A couple of days ago a friend asked me about Bitcoin. They more or less asked if it was dead, and if the hype truly was bigger than the technology.
After I stopped beating them with my smartphone, I took to answering the question. In short, no, Bitcoin is not ‘dead’. Nor will it ever be dead.
I almost took offence to the question, really. It was abundantly clear that my friend simply still did not understand what Bitcoin is all about.
I started to explain to him about the idea of a decentralised system.
‘So you’re telling me that no one actually has control over it?’
‘Not entirely,’ I said. ‘The system, the users regulate it, it’s self-regulating.’
After some semantics over what the actual definition of ‘regulation’ is, we moved on to price.
‘Well it’s like a third of the value it was about a year ago,’ my friend argued. ‘So if you ask me the hype has worn off and people are beginning to realise its crap.’
I then jumped onto CoinDesk on my phone and showed him the chart of Bitcoin over the last year.
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http://www.techinsider.com.au/2014/10/ignore-price-bitcoin/
