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Many people are reeling from our analysis of the Bitcoin business. Neither of us thinks it is a good thing to embrace, but our competition (depending on how you define competition) seems to be in the process of promoting it to an extreme. Alex Jones, between commercials for gold and water purification systems, had RT’s Max Keiser on as the guest who would not shut up about Bitcoin. Keiser claimed that this product, created out of thin air, would bring down the Fed and cause a monetary revolution. At one point – clip to be played on Thursday’s show – he claimed that one Bitcoin would soon be worth $100,000, then upped his own prediction by saying one Bitcoin will soon be worth one million dollars!
Jones, who like others did little in the way of a background check on this, seemed much more interested in promoting a new movie he is doing about how we are all going to die. No matter, Keiser kept ranting and could only be stopped by another commercial break. A couple of times Jones pointed out that Keiser had patented some old virtual money idea and then accused him of inventing the Bitcoin. “Admit it Max!” he’d scream.
The net result of this exercise was that the audience never learned anything except that they should buy something from Jones or buy the Bitcoin because Keiser wanted you to. To contrast this exercise in rambling with your No Agenda Show is stunning. And the irony was that the very next day the Bitcoin was trading down 10 points into the 30’s because there seemed to be some bug with the coinage itself. And they had to regroup. Article on the problem is here.
While we do not want to spend any more of your time on the Bitcoin bubble/scam/advertising, whatever you want to call it, you should be concerned about some things said on the Jones show by Keiser and Jones. The most important was the assertion that Libertarians were flocking to this product as if it was some sort of special thing for them because it would supposedly “bring down the Fed.” With the exception of the very few Bitcoin boosters who help produce our show, and will not listen to reason, we can all say that this is bullcrap of the highest order. The Fed is not going to be brought down by Bitcoin. It’s insanity to think it. Buy and sell (if you can sell at all) Bitcoins at your own risk. Consider them a rank speculation with zero intrinsic value.
We are both hoping that there will be no reason for any more Bitcoin reports.
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John C. Dvorak & Adam Curry
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