"Why Bitcoin Will Fail"

Published in Apenwarr on 2011-05-08, "Why Bitcoin Will Fail" declared Bitcoin dead or fundamentally doomed. The piece argued Bitcoin was heading to zero, citing the absence of intrinsic value and the impossibility of sustaining its price without underlying fundamentals. Bitcoin was trading at $4 at the time of publication. Bitcoin had just experienced its first major speculative bubble, surging to $30 before crashing back to single digits.