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posted by
janrinok
on Wednesday June 27 2018, @12:22AM
from the my-bubble-is-bigger-than-yours dept.
from the my-bubble-is-bigger-than-yours dept.
As reported in the Evening Standard, the Bank of International Settlements published an annual report with four criteria to continue economic growth. However, it was rather overshadowed by a statement in the appendix (reported here, here, here, here, here and elsewhere) where cryptographic currency was described as a "combination of a bubble, a Ponzi scheme and an environmental disaster".
I agree and so does a Canadian electricity company.
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Bank of International Settlements: Bitcoin is a Bubble, a Ponzi Scheme and an Environmental Disaster
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(Score: 1, Funny) by Anonymous Coward on Wednesday June 27 2018, @12:28AM (5 children)
Nobody cares what you or other defenders of FIAT currency think! Bitcoin is disruptive! It can't be controlled by Government! It is 21st century! The Chinese are going to cash in their bonds, and the US Dollar will be worthless!!!!11!
I've got a few for sale btw. Better not get left behind, you may not get them this cheap again.
(Score: 2) by captain normal on Wednesday June 27 2018, @12:42AM (2 children)
You hung on to them too long. Too bad you fell for the scam.
Everyone is entitled to his own opinion, but not to his own facts"- --Daniel Patrick Moynihan--
(Score: 0) by Anonymous Coward on Wednesday June 27 2018, @12:50AM (1 child)
You joking? It's up almost triple from a year ago. Is that FIAT in your pocket losing value like that FIAT you have in your garage?
Buy from me now!!!
(Score: 2) by Lester on Wednesday June 27 2018, @07:29PM
The bitcoins you own may worth half that you paid for them in a few days, or double its value in a few days. It is a bubble.
As far as I see, it is just an investment, you don't buy or sell anything with bitcoins, just exchange it to legal currency back and forth.
(Score: 5, Informative) by AthanasiusKircher on Wednesday June 27 2018, @01:26AM
Yeah, exactly. Headline is bogus, as usual. Bitcoin is NOT a Ponzi scheme -- it's a pump-and-dump. Get it right!
(Score: 2) by Lester on Wednesday June 27 2018, @07:24PM
It's not a ponzi scheme, but it is a bubble and environmental disaster.
Is it a good investment? Well, in bubbles depend on timing. It may be very very very good or a ruin.
What Bitcoin is not is a currency. 99,99% of operations are to buy or sell legal currency. My bad, if your are drug dealer, a ramsomware guy, or any other illegal activity, bitcoin may be a currency for you.