by Chris Black
It has been almost 15 years and Bitcoin still hasn’t become any more useful than it was when it was a fraction of a penny.
In fact the volume for actual purchases is at an all time low.
Bitcoin has lost all pretense of being an alternative to established currencies, and morphed into a speculative vehicle to gain in value of those established currencies.
All cryptoheads talk about is Bitcoin’s worth in dollars, basking in the glory of unrealized gains.
Meanwhile nothing is priced in Bitcoin.
The crypto cheerleaders also rave about big Wall Street firms getting involved, i.e. the institutions Bitcoin was supposed to destroy.
Bitcoin is simply a wealth transfer mechanism like anything else connected to stock markets.
The real value to productive society is zero, but it sure made worthless people rich.
At least on paper.