While Bitcoin (BTC), the top-rated cryptocurrency by market cap, is heading toward $ 10,000, He continues to show that those critics who incorrectly announced his impending disappearance are wrong.
Indeed, as in a Tweet May 8 by the CEO of Exchange CoinCorner, Danny Scott, the first website to declare Bitcoin’s death in 2010, no longer exists.
Bitcoin has been challenging opponents for over a decade
In the beginning there was bitcoin. Then there followed an apparently endless stream of entities that lined up to declare him dead or worthless, or “a scam” or even “rat poison squared”.
Unfortunately for all of these critics, Bitcoin is still alive, kicks and stronger than ever as he approaches his third halving event.
According to the Bitcoin obituary page Bitcoin has been declared 380 times dead since it was launched in 2008. The first of these was on December 15, 2010, when the price of BTC was only $ 0.23 and The Underground Economist published an article entitled “Why Bitcoin Can’t Be Currency”.
Fortunately, Wayback Machine has an archive of this article because the Underground Economist website is no longer with us.
Oh, I’m still alive
In many ways, the article is quite prophetic for its time and defines the possibility that:
People won’t spend their Bitcoin anyway because they make a lot of money by owning it.
However, he also predicted that Bitcoin would get into a death spiral if people started taking their profits with them. After all:
The delivery of Bitcoin is fixed and is only used as currency. I doubt that prices are very likely to go up as this will happen very quickly.
He came to the conclusion that Bitcoin was based solely on its novelty value. If it is correct, it would be a novelty today.
The only thing that has kept Bitcoin alive for so long is its novelty. Either it remains a novelty forever, or it goes from novelty to dead faster than you can blink.
Oops. As Scott says in his tweet, “Don’t discount the honey badger.”