Comments by "" (@tekannon7803) on "Anthony Pompliano has 95% of his net worth in Bitcoin | Lex Fridman Podcast Clips" video.

  1. Thank you Mr Fridman and Mr Pompliano for your great questions Lex and for your excellent answers Mr Pompliano and bpth of your thought-provoking ideas in this excellent videocast. Every time I tune in to Lex’s interviews, I keep saying to myself “okay, okay, I’ll just watch for a while, cos I got to get back to doing nothing asap.” The problem is there is no dead-space in a Lex Fridman interview, and you guys are no exception. The world is going to need a Bitcoin Pope and I recommend Lex… Just kidding. But let’s have a look at what one of the giants in finance has to say about the mythical Bitcoin. Here is what Nouriel Roubini has to say and if you’ve got a bottle of whiskey in the room, I’d recommend you pour yourself a tall drink. Here goes: “You have to ask yourself if it’s an asset, it’s not even a currency or an asset, usually, stocks, bonds, loans, real estate give you some income, dividends, coupon, interest or rent. Some assets like residential real estate give you huge housing services. Gold doesn’t have an income but there is industrial use, utility as jewelry, and as a past monetary use and as a store of value. Bitcoin doesn’t have any income, doesn’t have a use, doesn’t have any utility. It is a pure speculating, self-fulfilling bubble on a price appreciation. It doesn’t have a feature of an asset, or a currency, it’s just a self-fulfilling bubble. It’s intrinsic value is zero, and it needs more energy than it takes to power Argentina for it to work. If you added pure carbon tax, the value would be negative not even zero. There have been articles of pump and dump schemes, we know that tether issuance is a billion dollars every other day. Tether and BTNX?is being used to by bitcoin and it’s not backed by anything. There is a bunch of wash-trading, or spoofing. Bitcoin uses the energy of a country the size of Argentina. Instead of having a few institutions validating transactions, 70% of all the mining of Bitcoin is being done by 5 or 6 firms based in Russia, Belaruse and China. To rely on countries with no rule of law to verify transactions, there is centralization of mining, of exchanges with 99% of all that’s occurring, of developers, of whales. The genial condition of Bitcoin is worse that North Korea, where Kim Un Jung and his cronies owned an entire country. It’s a lie that it’s a decentralized system. It’s centralized where a bunch of insiders and whales, and others are controlling the entire system and manipulating it in states where there is no rule of law." To recap: 1. A lot of manipulation 2. Pump and dump schemes 3. Spoofing 4. Wash trading 5. Front running 6. Issuance by tether or a fiat currency not backed by much that is used to manipulate the price of Bitcoin 7. It’s a bubble 8. Bitcoin is not a currency 9. It is not a unit of account 10. It is not a scalable means of payment 11. It is not a stable store of value, not even Bitcoin conferences accept it as a means of payment because the price volatility implies your profit margin can be wiped out 12. Calling them crypto-currencies is a misnomer, they’re not even assets 13. Transaction costs of Bitcoin preclude its use, they are much higher than normal currency 14. The technology, proof of work, doesn’t allow more than 5 transactions per second for Bitcoin, Visa, for example, has 24,000 transactions per second 15. It’s not going to be used as a scalable means of payment---ever 16. It’s never going to be used for goods and services or across borders, because there is no way that bitcoin will be allowed to transfer large amounts of money because kyc and mel, 17. It will be used for speculation and buying other crypto-currencies 18. It’s a self-serving system
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