“First of all, calling it a currency — it’s not a currency. It’s not a unit of account, it’s not a means of payment.…it’s not a stable store of value. Secondly, it’s not even an asset,” Roubini said.
According to Roubini, Bitcoin has no intrinsic value. He pointed out that assets — bonds, stocks, real estate, or precious metals — either provide income, capital gains or some form of utility.
“While in the case of Bitcoin, there is no income,” he said. “There is no use. There is no utility. The only thing is a speculative, self-fulfilling kind of rise, and that rise is driven totally by manipulation.”
Roubini noted that there’s academic research to suggest that “this pseudo stable coin Tether has been created by fiat” and is “used literally to manipulate the price of Bitcoin.”
“The price of Bitcoin is totally manipulated by a bunch of people, by a bunch of whales. It doesn’t have any fundamental value,” he said. “We’re close to the point where the hyperbolic bubble is going to go bust.”
https://finance.yahoo.com/news/nouri...144807645.html
|
-
12-24-2020, 02:45 PM #1
Bitcoin's 'hyperbolic bubble is going to go bust'
-
12-24-2020, 02:48 PM #2
-
12-24-2020, 02:50 PM #3
-
12-24-2020, 02:51 PM #4
-
-
12-24-2020, 02:52 PM #5
There’s buying bits of code in the form of gift cards with no redeemable cash value but accepted by a merchant
Then there’s bitcoin using the same concept that is trying to displace the need for central banks while using infinitely more electricity to keep the lights running. Have to credit the exchanges who are essentially charging inflated buy/sell fees to purchase these gift card tokens though
-
12-24-2020, 02:53 PM #6
-
12-24-2020, 03:04 PM #7
“Critics of fiat currencies always make the same stupid mistake. They repeatedly point out that there is “nothing backing the US dollar”. What they utterly fail to understand -- either out of political correctness, or deep ignorance of geopolitics -- that what backs the US Dollar is quite literally the strongest and most unchallenged military in the history of the world. If the connection between military might and the strength of one’s currency is confusing, consider that ‘control of resources’ is a widely agreed upon measure of value for any nation’s currency. Another way to think of it is this: America alone has a near infinite supply of oil. Anyone arguing against the continued dominance of either the Euro or the Dollar simply needs to look at Libya. Any questions about the strength of those “currencies” now? Fiat kids are typically those who finished first year Econ, and are aghast at the audacity of the Federal Reserve and the power to create near infinite money and credit. While admittedly shocking to the neophyte -- that ability should not shock nearly as much as the other powers of our government which include the ability to take anything, anywhere, any time, at any human cost. Politically incorrect? Absolutely. Factually correct? Absolutely.” – popo
-
12-24-2020, 03:05 PM #8
-
-
12-24-2020, 03:56 PM #9
i wonder how long the ponzi can go on for? i just hope a bigger fool pays more for it than i did. they say a fool is born every minute, so im hoping i will be ok and make good profit
its funny how every western bitcoiner acts independently like its the next best thing, while at the same time all hoping to sell to someone for more than they paid. all trying to scam each other... meanwhile you have all the chinese working in unison to completely scam and phuck the entire western civilization
-
12-24-2020, 03:59 PM #10
-
12-24-2020, 04:03 PM #11
You can buy real estate with BTC. It is a method of exchange. People are using it. As far as anything backing it, it's on par with every other currency.
Yeah, no doubt there is going to be a sell off sometime soon the way its high, would not buy into now, but once it drops there will be a prime time to buy.
No, I own none of it, but I know what it is and what it isn't.
-
12-24-2020, 04:04 PM #12
-
-
12-24-2020, 04:05 PM #13
-
12-24-2020, 04:09 PM #14
-
12-24-2020, 04:14 PM #15
You can buy real estate with BTC, only because it has a value in USD, you still are paying the USD spot price. currency needs some stability, an unstable thing like bitcoin is a horrible idea for a currency, brb take out a 30btc mortgage to buy a house, damn btc doubled in 3 months..... now my house is only worth 15btc but I still owe 30btc.
