The Case Against Bitcoin
This week’s cyberattack on the Colonial Pipeline was carried out by a group requesting ransomware payment in Bitcoin. (Andrew Caballero-Reynolds/AFP via Getty Images)
Peter Thiel’s former portfolio manager says that the crypto narrative is built on half-truths and a nonchalance about the security provided by the nation-state.
A rising price does not tell you something is working. If you don’t believe that’s true, consider what happened to holders of tulip bulbs in the 1600s.
That’s how Michael W. Green sees cryptocurrency. It’s like driving uphill with no brakes — and those relentlessly boosting it refuse to acknowledge its profound vulnerabilities and downsides.
What happens,…
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