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Bitcoin reality check

Bait and switch

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I think when the book on Bitcoin is written is will be called "From Tulips to Tokens - The 21st Centuries First Hyper-Bubble"

Could I be wrong?

Of course.

But here's the logic:

1. Bitcoin promised privacy...It provides no such thing. In fact, every link in the chain of transactions of very Bitcoin is recorded for all time. It's more transparent than any other form of transaction.

2. Bitcoin promised independence from government...BS on that. Governments are regulating Bitcoin and even talking about setting up their own competitive coins

3. It promised true scarcity...BS on that too. Competitive coins are proliferating and even Bitcoin reserves the right to "print" more.

So the REALITY is that every "virtue" of Bitcoin that put the idea into the public eye turns out now to be a mirage.

So what is keeping it afloat and sending it to the stratosphere.

From what I can see: Pure mania.

Yes, some people are getting fabulously rich. Those would be the people who got in at 10 cents, $1, $10, even $100.

That horse is way out of the barn. It's all risk now with a massive downside.