Bitcoin is bankrupt

Pat494 · Mar 18, 2015, 4:27pm

Well it had to happen I suppose. A currency with no backing of any assets.

http://www.bloomberg.com/news/articl...cy-in-new-york

If they pull the plug on bitcoin then the US won't be able to pay off it's debts in that er dodgy currency.

Pat494 · Mar 18, 2015, 4:33pm

China is much too gullable in investing in US paper money. They should insist that in future it is backed by assets like land. Only this would jerk the US out of it's complacency and out-of-control spending. Of course the politicians like to look good spending big. It's not really their money and by the time someone starts asking awkward questions, like how are they going repay the loans, they have long disappeared over the horizon.

Much the same with Greece.

Hot air and excuses just aren't enough.

Splitlink · Mar 18, 2015, 4:58pm

I suppose I'm too old to grasp the logic of how this worked, in the first place.

I see that the last price for one was $10,000. So where is the Bitcoin and where is the $10,000?

Pat494 · Mar 18, 2015, 5:20pm

Quote:

Originally Posted by Splitlink

I suppose I'm too old to grasp the logic of how this worked, in the first place.

I see that the last price for one was $10,000. So where is the Bitcoin and where is the $10,000?

All smoke and mirrors as far as I can see. Those in the bitcoin circle made shedloads and the hangers on may be left with a nasty loss. A scam of epic proportions.

Jack o'Clubs · Mar 18, 2015, 5:34pm

Quote:

Originally Posted by Pat494

China is much too gullable in investing in US paper money. They should insist that in future it is backed by assets like land. ....

It was the corollary of the US offshoring their manufacturing. Think of it like trade financing. Anyway, rather than repeat all the arguments here, read Stephen Roach's book Unbalanced.

http://yalepress.yale.edu/book.asp?isbn=9780300187175

neil · Mar 18, 2015, 5:55pm

Quote:

Originally Posted by Splitlink

I suppose I'm too old to grasp the logic of how this worked, in the first place.

I see that the last price for one was $10,000. So where is the Bitcoin and where is the $10,000?

It's a case of "The Emperor has no clothes." Enough people shout loud enough about money for nothing and the more followers dumb enough gather to follow them.

"The Emperor's New Clothes" (Danish: Kejserens nye Klæder) is a short tale by Hans Christian Andersen about two weavers who promise an Emperor a new suit of clothes that is invisible to those who are unfit for their positions, stupid, or incompetent. When the Emperor parades before his subjects in his new clothes, no one dares to say that he doesn't see any suit of clothes until a child cries out, "But he isn't wearing anything at all!"

Source: http://en.wikipedia.org/wiki/The_Emp...7s_New_Clothes

5SS · Mar 18, 2015, 6:07pm

When I seen this I expected to see BTC hit a lot more than it has been. It is down today but it's not that bad a day by previous standards.

http://gyazo.com/a6643b0eb39dec3fded32f8819225f67

Splitlink · Mar 18, 2015, 6:47pm

http://www.washingtonpost.com/blogs/...krupt-but-bitc

Washington Post is a little more optimistic

None of this is for me, though.

Mar 18, 2015, 4:27pm	#1
Pat494 12,327 Posts Joined Mar 2004	Bitcoin is bankrupt Well it had to happen I suppose. A currency with no backing of any assets. http://www.bloomberg.com/news/articl...cy-in-new-york If they pull the plug on bitcoin then the US won't be able to pay off it's debts in that er dodgy currency. __________________ Imagination is more important than knowledge. Einstein Imagination should be used constructively on the firm basis of knowledge. Me Last edited by Pat494; Mar 18, 2015 at 4:37pm.

Mar 18, 2015, 4:33pm	#2
Pat494 12,327 Posts Joined Mar 2004	China is much too gullable in investing in US paper money. They should insist that in future it is backed by assets like land. Only this would jerk the US out of it's complacency and out-of-control spending. Of course the politicians like to look good spending big. It's not really their money and by the time someone starts asking awkward questions, like how are they going repay the loans, they have long disappeared over the horizon. Much the same with Greece. Hot air and excuses just aren't enough. __________________ Imagination is more important than knowledge. Einstein Imagination should be used constructively on the firm basis of knowledge. Me Last edited by Pat494; Mar 18, 2015 at 4:41pm.

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Mar 18, 2015, 4:58pm	#3
Splitlink 10,676 Posts Joined Nov 2001	I suppose I'm too old to grasp the logic of how this worked, in the first place. I see that the last price for one was $10,000. So where is the Bitcoin and where is the $10,000?

Mar 18, 2015, 6:07pm	#7
5SS 77 Posts Joined Mar 2015	When I seen this I expected to see BTC hit a lot more than it has been. It is down today but it's not that bad a day by previous standards. http://gyazo.com/a6643b0eb39dec3fded32f8819225f67

Mar 18, 2015, 6:47pm	#8
Splitlink 10,676 Posts Joined Nov 2001	http://www.washingtonpost.com/blogs/...krupt-but-bitc Washington Post is a little more optimistic None of this is for me, though.

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