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Why I think a hard Bitcoin crash is inevitable.

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Posted 4th February 2014 at 05:36 AM by SunilTanna

I think the bitcoin *system* includes a clever computer science innovation that is potentially economically valuable (the concept of a distributed ledger).

However... that doesn't that bitcoins themselves have any real value, so I predict that in the long-term their price will crash back to virtually zero (although when I can't say).

The reason is that while bitcoins themselves are a limited quantity (there is a max limit of 21 million that will ever be created), rival crypto currency's coins are perfectly good substitutes for bitcoins, and there is no limit on how many rival coins might eventually get created.

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