Thursday, January 5, 2017

In Which The FT's Izabella Kaminska Uses the B Word

From FT Alphaville:

The B word strikes again
An ironic pattern is emerging in the world of bitcoin. When times are stable and currency-status inducing (i.e. when Bitcoin trades at a consistent level, encouraging its use as an actual medium of exchange) bitcoin evangelists run quiet. Months go by without a single abusive or gloat-ridden tweet to those who have been sceptical about the crypto currency’s potential to takeover the financial world.

Yet, when the currency begins to soar exponentially — and in so doing undermines its capacity to be used as a reliable medium of exchange — the gloating becomes vitriolic and abusive. Which is weird, because as we’ve argued countless times before extreme volatility and even appreciation does bitcoin its greatest disservice....MORE
See also the first comment from 'Vlade':
Bitcoiners fail to understand that a property[sic] currency has three tasks:...
And Ms K's response.

Bitcoin May Not Be A Store Of Value: Plunges 31% In China