Tuesday, 10 February 2015

The Bitcoin Bubble (2)

I wrote before about the Bitcoin Bubble.

That article was, with hindsight, not badly timed, very near the top. The price of a Bitcoin has since come down by about 80%. The volatility of the price of Bitcoins makes it not very suitable to be a financial intermediary.

Below is a video about a Bitcoin mining operation in China. Aliens observing our planet from a distance must scratch their heads (that is, if they have any) in disbelief on the sheer waste of these kind of activities, also from an environmental point of view. It is not exactly that the computations lead to anything that is useful for society, in the contrary.

The SCMP reports "Investors fear HK$3b losses in closure of bitcoin trading company".

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