⸺ Obituary · October 15, 2010 ⸺
“Why Bitcoin Can’t Be A Currency”
— The Underground Economist, The Underground Economist
“Negative feedback loops like this are basically homeostasis. In nature, positive feedback loops like exist with Bitcoin are lethal; the only thing that’s even kept Bitcoin alive this long is its novelty. Either it will remain a novelty forever or it will transition from novelty status to dead faster than you can blink.”
Price at death
$0.11
Today
$73,538
Resurrection
×668527
On 2010-10-15, The Underground Economist declared Bitcoin dead via The Underground Economist. Bitcoin was trading at ~$0 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on October 15, 2010, when one Bitcoin traded for approximately $0.11. Since then, Bitcoin has appreciated by 668527× relative to the price on the day The Underground Economist pronounced it finished.