Friday, March 14, 2014

Roubini: Bitcoin Is a Ponzi Scheme

Here are some of Dr. Nouriel Roubini  tweets about Bitcoin   : Apart from a base 4 criminal activities, Bitcoin is not a currency as it is not a unit of account or a means of payments or store of value 

Bitcoin is not a unit of account as no price of goods and services is set in Bitcoin unit nor it ever will. So it isn't a currency 

Bitcoin isn't means of payment as few transactions in Bitcoin. And given its volatility all who accept it convert it right back into $/€/¥ 

Bitcoin isn't a store of value as little wealth is in Bitcoin and no assets in it. Also given price volatility it is a lousy store of value

So Bitcoin isn't a currency. It is btw a Ponzi game and a conduit for criminal/illegal activities. And it isn't safe given hacking of it.

BTCbugs like gold bugs are fanatics who speak of BTC in cult-like religious ways.Like gold bugs they have paranoid conspiracy views on the $

Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics
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