Bitcoin is the largest Hyper Scheme in Silicon Valley

History is repeating itself now with Bitcoin. This time, it isn’t just Main Street US that is about to lose its shirt; it is the developing world. Technology has made it possible for hypesters in Silicon Valley, China, and New York City to fleece anyone, anywhere, who has a bank account and an Internet connection.

This is complete nonsense. Yes, the price of Bitcoin may yet double or even quadruple — because its price is based on pure speculation, and these stories are feeding such speculation. But Bitcoins’ market price is almost certain at some point to crash and burn, just as the dot-coms did, and for the same reason: because it is all hype.

Bitcoin was invented by an unknown person or group to be a digital currency. It allows money to be transferred directly between individuals using cryptography. The bank ledger is distributed to all users, and complex mathematical transactions ensure transaction integrity. Such a system makes it difficult for governments to know the identities of people exchanging money so it has become a haven for money laundering, drug dealing, and corruption.

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From HT