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posted by janrinok on Wednesday June 27 2018, @12:22AM   Printer-friendly
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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  • (Score: 0) by Anonymous Coward on Wednesday June 27 2018, @02:52AM (7 children)

    by Anonymous Coward on Wednesday June 27 2018, @02:52AM (#699088)

    Not really. They are looking to get ahead of it and control it. They probably will. Those with power can subsume wealth. It is how they work. It is how mega wealth works. There will be a few new millionares. But that is something they are willing to let happen. You do not fleece people with 2 dollars. You fleece people that think they are smart and have lots of money. That is where real wealth 'creation' comes from.

  • (Score: 2, Insightful) by Anonymous Coward on Wednesday June 27 2018, @03:06AM (6 children)

    by Anonymous Coward on Wednesday June 27 2018, @03:06AM (#699095)

    Real wealth creation comes from loaning money that didnt previously exist to your buddies/partners/whoever. Not saying bitcoin is the solution but if you dont even understand/believe that simple fact you are going to get screwed over eventually. Of course you could luck out and outlive the ponzi though.

    • (Score: 2) by captain normal on Wednesday June 27 2018, @03:54AM (3 children)

      by captain normal (2205) on Wednesday June 27 2018, @03:54AM (#699116)

      That might be somewhat true. But you would need muscle to squeeze out the vigorous from the marks. Real wealth building requires acquiring and holding real estate. Nobody is making more land (except maybe Pele in Hawaii).

      --
      When life isn't going right, go left.
      • (Score: 0) by Anonymous Coward on Wednesday June 27 2018, @04:03AM (1 child)

        by Anonymous Coward on Wednesday June 27 2018, @04:03AM (#699117)

        What do you mean "but"? You are literally creating wealth from nothing, like alchemy.

        • (Score: 0) by Anonymous Coward on Wednesday June 27 2018, @04:43AM

          by Anonymous Coward on Wednesday June 27 2018, @04:43AM (#699130)

          Full faith and credit! Full faith and credit! I want to believe, but since there is no one to have faith in, and credit for bitcoin, I have neither.

          This is why I only deal in Dogecoin. I know that if it comes down to it, I caen find that Japanese dog and get my money back. Dog lien. Adverse possession. Woof (or more properly) わんわん.

      • (Score: 2) by JoeMerchant on Thursday June 28 2018, @12:31AM

        by JoeMerchant (3937) on Thursday June 28 2018, @12:31AM (#699574)

        Real wealth building requires acquiring and holding real estate.

        The government has your number: land is taxed. If you improve the land so that it earns money, it's taxed on a higher valuation due to your improvement.

        The highly wealthy of the past owned vast tracts of land, but real-estate taxation has led to most of those large estates being sub-divided into tiny little pieces.

        The only way to hold large tracts of land in Florida these days is with Ag exemption on the taxes, throw some gows on it so your tax liability is reduced by 90%.

        --
        🌻🌻 [google.com]
    • (Score: 2) by JoeMerchant on Wednesday June 27 2018, @12:16PM

      by JoeMerchant (3937) on Wednesday June 27 2018, @12:16PM (#699252)

      you could luck out and outlive the ponzi though.

      The lucky ones are the people who exit before the ponzi is exposed, death is one solid way to exit.

      --
      🌻🌻 [google.com]
    • (Score: 2) by hemocyanin on Wednesday June 27 2018, @03:34PM

      by hemocyanin (186) on Wednesday June 27 2018, @03:34PM (#699346) Journal

      It can be that BOTH are bogus.