Bitcoin Skeptics

Discussion in 'Bitcoin and Cryptocurrency' started by Millard Baker, Dec 6, 2017.

  1. Millard Baker

    Millard Baker Member

    This thread is for quotes from and news stories about Bitcoin skeptics, particularly those in the financial industries and business world.
     
  2. Millard Baker

    Millard Baker Member

    Casper von Koskull, the president and CEO of Nordea Bank AB, the Nordic financial services group operating in Northern Europe, says Bitcoin is a "joke":

    “I haven’t got my head around it. When we look at all the financial crime and all the regulation, how does bitcoin fit in?

    “If you somehow allow that to live without controls, then, given the billions we spend on financial regulation as a financial system, I mean, I think it’s actually a joke that you then just let something like bitcoin live. I don’t get it — it’s absurd.”

    Source: Bitcoin Is Still a 'Joke,' These Finance Giants Say
     
  3. Eman

    Eman Member

     
    GymRat88 and Millard Baker like this.
  4. Eman

    Eman Member

  5. Millard Baker

    Millard Baker Member

    Jim Cramer, the host of CNBC's Mad Money and former hedge fund manager for Cramer, Berkowitz & Co., says Bitcoin is like "gambling" with "monopoly money":

    "It's kind of like monopoly money," Cramer said on "Squawk Box." "Obviously, there's people who use it. If you ever say anything bad about it, there's like this 'bitcoin mafia' that comes after you. But it is an oddity that has nothing to do with us" as investors.

    "It's just pure gambling at this point," Cramer continued. "I mean if you want to gamble, go to Vegas. Vegas is fabulous."

    "I mean honestly, what's the difference between bitcoin and trying to figure out the Super Bowl? I mean it's gambling," the host of CNBC's "Mad Money" added.

    Source: Cramer: Bitcoin is like 'Monopoly money' — you're better off gambling in Vegas
     
    Kakarot and Eman like this.
  6. Millard Baker

    Millard Baker Member

    Alan Greenspan, former Chairman of the Federal Reserve of the United States from 1987 to 2006, says Bitcoin is "not a rational currency":



    "Bitcoin is really a fascinating example of how human beings create value or estimate or judge value and it's not always rational. You cannot tell me that you can create, out of nothing, of something which has a medium of exchange value. It is not a rational currency in that sense but that does not mean it will not trade because so long as people believe they can sell it to somebody else or unload it on somebody else, that's what you need to take to create a market. Look human beings buy all sorts of things that aren't worth anything but they do it anyway. People gamble and casinos, when the odds are against them, and has never stopped anybody."
     
  7. Eman

    Eman Member

    "You can’t value bitcoin because it’s not a value-producing asset...it's a real bubble in that sort of thing.”

    Warren Buffet
     
    Dr JIM likes this.
  8. ScabbyJr

    ScabbyJr Member

    Kramer is an idiot. A monkey throwing darts at the wsj beat him.
     
    sinewave3 likes this.
  9. Eman

    Eman Member

    I don't think that monkey is worth the same amount of money as Kramer...
     
  10. Morefyah

    Morefyah Member

    It’s surging right now.
    Crazy..
     
  11. Swiper

    Swiper Member

     
  12. Swiper

    Swiper Member

     
  13. Swiper

    Swiper Member

     
  14. Millard Baker

    Millard Baker Member

    William Dudley, the president of the Federal Reserve Bank of New York, says Bitcoin is highly unstable and poor store of value:

    "At this point it’s really premature to be talking about the Federal Reserve offering digital currencies,” he told students and professors at Rutgers University.

    “But it is something we are starting to think about: what would it mean to have a digital currency, what would it mean to offer it, do we actually need it,” he said. “But I would be pretty cautionary” about bitcoin because “it’s not a stable store of value and it doesn’t really have the characteristics that you’d like to have in a currency.”

    Source: Amid bitcoin surge, Dudley says offering digital currency on Fed's radar
     
    Morefyah likes this.
  15. 23inch

    23inch Member

    Obviously these people are investing in bitcoin behind the scenes, but what they are saying is not completely out of proportion.


    You see, bitcoin core developers treat it as an investment, as the digital gold, not as a payment method, that's why Bitcoin Cash was created in the first place,however, like everything else with no real usability, it will raise so much until it crashes.

    Bitcoin fees are touching the sky, confirmations are taking a long time for a lot of people, no anonymity whatsoever, why not just use regular money then?

    PS: I'm a Forex, Binary Options and Cryptocurrencies trader and I have made a few thousands solely because of BTC price increase, I have been following it since the beggining, so mark my words, people WILL lose interest in BTC and it won't take that long.

    If you are smart and let your feelings aside, you will make a good profit in the upcoming months of this bubble and know when its time to quit.
     
  16. Millard Baker

    Millard Baker Member

    Stefan Ingves, chairman of global regulators at the Basel Committee and governor of Sweden's Riksbank, says invest in in Bitcoin is dangerous.

    "If you look at what has happened in the past when it comes to reaching those type of heights, being it tulip bulbs or a bunch of other things over the centuries, the odds are against those who actually think that this is going to be the future...

    "Let me also stress that sometimes there is a bit of a hype when people talk about fintech, thinking that old fashioned banking is going to go away. But I don't think that is going to happen because regardless of the technology available, in most countries we have had banks for hundreds and hundreds of years and most likely it is going to continue that way."

    Source: Global banking regulator sends a warning to bitcoin investors
     
  17. Millard Baker

    Millard Baker Member

    Nicholas Colas, co-founder of DataTrek Research and previously the chief market analyst at brokerage Convergex, says bitcoin feels like shoe shine boy giving stock tips.:

    "Frankly, the rush of interest in bitcoin throughout both the financial and general interest media industries is a bit unnerving. It has the feeling of a shoe-shine boy giving stock tips in 1929 or the NYC cab driver with the next can’t-miss dot com idea in 1999. And sequels are never as good as the original."​

    Source: https://www.barrons.com/articles/bitcoin-15-000-now-can-we-call-it-a-bubble-1512653056
     
  18. Millard Baker

    Millard Baker Member

    Willemien Kets, an Associate Professor at the Department of Economics at the University of Oxford, says Bitcoin price increase is due to bandwagon effect.

    "The attention in the media and elsewhere that has followed the spectacular rise in prices may have led to a bandwagon or herding effect, where the belief that bitcoin's value will continue to rise has become contagious...

    "A major determinant of the ‘fundamental’ value of bitcoin is whether it will be widely adopted. Once bitcoins become ‘too valuable’, either substitutes will be created or people will stop using it for transactions and instead will hoard it, rendering it useless as a currency."

    Source: Why is everyone investing in bitcoin? Blame human psychology | WIRED UK
     
  19. Millard Baker

    Millard Baker Member

    Dr. Philip Lowe, an Australian economist and the current Governor of the Reserve Bank of Australia, says that people would prefer a government-backed currency over privately-issued electronic money. (December 13, 2017)

    "When thought of purely as a payment instrument, it seems more likely to be attractive to those who want to make transactions in the black or illegal economy, rather than everyday transactions.

    "So the current fascination with these currencies feels more like a speculative mania than it has to do with their use as an efficient and convenient form of electronic payment...

    "Experience cautions that there are significant difficulties and dangers associated with privately issued fiat money.

    "The history of private issuance is one of periodic panic and instability. In times of uncertainty and stress, people don't want to hold privately issued fiat money.

    "This suggests that if there were to be an electronic form of banknotes that was widely used by the community, it is probably better and more likely for it to be issued by the central bank."

    Source: RBA labels bitcoin a 'speculative mania', dismisses e-Aussie dollar