Economic genius Jeff Tucker now tells us:
You know what is becoming clear? BTC is better than gold.Bitcoins are an interesting curiosity but they are not money. With Keiser and Tucker both pumping out nonsense about bitcoins, huge amounts of money will pour into bitcoins pushing the price much higher. It may become the mother of all pump and dump schemes. After the massive rise, will come the massive fall, which will hurt many.
I'd have a hard time feeling sympathy for anyone taking investment advice from Jeff Tucker or Max Keiser.
ReplyDeleteI'm no bitcoin expert but it sounds like Tucker just said promissory notes are better to own than the underlying asset.
ReplyDeletePromissory note does not equal bitcoin.
DeleteI don't own any bitcoin, but it is not like a promissory note. It's a limited supply of encrypted interlinked code that is divisible into smaller units which can be transferred peer to peer.
DeleteI'm not saying I support it or not, personally I'm a gold bug myself, but I do find it at least in theory very interesting the more I study it and read about it.
As for Jeffrey Tucker... I like the guy, but he does get a little over excited about things (and he only got into bitcoin in the last 3 weeks). I don't like Keiser.
Agreed on this point. Bit Coin is not a stable store of value, nor is it recognized as a currency.
ReplyDeleteThat statement is just like what goes on with any investment bubble, being housing or stocks.
You're right on the money. It sounds like Tucker has an investment in Bit Coins and likes what's happening with the value based on recent publicity.
> Bit Coin is not a stable store of value, nor is it recognized as a currency.
DeleteThe Federal Reserve Note (called a dollar by the deluded) isn't a stable store of value. It's only recognized as a currency so people can pay taxes with it. That makes it "valuable" to some.
You can't pay taxes in Bitcoin. That makes it more valuable than the FRN because what actual Libertarian wants to pay taxes?
1 bitcoin is worth 125 FRNs at the moment. The free market says bitcoins are worth more than fiat. I always listen to the market before I listen to people that have little idea of what's being marketed.
Christ, Wenzel, you need a vacation.
ReplyDeleteWhat? My post wasn't about his use of expletives.
DeleteGold isn't money either.
ReplyDeleteSaying BTC are better than gold isn't the same thing as saying BTC are money.
the bitcoin deficiency to me is bitcoin advocates' weak argument that it has intrinsic value. this seems the disqualifier that it is money, at least in the traditional sense. the other qualities are wonderful though, especially in that it could potentially undermine big governments and central bankers perverting money and robbing us with fiat currency and bogus legal tender laws.
ReplyDeleteGold is money. It is accepted as money and is a uniform store of value.
ReplyDeleteBitcoin is not money, though it could be someday if it becomes accepted as such on a mass scale,
Money is a universally accepted medium of exchange.
DeleteGold isn't universally accepted, hence it is not money.
Nothing is universally accepted. Therefore, nothing is money.
DeleteWhile the HUI makes fresh lows at 320 and gold retests critical support at $1550, the anti-contrarians chase up BTC from $20 to $140. Reminds me of that lyric from Carnation - "I just avert my eyes to the pain of someone's loss helping my gain."
ReplyDeleteThis person obviously doesn't know of the benefits of the CURRENCY that is BITCOIN!
ReplyDeleteJust shut up already...I don't even know why I'm giving you any attention.
Thank goodness I don't listen to stupid people such as you. I'm not even go into any specifics since you seem to be a closed minded boot licker.
ReplyDeleteVisit this gentleman's website for an economist who actually has studied and knows about Bitcoin - in others ignore the under-informed Wenzel.
ReplyDeletehttp://petercearle.com/
Earle does not attempt to be a jack of all trades and a master as well as Wenzel does but has actually spent effort/time with Bitcoin.
All you Bob haters telling him that he doesn't know what he's talking about with bitcoin should actually listen to his podcast where he interviews Trace Mayer.
ReplyDeleteBob is anything but stupid. You may disagree with him, as I do occasionally. However ad hominem attacks on him do nothing to advance your position. However they do make you look like the "stupid" and "closed minded" person.
What is going on with bitcoin at this time is called "irrational exuberance," just like what happens in the stock market, or the housing market, or any other investment that people are trying to rationalize their purchases of risky assets in a bubble environment.
Bitcoin has potential if its kinks can get ironed out, but calling it better than gold at this point in its infancy is an extremely naive position that smacks of someone I just described in the above paragraph.
http://www.economicpolicyjournal.com/2012/10/this-week-on-robert-wenzel-show.html
Please do not comment on BitCoin if you do not understand it. There are so many stupid comments on posts relating to it. Just don't say anything if you don't know how it works.
ReplyDeleteJesus, Wenzel, get some help. You are looking more pathetic by the day as you sit around obsessing over other people. You are REALLY exposing yourself.
ReplyDeleteWenzel, you are so lame. Criticize with no supporting arguments. BTW, gold is dropping.
ReplyDelete