The Wolf of Wall Street says Bitcoin is a scam

[Nobert]

1) The huge and growing mountain of investable wealth in search of any kind of positive return.

Who has the data, on how much of that wealth, is from legit sources & how much of it - is from criminal underworld ?

Since it remains unknown, at least for the public eye, we can only speculate.

This, garbage/asset class, if i had to guess, has the highest concentration, in percentage, of investments, from a criminal underworld. Higher than RE, equities/bonds or whatever.

And if any retirement funds, decides to move in their assets into cryptos, then fml.

Must be one of the reasons, why those hedge funds, keeps under performing. Buying things like this. Going long on Argentini bonds. Then losing 25% of assets in a single trade.

It's highly possible tho, i agree with you on this one. The world of finance, might go nuts.

markets which consistently offered great trends and opportunities in past years, like bonds and FX majors, seem unlikely to do so in the coming years. As a trader I will need to replace this lost opportunity, and in general I want to be involved in the markets which will be seeing major inflows/outflows and action in the future.

That depends on ones personal approach in trading(investing)/perspective about current situation and should not be taken as a global fact.
There's a prediction included into that piece of a text as well, and can't say too much good about predictions neither.


Alright, il stop at this point. But will keep posting articles like these. Just to keep em crypto fans bee hive active/in shape.

 

[misterkel]

What makes a scam ?

Fundamental garbage used by cartels and manipulators - is that a scam or not ?

Oh, c'mon. Usage by anyone doesn't make the instrument itself a scam. Do they use cars, toilet paper, and (sharp intake of breath) US dollars? Of course they do. Are these things therefore scams?
This is a logical fallacy called guilt by association. As in, 'Hitler read the New York Times. It must be a Nazi newspaper.'

As to the fundamental garbage assertion, that's simply a baseless claim. It may be true, but there is no evidence presented, so it's not a meaningful assertion.

 

[misterkel]

The idea is not a scam, the implemention is. I said it here many times, if everyone had to deposit real cash to buy it, it would be a real asset. But when I have to deposit cash, but BitFinex just creates tethers out of thin air and uses them to buy it as well, it is scam.

You can use Tethers to buy many things. That does not make the things purchased scams. Bitcoin is sold in many places using fiat currency. Your assertion really amounts to Bitfinex being a scammy operation. Maybe so, but they built it after Bitcoin.
It's sort of like saying electricity is a scam because, well... Enron.

 

[Nobert]

Oh, c'mon. Usage by anyone doesn't make the instrument itself a scam. Do they use cars, toilet paper, and (sharp intake of breath) US dollars? Of course they do. Are these things therefore scams?
This is a logical fallacy called guilt by association. As in, 'Hitler read the New York Times. It must be a Nazi newspaper.'

As to the fundamental garbage assertion, that's simply a baseless claim. It may be true, but there is no evidence presented, so it's not a meaningful assertion.

What kind of % of their total assets, is being held in it and in toilet paper ?

No evidence ? You haven't done your homework yet.

 

[misterkel]

What kind of % of their total assets, is being held in it and in toilet paper ?

No evidence ? You haven't done your homework yet.

Well - if they're invested in a scam, then they're stupid. But they also own land, so real estate must be a scam. Oh, yeah - what about the US dollars - well known to be held by drug lords? (SCAM!)
Oh, right, it's the "kind of %" (whatever that means - how many kinds of % are there?) invested that (hand-wavy number thingy) determines whether something is a scam or not. By what logic?
Ah, of course. That's legit.
s/o.

Anyway, peace out, bro. I love this sort of nonsense. It's like watching NBC news or discussing Nietszche with my cat.

 

[Nobert]

As to the fundamental garbage assertion, that's simply a baseless claim.

discussing Nietszche with my cat.

Next time, just do that in the first place. Eternal peace you too.

 

[Amun Ra]

If the US dollar was a cryptocurrency, instead of the block reward getting smaller every few years(like from 50 to 25 to 12.5) the reward would go up every few years (like from 50 to 100 to 200) The coin would also pay interest, so it would seem like you're getting free crypto even though its value would be declining every year.

 

[systematictrader]

He is calling it a scam based on it going higher. Without an army of soldiers calling investors to push it higher, How is that a scam? Being in a bubble doesn’t equate to it being a scam.

True that

 

[RedDuke]

You can use Tethers to buy many things. That does not make the things purchased scams. Bitcoin is sold in many places using fiat currency. Your assertion really amounts to Bitfinex being a scammy operation. Maybe so, but they built it after Bitcoin.
It's sort of like saying electricity is a scam because, well... Enron.

Why is it so hard to understand that true value of asset is derived from price discovery. In order for price discovery to work it needs to be traded with real money.

I have to use real money to buy it, but BitFinex just creates Tethers out of thin air, and also can buy it. Why you do not see an issue here??????????

 

[Overnight]

Paul Tudor Jones got scammed by bitcoin? What a doofus. /s

Just want to point out that on an internet bulletin board such as this, that /s looks like a typo. It did not start some script that pops up a "sarcasm" emoji or something similar for the reader of your post. At whatever place your /s instantly denotes sarcasm is from is lost on everyone here. Not all "social media" is the same.