I am not against cryptocurrencies. In fact, I am all in favor of alternative currencies, private currencies, LETS, etc. I believe that people should have the freedom to choose what assets they want to hold, and what to use as a medium of exchange for their market transactions. But I have never been in favor of Bitcoin. I think it is a stupid ponzi scheme.
I am broadly ignorant of what’s happening around the world since I don’t follow news. Thus it was that I learned from my friend Veer that cryptocurrencies were crashing today. That was interesting news to me. I looked up some sites to see what was happening. Here’s a graph of bitcoin prices over the last few months: Continue reading “Bitcoin”