Is bitcoin the next Tulip Fad?

 What do you know about Bit coins? Below is what we know and why we think the bit coin bonanza will evaporate.

Few if any reader here can recall or know about the Tulip Bubble or The dance craze where many died.

The Tulip Bubble, The European Dance Craze, The Pet Rock and the Bit Coin all have HUMAN WHIM in Common.

Below are 2 examples of how the majority of bitcoins will be lost

After Matthew Mellon, scion of the Mellon banking fortune, died on April 16 of a drug-related heart attack in Mexico, his family was unable to locate the pass code needed to retrieve his fortune — said to have been worth as much as $1 billion — in XRP cryptocurrency, according to the Daily Mail.

Losing passwords is the kind of nightmare that haunts bitcoin investors. In fact, there are an estimated 3 million bitcoins — totaling nearly $25 billion — lost because the retrieval codes.

Just ask James Howells — who lost a hard drive with the key to more than $60 million in bitcoin.

“I mined more than 7,500 coins over one week’s time in 2009; there were just six of us doing it at the time, and it was like the early days of a gold rush,” said the IT worker turned crypto investor, 32, who lives in Newport, Wales.

“Four years later, I had two hard drives in a desk drawer. One was empty and the other contained my bitcoin private keys,” Howells recalled. “I meant to throw away the empty drive — and I accidentally threw away the one with the bitcoin information.”

In 2008, bitcoin’s alleged creator Satoshi Nakamoto published an open-source code through which bitcoins are “mined” by solving complex calculations, embedded throughout the Internet, via extremely powerful computers. There is a finite number of 21 million bitcoins.

One Redditor has come tantalizingly close to finding 533 Bitcoin stored on his late brother’s laptop—worth a cool $5.2 million at current prices.

The Bitcoin was stored on a laptop that Redditor “Shotukan” gave to his brother, who died last August. He unearthed the computer while rifling through boxes of his brother’s possessions ahead of a big move,

But the outlook isn’t promising, with Shotukan writing that, “he was NOT organized about it. I fear it's gone gone,” he wrote. If it is lost, it joins the approximately 1.5 million Bitcoin that have been lost forever, according to Coin Metrics—although that’s just an estimate, with some Bitcoin that hadn’t been touched since the Satoshi era recently going on the move.

The way bitcoin were designed. First you must "mine" a bit coin that is done by using your computer to solve a complex algorithm. Then that bit of software gets an uneditable Block chain to trace ownership [Computers ID]  

Another thing I know is that there are a finite number of bit coins attainable. But I also know that if memory serves correctly...If all the owners can agree to create more bit coins there is a provision for that within the original bit uneditable bit coin programing..

Good luck with getting a few hundred to agree on anything...

Eventually Bitcoins will disappear with the mania it created very much like the tulip bubble, Manic dancing, cabbage patch dolls or even the PET ROCK.