The bitcoin bubble is a joke, and you’re the punchline - The Washington Post

For another *coin reality check, see Everyone Is Getting Hilariously Rich and You’re Not (NYT)

"The first group are the true believers. They're the techno-libertarians who think it's only a matter of time until bitcoin replaces the dollar because of the way its extremely limited supply means that it tends to gain, rather than lose, value over time. (Never mind that this also means that nobody ever wants to spend it.)

The second are the more realistic believers. They're the bankers and lawyers and various other middlemen who worry that bitcoin might eventually cut them out because of how it automatically creates a public record of who owns what — which is why they need to figure out how to use it first.

And the third are the cynics who want to capitalize on the current craze by pretending their businesses are really bitcoin ones, and bidding up the stocks of ones that do engage in such fancy. That, after all, is how such non-cutting edge companies as Kodak and the Long Island Iced Tea Company both managed to triple in value in a matter of days. It's just musical chairs for grown-ups: everyone knows this is nonsense, but everyone thinks they can be the second-to-last person to sell."

The bitcoin bubble is a joke, and you’re the punchline - The Washington Post