"Bitcoin and other cryptos have a superficial appeal as a wealth safe haven supposedly out-of-reach of avaricious governments — if you don’t consider everything else that’s wrong with it. (Yesterday, Dec 31, Australia’s biggest banks froze the accounts of Bitcoin investors.) I think the safe haven idea will prove fallacious. Governments are already finding ways to interfere, using taxation schemes and shutting down exchanges. Bitcoin’s other claims on “moneyness” look bogus as well. It’s too unstable to be a medium of exchange, and too difficult to even access when need to sell, and you certainly can’t price anything in it as it shoots up and crashes every day. Bitcoin went way up because people — or maybe just algorithms — saw it going way up, so they hitched a ride. The rush to the exits will be brutal. Its final resting place will be zero, but perhaps not without a trip or two to nosebleed levels in 2018, especially as other markets wobble in the first half of the year. Bitcoin $50-K wouldn’t surprise me. But I’m not among the buyers. Enjoy the show...: