2018 Clusterfuck Forecast

Steven Schear schear.steve at gmail.com
Sun Jan 7 14:48:39 PST 2018


In the medium-sized to long-term I've written off all crypto that serve no
useful function except, perhaps, as "digital gold" for asset safety.
Comparing BTC to national monies, how many would use a currency whose fee
"friction" made it impractical to use except as a replacement for Wire
transfers?

On Jan 7, 2018 2:40 PM, "g2s" <g2s at riseup.net> wrote:

> James Kunstler's cynical forecast includes BTC
>
> "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...:
>
> In full http://kunstler.com/clusterfuck-nation/forecast-2018-go-wrong/
>
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