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Why You Should Not Own Bitcoins And I Never Will

Okay, there exists plenty of lot of reasons not to buy into Bitcoin, but I’m going to start with the ones that bother me the most.  So let have at it:

  1. Nobody know who created it!  This is huge and means that the creator could have an unmeasurable amount of Bitcoins in his/their possession already.  Shoot for all we know, the creator could be some of these large Bitcoin exchanges that are losing the money by “hackers”…  What if in reality they (the Bitcoin exchange) was taking the bitcoins?  That reaching, but possible.  More likely the creator has a massive stash of bitcoins on his electronic device and will slowly exchange the bitcoins for real money.  We just don’t know…
  2. Once the governments realize that the Bitcoin medium is hard to track, they will require that tax is taken from it or else they will outlaw it.  Japan already has…
  3. You can get algorithms and machines to “mine” bitcoins?  Whaahuh?  What is this Minecraft?  This is just insane in my eyes!  What this means it that some clever code could just created a distributed package (like a virus) on thousand of computers that mines the bitcoins whithout you even knowing (think SETI).  Lame…
  4. The only thing that makes Bitcoins worth anything is nothing!  It’s literally not backed by any hard asset or really any governments.  Umm, I have a new idea… Don’s Pant Lint!  This currency (Don’s Pant Lint) is recyclable and good for the environment.  Plus there is a central point of exchange, although it might be easy to counterfeit unless you see Don in person…  Actually Don’s Pant Lint has more value because it can be used as a fuel source not to mention the incredible insulation properties…
  5. It almost like a virtual ponzi scheme, but the difference is that once people realize it has no value, those last to get Bitcoins will be the ones holding the lose as they try to exchange their bitcoins for any type of value.
  6. With the wild valuation moves, what business in their right mind would accept Bitcoins?

I’ve thought most of these thoughts for a long time, but didn’t really say anything because one never really knows, and two because I didn’t understand how it worked (I do now).  Knowing how it works, makes you think it’s kind of quacky a bit.

All that said, if you happen to own Bitcoins because you got it when it was first introduced, you might want to exchange some for cash or whatever.  At least get whatever you invested into it out.  Thinks beanie babies, but with a quicker decline of value potentially.

If I’m wrong, well this article will be a good laugh for any Bitcoin Billionaires (probably the bitcoin creator(s) ), but I’m not holding my breath :)

Good luck,

Don

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