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Thread: Scott Gamm: Think About It: Who Would want Bitcoin when you could buy a crytocurrency from the FED

  1. #1
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    Apr 2009
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    Red face Scott Gamm: Think About It: Who Would want Bitcoin when you could buy a crytocurrency from the FED

    "Think about it: Who Would want Bitcoin when you could buy a crytocurrency from the FED"

    You gotta love his face when he says that. Listen carefully you can hear the film crew taking a call from his mom telling him not to be out too late.

    Seems like they could have come up with someone more convincing to bash cryptos.

    Title of article is:

    3 reasons to doubt bitcoin, ethereum, litecoin and other cryptocurrencies

    https://www.cbsnews.com/news/bitcoin...ptocurrencies/

    The article touts a few of the standard anti-bitcoin rallying cries and adds inflation and rate hikes to the list:

    The Federal Reserve has been tightening monetary policy for two years, with another rate hike likely this week and another three hikes penciled in for 2018. Inflation is picking up amid labor market tightness, the latent effects of global monetary easing, and the looming passage of a simulative GOP tax cut bill in Washington.

    A hawkish Fed would likely lead to a rebound in the U.S. dollar, a breaking of the speculative fever on Wall Street, and an undermining of many of the reasons bitcoin was created in the first place.

    Edit to add... (from the artcile in quote above) "simulative" GOP tax cut? Is that a freudian slip or am I missing something?
    Last edited by ynot2k; 01-03-2018 at 02:52 PM. Reason: per edit to add

  2. #2

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    Quote Originally Posted by ynot2k View Post
    "Think about it: Who Would want Bitcoin when you could buy a crytocurrency from the FED"

    You gotta love his face when he says that. Listen carefully you can hear the film crew taking a call from his mom telling him not to be out too late.

    Seems like they could have come up with someone more convincing to bash cryptos.

    Title of article is:

    3 reasons to doubt bitcoin, ethereum, litecoin and other cryptocurrencies

    https://www.cbsnews.com/news/bitcoin...ptocurrencies/

    The article touts a few of the standard anti-bitcoin rallying cries and adds inflation and rate hikes to the list:




    Edit to add... (from the artcile in quote above) "simulative" GOP tax cut? Is that a freudian slip or am I missing something?
    See BS credits Anthony Mirhaydari for this drivel, who also claims "Bitcoin's euphoric rise has spread, something like cancer," ". . . even bitcoin insiders are joining with regulators and other officials to warn of the downside risks." "It takes minutes to settle transactions -- far slower than traditional payment processors like Visa." (Visa takes approximately one month, btw). "the entire system has shown a vulnerability to theft and hacking with no legal recourse for victims" (Bitcoin never has been hacked, but truth doesn't sell airtime.) And "bitcoin's rise is a product of the post-crisis era of ultra-aggressive cheap-money stimulus from global central banks". (Riiight! That's how it all happened, sure!)

    2005: "America's Most Watched Network"
    2005: "Everybody's Watching CBS"
    2006: "We Are CBS"
    2009-present: "Only CBS"

    If it were "Only See BS" pumping out this sort of tripe, The News would stink only about a tenth as badly.

    Not a bad slogan!

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