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Ten years ago, on January 3, 2009, the Bitcoin network (BTC) was created. Since then, the price of the asset has been notoriously subject to volatility. This, together with the intuitive crypt of focusing on decentralization, has disturbed the mainstream media, which still can not grasp and discuss the concept of Bitcoin without skepticism – hence the ubiquitous title that exclaims its so-called death.
Last year was not different with regard to the FUD (ie, fear, uncertainty and doubt) on Crypto, and in particular Bitcoin – especially considering the arrival of the bear. According to 99bitcoin, the virtual currency had been declared dead at least 91 times in 2018. Here's how the mainstream media and economists have buried Bitcoin all year, month after month.
January 19th
"Bitcoin could be here for 100 years but it's more likely to collapse completely," says the Nobel Prize "- CNBC
BTC price: $ 11.721
On January 19, when the price of Bitcoin was still high, even after an important rebound from its historic high of December, the Nobel-winning economist Robert Shiller told CNBC that Bitcoin would collapse completely. In what now seems a mandatory move for Bitcoin's skeptics, Shiller compared the cryptocurrency to the Dutch Tulip Mania:
"It has no value unless there is a common consensus that it has value." Other things like gold would at least have value if people did not see it as an investment, "said Shiller, adding:
"It reminds me of Tulip Mania in Holland in the 40s of the last century, so the question was the one of collapse? We still pay the tulips now and sometimes they get expensive. [Bitcoin] it could completely collapse and be forgotten and I think it's a good result, but it could last a long time, it could be here in 100 years ".
February 11th
"Does bitcoin aim for zero?" – Forbes
BTC price: $ 8.173
In February, Forbes published a more in-depth investigation into the continued decline in Bitcoin prices. The article focused on the major shortcomings of Bitcoin in relation to Ethereum (ETH): that is, transaction fees and governance issues.
The author of Forbes cited PH.D. the work of the economist Eli Dourado on Ethereum, which showed that the transaction costs on the Ethereum blockchain were considerably cheaper. Furthermore, Bitcoin's governance and its ongoing development have been cited as potential problems:
"Bitcoin has not been able to seriously address its chain scalability problems, and its community has alienated, marginalized and purged the voices of dissent, particularly Mike Hearn, Gavin Andresen and Jeff Garzik. It has been captured by an ideological faction engaged only in off-sizing downsizing in the name of decentralization.This faction has weakened consensus downsizing agreements and destroyed the reputation of anyone who claims the above. "
March 5th
"Bitcoin is based on the dream of the blockchain pipe" – The Guardian
BTC price: $ 11.574
"The overpriced cryptocurrencies owe their diminished credibility to oversized technology," read the subtitle of the skeptical piece of the Guardian on Bitcoin published in March. He then went on to say that the effectiveness of the blockchain is largely overestimated and eventually concluded:
"The time has come to end the advertising campaign Bitcoin is an inefficient slow-energy dinosaur that will never be able to process transactions quickly or economically like an Excel spreadsheet." Ethereum's plans for an insecure system "stake test" authentication will make it vulnerable to manipulation by influential insiders: Ripple's technology for cross-border interbank financial transfers will soon be left unprepared by Swift, a non-blockchain consortium used by all major global financial institutions . "
April 24th
"Destroy Bitcoin" – MIT Technology Review
BTC price: $ 9,300
In April, MIT's Technology Review somehow unexpectedly invited its readers to "destroy" Bitcoin, along with three scenarios in which it could presumably be realized. While it is important to remember that Technology Review is independent of the Massachusetts Institute of Technology and therefore does not represent its official position, the article seemed rather radical and, more importantly, logically disappointing.
One of the options, for example, was the acquisition by the government of Bitcoin with the creation of a currency supported by the Federal Reserve (Fedcoin):
"The year is two thousand-something big, and it's the day when taxes are due, but you do not file them, but an algorithm automatically collects from your e-wallet in a currency called Fedcoin."
May 5th
"Warren Buffett says the bitcoin is" probably square poison "" – CNBC
BTC price: $ 9.881
In May, the billionaire investor and the vocal bitcoin opponent Warren Buffett gave a speech at his company's annual meeting, Berkshire Hathaway. He reiterated his negative stance towards cryptocurrencies, saying he was sure it would end badly once the crypt craze subsided. This time, however, he added something new by saying that Bitcoin is "probably poison squared".
The vice president of Berkshire Hathaway, Charlie Munger, was ready to echo the criticisms of Buffet on the investment in cryptocurrency, even coming to a turning point:
"Someone else is trafficking turds and you decide I can not be left out."
