by Bitcoin implodes, falls more than 90 percent from June peak
[Via Ars Technica]
Bitcoin, the world’s first peer-to-peer digital currency, fell below $3 on Monday. That represents a 90 percent fall since the currency hit its peak in early June.
Supporters argue that Bitcoin has fundamental advantages over conventional currencies. The system is designed to transfer funds without a central authority, freeing Bitcoin users from bank fees and government regulations. The Bitcoin protocol offers robust anonymity, and the protocol guarantees that there will never be more than 21 million Bitcoins in existence, which supporters have argued would give the currency a stable value.
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Wow. Not many people would be happy with a currency that was worth 90% less than it was a couple of months ago.
The real world is much more complex and dangerous than Bitcoin seems to have thought. Maybe they will get there someday or maybe they will just disappear into irrelevance.
I’m thinking the latter.
A Man With A Ph.D. 