Trend Analysis Bitcoin

1) "Bitcoin is basically a Ponzi scheme" said Paul Krugman.

2) So is bitcoin a giant bubble that will end in grief? Yes. But it’s a bubble wrapped in techno-mysticism inside a cocoon of libertarian ideology. And there’s something to be learned about the times we live in by peeling away that wrapping.

3) Bitcoin’s untethered nature also makes it highly susceptible to market manipulation. Back in 2013 fraudulent activities by a single trader appear to have caused a sevenfold increase in bitcoin’s price. Who’s driving the price now? Nobody knows. Some observers think North Korea may be involved.

Sources : www.seattletimes.com...ally-a-ponzi-scheme/

Notes : Support 26077.19, Resistance 28035.9

Comment:

Just a personal opinion. I am totally new to the the world of Bitcoin but agreed that it is a good proof of concept or a prototype currency but I foresee US government will intervene and breakup this system as this digital coin will help the flow of dirty money without a trace and endanger the global financial system. Bitcoin's major weakness is that it is not legally regulated or financially backed by any government in the world so technically speaking we cannot call it a legal tender by definition. Alan Greenspan coined the word "Irrational exuberance" and Janet Yellen worked with him before and their job was to ensure price stability and the price of Bitcoin by itself is highly inflationary. According the the news article which suggested that "Some observers think North Korea may be involved." and that will help to keep this Bitcoin under the radar of CIA or FBI :(

Another puzzle is that why the founder of Bitcoin choose not to reveal his own identify? Some news article speculated that this guy was actually working for a drug dealer and the whole system was designed to help the boss to do money laundry.