Crypto will probably be zooming again next year. I agree with John Paulson, though, it's backed by nothing, so could dissappear overnight. I think he describes it quiet succinctly.
He also predicts that massive inflation may coming soon, but let's hope not.
"cryptocurrencies like Bitcoin and Ethereum, which promise independence from governments and large financial institutions, 'will eventually prove to be worthless,'
"'Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in cryptocurrencies,' he said.
He added: 'I would describe them as a limited supply of nothing. So to the extent there’s more demand than the limited supply, the price would go up. But to the extent the demand falls, then the price would go down. There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.'
The Mail
Investor John Paulson calls cryptocurrency 'worthless bubble'
6 comments:
There's a limited supply of lipstick that one can put on the cryptocurrency pig.
Technologists are trying to go around Art degree idiots running our currency systems …
It’s a typical disruptive technology situation and they are being successful…
Why not just use Tether they don’t have Art degree morons there who would create a 10% RRR and then run system reserves under 10%…
Make Tether users have a Tier 1 leverage ratio of 7% then add so much reserve assets you bankrupt your own users…
None of that happens with Tether they don’t have Art degree idiots running it…. So it actually works well…
Technologists don’t go thru morons they go around them… Uber, Tesla, the crypto people, VOIP, etc
Uber is an attempt to avoid taxi regulations. Zero innovation.
“Ride sharing” is the innovation… its more productive which is always the goal ie to increase productivity…
The goal is to increase profit. The losers with Uber are the drivers and the taxi insurance industry. Note that there are good reasons for taxi regulation.
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