{"id":1060,"date":"2021-02-09T16:45:23","date_gmt":"2021-02-09T16:45:23","guid":{"rendered":"https:\/\/weblog2.com\/b\/?p=1060"},"modified":"2021-02-09T16:45:23","modified_gmt":"2021-02-09T16:45:23","slug":"bubble-the-bitcoin","status":"publish","type":"post","link":"https:\/\/www.andreaswacker.com\/blog\/2021\/02\/09\/bubble-the-bitcoin\/","title":{"rendered":"bubble the bitcoin"},"content":{"rendered":"\n<p><a href=\"https:\/\/weblog2.com\/blog\/2020\/12\/27\/bitcoin-the-ponzi-scheme-par-excellence\/\">End of last year I called Bitcoin a bubble<\/a>. Still think it is one. Just a larger on right now. The WSJ rightly <a href=\"https:\/\/www.wsj.com\/articles\/why-bitcoin-hasnt-gained-traction-as-a-form-of-payment-11612886974\">points out the multiple dollar transaction cost<\/a>. The tardiness of the network they do not address. <\/p>\n\n\n\n<p>Bitcoin came into being since it was supposed to take on credit cards as the default payment system of the Internet. Of course technically \/ conceptually it is impossible that it could. It is one big bottleneck. <\/p>\n\n\n\n<p>But such simple facts don&#8217;t deter people to fall for a narrative. Both in 2011 and in 2021. Looking up when exactly the whole thing started I learned that both the EFF and Wikileaks were among the first organizations to accept Bitcoin. In 2011 when its price was both $1 and $32. 2009 somebody bought 2 Pizzas for 10,000 bitcoins. It is not known if Papa John still has those which would be worth 47 million US$. A Fiat Currency. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>End of last year I called Bitcoin a bubble. Still think it is one. Just a larger on right now. The WSJ rightly points out the multiple dollar transaction cost. The tardiness of the network they do not address. Bitcoin came into being since it was supposed to take on credit cards as the default [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>bubble the bitcoin - Andreas Wacker<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.andreaswacker.com\/blog\/2021\/02\/09\/bubble-the-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"bubble the bitcoin - Andreas Wacker\" \/>\n<meta property=\"og:description\" content=\"End of last year I called Bitcoin a bubble. 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