A quick explanation of bitcoin

What is bitcoin? I often ask myself that question.

I am not an economist, but I have spent my entire adult life in and around the international financial industry and I will unhesitatingly label bitcoin and other so-called cryptocurrencies a crock of shit.

If you are ever tempted to 'buy' bitcoin, because everyone else seems to be doing so, then go and lie down in a dark room till the urge wears off.

Have you ever stood and watched a bunch of street hustlers separate a larger bunch of mugs from their money by persuading them to buy a bag that they are clearly told has nothing in it?

I have, and fell for it, once. I don't think I have ever felt so stupid in my life, and believe me, I have felt stupid more times than I care to remember.

That, in essence, is bitcoin, without the honesty.

A brown paper bag with nothing in it.

I would not touch it with someone else's bargepole.