The price of Bitcoin started collapsing this morning. I’m not going to be so foolish as to call it, but I am saying “I told you so” — the only actual money people will get out is actual money that other people put in.
Public discussion and media coverage of Bitcoin assumes certain things about Bitcoin:
• Bitcoin has a price, that you could expect to buy or sell it around.
• Bitcoin is like buying a share in a company, or a commodity like gold — the market works the same way.
• Bitcoin is liquid — you can easily convert your money to Bitcoin, and your Bitcoin to money.
None of these are true.
The original version of my 2017 Buttcoin retrospective for CoinDesk, for your amusement.
The SEC’s action against Munchee is particularly noteworthy for how generic the dodgy ICO in question is.
And another soul attains enlightenment.