Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme
What's more concerning to me is the cryptocurrency market as a whole. Perhaps there is an argument to Bitcoin being a kind of "digital gold" even if it is all but useless as a currency. But events like Dogecoin hitting a $50B market cap are very unsettling to me.<p>I used to take part in "Dogecoin Socks for the Homeless" events. It was wonderful, everyone was trying to make something good out of what we all knew to be a meme. I am shocked now to look back on those wallet addresses which once held ~$1,500 and see they'd be worth $285,000 (had I held). Of course, it might be that I'm just angry <i>I</i> wasn't the one to become rich, but the mania right now is really, seriously, insane.<p>Many people who are FOMO-ing in thinking this will make them millions with a few hundred dollars invested will be hurt when the "number go up, number go down" cycle turns to "number go down."