Bitcoin Detractors - fud, fud and fud

I have been working for days on end researching and developing my 2018 - 2019 cryptocurrency portfolio for which I have a predetermined strategy. During this time I have been amazed at some of the stuff one reads, with most of the classic stuff coming from bankers and government officials.

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I just wanted to share some of the absolute lulu’s in case you missed it….

Former White House Budget Director during the Reagan era (yup a fossil) and yes, just a government employee, David Stockman

“It’s basically a class of really stupid speculators who have convinced themselves that trees grow to the sky,” he said, referencing bitcoin investors. “It will burn out in a spectacular crash. All of these latter-day speculators will have their hands burned to a crisp, and they will learn the proper lesson.”
Source

So David, what exactly is the ‘proper’ lesson?

Today, it is reported that trading in cryptocurrency is against Sharia law

Egypt’s foremost religious leader, or imam, has called for a ban on cryptocurrencies including bitcoin after claiming they are forbidden under Islamic law.

Sheik Shawki Allam, the Grand Mufti (the highest official of religious law) in Egypt has said it is forbidden to trade cryptocurrencies – selling, buying or leasing them – after issuing a fatwa, a ruling of Islamic law issued by a recognized authority (in this case Egypt’s Grand Mufti).

An excerpt from the fatwa, as reported by Egyptian daily Ahram read:
“Bitcoin is forbidden in Sharia [law] as it causes harm to individuals, groups and institutions.”
Source

So dear friends if you follow the Islam faith ….tsk, tsk, tsk..you are going to lose your virgins one day or you may actually be punished in the here or now.

But to be fair, I actually found a quote from a politician which was positive about Bitcoin

“I think the fact that within the bitcoin universe an algorithm replaces the functions of [the government] … is actually pretty cool. I am a big fan of Bitcoin”
– Al Gore, 45th Vice President of the United States
{big round of applause for Mr Gore} Let’s put this man back in office !!

We all know this absolute lemon ….nuff said

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In my books definitely gets the ### 2017 Loser of the Year Award ###

One of my favorite reads www.thestreet.com had an article around Oakstreet Capital and BTC…

Oaktree Capital's Howard Marks said digital currencies "are not real" and are "nothing but an unfounded fad" in a memo in late July. "It is my firm view that the ability of these things to gain acceptance is just one more proof of the prevalence today of financial naivete, willing risk-taking and wishful thinking," Marks continued.

It seems that Marks' belief is that because bitcoin is derived from intangible software, it is useless. To him we would ask -- just because we can't touch a wireless internet connection, does it mean the connection isn't there? It's not blind faith for which we're asking, it's rather belief that we don't have to see things with our eyes to know they've got value.

Well put TheStreet !!

Have you come across some really good ones...please feel free to share

Thanks for reading ....