| jpdell33 | -- 11-01-2017 @ 10:29 AM |
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Read again Charles McKay's Extraordinary Popular Delusions and the Madness of Crowds. His chapters on the Mississippi Bubble and the South Sea Bubble resonate clearly with the current Bitcoin craze. Both of these wild speculations back in the 17th century had little but rumor to sustain their value and growth, still folks as esteemed as Isaac Newton made then lost fortunes when the bubbles burst. There was no intrinsic value behind these companies. Bitcoin has no value other than what folks are betting on. When the bubble breaks, and the block chain unravels, billions of dollars will vanish into the internet ether. In my view, this is a quasi Ponzi Scheme. A few folks will cash out rich while the rest of the suckers lose everything. If it somehow manages to survive a bubble phase, expect the Central Bankers and Treasury folks around the world to put an end to it. Central Bankers will want to control its value and Treasury types will want to tax it and otherwise end the blatant money laundering scheme.
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| bmurphy | -- 11-01-2017 @ 10:39 AM |
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Hi there, Makes total sense. What a time this is. Thanks for posting. Bill
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| jpdell33 | -- 11-04-2017 @ 11:15 AM |
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It is my belief that block chain has a logic flaw, or other backdoor that allows intelligence agencies to exploit it to track terrorist (ISIS), rogue nation (DPRK), or drug lord money moving. Once these are in hand look for Treasury Depts. around the world to go after tax cheats. Notice the official lack of concern over it from our National Security Agency, CIA, FBI, Federal Reserve and our Treasury Department, Homeland Security, etc. If they are allowing it to be traded on the Chicago exchange, our government feels reasonably confident that it can be tracked and taxed. The more I think about it, the more this smells like a massive Gov't sting operation. Note it's somewhat murky origins and the fact that block chain technology is only summarily understood by just a few folks. Those few are without any idea as to how the software is actually coded. Remember that adage: "If something is too good to be true, then it probably is" (not true). In my view Bitcoin is a financial vehicle without inherit value. When folks wake up to this there will be a mad rush to the exits from which only a few will escape while the rest go up in ashes. If it is a sting, expect the IRS to be in your shorts for years. This message was edited by jpdell33 on 11-4-17 @ 12:21 PM
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| jpdell33 | -- 01-28-2018 @ 9:30 AM |
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The supposedly secure bitcoin is surprisingly hackable. A Japanese bitcoin operation just lost over $400 million of other peoples money. This isn't the only case. Seems like there is a backdoor issue.
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