June 23rd
"The Bitcoin market has finally exhausted the biggest fools …" – Jordan Belfort
BTC price: $ 6.139
Jordan Belfort, known colloquially as the "Wolf of Wall Street", criticized Bitcoin for the second time, after calling him "a wolf in sheep's clothing". This time, in a YouTube video, he stated that "everything is based on the Great Theory of Fools."
"There is no fundamental value [with Bitcoin], it's all based on the next guy and the next guy. Go out if you do not want to lose all your money, because […] there's a good chance it will break. And when it really breaks, you will not be able to sell until the end. There will be no liquidity. "
July 31st
"Because I'm a skeptical cryptic" – New York Times
BTC price: $ 7.830
In his considerable and measured column, the author of the Times Paul Krugman explained his skepticism about Bitcoin and other cryptocurrencies.
Essentially, Krugman has identified two flaws: transaction costs and the absence of tethering. He then stated that the conventional monetary system works more effectively and therefore will not be replaced by cryptocurrencies:
"In fact, eight years after the launch of Bitcoin, cryptocurrencies have made very few achievements in real trade, some companies will accept them as payment, but my feeling is that it is more than signaling – look at me, I'm at the forefront! – that on real utility Crypocurrencies [sic] they have a great market rating, but they are overwhelming as speculative games, not because they are useful as a means of exchange ".
August 30th
"Bitcoin and other cryptocurrencies are useless" – The Economist
BTC price: $ 6.862
While the summer was coming to an end and the bear market began to prevail, The Economist decided to intervene with a catchy title. "A decade later [Bitcoin] is barely used for the intended purpose, "said the author, adding:
"Users have to struggle with complicated software and give up all the protections of consumers they're used to." Few sellers accept it. "Safety is poor. Other cryptocurrencies are used even less."
September 12th
"The collapse of 80% of Crypto is now worse than Dot-Com" – Bloomberg
BTC price: $ 6.311
Bloomberg dubbed the bear market as "The Great Crypto Crash of 2018" and drew another classic parallelism similar to the tulip mania, comparing the crypt with the dot.com bubble. However, according to reports, the CryptoCompare Digital Assets 10 index extended its January collapse to 80 percent, which is higher than the decline from 78 percent at the end of 2000, as reported from & # 39; article.
"The virtual currency craze of 2017 – fueled by the hope that Bitcoin would become" digital gold "and that blockchain-driven tokens would reshape industries from finance to food – quickly gave way to concerns about over-advertising, security flaws , market manipulation, more stringent regulation and slower than expected adoption by Wall Street ".
7 October
"Cryptocurrency is more centralized than North Korea" – Nouriel Roubini, aka "Dr. Destino"
BTC price: $ 6.570
On 7 October, the American economist Nouriel Roubini of New York University – known as "Dr. Doom" for his alleged prediction of the 2008 financial crisis and also as "Permabear" for his market forecasts – tweeted that cryptocurrency is more centralized than North Korea, even going so far as to call the Vitalik Buterin of Ethereum a dictator:
"Cryptic decentralization is a myth: it is a more centralized system of North Korea: miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is" dictator for life ") and the inequality coefficient of Gino bitcoin is worse than North Korea. "
Earlier, in November 2017, Roubini hypothesized that Bitcoin would eventually fail as more countries will establish stricter rules after China's current negative approach to the crypt.
November 21st
"Jamie Dimon and Warren Buffett have the last laugh on Bitcoin" – Bloomberg
BTC price: $ 4,542
The author of Bloomberg, Lionel Laurent, argued that, with the collapse of the price of Bitcoin, the cryptocurrency has enriched "only the insiders such as mining companies and crypto-exchanges, and the early birds and the technological elites that they cashed at the right time "instead of creating a neutral blockchain-based system. He continued to leverage Bitcoin's effectiveness even more:
"Nothing on the Bitcoin label turned out to be in the bottle as a means of payment, it is cumbersome, volatile and expensive, it destroyed value rather than store it, and its decentralized technology was sold to investors as unique. everything was except. "
December 11th
"Yes, Bitcoin was a bubble, and it's up." – Bloomberg
BTC price: $ 3.408
In one of the last mainstream pieces that reported the failures of Bitcoin, Bloomberg described them fundamentally as a "painful lesson on speculation" for millennials:
"In the end, the Bitcoin bubble may have been a net asset for the company.The total amount of wealth involved – a few hundred billion dollars distributed throughout the world – was small compared to the housing bubble of the 2000s or the bubble dot-com of the years' 90, which means that the pain will be limited and the experience of such a classic and perfect financial bubble may be enough to teach the millennial generation what their ancestors learned a lot more painfully – if something seems too good to be true, it usually is. "
The article also mentioned John McAfee, a year earlier Tweet stating that "bubbles are mathematically impossible in this new paradigm". Recognizes, however, that the cryptocurrency has recovered "from several previous blisters and incidents, including one in 2011 that was just as devastating".
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