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Albert Sung is the author of the Katchum Macro-Economic Blog, monitoring breaking economic news from a day to day basis. He started investing in 2008 because of the economic crisis and holds a masters degree in chemical engineering. Previously, he worked several years as a process engineer at... More
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  • Peter Schiff Was Right: Bitcoin Version 3 comments
    Dec 6, 2013 11:39 AM

    As Bitcoin crashes another 10% below $1000/Bitcoin again, maybe it's time to prepare a "Peter Schiff Was Right" video for Bitcoin. Anyone volunteering?


    (click to enlarge)

    Bitcoin Crash

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  • omarbradley
    , contributor
    Comments (966) | Send Message
    i think China now banning bitcoin is only going to provide support. at what price? who knows. but it was at only a buck at the beginning of the year. if this currency becomes engrained in people's everyday commercial life they'll simply work around paper.
    6 Dec 2013, 12:02 PM Reply Like
  • Katchum
    , contributor
    Comments (615) | Send Message
    Author’s reply » Your wage can't be paid in Bitcoins because of the bank ban, so people need to buy Bitcoins themselves. First of all, I think the majority of people are too lazy or unknowledgeable to do this. Besides, you don't get interest for buying Bitcoins, people would rather buy stocks or bonds. The same can be said about gold, but why buy Bitcoins if you can buy gold. Even the Chinese government isn't interested in it. Bitcoin might be interesting for criminals or people evading taxes and doing money laundering, but I don't think many people want to be categorized like this. The truth is people are just speculating for high profits. Once the hype goes away, so will the Bitcoin price go down.
    6 Dec 2013, 12:42 PM Reply Like
  • SMaturin
    , contributor
    Comments (2268) | Send Message
    Digital tulips
    You hope IRS won't see
    As you launder weeds.
    8 Dec 2013, 07:52 PM Reply Like
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