By Robert Wenzel
At the post, The Wolf of Wall Street: Bitcoin is Going to Evaporate, a commenter writes:
Bitcoin is currently the most common currency for purchasing and selling most of the other cryptos. There are many exchanges where dollars are not used at all, you must
bring bitcoin or another crypto, though everything can be traded with bitcoin. Perhaps another cryptocurrency will take bitcoin's place in this regard, but who knows?
The charts shows lower highs and lower lows since February, but bitcoin does not seem to be headed to zero like a pump and dump stock. Bitcoin could lose 30%/year for 25 years before going under $1. Yes, those who plunged will be wiped out, but it wouldn't "evaporate".The fact of the matter is that Bitcoin is probably in worse shape than your average pump and dump stock scam. Pump and dump scam stocks often don't evaporate, they are reused. See: Street Fighting at Wall and Broad: An Insider's Tale of Stock Manipulation.
There could be a lingering odor of Bitcoin at under a $1.00 but no one is going to go near such odor. It would be an evaporation with a lingering odor.
And I am trying to understand the utility of this activity:
Bitcoin is currently the most common currency for purchasing and selling most of the other cryptos. There are many exchanges where dollars are not used at all, you must bring bitcoin or another crypto, though everything can be traded with bitcoin. Perhaps another cryptocurrency will take bitcoin's place in this regard, but who knows?I would bet that Wolf has in mind more than just Bitcoin and his analysis includes all these nutty current day cryptocurrencies. Which leads to the question: Why are people trading all these cryptocurrencies back and forth?
It reminds me of the time my brother in 1971 traded a stack of probably around a hundred assorted baseball cards for one Billy Conigliaro card.
Robert Wenzel is Editor & Publisher of 
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