Famed Yale economist and former Morgan Stanley analyst, Stephen Roach, had some choice words for Bitcoin yesterday, saying “this is a toxic concept for investors. This is a dangerous speculative bubble by any shadow or stretch of the imagination. I’ve never seen a chart of a security where the price really has a vertical pattern to it. And bitcoin is the most vertical of any pattern I’ve ever seen in my career.”
Sorry Bitmorons. Mr. Roach has spoken and now your days are numbered.
He sums up the future of Bitcoins nicely:
“Like all bubbles, they burst,” Roach said.
“They go down, and the one who’s made the last investment gets hurt the most, there’s no question about it.”
BTC is trading at new highs today, $11,870 +2.3%.
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Roach obviously has never seen, or can even imagine, what vertical chart looks like when gold goes into permanent backwardation. No bid.
Sounds like a bunch of caca roach.
BTW why is gold down?
‘cuz it’s that time, 0907ET to be precise, when paper (not phyzz) is dumped on the rigged crimex exchange to fool the peasants out of gold.
https://tinyurl.com/yca8wz6h
Martin Armstrong: Bitcoin to be declared a financial institution …
“The Judiciary Committee of the United States Senate is currently working on Bill S.1241 that aims to criminalize deliberate concealment of property or the control of a financial account. The bill was submitted in June, and the law would change the definition of “financial account” and “financial institution,” and thus also cover digital currencies and digital exchanges. Who is pushing it? None other than California’s Senator Dianne Feinstein, who maintains that the bill is needed to update existing money laundering laws because of terrorists.
This means that the miners of Bitcoin will become a “bank,” as I was declared (sic. reference to his being a gold dealer during the early 1980s). The operators of the trading platform Coinbase were forced by court ruling to notify the IRS of the identity of over 14,000 investors who were trading $20,000 in Bitcoin. Users were affected if their trading volume had exceeded $20,000 at the beginning of 2013 by the end of 2015. So this is NOT a single transaction, but accumulative. The IRS will now “presume” tax evasion. This is what I warned would happen. Been there done that! They can shut down Bitcoin in the blink of an eye by simply defining anyone who is a miner to be a financial institution.”
https://www.armstrongeconomics.com/world-news/cryptocurrency/bitcoin-being-declared-a-financial-institution-beware/
… this means that the miners of Bitcoin will become a “bank” …
Yesterday McAfee was interviewed on David Knight’s Real News Radio Show. He stated that each owner of a bitcoin wallet is essentially their own bank – and that this has the potential to eventually destroy banking as we know it.
He also said to keep an eye on Monero. Whereas the Bitcoin (and derivatives) blockchain contains the full, public, searchable history of all transactions, Monero has completely obfuscated this information so that it cannot be interrogated. He claims that their obfuscation method is unbreakable.
McAffee also said that soon the technology will be released to make the cryptocurrency exchange process just as distributed as the cryptocurrency itself. When this happens he claims that there will be absolutely no way for governments to regulate the trading and exchange of cryptocurrencies.
I can verify this is being actively worked on. Decentralized marketplaces (including cryptocurrency exchanges) coupled with privacy based cryptocurrencies will make it very difficult for governments to track, regulate and tax these things, beyond simply outlawing them.
The blockchain provides the one element that required centralization and financial institutions for trading—mutual trust. With a reliable trust mechanism built right into the technology, there is no need for a bank, brokerage, eBay or PayPal. Escrow features are being built in as just another feature for purchases beyond cryptocurrencies (where the exchange can simply be simultaneous so it’s even easier). You can truly trade peer to peer, anonymously. Your wallet is like an offshore bank account, without the bank—just a number. With proxies, Tor and the like you can make it appear to be wherever you’d like it to be in the world.
McAfee also killed a guy, so he has that going for him.
I’m longing for the good ‘ol days when buying a house was Dangerous Speculative Bubble
For the price of 3 bitcoins you can get 60 antminer s7 which if properly plugged into a major power outlet 60k electric bill a year would yield you 1 bitcoin per month. Yes for the price of 1 iphone 7 anybody can mine this crap. However once mining is done your electricity bill is $30 a month. And yes Bitcoin is a bubble because ants and roaches are both bugs and bugs tend to get squashed. 2018 target $600 at the most. Even Cnbc is pumping this thing getting people to buy into it. The internet had potential, this is just stupid. Decentralized my ass. Maybe if everybody had an antminer s7 and paid $30 a month then it could do something but the question is what? Internet is $30 a month but you get something out of that. This thing just sucks electricity out of the air. But it also begs the question. Why didnt any big tech company just make hundreds of thousands of antminers and sell them at cost? Well because there is no fricking use for them. Its not decentralized until the mining operations are gone and individuals own units. Still would have zero use.
What the hell else you going to buy your weed with that can’t be tracked?
Zero use my ass.
I dont buy weed but it would be funny to set up an account to sell it and then collect bitcoins and never mail it. What is the buyer going to do go to the cops?
Colorado resident here. I buy weed with cash when I walk into the store.
pssstttt 12,800……..
Money always goes where it is least regulated. Before Bitcoin it was flowing into the City of London. Now it’s Bitcoin/Crypto.
Prediction: It will hit a cap of at least $1 trillion, in my view. When this happens the entire foundation of the financial system – that is based upon confidence in government and fiat currencies – will be challenged.
Anything can become a store of value, as long as there are willing parties to the exchange. I remember reading during the 1990s that drug dealers were using truckloads of Tide detergent stored within older homes/buildings for their transactions. I suppose it was hard to track and the product did not have an expiry date.
There is a sizeable bank in Italy that permits Parmesan cheese for collateral – they have underground vaults full of it.
pssttt 13k