Henry Blodget and crew have taken a couple of swings at Bitcoin this week in the Business Insider.
In these articles, Blodget and Weisenthal make a series of inexplicable leaps with significant logical flaws which I'd like to address. Don't get me wrong, these common mistakes are often made by people who spend their life in banking, Wall Street and otherwise come from the world of the criminal elite.
Let's get started with this statement:
My folks recently upgraded to the Hopper from Dish Network. Among its great features is the integration with their "newly" acquired Slingbox technology in a service they call Dish Anywhere. When it works, Dish Anywhere is a terrific way to watch live TV and your recorded shows online. And you can watch them from anywhere that you have an fast enough internet connection.
To use Dish Anywhere you must first install a browser extension that enables the sling player. Normally after this minor annoyance, you are up and watching tv almost immediately. Unfortunately however, Google recently pushed an update to Chrome that blocks the installation of the Dish Anywhere extension. No error message is raised and the user is left to assume that installation was fine, but instead you are again asked to install the extension when you return to Dish Anywhere. Further inspection in the Extensions screen shows no sign of the plugin anywhere.
I don't know about you but I love amusement parks. Rollercoasters are my favorite. I can't get over the thrill of being tugged up a monstrous hill by a rusty chain only to be dropped mercilessly hundreds of feet toward the encroaching earth.
If you look at the historical chart of Bitcoin prices, you'd be excused if you mistook it as the plans for some new rollercoaster at Six Flags. Those of us who have been following Bitcoin for some time have grown very accustomed to the fast and vast swings in price. In any normal day, it's common to see the price move 10% to 20% and when it swings big, it swings big.
So why do we endure these large swings and put our financial faith in something so blatantly inconsistent?
Because no matter the swings, when you look at the fundamentals, Bitcoin is woefully undervalued.
Apparently the rest of the world hates the new New Tab page in Chrome as much as I do. I've been complaining about the changes in the beta and dev versions for months, but Google just hasn't shown an ounce of concern for it. Yesterday they rolled it out to the rest of the world with even more unbelievably bad changes.