donderdag 28 november 2013

A Bitcoin for an Ounce of Gold

We finally crossed the line where 1 Bitcoin costs the same as an ounce of gold.

What would you prefer?


or this:

I'm not sure anymore...

But be aware. We had Bitcoin (2008), then we had Namecoin (18-Apr-2011), Litecoin (7-Oct-2011) and now we have Peercoin 12-Aug-2012 and Primecoin (7-Jul-2013) and Feathercoin (16-Apr-2013) and Novacoin (9-Feb-2013) and......etc.... If everyone invents new coins, there is only so much money that people can use to buy these coins. At some point we will get a crash in the value of these coins as more and more coins come out of nowhere.

See a list of all coins here:

To show you why I think Bitcoin is a bubble I took the cryptocurrencies with the highest market cap in this table.

You can see that we first had Bitcoin in 2009 and as we progress, more and more competing cryptocurrencies arose.

It gives us this chart:

More and more "bitcoins" emerge out of nowhere and that's why I think we will see Bitcoins implode at some point.

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