Tuesday, December 04, 2018
After The Hype
We noted here that Waymo is confronting an ugly reality by putting safety drivers back into its self-driving vans. Here is another post-hype letdown that is worse than autonomous vehicles -- Bitcoin. The commentator opines that the value of the cryptocurrency is approaching zero. It costs too much to mine and those digging it out will cease operations. This is a huge come-down from the days not so long ago when a Bitcoin was worth $20,000 or more and there was a frenzy to get in on the digging. Skeptics aplenty cautioned investors to stay away from it because it isn't a store of value but only an expectation. Its worth depends on the number of people who want it. After the hype, Bitcoin is settling into ignominy. Greed-driven investors are counting losses, and there is a good chance it will never come back.
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