Tonterías selectas

Sanidad S.A., de Esther Vivas

El desastre económico actual era predecible, de Vicenç Navarro

… es una enorme estupidez (y no hay otra manera de definirlo).

La justicia es muy rentable, de Gabriela Cañas

BitCoin, Chipre y el capitalismo del salvaje oeste, de Iván H. Ayala, miembro de EconoNuestra

Six Things That Could Cause Bitcoin Prices To Crash, by Henry Blodget

… it’s worth thinking about what might cause Bitcoin prices to come crashing down.

Here are some things:

A sating of demand. At some point, everyone who could ever learn about or use Bitcoin will know about it, and many of them will own it. Given the lack of awareness about Bitcoin among the general population, as well as the complexity and “friction” involved in owning Bitcoin, we are a long way from this point.

A drop in the price of Bitcoin (for whatever reason). Another thing that could cause demand for Bitcoin to drop is a Bitcoin price crash. If Bitcoin prices crash, many of those who already own them will not want to own them anymore–and they’ll jettison them. This will cause a further price crash, which will further reduce demand. Etc.

A Bitcoin counterfeiting or hacking or theft scare. Bitcoin aficionados will smugly tell you that Bitcoin “can’t be counterfeited.” Please. Anything can be counterfeited. To counterfeit something, you don’t have to create the actual thing. You just have to create something that fools other people into thinking you have the actual thing. If there’s a computer system out there that can’t be hacked or fooled by a very clever hacker, I haven’t seen it yet. Meanwhile, even if the Bitcoins themselves can’t be faked, the systems that account for them can certainly be hacked. This has already happened. And if someone figures out a way to steal or delete or otherwise destroy all your Bitcoins, you will be much less likely to invest in them.

A government crackdown on Bitcoins. If Bitcoin gains general acceptance, governments may begin to frown on it. After all, general acceptance of Bitcoin would usurp the governments’ sole authority to create legal money. Governments don’t like having their authority usurped. So they may begin to enact laws that prohibit the use of Bitcoin.

An increase in the supply of Bitcoins. Bitcoin aficionados will also proudly assert that only a certain number of Bitcoins will ever exist (21 million, if memory serves) and that no more can be created. Again, keep dreaming. The supply of Bitcoins as currently defined may, in fact, be limited. But there’s nothing stopping the folks who created Bitcoin (or anyone else) from creating a new equivalent or better Bitcoin. Aside from the fact that Bitcoin appears to be well designed, there is nothing special about it.

A better Bitcoin (or even just another Bitcoin). This is a very real risk, one that Bitcoin enthusiasts don’t spend enough time worrying about. Again, there is nothing special about Bitcoin. Although awareness of it is growing, it’s still complicated and hard to use. And monetary philosophers are already pointing out that the “finite supply” of Bitcoins may, in fact, be too small, limiting their usefulness. So if Bitcoin can gain traction, then so can any other electronic currency. And if another electronic currency begins to displace Bitcoin, the “finite supply” argument will go out the window. There might soon be a nearly unlimited amount of a better Bitcoin.

All of these factors–and many others–could cause Bitcoin prices to crash.


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