October 17, 2017

Every revolution begins with a fad. Is Bitcoin a fad?

The telephone has “too many shortcomings to be seriously considered as a means of communication,” said the president of Western Union in the late 19th century.

“The horse is here to stay but the automobile is only a novelty — a fad,” assured one banker, who advised against investing in Ford.

“I predict the internet will soon go spectacularly supernova and in 1996 catastrophically collapse,” thundered Robert Metcalfe, founder of (now defunct) 3Com, in 1995.

Maybe bitcoin and other “cryptocurrencies” are the new telephone, the new auto, the new internet.

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