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bitcoin and other cryptocurrencies as “the mother of all scams”

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Post by veya_victaous on Tue Oct 16, 2018 10:07 am

A PROMINENT economist has slammed bitcoin and other cryptocurrencies as “the mother of all scams” and blockchain as the “most over-hyped technology ever”.
New York University’s Stern School of Business professor of economics Nouriel Roubini — often referred to as “Dr Doom” for correctly predicting financial crises — has long been a critic of digital currencies.
Appearing before the [url=https://www.banking.senate.gov/imo/media/doc/Roubini Testimony 10-11-18.pdf]US Senate banking committee[/url] hearing last week, Mr Roubini said the cryptocurrency market had “now gone into a crypto-apocalypse as the mother and father of all bubbles has now gone bust”.
Bitcoin has lost about two thirds of its value since peaking at $US20,000 in December, with the digital currency hovering around $US6000 for most of 2018. About 2000 other tokens, the majority of which move in sync with the bitcoin, have fared worse.
“Scammers, swindlers, criminals, charlatans, insider whales and carnival barkers tapped into clueless retail investors’ FOMO and took them for a ride selling them and dumping on them scammy crappy assets at the peak that then went into a bust and crash — in a matter of months — like you have not seen in any history of financial bubbles,” Mr Roubini said.
“A 70 per cent capital loss was a ‘good’ deal compared to thousands of alt-coins — otherwise better known as s**tcoins — that have lost on average 95 per cent of their value since the peak. Actually calling this useless vapourware garbage a ‘s**tcoin’ is a grave insult to manure that is a most useful, precious and productive good as a fertiliser in agriculture.”
Mr Roubini touched on many of the common criticisms of bitcoin — its high transaction fees, wildly fluctuating price, massive energy requirements of “miners” and lack of protection from fraud, theft or loss.
On cryptocurrencies generally, he argued they have no intrinsic value compared with fiat currency, and that blockchain was “nothing better than a glorified spreadsheet or database”.
“Blockchain’s ideology is politically born out of the same mentality as libertarian right wing conspiracies or extreme left anarchism,” he said.
“All governments, central banks, moneys, institutions, banks, corporations, entities with reputation and credibility build over centuries are evil centralised concentrations of power that literally need to be destroyed.”
The reality, he argued, is “just the opposite”.
“A bunch of self-serving greedy white men — very few women or minorities are allowed in the blockchain space — have pretended to create billions of wealth out of nowhere while pretending to care about billions of poor and unbanked human around the world,” he said.

More at
https://www.news.com.au/finance/money/investing/economist-slams-bitcoin-as-mother-of-all-scams/news-story/de550db47aa49fd7d58adfa0da18bfc6

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Post by eddie on Tue Oct 16, 2018 10:33 am

Yeah, what is this bitcoin thing? When I went to Texas last August I was chatting to one of Ben’s mates who said he was making a profit.

It sounded like a scam to me. I don’t get it. scratch

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Post by 'Wolfie on Tue Oct 16, 2018 3:02 pm

bitcoin and other cryptocurrencies as “the mother of all scams” 1399249160

I've always considered the Bitcoin system to be nothing more than an over-hyped form of gambling, much like playing poker machines, visiting a casino or buying a lottery ticket...

Masquerading as a form of financial exchange, while it's actual organisation is designed purely to make the operators a steady profit by skimming fees as the 'funds' shoot up and down at random..

And, as seen, self-deceiving "investors" can lose 75% or gain 200 or 300% in a matter of days --  and, I suspect that a lot of those "investors" will be like Poker Machine addicts --  bragging about their "profits" but rarely admitting to how much they are really losing !

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Post by veya_victaous on Tue Oct 16, 2018 10:37 pm

eddie wrote:Yeah, what is this bitcoin thing? When I went to Texas last August I was chatting to one of Ben’s mates who said he was making a profit.

It sounded like a scam to me. I don’t get it. scratch


essentially video game money that some people are trying to use as real money.  Wink

Based on the Idea Money only has value because we say it does, they believe if everyone decided to switch to bitcoins it could replace nationalized currency. 

it doesn't really work because nationalized currencies are at least backed by a national gov't

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Post by eddie on Tue Oct 16, 2018 11:14 pm

It’s an interesting concept though. And what would be the ramifications if it took off, I wonder?

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Post by 'Wolfie on Wed Oct 17, 2018 2:27 am

Basketball

National currencies are underpinned by the actual "wealth" of that country -- whether that be in natural resources, agricultural or manufacturing production, reserves of foreign currencies/credit and precious metals, and/or the skills/education/entrepreneurship of its people...

Bitcoin systems, so far, have no such "intrinsic value" to support them, hence the big swings that are seen from day-to-day in their trades..

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Post by Lurker on Wed Oct 17, 2018 1:31 pm

Bitcoin is just another scam to prove how stupid humans really are.

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