So says fundie Michael Glennon:
When I start to see retailers accepting bitcoin or utility companies accepting it then I will believe that it’s not just a quasi-ponzi scheme, selling something that has no value. It’s a currency that doesn’t do anything, is not backed by any sovereign nation, is not accepted anywhere, is hard to buy and sell, and has no fundamentals supporting it.
So here’s my answer to anyone who asks me what to do about bitcoin: lock in your profits and think yourself lucky that you have made a profit in the greatest bubble in recent times. Then go and put your money into a real business that makes money.
Given the peer-to-peer nature of digital currencies and the potential for money laundering and tax evasion, longer-term on a fundamental basis there are still huge legislative risks for any corporate looking to invest in rolling out the technology on a mass scale, so I don’t see Visa or Mastercard rolling out the technology anytime soon.
Good advice. It is a pyramid scheme and bubble and the oil tanker of global regulation is turning remarkably quickly towards it.
