Yesterday, I refuted Max Keiser’s most unemotional, well-thought out argument during the Keiser vs. Schiff debate at the 2017 Nexus Conference.
Today, I’m posting a correction.
Keiser’s most unemotional, well-thought out argument actually happens in his closing statement, where he made a strong case against BitCoin:
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BitCoin cheerleader Max Keiser recently “debated” gold bug Peter Schiff at the Nexus Conference. It wasn’t a debate. It was a comedy show.
Just to clarify right away, I am not making a case for gold over cryptocurrencies. My position is that both are overinflated by the debt bubble (see There’s no use arguing BitCoin vs. gold)… Read more
Saying “you just don’t get it” is a persuasion tactic normally held by stakeholders trying to make the sale. It implies that skeptics are too dumb to understand. It persuades people to side with the cool kids so that they can hurl the same arrogant insult to other naysayers. BitCoin and cryptocurrency holders are supposedly brilliant fo… Read more
In my two previous articles There’s no use arguing BitCoin versus gold and When non-tech savvy people talk about BitCoin, is it a sign of a bubble at its peak? I asserted that BitCoin behaves like a commodity, like gold, and public psychology ultimately determines its value. If the public perceives it as worthless, its value will drop to zero.
A main t… Read more
BitCoin and cryptocurrency forums have been reacting emotionally to arguments illustrating the flawed technical fundamentals of cryptocurrencies.
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Just google bitcoin+ponzi, bitcoin+intrinsic value, bitcoin+myspace, etc. All arguments have been made. Honeybadger doesn’t care. It moves onwards & upwards.
Anyone who’s longer
I believe nearly all asset classes are in over-leveraged, debt-fueled bubbles. I believe BitCoin and cryptocurrencies are no exception.
When my folks talk about moving money to BitCoin without much understanding of the technology and its goals such as decentralization and scarcity, I think a market peak has been reached.
The whole “keeping up … Read more