Bitcoin is bankrupt

This is a discussion on Bitcoin is bankrupt within the Cryptocurrencies forums, part of the Markets category; 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 ...

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Old Mar 18, 2015, 4:27pm   #1
 
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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.
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Last edited by Pat494; Mar 18, 2015 at 4:37pm.
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Old Mar 18, 2015, 4:33pm   #2
 
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Pat494 started this thread 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.
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Old Mar 18, 2015, 4:58pm   #3
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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?
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Old Mar 18, 2015, 5:20pm   #4
 
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Quote:
Originally Posted by Splitlink View Post
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.
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Old Mar 18, 2015, 5:34pm   #5
 
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Quote:
Originally Posted by Pat494 View Post
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
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Old Mar 18, 2015, 5:55pm   #6
 
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Quote:
Originally Posted by Splitlink View Post
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 Klęder) 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
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....Indicators show the past. Price Action "Indicates" the future.
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Old Mar 18, 2015, 6:07pm   #7
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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
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Old Mar 18, 2015, 6:47pm   #8
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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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