Elliott's Singer: Bitcoin Boom Confirms "The Limitless Ignorance Of Humans"
Content adapted from this Zerohedge.com article : Source
A doubling off the lows for bitcoin are not stopping the FUD campaign from continuing.
The latest participant is Elliott Management found Paul Singer.
His view of the digital money is this: calling cryptocurrencies "one of the most brilliant scams in history."
He further goes on to explain how people are basically primitive in their thinking by buying the cryptocurrency idea.
"We all laugh at primitive tribes which used large stones (or pigs) as currency. Well, laugh as you will, but a stone or a healthy pig is something. Cryptocurrencies are nothing except the marketing power of inventors, financiers and others who love the idea of buying a black box (which is obviously empty) for the price of a Kia and dreaming that it will turn into a Mercedes. There have been times recently when this dream has materialized within hours."
"This [cryptocurrency] is not just a bubble. It is not just a fraud. It is perhaps the outer limit, the ultimate expression, of the ability of humans to seize upon ether and hope to ride it to the stars...
But is it not glorious that when the equivalent of nothing attracts priests and parishioners who run up the price, the very willingness of the mob to buy it at higher and higher prices is seen as validation of the thing, rather than an indication of the limitless ignorance of swaths of the human race?"
Singer's view of humanity is as low as it is for bitcoin.
According to Business Insider, Elliott managed $34.1 bln as of January 1, 2018 and the Elliott Associates LP fund returned 8.7% last year.
Ycharts shows the S&P returned 21.83% last year.
Could "the limitless ignorance of swaths of the human race" apply to those who invested in his fund since Mr. Singer got crushed by the S&P last year?
Non-adapted content found at zerohedge.com: Source
He probably had BTC or he is planing to buy some because he did not buy BTC at the bottom so now he’s trying to make it fall again to buy.
This clown does not have the power to move prices, especially Bitcoins price. I guess he is just ignorant in general.
I read more arrogance than ignorance.
It is most likely blinding him.
So many cryptocurrency skeptics, I wonder if they've ever looked into Ethereum's ecosystem...
it 's obvious that this guy is not just a looser but also an old backward fool that doesn't understand that the word is changing way to fast for him to comprehend whether he likes it or not people will continue to adopt new technology ,and guys will continue to buy lambos to even a benz is good enough.
Bauxhine technology causes massive disturbances across a wide range of industries, markets and economies. Bitcoin, the world's most famous application of bulecine, has shown the world how the decentralized nature of cocaine can cause a paradigm shift in the global economic landscape. In addition to Bitquin, other digital currencies have spread to solve some of the biggest business and financial problems in the world economy.
So is the dollar. The difference between dollar and bitcoin is dollar has unlimited supply and bitcoin doesn’t. They both are not backed by anything, but the quantity makes the breaking difference. These people are in denial. They don’t like ordinary people to become rich and to outsmart them.They wish everyone the worse. They are blindfolded. If bitcoin is a fraud, what is the dollar then? I wish I could talk to “Mr. Singer“ in the next few years. I think in the next few years “Mr. Singer“ will be promoting bitcoin.lol
It's a trustable currency which is not beholden to any entity. I don't understand how people can dismiss this concept. Humanity has never had anything like this and it's only just getting started.
Also I don't laugh at people who used pigs for currency, if anything it'd be fun to walk a pig through the grocery aisles while exchanging him for eggs and bacon.
@zer0hedge..bro Singer is right of course. But people have made good paper profits trading crypto. As a speculation it has interest. People should know there is nothing to prevent the managers of BC from doubling the number of coins to 42 million or to a billion. It's just a software change. BC is a belief system but so is fiat dollars on a much bigger scale. For a long term holding, I'd prefer gold to BC. For a short term holding and transaction.Lookup blockchain and do some reading. Your comment shows you have total ignorance on how it works. You cannot simply change the coin cap with a "software change". There are no "managers" of bitcoin. Thank you for sharing with us..
Interesting article. What can I say: time will tell who is right.
Based on his comments I am a pretty sure Mr. Singer does not know much about bitcoin.Printing money out of then air, then charging interest on it. Now that is something out of ether. People have woken up, so retire already, or do what ever rich people do when they are no longer relevant.Goldman must be paying this guy to trash btc while they buy, it cheap .Every time some billionaire bashes Bitcoin, it makes me want to buy more crypto. Bitcoin is the consensus value transfer protocol. It's a viral social network.
Lol. Excellent closing statement, i love it!