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In the crazy, cryptic world of bitcoin there is no downside

Ideas

In the crazy, cryptic world of bitcoin there is no downside

Its value has fallen sharply this week, but the glass is still half-full for bitcoiners

Columnist

If things are feeling a bit gloomy at the moment, and you think you might benefit from a hit of weapons-grade optimism, I would urge you to spend some time online among the world’s cryptocurrency believers.

To be clear, this is not something I do regularly. In fact, I try to avoid the crypto coven as hard as I can to escape flashbacks to the time I bought a small amount of bitcoin at the what turned out to be the bubbliest top of the bubble, and then spent the next few months watching it slowly deflate, before I capitulated and sold everything about eight minutes before it started its next meteoric climb.

I am, however, not bitter. As someone who knows nothing about how any of this stuff works — I still think that “blockchain” is something that requires a plumber — I consider cryptocurrencies to be nothing more than a digital roulette wheel, where the only thing that decides whether you get rich or poor is the bounce of the ball and the tech billionaires who have their foot on a brake pedal hidden under the table...

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