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Bitcoin: Delusions of money

Bitcoin is more popular than ever. Businesses such as AT&T, Microsoft, Visa, and PayPal all accept payment by Bitcoin and even small companies are getting into cryptocurrency. According to an HSB survey, one-third of US small and medium-sized businesses accept cryptocurrency as payment. If you invest in Bitcoin, I’m sure this is great news. To me, it’s more proof that a sucker’s born every minute.

Why the Bitcoin hate? Because it’s a con — always has been, always will be. Oh, it sounds good enough. Bitcoin is a decentralized digital currency that you can buy, sell, and exchange directly via blockchain-secured ledgers, instead of relying on an intermediary such as a bank with fiat currency. It uses cryptographic proof instead of trust in a government. Like fiat money, though, at day’s end, its value is in the eyes of its owners.

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