It can’t, which is why Valve just dropped it as a payment option. 

I haven’t seen so many speculation bubble apologists since September 1929 or maybe even February 1637.

Do all these major investors understand that Bitcoin does not scale at all and is in serious danger of being forked or do they just not care?

I gotta go with my gut on this one. And God knows my gut isn’t always right. But my gut tells me this is some sort of variation on a Ponzi scheme. Yes, the people at the beginning of the Ponzi scheme most definitely make money. But the poor suckers at the end lose. And my gut tells me that bitcoin is somehow like…

This is exactly why Valve just stopped accepting bitcoin through Steam. Not only is the price incredibly volatile, but the processing time for exchanges is far from instantaneous, sometimes measured in tens of minutes.

Holy SHIT. A post-Gawker article that addresses cryptocurrencies in a critical but thoughtful manner!

How can Bitcoin function as a currency if the value is so volatile?

The only risk to the public is people who don’t understand how to invest. This is the polar opposite of buy low, sell high. It’s “buy sky high, hope it somehow gets higher.” It’s like buying stocks when the economy is at a peak. People see high numbers and think get rich quick, without realizing you can just as easily…

Fixed supply (ultimately) meets parabolic demand. What gives? Price. Not much to misunderstand. Most money is created by fractional reserve banking and that does not exist (yet) in BTC.

I’m going to laugh my ass off when this whole thing blows up and becomes worthless (which, when you really think about it, is what it is right now). How many people today bought their bitcoins at $780 and are now selling them off for $16,000? None? That’s what I thought. Which bank is running out of cash on hand…

With such dramatic swings, it begs the question how Bitcoin can be used as anything other than a security investment. Certainly you can’t use it as payment unless both buyer and seller have real-time price quotes and the transactions are settled instantly, right?

It was actually around 19k for a hot minute today and then, over the course of about 15 minutes, dropped back to the 16k range. Volatile doesn’t even begin to explain it.

Given the number of sponsored posts I’ve seen for such luggage on Gizmodo, the schadenfreude is strong with this unsponsored post.

Sounds like Bitcoin is going to kill the environment.

20 cents to roughly $20, a 100x increase,

A decentralized currency is great and all, but that’s not what cryptocurrency is/has become. It’s a completely unregulated market with almost no actual buying power outside of exchanges, that experiences hyperinflation/deflation on a regular basis, and is so volatile that it completely fails as a currency in every…

From what I gathered, most people use Bitcoin right now as purely an investment instrument. When one person starts selling, other people sell cause they think it’ll crash, and it causes a chain reaction of people selling for no real reason. This has caused significant fluctuations in the price, again for no real…

Bitcoin literally has no intrinsic value. It’s a bunch of ones and zeros in the database. At least if I’m accepting bottles of Tide for a drug purchase I can use it to wash my clothes. Virtual currencies certainly have benefits for being able to move money pseudo-anonymously around the globe, but they are only going…

How I see it, for bitcoin to be of any value, it has to be converted to normal currency. The dollar still seems to be that standard for bitcoin exchange too so a government is still backing up its value. Idk how you separate the two.

Everyone making $5million will leave.