Assignment 1 Bitcoin by Thaddaeus and Jun San

SummaryThe author argues that Bitcoin was based on greed and a impractical and unrealistic vision. He argues that Bitcoin's popularity is like a gold rush, where people are rapidly moving to a newly-discovered goldfield. He believes that Bitcoin is unable to buy most things and can only be used for gambling and other extreme activities. Thus, he argues that Bitcoin is practically useless. The author also believes that Bitcoin is going to have a major crash one day due to the over-reliance of its rapid rise in prices   Loik,than its actual use as a currency.

Reader Response
I think bitcoin is very similar to gold, the only difference is that gold exists physically whereas bitcoin exists virtually. Gold is just a metal, but because people put value into it thus it is worth a lot of money today. Similarly, the price of bitcoin 3 years ago was 9 dollars, it was just a virtual form of currency not worth much, however, when more people started buying it its value increased. However, do not think it is worth it to invest in bitcoin as it does not give me a sense of ownership and it is just a few numbers in my account while gold can be physically held and kept. Bitcoin is a perfect representation of todays society not wanting to be left out, even though the value of bitcoin is high and increasing still, people are willing to spend that amount of money just to say that they own their share of bitcoin. There will of course come a period of time where there is an economic crisis and bitcoin's value will drop, maybe even becoming worthless while physical objects like gold will always be valuable.