Oh brother what a load of jargon festered nonsense.
You want a “stable currency” that sure as hell doesn’t describe Bitcoin. As far as underlying investment it isn’t an equity stake in anything nor does it pay a dividend. Finally, it isn’t a collectible of value either.
It is pure “blue sky” bullshit.
The people here peddling Bitcoin are the same cabal of losers beating the war cry of gold a few years back. But that shtick dried up and this new jargon driven nonsense has far bigger trading spreads.
Going back to the article, the banks don’t want to back Bitcoin purchases for two reasons. First, the purchase is a low iq investor that can’t afford the loss. Nobody should invest or speculate with credit card money! Second, the lenders are likely to get shafted by bankrupt card holders when they loses money.
Going forward. I’ll only respond to folks that list their academic or work related credentials in finance and economics. I have better things to do than chat financial pornography with a bunch of prepped hillbillies.
Excellent. Less clutter on the BTC threads.
I never said it was stable. I never said it was a currency.
I said it was an asset, or asset class. Because that is what the IRS decided it was.
I never said it was a sound investment.
I said, you talk about bitcoin as if you know what it is, what the protocol does, or what potential applications for it are.
I said you were probably one of those “professional” advisors like we used to have at the bank I worked at. They were professional alright—they made money off putting you into commission based mutual funds. And they told you to set up an IRA.
Please do not twist or mis-represent my words. But you might want to spend 15-20 minutes understanding what it is you are bashing. Because the way you represent it is so far from the truth it really reinforces why NO ONE should go to a bank’s financial department for anything other than cashier’s checks when you close an account.