The European Central Bank boss said that “cryptocurrencies, bitcoins and such things are not real currencies.” He explained that the euro is backed by the EU countries.
Bitcoin and the other cryptos are backed by nothing. Their value, Draghi said, “is extremely unstable.”
What he got wrong is that he also called bitcoin “assets.” They aren’t assets. They are part of a scam and will be worthless once people lose confidence that prices will rise.
Bitcoin’s prices have been rising sharply lately on their way to another big crash. Stay away.
So in terms of the actual utility and wealth Bitcoin creates: Absolutely nothing. As for the price speculation: Just a question of time before it loses the wast majority of its price, which is virtually the same as it going to 0 for current holders.
John Crudele, the author, has been writing about investments since the 80s, so presumably over 30 years. That's definitely enough time to let compound interest do its thing and retire if he knows what he is talking about.
NY post is filled with bunch of globalists and democrats and shady people working for them and getting paid for shitty articles. I thought it only sucked in politics. Now i see it sucks in all aspects haha
This article is garbage. I don't even mean "I disagree with it's viewpoint, so I'm going to say it's garbage."
I mean, it is garbage. There is absolutely no substance to the article whatsoever, and in no way warrants sharing it reposting here unless you yourself wrote it, in which case you should be ashamed. Not because of your viewpoint, but because there is seriously no effort in this piece.
You don't owe me a thing. But if you did, it would be any shred of reasoning as to why you feel the way you apparently do regarding the future of Bitcoin. If you have no such thing, then might I suggest you go cover the legacy financial system while we work on something new.
I'm fairly certain my word count in this Reddit comment has already surpassed the word count of the aforementioned article.
To be clear, I posted it with the intention of putting on display the absolute garbage that passes for crypto-related journalism in the rag that is the NY Post.
I wanted to flag it as such but I thought sub rules didn’t allow changing the headline. I instead posted my snarky comment in the comments. Regardless, I was aggravated by the “article” in question, and thought my fellow crypto-enthusiasts would like to be made aware of yet another horribly-written attempted hit piece, especially one that is as pathetic as this one.
In hindsight I see how the post could be misconstrued. Lesson learned.
And now we’ve both posted comments longer than the “article” linked above.