Wednesday, August 23, 2017

Bitcoin: Yeah, I dunno

I've been pretty skeptical about Bitcoin in the past, particularly about Bitcoin as a currency.  My thoughts on the currency part haven't changed meaningfully, but my hunch on Bitcoin as a speculative vehicle -- that it was in a bubble that ought to burst any time now -- is, well,
  • kinda confirmed by the way the price has been acting.  It seems to be doing what it was doing around 2013-2014, but with much bigger numbers
  • kinda disconfirmed by the way it's not bursting, and didn't completely burst last time
But then, such is the way of bubbles.  You can know for sure you were in a bubble, but not so much that you are in one.  So ... ¯\_(ツ)_/¯

I should point out that I have no money in Bitcoin and no speculative position one way or another.  Just watchin' the show.

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