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Fools And Their Bitcoin


“Do you want the story?” he asked.

“Nah,” I said. Because the real story, the story that Kim-Mai hinted at a few days ago in her excellent “Mt. Gox’s Demise Marks The End of Bitcoin’s First Wave Of Entrepreneurs,” is that we cryptocurrency fans (and I count myself among them) are idiots.

We trust a strange man-child in Japan with hundreds of our BTC. We speculate on a currency that has no intrinsic value outside of its mere existence. Watch as “exchanges” are born and die mostly because of programmer error. Heck. Check this out: Flexcoin, a middlingly popular exchange, shut down because people stole all its money (“On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet.

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