bitcoin, page-112

Nouriel Roubini: Bitcoin Is a ‘Ponzi Game’

The NYU economist and professor, nicknamed Dr. Doom for accurately forecasting the 2008 financial crisis, called bitcoin a “Ponzi game

http://blogs.wsj.com/moneybeat/2014/03/10/nouriel-roubini-bitcoin-is-a-ponzi-game/

"Here’s a sample of Mr. Roubini’s tweets:

Apart from a base 4 criminal activities, Bitcoin is not a currency as it is not a unit of account or a means of payments or store of value

— Nouriel Roubini (@Nouriel) March 9, 2014

Bitcoin is not a unit of account as no price of goods and services is set in Bitcoin unit nor it ever will. So it isn’t a currency

— Nouriel Roubini (@Nouriel) March 9, 2014

Bitcoin isn’t means of payment as few transactions in Bitcoin. And given its volatility all who accept it convert it right back into $/€/¥

— Nouriel Roubini (@Nouriel) March 9, 2014

Bitcoin isn’t a store of value as little wealth is in Bitcoin and no assets in it. Also given price volatility it is a lousy store of value

— Nouriel Roubini (@Nouriel) March 9, 2014

So Bitcoin isn’t a currency. It is btw a Ponzi game and a conduit for criminal/illegal activities. And it isn’t safe given hacking of it.

— Nouriel Roubini (@Nouriel) March 9, 2014"