The End Of Bitcoin

For the last two years, I have been following the rocky road of Bitcoin, as it soared on the promise of revolutionary change and collapsed in a fog of fraud and bad economics. After losing almost 85% of its value in the last twelve months, plunging from $1,200 to $200, has bitcoin finally reached the end of the road? Does it have any chance of recovering or is it destined to simply fade away? Continue reading “The End Of Bitcoin”

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The Return Of Bitcoin

Like a movie sequel bitcoin has blasted its way back into the news after being presumed finished after its dramatic crash last April. Like the Death Star it has returned in the exact same way as before and has re-ignited the debate over the value of an uncontrolled currency. As I write this bitcoin is hovering around the price of $450 and it will probably reach $500 soon enough. Its return has surprised commentators (such as myself) who had presumed the currency was done for.  Unfortunately, like the Death Star, it has the exact same flaw that will undo it as before. Bitcoin is soaring high at the moment, but it is only a matter of time before it crashes. Continue reading “The Return Of Bitcoin”

The Fool’s Gold Standard

Having money linked to a Gold Standard is an idea that almost every economist opposes. It is described as the economic equivalent of creationism and a major cause of the Great Depression. It is ignored by policymakers and no country has one anymore. Yet there is some support for it on the internet. It is one of Ron Paul’s main ideas in his campaign for the Presidency and is supported to some extent by Paul Ryan. The Republican platform promises a commission to consider reintroducing it. So what is a Gold Standard and why is it so bad? Continue reading “The Fool’s Gold Standard”