The Blockchain Is A Solution In Search Of A Problem

It is hard to think of another term that is as hyped right now as “blockchain”. It is a new fad that has taken the financial world by storm. Everyone is talking about blockchain, firms are rushing out press releases announcing their interest and countless new proposals appear every day claiming they will revolutionise pretty much every industry. Even people uninterested in Bitcoin are taking a look at blockchain, in fact because so few people actually use the cryptocurrency to buy anything, the shift has focused instead to the technology aspect of Bitcoin. The situation resembles the Emperor’s New Clothes, with no one wishing to admit they don’t see any use to blockchain for fear of seeming behind with the times or not tech savy. Continue reading “The Blockchain Is A Solution In Search Of A Problem”

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Imagine if Esperantists had our own currency

Esperanto is an international language, but do we need an international currency? At every congress, people come from many different countries to use a common language, but could they also use a common currency? Nowadays there is a massive growth in crypto-currencies like Bitcoin and that has me thinking. What if the Esperanto community had a currency? Continue reading “Imagine if Esperantists had our own currency”

Regardless Of Its Price, Bitcoin Is A Flawed Currency

I’ve noticed that some of my old articles about Bitcoin have been getting a lot of attention lately. I first started writing about Bitcoin back in 2013, when I considered it to be a bubble that would soon burst. When it did burst, I wrote about its flaws and figured that would be the end of the story. I mean after seeing people dramatically lose a lot of money extremely quickly, who else would want to jump in? After seeing a bubble collapse why would anyone want to repeat the process?

Yet as the price of Bitcoin soared to almost $20,000, I got an increasing number of “I told you so” and “Look who’s laughing now” comments. I was just a dumb statist shill who failed to recognise the glory of Bitcoin and missed my chance to get rich as a result of it. In fairness, I was wrong to predict that Bitcoin would fade away, I made the mistake of presuming people would learn from their mistakes and not be swindled by another bubble. As you can imagine, these comments quickly disappeared after the price crashed by three-quarters to $6,000. Funnily enough, my blog still gets shared on Bitcoin forums, however this time it is used to show that dramatic crashes are normal events, if Bitcoin can survive 2013 & 2014, it can survive 2018. There seems to be little consideration of the idea that massive price crashes shouldn’t be a normal feature of a currency or asset and wild volatility should be treated as a bug not a feature.

Since the collapse, the price has risen considerably and currently sits at around $10,000. Most of the discussion now focuses on which direction the price will go, will it rise again or face another crash? Did we just experience a market correction or the beginning of the end? Continue reading “Regardless Of Its Price, Bitcoin Is A Flawed Currency”