central banks are an un natural PONZI scheme of pyramid debt issuance without competition.
and this banking chap has no idea.
snip
One of the most recent cases of bubbles occurred in the new Bitcoin experiment. Bitcoin is a cryptocurrency; the main and original attraction of which is the low transactions cost associated with its use. One can buy bitcoin the way one can buy euros and trade freely with others having euros. Trouble started when people began speculating that the value of bitcoin would rise, thereby raising the demand for bitcoin and making the value-rise a self-fulfilling prophesy. In other words, what we witnessed recently in the bitcoin phenomenon fits the standard definition of a speculative bubble.
no that's not the main attraction by far.
the main attraction proposition is the money/value is
- un seizable,
- can not be devalued by printing more fiat money.
- can be sent to the most favorable jurisdiction.
- no currency controls, want to move 100M, you can do that on Sunday at 2.00 pm, without a bank in about 10 ~ 30 minutes
So Bitcoin isnt a currency. It is [by the way] a Ponzi game and a conduit for criminal/illegal activities. And it isnt safe given hacking of it.
Bitcoin is currency and far far more. The protocol has not been hacked to date.
and here's a quote from me to the world bank.
"Bitcoin is far more of a World Bank than the "World Bank" is and can ever be or even imagines itself to be. Straight out Bitcoin offers Banking to the whole world and all that without central agency".
