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”
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”
Some things happen in life that are so strange, that you wonder if they really happened. Some things happen that are so horrible you wish they didn’t. Some things are like a living nightmare that you can’t escape. My following story is a mix of all of the above and is so strange and awful that I can’t come up with a title that isn’t sensationalist and clichéd (so I went to the other extreme of understatement). I was so shaken by the whole event that it’s only now that I am far away that I feel comfortable telling it (I’m getting very shaky again just remembering it all while writing this).
It all began three months ago Continue reading “A Less Than Pleasant Working Experience”
Atlas Shrugged is a hugely popular book among American conservatives and libertarians who see it as a symbol of resistance to government tyranny. This is surprisingly because it is a horrendous book containing cardboard characters, over necessarily long speeches, absurd plot lines and at least 500 pages more than it needs. Continue reading “Atlas Shrugged Is A Ridiculous Book”