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"
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