Thoughts on Bitcoin
Maybe bitcoin will be the world reserve currency, maybe it will totally fail, or maybe it will survive in some niche capacity. I don’t know how to weight the probabilities (although I think in the immediate term it's likely to go down), but I do have a thought about the metric to watch: growth in legitimate transactions. A currency without the major use case being legitimate transactions is going
And so the next Bitcoin Crash Begins... - mmmm
UPDATE on Dec 7th, 2013: Looks like the crash started Dec 5th, so I was off by a few days. The lowest I’ve seen has been $666, so it’s still a little off my prediction of $600. There’s still some major selling activity out there and we may still see $600. Bitcoin crashes historically have taken between a few days to 6 months (max) to recover. If you’re speculating on this currency I hope you’re on
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