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Redfairen

(1,276 posts) Wed Dec 4, 2013, 08:31 PM Dec 2013

Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value [View all]

Source: Bloomberg

Former Federal Reserve Chairman Alan Greenspan said Bitcoin prices are unsustainably high after surging 89-fold in a year and that the virtual money isn’t currency.

“It’s a bubble,” Greenspan, 87, said today in a Bloomberg Television interview from Washington. “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.”

.......

"I do not understand where the backing of Bitcoin is coming from,” the former Fed chief said. “There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it’s a government or an individual.”

Read more: http://mobile.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html

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Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value [View all] Redfairen Dec 2013 OP

Holy shit, my irony meter just detonated. AtheistCrusader Dec 2013 #1

Doubly so, since the bitcoin "community" is full of Randite libertarians cemaphonic Dec 2013 #15

yeah, well so is Greenspan. An absolute Ayan Rand sycophant 2banon Dec 2013 #31

That was the poster's point. AtheistCrusader Dec 2013 #36

gotcha, thanks 2banon Dec 2013 #37

Happens to all of us. AtheistCrusader Dec 2013 #40

Exactly. AtheistCrusader Dec 2013 #35

just technically retired, but Greenspit is their Guru 2banon Dec 2013 #30

Hey Greeny,...you're describing the Stock Market. Spitfire of ATJ Dec 2013 #2

And dollar bills Treant Dec 2013 #6

So,...should I can my money? Spitfire of ATJ Dec 2013 #7

Of course not Treant Dec 2013 #13

Phew,...for a minute there I was picturing trying to drive with a glass jar in my back pocket. Spitfire of ATJ Dec 2013 #16

He may as well be discussing cowrie shells . . . hatrack Dec 2013 #18

Not to go off on a rant here Treant Dec 2013 #20

Speaking of gold... CoffeeCat Dec 2013 #32

Lots of economies have collapsed throughout history Art_from_Ark Dec 2013 #42

There are also lots of worthless currencies from countries that still exist Art_from_Ark Dec 2013 #41

Try this thought experiment hugo_from_TN Dec 2013 #9

Dollars, of course Treant Dec 2013 #10

Currency is basically an agreement backed by the law LuvLoogie Dec 2013 #29

IMO, you won the thread. freshwest Dec 2013 #48

Stocks have no intrinsic value!? hugo_from_TN Dec 2013 #8

None Treant Dec 2013 #11

You can say the same thing about any equity investment, including your home Major Nikon Dec 2013 #50

Nope. All they do is list the number of shares.... Spitfire of ATJ Dec 2013 #14

They don't even make that wallpaper anymore Art_from_Ark Dec 2013 #43

I know,...but they were really impressive in their day.... Spitfire of ATJ Dec 2013 #44

I don't know about stocks Mnpaul Dec 2013 #22

And the fake real estate market cosmicone Dec 2013 #21

Considering the Teabaggers have tried their best to destroy SwankyXomb Dec 2013 #3

Yeah but... happyfunball Dec 2013 #4

Heck, we have regular banks to launder those monies! villager Dec 2013 #5

Drive down the price... SoLeftIAmRight Dec 2013 #12

. Jesus Malverde Dec 2013 #17

And Greenspan's solution to the housing bubble was to burn down the unsold houses. longship Dec 2013 #19

So is the US Dollar or the Euro or the Yuan, etc. Fearless Dec 2013 #23

Bitcoin is nothing backed by no one. At least with a stock pnwmom Dec 2013 #24

How the fuck would he know? Lasher Dec 2013 #25

NOW he recognizes a bubble when he sees one? displacedtexan Dec 2013 #26

Greenspan was the frickin Grand Marshall of the housing bubble parade... CoffeeCat Dec 2013 #33

Bitcoin Looks Like A New Form Of DallasNE Dec 2013 #27

That's pretty funny.. sendero Dec 2013 #28

I'll tell you what is without intrinsic value tularetom Dec 2013 #34

I remember the bitcoin market a few years back when... Locut0s Dec 2013 #38

Guffaw. nt bemildred Dec 2013 #39

Electric sale: Someone used bitcoins to buy a Tesla IDemo Dec 2013 #45

One thing I don't get is what is there to stop Incitatus Dec 2013 #46

This is the definition of all currency. joshcryer Dec 2013 #47

Bitcoin calls Greenspan a corrupt, lying asshole without intrinsic value. n/t Orsino Dec 2013 #49

87 years old and he finally recognizes a bubble. burnsei sensei Dec 2013 #51

NOW he cares? Paula Sims Dec 2013 #52

coming from the man fed people called bubble boy. pansypoo53219 Dec 2013 #53