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Bitcoin will bust

There is surely merit to linking recent instabilities in the coin markets with recent events in China, and more unfortunately, less merit in vague (culture-bound) generalizations or vain predictions which read more like state propaganda than reflection.
The China scare intersected with the popularization of bitcoin, -- a big, explosive news media moment in which those who would not consider themselves capitalists found a novel entryway into what once might have proven distasteful to their sensibilities: financial speculation. I'd contend this flood of newbies has already carried out much abject and irrational shenanigans which are only beginning (when the shoe shine boy gives you stock advice) and is at least co-determinate with the China scare in destabilizing the bitcoin market and possibly primarily determinate in the latest crash; the idiots have taken the steering wheel.
Cryptocurrencies are not mere "fake money," obviously, but there is an ideological dead-end here in the inevitability of crypto analogous with the inevitable dialectical history of Marx. Vain pretensions of destiny or scientific infallibility may be the pride which comes before the fall.
So here's my vain prediction: Maybe not tomorrow or the next day or even a year or a decade from now, but bitcoin will someday bust. Sure, I am an investor in bitcoins, but not that peculiar investment of emotion, the cathexis which renders the coin as messiah on the level of a single human or even of all humans. As the first of its breed, I'd be a bit disappointed if bitcoin was the best-designed coin, and we should know with very little research it is not. Crypto is not immortality! Far from it, crypto is a creation of mortals and a variety of many competing creatures facing death in a dangerous ecosystem each day.
submitted by kiltrout to Bitcoin [link] [comments]

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