Thursday, April 11, 2013

The Bitcoin Apocalypse Is Nigh

From NY Magazine: "Well, nothing gold can stay. And so, as surely as the Bitcoin bubble expanded, so the Bitcoin bubble appears to be on its way back in….

"What's been most interesting to watch, throughout this whole weeklong saga, is the relationship between the old Bitcoin community — the diehards who have been touting the merits of virtual currency since 2009 and who populate the threads on the Bitcoin subReddit — and the Johnny-come-latelies like me, who had heard of Bitcoin and vaguely knew what it was, but didn't snap to attention and actually consider buying in until the price was on a wild upswing.

"Most of the Bitcoin originals I've talked to over the course of the last week have been skeptical of Bitcoin noobs. That's understandable. Because while, sure, a sudden flock of interested buyers jacks up the price of Bitcoins and makes a few early adopters an insanely large amount of money very quickly, most of those buyers won't stick around for long…."

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