"The bitcoin crash is worse than both crude oil and the ruble"

Of all the major business/econ writers the Financial Times' Izabella Kaminska has been indefatigable on this subject and frankly I, don't know where she finds the patience to wade through the fratboy B.S. and bombast.
(her latest quotes one of my favorite academic papers on speculation)

Here's another real financial journalist taking a look, Matt Phillips who in a prior life was a big wheel at the WSJ's MarketBeat, now Moneybeat.

From Quartz:

The seemingly endless collapse of the world’s pre-eminent cryptocurrency continues, as bitcoin punched through $200 today.

The continued drop in value made the currency one of the absolute worst things to own in 2014. It remains so. Over the last 12 months bitcoin’s dollar value has fallen roughly 76%, outpacing the decline in both the beleaguered ruble (down a bit more than 70%) and Brent crude oil, which has fallen roughly 58% over the same period.

Of course, both the ruble and crude have far more impact on people’s lives. But for those ill-advised gamblers who put some of their cash into bitcoin over the last year, they’re getting a little taste of how Russia’s currency collapse must feel, without ever leaving the comfort of their own home....MORE

For more on coverage see also Real Clear Markets:
Amid Bitcoin's Bloodbath, Silence From Silicon Valley Press