mishtalk.com / Mike “Mish” Shedlock / September 14, 2017
Over the past months or so I accumulated a number of articles regarding Bitcoin and ICO (initial Coin Offerings) myths and hype.
Let’s also take a look at what I consider to be fatal flaws, one I have not seen discussed yet in articles, but the idea is easily understood.
Myth #1: BitCoin is the Next Gold
September 5, Bloomberg: Could Bitcoin be the Next Gold?
The idea is preposterous. There is no “next gold”.
Gold is gold, nothing else.
Myth #2: The Institutional Herd is Coming
September 4, Charles Hugh Smith via Zerohedge: Bitcoin, Sour Grapes, And The Institutional Herd.
Smith: What’s the value proposition in declaring BTC is in a bubble?
Mish: The bubble proposition value is the same now as declaring the housing bubble before it happened in 2004 and again more recently
Curiously, on September 12, 2017, Smith proclaimed Housing Bubble Symmetry: Look Out Below. I guess it’s OK to talk about housing bubbles but not Bitcoin bubbles? What value proposition is that?
Smith: Declaring Bitcoin a bubble is starting to sound like sour grapes.
Mish: Just like declaring a housing bubble is sounding like sour grapes? Right?