I have been listening to all the buzz about the cryptocurrencies lately. While I sat with some colleagues a few days ago this was a major topic. While it is true that Bitcoin has shot to meteoric heights this year, so far, it's hard to tell if there is value or just hocus pocus. It was scary to hear how little is really understood by folks. Is this an investment or a gamble? When the price goes up is it because there is some new product, discovery or patent awarded? NO!
This is a classic rise in price based entirely on what I call the greater fool theory. I see it in real estate often too. The so called wholesalers who get properties under contract with long feasibility periods only trying to flip the contract for a profit. Without someone willing to pay more than you are paying there is not value to the contract that will undoubtedly be terminated within the feasibility period.
Bitcoin has no real value in it's self. This was made up from whole cloth as a way for people to have some "money" held outside the normal banking systems. Some saw and used it to launder money while others used it for blackmail. The value is what the next fool will pay. As long as there is another fool paying even more then it will go up I suppose. When this current trend fails I fear that there will be a catastrophic plunge in price and many will lose their gains or even their principle.
You wake up Christmas morning, you enter the family room, and under th
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