New bitcoin critic in the bloc - Steve Eisman
During this week, the single largest crypto community conference is on - Consensus 2018. Attendance has reached record numbers and analysts are expecting bitcoin to post a significant jump in price during the conference, as it did during the last 3 editions of the conference. I have already expressed my doubts over that, in my post from yesterday -
Meanwhile, we have a new addition to the growing list of bitcoin critics - Steve Eisman (remember the movie The Big Short). For those who don't know who Steve Eisman is, here is his bio from Wikipedia -
Eisman rose to fame betting against collateralized debt obligations at Greenwich, Connecticut-based FrontPoint Partners LLC, a unit of Morgan Stanley. By 2010, he managed more than US$1 billion for FrontPoint, and gained prominence after being profiled by Michael Lewis in his book The Big Short: Inside the Doomsday Machine.
Eisman says he doesn't like bitcoin because he doesn't know what he is looking at. In an article on newsbtc, Eisman's reactions were stated as follows -
Eisman was speaking at an annual conference for the CFA Institute – a global association of investment professionals. He addressed a crowd of around 1,500 on a panel discussion in which he stated clearly that his expertise lay outside of cryptocurrencies so he hadn’t ever invested in them:
“I don’t touch it… I don’t know what I’m looking at…I have no interest”
He also stated that he had no desire to trade traditional currencies and questioned the lack of regulation in place governing cryptocurrency investors and traders:
“I don’t understand why regulators haven’t regulated it more heavily.”
https://www.newsbtc.com/2018/05/14/steve-eisman-of-the-big-short-slams-cryptocurrency/
Now for those who don't know him, he isn't your standard jamie dimon or warren buffet. People who have thrived cheating the average person or by investing in monopolies or morally corrupt companies. Eisman, as portrayed in the movie, seemed to be a firm critic of moral corruption and lack of ethics in our society. He also ran an active campaign against for-profit colleges.
He says no one has been able to explain to him why bitcoin is useful. I think there is plenty of evidence around why a trustless system of storing value is an immensely useful innovation. Given his shock at the economic incentives in banking, i am surprised he hasnt seen bitcoin's use case already. Someone probably needs to tell him that price increase is simply an indicator of adoption. If bitcoin can get rid of the banking business that relies on deposits and remmitance, then that is the value bitcoin should hold. Add to that bitcoin replacing gold as an inflation hedge or store of value.
I doubt he will remain a bitcoin critic for long.
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Well, that's not even a real critique. He just said he doesn't understand what he's looking at, so he doesn't go near it, speak positively about it, speak negatively about it, or invest in it. That's honestly very sound advice for everyone going into Crypto right now. If everyone followed this concept, we would all be better off...
No one from the financial world who disses cryotocurrencies, offers any real critique tbh. If they offer any critique, its quite rare.
While he stated he doesn't know what he is looking at, stopping at that point probably makes more sense.
"During his presentation, Eisman stated that the reasons why Bitcoin and other cryptocurrencies had gained popularity were two fold. Firstly, they were a tool for people to speculate with. Secondly, that money launderers were using them to clean cash."
Associating it with money laundering and saying it has no use case is a criticism and negative speech, definitely not a critique. If someone doesnt get it, they should say so and leave it at that point.
@therealwolf 's created platform smartsteem scammed my post this morning (mothersday) that was supposed to be for an Abused Childrens Charity. Dude literally stole from abused children that don't have mothers ... on mothersday.
https://steemit.com/steemit/@prometheusrisen/beware-of-smartsteem-scam
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