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”


New Dawn or More of the Same?

This time last year there was a political earthquake that changed the shape of Irish politics. Fianna Fail suffered the worst defeat in its history and lost its dominance over Irish politics. The political system in place since 1932 was destroyed. Fine Gael, Labour and Sinn Fein made enormous and unprecedented gains, while the losses suffered by Fianna Fail and the Green Party were so great many commentators questioned if they would survive. A Fine-Gael-Labour coalition was formed with the largest majority in history. One year on, how has the new government fared? Has it redefined the way politics operate or is it simply a case of new faces, same old story? Continue reading “New Dawn or More of the Same?”