Bitcoins are not an investment. They are an investment fad that someday could be a real digital currency, but if they continue to behave as they have, they will instead be nothing.

Like most people, I gave little thought during my life to the scourge of child pornography. But, I now know we are fighting a losing battle. The predators are sophisticated in the use of computers and talented in the manipulation of children.

Bitcoins are not an investment. They are an investment fad that someday could be a real digital currency, but if they continue to behave as they have, they will instead be nothing.

Enron was becoming a virtual cult of creativity, often placing swagger over substance. New ideas were celebrated for their newness, for their potential; tried and true businesses like the pipelines were almost derided.