Predicting Bitcoin to Go to Zero Will Send Your Reputation to Zero

News

It’s been a great week to get bitcoin (BTC), which is up 8 percent . ) But you would not think so to browse the information. Alight on among many popular media (MSM) outlets and you may have discovered that bitcoin is crashing and on its way to zero. Taking cheap shots in bitcoin is very good for bringing anger clicks. It’s also a wonderful way to appear foolish.

MSM Floats that a Sea of FUD

Bitcoin has died 319 days based on Bitcoin Obituaries, however such as a B-movie zombie it simply will not stay down. To date, nobody has succeeded in restarting the deadly double tap, rather than for lack of trying. Nine decades on, bitcoin is stronger and fitter than ever, with a flourishing ecosystem of jobs under development, from sidechains to custodial and coating two scaling options.

Only the brave or the foolish would write off bitcoin in 2018, and that’s exactly what so-called specialists keep doing. “I thought we’d finally get rid of bitcoin,” grumbled John Crudele at the New York Post. He’s been banging the same drum for four decades. “But the fake “currency,” that I like to predict bitcon, simply will not fade away…Even at $6,600, bitcoin remains worth (****************************************************************************************************)% less than it had been in the start of the year” He completed:-LRB-*********************)

I use the expression “worth” carefully because bitcoin is actually worth nothing, as it is endorsed by no one. It’s a confidence game which has value simply because people are convincing others that it is worth something. Anyway, bitcoin is directed to get a worth of zilch. It’s just a matter of if.

Bitcoin is not complex. Merkle roots and obstruct header pruning and UTXOs, certain, that stuff is overly complex for your typical MSM journo. But understanding bitcoin during its simplest level demands nothing more than the capability to Google. Another functioning of FUD this week came out of a study paper the Bank of Finland published.   The Great Illusion of Cryptocurrencies contains such observations as “cryptocurrencies are not real currencies but instead accounting systems for non-existent assets” and “For all intents and purposes, that ledger is a centralised ledger. The fact that there are multiple synchronised copies of it, distributed across a network, is irrelevant, as each one has the same data.”

The UK Media Weigh In

Around exactly the exact same period that the New York Post’s Crudele was foaming within his notebook, British tabloid The Sun was also doling out misinformation. “BUBBLE TROUBLE How Bitcoin bubble burst as cryptocurrency loses 70% value and 800 digital currencies now defunct” screeched the headline. “FEARS are growing that the cyptocurrency [sic] bubble is about to burst after it emerged more than 800 digital coins are now defunct,” read the guide, conflating dead shitcoins using BTC for no clear reason.

The Independent is intended to be more reliable than The Sun, however, the British media outlet took aim in bitcoin this past week. Like The Sun, its investigation was off the mark. “Bitcoin has fallen to its lowest point since November and will probably be totally wiped out” conducted the headline by link editor Hamish McRae, “one of the country’s most respected financial journalists and commentators”. Evidently at the disposition for serving a few WTF together with his FUD, McRae’s byline read: “Will investors’ support for bitcoin continue? The trouble is that we don’t know who owns it. A huge amount of energy has gone into uncovering ownership but most names remain concealed.” Somewhere at the Middle of the rambling screed, the journalist subsequently floated the notion which “By looking at IP addresses, it is clear that [bitcoin] ownership is very concentrated.”

Predicting Bitcoin to Go to Zero Will Send Your Reputation to Zero

The Independent’s financial pro ended: “The BIS [Bank for International Settlements] thinks that the decentralised nature of cryptocurrencies is a weakness rather than a strength.” Well fancy that. “My instinct is that these cryptocurrencies will disappear in a puff of smoke. I just hope too many people are not too damaged when it happens.” The thing about calling bitcoin to proceed to zero is that you can’t ever be proven incorrect. You may never be taken seriously again.

What additional MSM books do not know bitcoin?  Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to compute your bitcoin holdings? Check that our tools section.

Original post first appeared in https://news.bitcoin.com/predicting-bitcoin-to-go-to-zero-will-send-your-reputation-to-zero/

Leave a Reply