23Apr

Bitcoin Bubble?

The tendency for currency bubbles worsened when currencies were unlinked from the gold standard, but we think digital currencies kind of takes the biscuit – or Bitcoin : )

The inherent value appears to be based on processing power and algorithms (and that abstract and fickle value based on what people will currently pay for it), and it seems to us that those who got in and out early are the true winners in this phenomenon – When we see new currencies being launched such as the ‘Coinye’ (named in honour of Kanye West) the whole thing begins to take on the appearance of a pyramid scheme.

While some vendors are beginning to accept Bitcoin and there are attempts at mainstreaming the currency – (lately, we have seen Dublin-based firm GSM Solutions, which hosts Ireland’s first bitcoin ATM, announce that it is now paying five of its employees partly in bitcoin instead of euros) – the main problem with digital currencies appears to be the fact that they are of more interest to speculators than commercial entities.

Of course, we don’t pretend to be experts in these matters, but would you take your salary in Bitcoin?

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