India Central Bank Governor - Crypto has no value "not even a tulip"

T

Text Drivers are Killers

Biden likes little girls
Of course this is true. It's obvious. Cryptos are backed by nothing and can be printed to infinity. Bitcoin "promises" they'll stop at a certain point - sometimes they say 21 million sometimes 24 million. Whatever - they can and will print all they want. It's a scam. You want non-fiat, then go to gold. You have to dig that out of the ground.

https://www.kitco.com/news/2022-02-...ulip-warns-India-s-central-bank-governor.html

feb 10 2022 Crypto has no value, it's 'not even a tulip,' warns India's central bank governor

Thursday February 10, 2022 10:28

(Kitco News) India's central bank chief told investors that cryptocurrencies have no "underlying" value. He added that even tulips are worth more, referring to the Dutch 'tulipmania' bubble in the mid-1600s.

"Private cryptocurrency is a huge threat to macro-economic stability and financial stability...investors should keep this in mind that they are investing at their own risk," Reserve Bank of India Governor Shaktikanta Das said during a news conference following a monetary policy decision. "And these cryptocurrencies have no underlying (value) - not even a tulip."

'Tulipmania' is one of the most talked-about market bubbles, which showed how far speculation could take prices. The Dutch tulip bulb market bubble happened in Holland in the 17th century as speculation and greed drove the value of tulip bulbs to extreme levels.
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Gamblers. Lots of Gamblers out there.
The Gamblers Creed: 'There's always someone that will come along and buy this at a Higher Price than I did'.
 
https://www.google.com/amp/s/fortun...e-supremacists-and-far-right-use-bitcoin/amp/




THE LEDGER CRYPTOCURRENCY
‘Currency of the alt-right’: How white supremacists and the far right use Bitcoin to evade the law and get rich
Banned by traditional financial institutions, they have taken refuge in digital currencies, which they are using in ever more secretive ways to avoid the oversight of banks, regulators and courts.

BY ERIKA KINETZ , LORI HINNANT , AND THE ASSOCIATED PRESS
September 28, 2021 4:57 AM EDT
 
Text Drivers are Killers said:
Of course this is true. It's obvious. Cryptos are backed by nothing and can be printed to infinity. Bitcoin "promises" they'll stop at a certain point - sometimes they say 21 million sometimes 24 million. Whatever - they can and will print all they want. It's a scam. You want non-fiat, then go to gold. You have to dig that out of the ground.
Click to expand...
I agree that crypto may not be a store of value, but it must be a store of wealth, should we need to quibble.
 
Text Drivers are Killers said:
Of course this is true. It's obvious. Cryptos are backed by nothing and can be printed to infinity. Bitcoin "promises" they'll stop at a certain point - sometimes they say 21 million sometimes 24 million. Whatever - they can and will print all they want. It's a scam. You want non-fiat, then go to gold. You have to dig that out of the ground.
Click to expand...

Maybe they are right, and the mention of a tulip is a significant one which low-information DEMOCRATS probably failed to catch.

The Dutch tulip bulb market bubble (or tulip mania) was a period in the Dutch Golden Age during which contract prices for some of the tulip bulbs reached extraordinarily high levels and then dramatically collapsed in February 1637; the rarest tulip bulbs traded for as much as six times the average person’s annual salary at the height of the market.

The tulip mania was one of the most famous market bubbles (or crashes) of all time and is generally considered more of a hitherto unknown socio-economic phenomenon than a significant economic crisis. Metaphorically, the term “tulip mania” is now often used to refer to any large economic bubble when asset prices deviate from intrinsic values.

In all the frenzy, nobody thought that they were staking everything on a bit of greenery which did not have any intrinsic value.

Then dealers refused to honor contracts, prices crashed, and people were left holding a lot of flowers that nobody wanted.


https://corporatefinanceinstitute.com/resources/knowledge/economics/dutch-tulip-bulb-market-bubble/
 
evince said:
‘Currency of the alt-right’: How white supremacists and the far right use Bitcoin to evade the law and get rich
Banned by traditional financial institutions, they have taken refuge in digital currencies, which they are using in ever more secretive ways to avoid the oversight of banks, regulators and courts.
Click to expand...

And why are conservatives being blacklisted by banks?
 
From Wikipedia

Tulip mania
At the peak of tulip mania, in February 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled artisan.
 
Legion said:
Maybe they are right, and the mention of a tulip is a significant one which low-information DEMOCRATS probably failed to catch.

The Dutch tulip bulb market bubble (or tulip mania) was a period in the Dutch Golden Age during which contract prices for some of the tulip bulbs reached extraordinarily high levels and then dramatically collapsed in February 1637; the rarest tulip bulbs traded for as much as six times the average person’s annual salary at the height of the market.

The tulip mania was one of the most famous market bubbles (or crashes) of all time and is generally considered more of a hitherto unknown socio-economic phenomenon than a significant economic crisis. Metaphorically, the term “tulip mania” is now often used to refer to any large economic bubble when asset prices deviate from intrinsic values.

In all the frenzy, nobody thought that they were staking everything on a bit of greenery which did not have any intrinsic value.

Then dealers refused to honor contracts, prices crashed, and people were left holding a lot of flowers that nobody wanted.


https://corporatefinanceinstitute.com/resources/knowledge/economics/dutch-tulip-bulb-market-bubble/
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oops
 
goat said:
oops
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iu
 
Crypto is far too volatile at present. At some point it will become a thing but its a little too wild wild west now to risk money in
it will settle down at some point and find its place.
But lets face it, no money is backed by anything right now. Not ours, not euro, zilch.
 
Members banned from this thread: ThatOwlWoman, Dutch Uncle, Matt Dillon and McRocket

TDAK rocks 3 out of 4.
 
Celticguy said:
Crypto is far too volatile at present. At some point it will become a thing but its a little too wild wild west now to risk money in
it will settle down at some point and find its place.
But lets face it, no money is backed by anything right now. Not ours, not euro, zilch.
Click to expand...

Crypto is for criminals to launder money.
 
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