On June 20, 2011, Forbes wrote “So, That’s the End of Bitcoin Then.”
On January 16, 2015, USA Today wrote “Bitcoin Is Headed to the ‘Ash Heap.’”
On May 5, 2017, The Daily Reckoning wrote “The Death of Bitcoin.”
Since 2011, bitcoin’s been declared dead at least 129 times.
Newsletter writers, journalists, and academics have called it a “Ponzi scheme.”
Others like the idea in theory but have doubts. They are convinced the government will shut down bitcoin and render it worthless.
If it were 2013, I would have agreed with them.
From 2009–13, bitcoin rallied from a fraction of a penny to over $1,100… and then spectacularly crashed 85% to $185.
It looked like a classic “pump and dump” to me. That’s why I ignored it.
But then something very interesting happened.
Instead of collapsing back to pennies, bitcoin found support in the $200 range. Even after the bubble popped, bitcoin was still worth billions.
This intrigued me because true Ponzi schemes have zero value when they crash.
The fact that bitcoin was still attracting buyers even after the onslaught of negative news… an 85% price crash… and universal scorn… said something to me.
It said that maybe this asset had real value. At the very least, it told me that more investigation was needed.
Now its Over $2800. Will it keep going? Yes. Will it crash again? Probably. Will it get stronger? Every indication from the past says it will! Follow @tomm
Interesting post... upvoted (Y)
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thanks! I just bought some litcoin and now own 3 other coins, now watch them get "killed"..lol
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