Bitcoin became a thing based largely on the enthusiasm of the same types of people who pushed gold to $1,921 an ounce in 2011 — not surprisingly, this was shortly after Congress’ Big Red Shoes performance in the debt-ceiling crisis that August. Both were based on the notion that Congress, the Fed and the European Union were running traditional currency into the ground. This was always a crazy idea. It was a reaction to emergency monetary policy rooted in a mix of a misunderstanding of what former Fed Chair Ben Bernanke was doing and cultural-political alienation that dates back to the right’s reaction to the sixties, if not the dawn of time. … But the real point is that if you have to even ask what Bitcoin is, Bitcoin really isn’t much
The value of bitcoins stolen seems to be greater than the value of bitcoins traded for goods and services not related to bitcoin speculation. When you point this out you are branded a hater.