Bitcoin is bankrupt

Pat494

Legendary member
14,498 1,542
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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Splitlink

Legendary member
10,850 1,233
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

Legendary member
14,498 1,542
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

Experienced member
1,554 342
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

Legendary member
5,167 747
Run with the Pack

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_Emperor's_New_Clothes
 

tar

Legendary member
10,443 1,313
I see that the last price for one was $10,000. So where is the Bitcoin and where is the $10,000?

Last price is around $260 .
 
 
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