Ask Greenspan
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Someone ask -> Greenspan, man of little imagination, why the dollar is so low? As he is such an expert on Bubbles?
Re: [url=http://www.bloomberg.com/news/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions.html]http://www.bloomberg.com/news/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions.html[/url]
Bitcoin traded at $970.62 apiece at 4:44 p.m. Shanghai time on BitStamp, an Internet-based exchange where the currency is traded for dollars, euros and other currencies, Prices slid to 5,790 yuan on BTC China after trading as high as 7,050 yuan.
Bitcoin prices are unsustainably high and the virtual money isn’t currency, Greenspan said in a Bloomberg Television interview from Washington yesterday.
“It’s a bubble,†said Greenspan. “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.â€
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He isn’t the only one, here in the Netherlands a couple of hotshots from the financial world have said more or less the same thing… And I can understand that, those guys are fearing for their jobs! It is actually rather funny to see the same guys that caused the crisis here now preaching about how cryptocurrency is a massive bubble…
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traditionalists believe that “money” requires the force of govt guns and prisons for it to have intrinsic value.
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Greenspan amd the “bubble” statement along with his others is a joke! He was a puppet for the federal reserve bank which is not a government bank…its a business owned by stock holders that nobody knows who they are. The fed reserve bank buys US bonds and then issues a check back to the government so the US government can print currency. The Fed reserve banks check has a zero balance to withdrawal from. The us dollar is a ponzi scheme!
