Waiting for the Bitcoin bubble to burst

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The Guardian follows up the Economist’s piece earlier in the week examining Bitcoin and its role in greasing the wheels of Silk Road, the marketplace for drugs hidden behind Tor.

The most striking thing is a graph (the Economist produced a similar one) of Bitcoin’s price – here’s a more sophisticated version from Bitcoin Charts:

Bitcoin price

 

It’s the chart of a classic bubble. And bubbles always burst.

In the meantime the world’s monetary authorities should be doing their best to hasten that day. If banning Bitcoin is too difficult then making it unconvertible to cash is possibly easier and less heavy handed. No point in trying to launder illegal sales receipts through it if it is not possible buy anything other than drugs with it.

2 thoughts on “Waiting for the Bitcoin bubble to burst

  1. Pingback: Tinfoil and Bitcoin | cartesian product

  2. Pingback: When will the bitcoin burst happen? | cartesian product

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