joke in my opinion 

[Valerian77]

The real joke is inside the article:

why the U.S. dollar has intrinsic value. ... The U.S. Dollar has intrinsic value because the U.S. government ... says it has intrinsic value.

    

[rpietila]

The real joke is inside the article:

why the U.S. dollar has intrinsic value. ... The U.S. Dollar has intrinsic value because the U.S. government ... says it has intrinsic value.

    

And remember - bitcoin is the definition of fiat.

(This much is funny, but that war=peace thing I don't like...)

[qwerty555]

sure bitcoin will someday return to the value it started with. i think everyone knows this. even if its 1000 years in the future SOME new crypto will eventually emerge that makes bitcoin look like childs play by comparison but so what? where is this rule that says that for something to not be a bubble it must retain its value for all of eternity? hell that would make everything a bubble since the universe will eventually run out of energy and everything will die. the purpose of bitcoin is to facilitate transactions, it has already done this many many many times, it is already a success.

"Every 30-40 years the Reigning Monetary System Fails and has to be retooled"

http://georgewashington2.blogspot.com/2011/08/average-life-expectancy-for-fiat.html

According to a study of 775 fiat currencies by DollarDaze.org, there is no historical precedence for a fiat currency that has succeeded in holding its value. Twenty percent failed through hyperinflation, 21% were destroyed by war, 12% destroyed by independence, 24% were monetarily reformed, and 23% are still in circulation approaching one of the other outcomes.

The average life expectancy for a fiat currency is 27 years,

[ShadowOfHarbringer]

I am too busy counting my money to care about misled journalists.