Monthly Archives: October 2017

The Fatal Flaw That Bitcoin Bulls Refuse to Discuss

Amid all the furor over bitcoin – the virtual currency is trading around $6,000 currently, following six-fold growth in 2017 – a key detail on how the currency actually works has been lost. Or perhaps this detail has been deliberately omitted by bitcoin bulls because it damns bitcoin as a viable future currency. I’m speaking of the currency’s much-ballyhooed limit of 21 million bitcoins in circulation. The very feature hyped most by the bulls is bitcoin’s Achilles heel. I’ve seen only economists discuss this limit but then be drowned out by a chorus of bitcoin bulls who say the economists “just don’t get it.” Continue reading The Fatal Flaw That Bitcoin Bulls Refuse to Discuss