12.18.13
The sharing economy (a continuing series)
Move over, Goldman Sachs. At the rate things are going, and assuming there’s a lot more extreme weather this winter, we may soon be able to add the ride-sharing firm Uber to the list of institutions loathed by nearly everyone, with the exception of those so rich as to pay no attention to what they’re being charged for things …
The more drivers who leave Yellow, say, for Uber, the nearer we get to a world in which only the rich can get around. Which, of course, may not be a bad idea, the rich invariably being nobler, harder-working, nicer-smelling, and generally more virtuous than lazy, malodorous good-for-nothings who can’t afford Samsung Galaxies or iPhones.
From my point of view, I can’t see Uber making much of a dent in southern California. Too many poor people and it’s not semi-pro want-to-be an unregulated cab driver nation waiting to happen.
It may take a couple years for it to sink in that you can’t rule the world from your smartphone everywhere, though.
Uber as a way to redeem your economic viability in West Virginia or Mississippi? Give me a break.
It is pleasurable to see bitcoin have its ass kicked by the world’s second largest economy, China. What countries will follow?
After crashing twice in the past few weeks, both due to China’s moves preparing for the elimination of the digital currency’s use, it’s still easy to imagine that bitcoin hoarders will work hard to push the value of it up again.
Which will only underscore its volatility, demonstrating that bitcoins are only for those who already have real money liquidity and the ability to purchase and sell large amounts of them quickly for speculative purpose. It’s a money for digital goldbugs who increase their worth by gaming it.
Bitcoins and bitcoin wallets are of no use to the hoi polloi who must use money to buy prosaic shit like food.
You can, however, buy a Tesla with bitcoins.
These things being the case, the Coinpunk will probably not conquer the world of tyrannical banking with his ultimate bitcoin wallet. And he just lost half his operating capital in the short term.
“A few drug users aside, no one appears to be buying [bitcoins] as a way to buy things,” reads the Economist, today.
Remember — these is much that can be delved in the blog archives using the search bar. It is great for finding stuff on the sharing economy, the new tech system of systems for reducing everyone to penury, for instance.
Bill said,
December 18, 2013 at 2:29 pm
“it’s still easy to imagine that bitcoin hoarders will work hard to push the value of it up again.”
I wonder when we will be informed about those shadowy Winklevoss twins and just how much they pocketed from this wonderful investment opportunity.
After all, investment opportunities like spitcoin don’t come along every day.
Hey wait a minute, how many other rhyming perjoratives can a person come up with here..?
George Smith said,
December 18, 2013 at 3:18 pm
Someone had estimated what the Winkelvosses had in bitcoins a year ago. They’re were trying to hoard them, ala Nelson Bunker Hunt and silver.
News had them reported at about 11 million in bitcoins in April. That must have ballooned quite a bit over the summer and fall and been cut in half by China.
In November, before China, they were estimated to have turned it into 32 million.
http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/09/the-11-million-in-bitcoins-the-winklevoss-brothers-bought-is-now-worth-32-million/
And now it has crashed but it’s worth more than when they started. I could run the figures but it’s not worth the time to calculate the loss. They’re just another example of why bitcoin is so speculative, not worth anything to anyone who doesn’t have a lot in investment and who can get in the news to either pump up the mania and price or quickly sell them off for dollars.
The feature of it is that if you have a lot, your investment goes up and down on the senseless whimsy of your colleagues in extreme tech libertarianism and bitcoin hoarding. Then China demonstrates the currency is acutely sensitive to government attack.
And yesterday, just before China nixed bitcoin, one of the Winklevosses was on Reddit, where everyone goes to get the truth, making the claim it would go to $40,000. Then … reality.
I think for the time being we can make the observation that bitcoins and manipulative assholes are two things that go well together..