Bitcoin.com co-founder selling his bitcoin??

With all the hoopla going on about bitcoin, it is interesting to note that bitcoin.com co-founder has said he has sold all his bitcoin, as “it’s as good as useless,” according to an interview with bitcoin.com co-founder, Emil Oldenburg, published by Tom Turula in the Business Insider Nordic (http://nordic.businessinsider.com/the-swedish-founder-of-bitcoin.com-one-of-the-largest-sites-in-the-industry-has-sold-all-his-bitcoins-because-its-as-good-as-useless–/).

Here is a snippet of that interview:

“Bitcoin.com is one of the world’s largest bitcoin sites, having grown its profile thanks to the insane price surge of the cryptocurrency this year. But its co-founder and CTO, Emil Oldenburg, a Swedish native, is extremely skeptical of bitcoin’s future.

“I would say an investment in bitcoin is right now the riskiest investment you can make. There’s an extremely high risk,” he says in an interview with Swedish tech site Breakit.

“I have in fact sold all my bitcoins recently and switched to bitcoin cash,” says Oldenburg, referring to the problems with bitcoin’s high transaction costs and lead times.

Indeed, by some counts, bitcoin transaction fees are doubling every three months, and it now takes on average 4.5 hours to confirm a bitcoin transaction. Ars Technica reported that fees reached $US26 ($34) per trade recently. Bitcoin.com operates in everything that has to do with bitcoins.”

Time will tell if bitcoin will survive or not. Who would have thought back then when the first computer was built in 1937 (the “Atanasoff-Berry computer” – ABC), and the “Colossus” built for the military in 1943 that weighted 30 tons and used a tremendous a tremendous amount of electricity (I can’t help making the analogy to the amount of energy that it takes currently to mine a bitcoin…), that it would develop into something that is used at all levels of society and in most remote places of the planet.

But I can’t help thinking that whether bitcoin survives or not, right now is in a “tulip mania” mode. Of course, I wish I had invested in it when it was a less that $1,000 and for sure I would have sold it long before the current price of $18,400 (?).

Food for Thought or Not (or Ramblings from an Innocent Bystander)