David Rosenberg attacks Bitcoin then tells people to buy it

D

Daal

"Comparisons to gold in this regard are baseless. No one ever talks about the risk that gold could go to zero because it simply can’t — there is a floor in its price, because it has physical properties that make it useful even outside of its primary function as a safe-haven asset. But bitcoin, which has marginal intrinsic value, relies on the faith of its holders that it is worth more than nothing and that the technology is sound."


"Don’t get us wrong. As non-crypto-experts, it seems that the electronic ledger system is quite clever as are its built-in features, such as a limited supply at 21 million bitcoins and “halving” events every four years or so (keeping the cryptocurrency’s inflation rate low). The dispersed network also makes it difficult to tamper with the underlying data (though not impossible)."

"Bottom line: we really don’t see the gold-bitcoin debate as being “one or the other.” There is nothing wrong with investing a small, and we mean small, share of your portfolio in something such as bitcoin, if your risk tolerance allows it (or you just want to go along for the ride)."
https://www.zerohedge.com/crypto/rosenberg-why-comparisons-between-bitcoin-gold-are-absurd

The "2-3% of the portfolio in BTC" meme gets spread more and more. Of course, he is saying that to hedge his career. How many more will buy or recommend buying to hedge their careers?
 
Daal said:
Of course, he is saying that to hedge his career. How many more will buy or recommend buying to hedge their careers?
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That sounds like a fair assessment. Then again, if there is a spectacular blow up down the line the unrelenting skeptic's reputation will be saved, but it might be easier to say "everyone was wrong!" as you lose that 2-3% of portfolio allocated in BTC, while having kept your AUM during the run up.
 
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Pekelo said:
https://en.wikipedia.org/wiki/Argument_from_authority

" others consider it to always be a fallacy to cite an authority on the discussed topic as the primary means of supporting an argument."
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This has nothing to do with argument from authority but rather it an example of what advisors/managers are going through. They are all under pressure to get involved with crypto and those that only bash it, are taking career risk and they know it. So they rather recommend/buy than to lose their jobs/assets. BTC will go much higher
 
Daal said:
an example of what advisors/managers are going through.
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Interestingly enough, they had the same pressure from Madoff's results. The guy who investigated him started out because his boss told him: make a system like Madoff's.

My problem was with the 2nd paragraph, where anything stated could be said about hundreds of other cryptos, basically showing that there is nothing unique about BTC.

When this all going to crash, HF managers are going to use this kinder garter defense: everybody was doing it! :)

I do agree with the advice though, you can gamble a small amount in a ponzi, as long as:

1. It is a small amount and you can afford to lose it.
2. You know you are investing in a pyramid scheme and you realize the dangers
 
Attacks, then realises he's got loads so if others could buy so he could sell out that'd be great.

100% in 12years ago and we'd all be millionaires!

Must invent time machine!!
 
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