RIP Bitcoin.

[Tommy_Carcetti]

79. Its crypticism is its own undoing.

For example, how are we supposed to trust Bitcoin when we don't even know who or what is setting its value?

It's like people saw a problem, and instead of trying to improve on the situation, they did the opposite.

So after the Great Recession, there's an inherent mistrust in the banking industry. And the Bitcoin conversation could essentially be summed up like this:

"The problem is that the financial industry is subjected to regulations and oversight that are too lose."

"Yes, I agree! What we need is a financial industry that is subjected to no regulations or oversight whatsoever!"

"Wait, what?"

The thing is, I get gold. I'm inherently skeptical of gold too simply because I always hear it being hawked on AM talk radio and that alone gives me pause. But I understand that people would want something physical and tangible that they believe to have some inherent worth in the case of a currency crash or financial Armageddon.

But Bitcoin? It's just out there, in the electronic ether. And it's worth is calculated by who knows what. And worst of all, there's just no regulation to it whatsoever. No FDIC insurance, no guarantees.

You have to forgive me for just being incredibly skeptical about it. Even if I don't fully understand it, from what I do understand it sounds shady as hell.