Just to confuse you, or just to educate you in the debate of bubble, economics and bitcoin; whichever way you choose to take ;) this was a post against Bitcoin in April 2013 at the website of Yanis Varoufakis, an economist who holds professorships at the University of Texas and the University of Athens. And it's 2017 now after 4 years with him saying slightly different things. And I may agree with him that Bitcoin is a bubble, it's getting value quickly compared to it's acceptence, much can be speculation, but again there was nothing else like bitcoin before, just like there was nothing else like internet.. Rich gets richer (not only a person but also anything in general), isn't it the law of nature? So if you believe in it, you can be extremely lucky, just like them who believed in it back in 2009-10 till 2016; don't you buy lottery? Every risk you take has come with a probability estimate. The question actually is whether you can afford to take the risk or not. :) I will stop being philosophical.. well, for me philosophy is the part and parcel of life which gives perspective. Anyway, if you read the article, you may be convinced against bitcoin a little bit. But the best comment I am borrowing against his argument from a forum is "Statist tripe. He makes some genuinely true observations but immediately dumps a bunch of radical conclusions without explaining this evolution of events as if they are a foregone conclusion. You know what they call people who study something with a previously drawn conclusion? Bias... Additionally he shows his ignorance of the crypto economy by ignoring such buffers as alternate chains, as well as other continuing evolutions of the Bitcoin based monetary systems." So, as you know you need to critcally think about every word you say and you are said to. You are free to choose or are you?
To Varoufakis, money is inherently political. I don't know whether I should agree with that. May be it was or is, but should it be? We are evolutionarily like chimpanzees, should we act like chimpanzee and maintain similar hierarchical power structure like we have in many places; especially now that we developed a big brain to imagine and critically think and became successful to realize why democracy is better than monarchy, why meritocracy is better than aristocracy? Yeah, it's hard, nobody is saying it's easy to change the world and society. He continues, The decisions regarding whether money is produced or not, how it is distributed and who receives it, all have significant political consequences, benefiting certain social groups over others. Bitcoin’s central design feature, that it is not governed by a central bank or decision-making authority, means that responsibility for its distribution is forfeited. This can have profound social and political implications in times of crisis. Haha.. Yeah, so if you conclude that now central authority is better, then there's a huge problem. So, difficult debate you may agree. May be you can realize that Bitcoin is just not about money, it's about changing society, changing power structure and a lot more. Hope you understand and have a bigger picture.
https://www.yanisvaroufakis.eu/2013/04/22/bitcoin-and-the-dangerous-fantasy-of-apolitical-money/
What Bitcoin can offer and what not?
https://www.yanisvaroufakis.eu/2014/03/13/on-bitcoins-potential-qa-on-what-bitcoin-can-and-cannot-offer-a-troubled-world/
Debating Bitcoin on ABC Late Night Live, with Phillip Adams and the biggest blockchain proponent Andreas Antonopoulos
https://www.yanisvaroufakis.eu/2014/03/13/debating-bitcoin-on-abc-late-night-live-with-phillip-adams-and-andreas-andreopoulos/
And some comments from bitcoin talk.
https://bitcointalk.org/index.php?topic=184174.0
Please enjoy and critically think for yourself.