European Central Bank publishes scathing remarks on crypto meltdown

BMK said:
From an opinion piece written by European Central Bank (ECB) staffers Ulrich Bindseil and Jürgen Schaaf:

"Since bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised."

https://www.theguardian.com/technol...s-on-road-to-irrelevance-amid-crypto-collapse
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Thanks for the UK news.
Bitcon maybe a con?? Others are kicking bitcoin out since its an energy [hog].
USa is a free country as far as spending or investments, but have to factor in , in CA ,they already asked, please dont peak charge your EV, dont have enough power[SEPT,2022, public record] If one runs out of EV power, just walk??
I watched a1930s depression time con named '' The Sting'' The sting refers to the moment the con man or con team takes the mark's money.
Universal Pictures released it Christmas ,1973 grossed 20th as of 2018.
My banker dad paid for our tickets but that total cost was not much of his net worth/LOL:D:D
 
"Since bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised."
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As a person who watched the Fiat banks turn into frauds and fuck the rest of the world over in a global recession that nearly turned into a depression (well, it did, we just kicked the can down the road)... How come these bankers NEVER want to scream about banning fiat currency? LOL It's evil, no?

I find it very interesting how someone from Europe (where interest rates have been below zero for how long), is wanting to harp on bitcoin yet turns a blind eye to 'ponzi' fiat.

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The_Krakenite said:
How come these bankers NEVER want to scream about banning fiat currency? LOL It's evil, no?
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One thing has not changed since cryptocurrency was introduced:

I can use fiat currency to pay my mortgage, and to buy clothing, gas for my car, and food.

I cannot use crypto for any of that. That is reality, and I don't see it changing any time soon.

Oh wait... I can use crypto to make payments to the Ohio Department of Taxation! Seriously, they have accepted crypto payments since late 2018. So I guess crypto is suitable as a payment system. After all, if a state government is using it, it must be legit, right? You can read about it here:

https://techcrunch.com/2018/11/25/ohio-becomes-the-first-state-to-accept-bitcoin-for-tax-payments/

Oh, wait. Never mind. Ohio shut down that program after less than a year:

https://www.forbes.com/sites/kellyp...ds-crypto-tax-payment-program/?sh=1205bc79485
 
BMK said:
One thing has not changed since cryptocurrency was introduced:

I can use fiat currency to pay my mortgage, and to buy clothing, gas for my car, and food.

I cannot use crypto for any of that. That is reality, and I don't see it changing any time soon.

Oh wait... I can use crypto to make payments to the Ohio Department of Taxation! Seriously, they have accepted crypto payments since late 2018. So I guess crypto is suitable as a payment system. After all, if a state government is using it, it must be legit, right? You can read about it here:

https://techcrunch.com/2018/11/25/ohio-becomes-the-first-state-to-accept-bitcoin-for-tax-payments/

Oh, wait. Never mind. Ohio shut down that program after less than a year:

https://www.forbes.com/sites/kellyp...ds-crypto-tax-payment-program/?sh=1205bc79485
More...
That doesn't make it any more legitimate or any less a house of cards. One form of payment is forced on to a population while the other is completely voluntary and attacked by powers that don't want competition.
 
MKTrader said:
One form of payment is forced on to a population while the other is completely voluntary and attacked by powers that don't want competition.
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The funny thing is that I'm in the US and can turn crypto assets to US $ up to $10,000 in less than 10 minutes, 24/7/365 and pay my mortgage, groceries, gas, food, coffee or anything

If I'm willing to wait next business day, it can be up to $250K worth of crypto assets

But the other way around, I cannot turn US $ to crypto assets available for transfer out to the network without waiting more than 7 business days

Europe is going to the dark ages, heard they are putting limits on withdrawals and stuff, feel pity for the Europeans that are fiat lovers (lol)
 
Europe is free to go to the dark ages, but what happens when Germany runs out of firewood?

Seems the woke-army-nation hasn't thought of that bubble yet either.


A few hundred years ago Spain chopped down every tree in order to support the Spanish Armada. Then they LOST that bet too! The irony... their nemesis the UK can't even support a poor-mans pension fund today.
 
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