In many ways the last 12 months have been incredible for Bitcoin. It’s gone from an underground obsession to a mainstream curiosity and the darling of the FinTech world. Huge companies such as Overstock and IBM now accept payment in it, and the currency is on track to attract more VC funding in 2014 than the Internet did in 1995.
This is like the doctor telling the patient “These last twelve months have been fantastic for you. You have lost a lot of weight, are no longer obese, I mean it’s time to celebrate.”
“What about my terminal cancer, Doc?”
“Oh, it’s gotten worse. But that’s nothing.”
Here’s the bitcoin chart for the last twelve months:
And last week? Hoo wee, was it fantastic:
Bitcoin’s price rallied significantly after a long period of decline following the PayPal announcement.
She wrote that today. The Paypal announcement was on Sep 23. Let’s feast our eyes on the significant rally from Tuesday till now:
With rallies like these, who needs panics?
Peter Klein, who should know better, quotes her about bitcoin theory:
For instance, Bitcoin is much more than the new PayPal, for it’s simultaneously both a currency and a payment processor.
“Jabba, They say you are the new LeBron James of basketball.”
“Oh, I am much more than the new LeBron. You see, I’m confined to a wheelchair.”
The fact that it’s both a currency [haha] and whatever is the tragic flaw than means bitcoin’s doom, as Timothy Terrel prophetically recognized in 2001, many years before there even was a bitcoin.
For the real scoop on bitcoin, with quotes from Mises backing up every word of Terrell’s article, and so much more, mosey over to https://smilingdavesblog.wordpress.com/2012/08/03/bitcoin-all-in-one-place/