-
12-24-2020, 04:16 PM #16
-
-
12-24-2020, 04:20 PM #17
-
12-24-2020, 04:22 PM #18
-
12-24-2020, 04:23 PM #19
-
12-24-2020, 04:34 PM #20
Gold (or any precious metal) is not an investment but merely rank speculation. Its price is based solely on market expectations. Gold provides no internal rate of return. Unlike stocks or bonds it creates no intrinsic value through earnings growth, dividend yields, and interest payments. Speculation not investment. Bitcoin is similar but even worse because it has no utility. Greater fool theory.
-
-
12-24-2020, 04:35 PM #21
I think Bitcoin may have a future and the technology is here to stay. But at the moment it IS being manipulated and pumped by whales. I absolutely think its going to tank by 50% or more after covid and the elections get sorted out.
The fact that its so unstable is what makes me skeptical about it as a currency source.
Brb sell an item for .5 BTC. Brb value of BTC plummets and the payment for your merchandise is suddenly a fraction of what its valued at.
Because of that, I fail to see how its viable at this time. People love BTC because its not controlled by a government or a bank. But because of that its so freaking unstable.
Imagine for a second if a US dollar was that unstable. How chaotic would things be? Brb bag of rice cost $3.00 today, $2,000 tomorrow....
-
12-24-2020, 04:37 PM #22
-
12-24-2020, 04:46 PM #23
-
12-24-2020, 04:50 PM #24
-
-
12-24-2020, 04:57 PM #25
- Join Date: Jan 2011
- Location: Illinois, United States
- Age: 36
- Posts: 4,676
- Rep Power: 31625
"Have you ever heard a smart sounding friend say that they aren’t sure about bitcoin but they believe in blockchain technology? This is like saying you believe in airplanes but you’re not sure about the wings; and there’s a good chance that anyone who thinks that may not understand either."
https://unchained-capital.com/blog/b...ot-blockchain/
-
12-24-2020, 04:58 PM #26The billionaire and the beggar both have 24 hours in a day.
That's why grandma's apple pie rocks and yours sucks.
[QUOTE=Dave22reborn]At least it will thunderstorm tonight, and we know how they feel about water. :)[/QUOTE]
^^^Racist police officer who also cries about how racism doesn't exist, also cries reverse racism and typifies the stupidity of the racist right, referring to black people as "they" and regurgitating racist stereotypes.
-
12-24-2020, 05:03 PM #27
He is still correct in his arguments, mostly. Bitcoin is a flawed piece of chit. Satoshi and early devs wanted to evolve it, yet cihnese miners pushed back. Early smart devs even admit that btc is crap. Just because it´s popular because of manipulation, doesn´t mean it´s good. Bad store of value and bad currency. It has flourished because of millions of gamblers entering the casino, not because it actually has much to offer.
Bitcoin didn´t want to evolve, and thats when it really died. The moment Gavin Andresen, Mike Hearn and other early devs got chased out from the community and Blockstream took over. In the future, we will look back at that moment being the turning point of something with potential, turning to garbage pump and dump.Last edited by PimpMasterC; 12-24-2020 at 05:09 PM.
-
12-24-2020, 05:03 PM #28
I don't get it. Shares I understand, fiat currency based on government spending, ability to repay and market interest rates I get.
The storage methods seem shady for a few reasons.
Buying it is a massive PITA, using it to buy other things is an even bigger PITA.
Nobody will lend it or let me borrow it
I can't reliably price other assets in it
I can create an alt coin in a few minutes,I don't see much that is actually unique compared to others.
For those who say fiat is worthless - there is a lot going on with having a medium of exchange that is predictable in relation to other currencies and pricing of actual assets which means interest rates and the whole lending and banking system is able to function.
Unstable currency price between different fiat is an absolute nightmare for investing in pretty much anything. If one country replaced their currency with BTC then they would quickly find themselves without international trading partners, a lack of liquidity, zero ablity to issue bonds.
Also - BTC may never go to zero but you could find it go to 100k but no miners to maintain the network and no transactions, effectively making it $zero.
-
-
12-24-2020, 05:10 PM #29
-
12-24-2020, 05:14 PM #30
Bookmarks