2018-8-27 19:39 |
Most Ridiculous Criticisms Against Bitcoin Ever Made
Of all the staunch advocates that there are for the world of cryptocurrency, it's nothing if not defined by them, and especially by its all too numerous detractors. From JP Morgan's own Jamie Dimon, who called the cryptocurrency market a ‘Tulip Mania' with Bitcoin as its ‘Semper Augustus'. Berkshire Hathaway's Warren Buffett and Charlie Munger, who stood among them as highly antagonistic.
And even the well-known economist Nouriel Roubini, who had laid criticisms against crypto for a considerable amount of time. But of all the various critics that cryptocurrencies have, who is it that holds the title of having the most ridiculous, outlandish and outrageous criticisms of Bitcoin and Crypto?
Number Ten — Smart Contracts, According to Nouriel RoubiniThe well known and highly famed economist, Nouriel Roubini is a profoundly intelligent person, so whenever he gives advice about anything, it's a far better investment of your time to listen. However, on the subject of blockchain technology, his two cents were left debased due to his opinions on blockchain and the cryptocurrency space.
Speaking at the BlockShow Conference in Las Vegas, Roubini went after Bitcoin, Altcoins, and ICOs in a vicious manner, taking personal joy at the market as it underwent its third correction and bearish downturn in August 2018.
But he was particularly targeted on smart contracts:
“They’re neither smart nor contracts.”
Number Nine — Regarding Shorting Bitcoin – Bill GatesCriticisms of bitcoin and crypto flow thick and fast from the Microsoft founder. Bill Gates was so bearish on bitcoin, he told CNBC panelists on Squawk Box that:
“As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure greater fool theory type of investment. I agree I would short it if there was an easy way to do it.”
Well, hang on there just a moment, Mr. Gates. If anything, on the Winklevoss Twins' own Gemini Exchange, you certainly can!
Dear @BillGates there is an easy way to short bitcoin. You can short #XBT, the @CBOE Bitcoin (USD) Futures contract, and put your money where your mouth is! cc @CNBC @WarrenBuffett https://t.co/4JIhF5vWsZ
— Tyler Winklevoss (@tylerwinklevoss) May 7, 2018
Number Eight — The ‘Disease' of Bitcoin: Barclays Bank's own Joseph AbateWhen it comes to the subject of tomfoolery, Abate provided a market analysis on the subject of Bitcoin by Barclays Plc, where he compared cryptocurrencies and interest in them to an infectious disease. His description of the way disease spreads read:
“As more of the population become asset holders, the share of the population available to become new buyers — the potential ‘host’ population — falls, while the share of the population that are potential sellers (‘recoveries’) increases. Eventually, this leads to a plateauing of prices, and progressively, as random shocks to the larger supply population push up the ratio of sellers to buyers, prices begin to fall. That induces speculative selling pressure as price declines are projected forward exponentially.”
Number Seven — The Immorality of Bitcoin, Charlie MungerIn a fiery interview with Yahoo Finance, Charlie Munger called bitcoin:
“anti-social, stupid and immoral.”
Munger made it as clear as crystal that he doesn't have much interest or respect of Bitcoin, but to call it immoral? Seems more to be a case of those in glass houses.
Number Six — Munger on Freshly Harvested Baby BrainsOf all those on this list of ridiculous things that people have said regarding cryptocurrencies, there are none so driven in outdoing themselves as Munger. And luckily for him, he has hit these rankings three times in the most outlandish and ridiculous things people have said of cryptocurrencies and Bitcoin.
Here he is at his most absurd:
“Suppose you could make a lot of money trading freshly harvested baby brains. Would you do it? To me bitcoin is almost as bad.”
Now we see where gets “immoral” from.
Number Five — Warren Buffett’s Rat Poison SquaredOf all the subjects put under discussion during the Berkshire Hathaway annual shareholder meeting in 2018, was one of the quotes given during an interview immediately after the meeting hosted by CNBC. The one titled as the ‘Oracle of Omaha' described Bitcoin in a ‘colorful' way, referring to it as
“probably rat poison squared.”
If you think that it's taken out of context or exaggerated. no, it wasn't
Number Four — The Death Toll of Cryptocurrencies – Bill GatesIt's amazing so far, what sort of arguments people have on the subject of cryptocurrencies, but Bill Gates manages to take another spot by creating a fictitious and outrageous link between Bitcoin and opioids such as Fentanyl. In doing so, he completely disregards the link between US Dollars and Fentanyl, which comprises a relationship that is decades long compared to Bitcoins few years.
It also makes the even more ridiculous thing of completely overlooking the practical, and medicinal uses for Fentanyl as a medicine.
It is worth noting that Fentanyl is on the World Health Organization’s list of Essential Medicines. It’s difficult to imagine executives of Janssen Pharmaceutica conspiring, “Let’s submit an application to the FDA for a drug that can get people high.”
“Right now, cryptocurrencies are used for buying Fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly-direct way.”
Number Three — Crooks, Crazies and Egomaniacs, Charlie MungerAnd once again, we see Charlie Munger taking his rightful place with his hardest and most ridiculous stab yet at the world of cryptocurrencies. The investor seems to enjoy being in the spotlight in order to spit venom at the cryptocurrency world, while also being reported on by various news outlets for his ludicrous and profoundly outlandish comments.
And of all these types of comments, he saves the best for Bitcoin and Crypto, where he proves to be a grand master of ludicrous and spurious assumptions. But much like punching a clown, it's one part horrible, but unusually entertaining, with his highest rated gem being this one:
“Give a whole lot of things a wide berth. They don’t exist. Crooks, crazies, egomaniacs, people full of resentment, people full of self-pity, people who feel like victims, there’s a whole lot of things that aren’t going to work for you. Figure out what they are and avoid them like the plague. One of them is Bitcoin.”
Number Two — Bitcoin and His Daughter, Jamie DimonHe has been a notorious Bitcoin cynic for a long stretch of time, Jamie Dimon feels like Bitcoin, among many other cryptocurrencies have little to do in the modern world of financial markets, in spite of JP Morgan's own surreptitious involvement in it.
“If you’re stupid enough to buy it, you’ll pay the price some day.”
So where does Dimon's daughter come into the equation? Well, she admitted that she bought some Bitcoin recently, with Dimon not holding back from proclaiming her no longer smart, speaking to a number of journalists, including CNBC about his ‘formerly smart daughter.'
Number One — Former PayPal CEO, Bill HarrisCompared to the others that we've seen, this commentary is by no means the most colorful or creative, nor is it even the loudest among them. But where it clinches first place is the fact that its insight with so little ‘sight' that it enters the world of surreal insofar that it demonstrates a belief in two distinct logical fallacies:
1 – that cash has never been used in crime, despite the fact that it has for millennia both on a micro and macrocosmic level, and
2 – Bitcoin / Crypto is only used for illegal acts, when companies categorically show that that isn't the case at all.
“Cryptocurrency is best-suited for one use: Criminal activity. Because transactions can be anonymous — law enforcement cannot easily trace who buys and sells — its use is dominated by illegal endeavors.”
Just because crypto can be used for crime, doesn’t make crime its only use case. That’s the kind of logic that belongs in an Elementary School sandpit.
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