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.
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!
Entire securities market is a fraud. The U.S. government is a fraud. All of the world governments are a fraud. Every corporation is a fraud. The SEC is a fraud. The FDIC is a fraud. The FED is a fraud.
But Singer wont say that instead he is downgrading crypto revolution which aims at financial freedom for masses . What a shame this guy is for humanity .He is ignorant .
good job . I give you upvote and follow !
I love how easy it is to judge humanity when you're speaking from the heavens like that douchebag is. He can correct his thinking at any point and be forgiven. The way the rich chunk the population into bigger and bigger blocks the richer they get disconnects them from the pulse that is humanity. Seriously, how can they identify with people who can't afford rent, yet say they know how people will react, deal with, or grow into crypto. His money is just as imaginary as ours. The thin veneer of society that gives what he has value...that veil is being drawn back. And he's scared, couching it in scorn...
Thanks for sharing :) Missed a bunch of your last posts in my rush to write my own stuff, hehe. Inspiration kept whispering to me...
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8.7% in one of the biggest bull markets ever? Not bad, not bad. This guy is so arrogant that I want to punch him in the face with a chart of SPY.
I posted that in a comment you posted above...the guy is so arrogant it is making him ignorant.
Agree :)
It still beats my mind.. if one had a chance to invest in a scum whose returns are on a high in a short period of time. Would that person simply keep away from the scum which has a high rate of returns, or would he give it a chance and accept the losses if it fails..though with little chance of losses. It's pretty clear here.. Invest what your willing to accept to lose, but don't sit back and not invest at all, however much you think it could be a scam.
This is cryptocurrency and prices either fall or rise.. It's a matter of accepting either of the possible outcomes. But knowing very well the chances of reaping big are a lot greater than losing out. The world is moving to a digital system of transactions.. And cryptocurrencies are not about to stop rising until this world is totally transformed to a digital world.
Bahaha, just another asshole looking for some attention and staying inside the box he calls his mind.
How in the hell is money created by the fed different in any way to a crypto like bitcoin? It's value is based on the value people give to it.
The 72-year-old from the state of Argentina has once turned into a pariah state, fearing that her # presidential planes will fly into the air or dock her # naval ships in a number of cities abroad, fearing that By his lawyers.
We'll tell you his story, and how Singer, the hedge fund manager with just 300 employees, has made the 43 million nation, which Fitch expects to skip its $ 1 trillion economy in 2019, literally lie on its knees.
The roots of the story
The story begins since the Great Depression of Argentina (1998-2002), where Argentina released as unprecedented from # government bonds, and most US investors were the buyers of these # securities.
The Argentine economy fell by 28%, and the country fell by $ 82 billion in bonds, the worst in its history.
Most creditors, or 93% of them, agreed to get only 30% of the amounts due to them, but the rest, including Singer and a number of other hedge funds, declined the deal, insisting to get 100 cents for each dollar of the face value of those bonds .
The group saw that the Argentine government could pay more than it offered, and advised other creditors that they were not obliged to accept the deal they described as bad.
The Elliot Management hedge fund, founded by Singer in 1977, became the general representative of the investors who rejected the deal. Wall Street's main activity was to buy troubled companies and then reorganize them.
The rebel group, which does not exceed 7 per cent, succeeded in issuing a court order in 2012 that would prohibit Argentina from paying the 93 per cent agreeing to the deal before paying the full face value of Singer's and its partners' bonds.
The reason for this decision is # international concerns about the ability of a small minority of investors to withhold a debt restructuring agreement that has been negotiated for years, and the referee has been criticized internationally, especially in the United States.
The mainstream is shaken to the core about Bitcoin....that is why they attack it so hard.
FUD is being spread because it is a total threat to them. They are doing all they can to make sure the masses do not buy into the new system. The fact they are using the media in such force means that it is failing. Each day we see an article like this or someone interviewed on tv. The other day, it was Ellen.
Give it another year, people like this guy will really look foolish.
Mr Singer is actually pretending to be ignorant but I know from his inside he knows the reality. These are the same people that manipulate bitcoins trends, leading people from withdrawing their cash.
I know people will always fight bitcoin not because they are ignorant but to incite cash flow movement of the coins.
If a single guy with not business or economy class background can understand bitcoin, what about him who has been in the market for long and his understanding of the state of the economy? I don't really trust his words, cause he pretends to be ignorant but knowledgeable of cryptos.
I'm a crypto fan and will always pledge for a decentralised system. We have seen a lot going with the centralisation, where by governments manipulate the currencies to make profits, "monetary policy " I no longer see value in this and always wish to have a system where by no one will be in the middle to enable transactions, no more banks which charges high by just playing the middle part.
Mr Singer should be the one to sensitise people as he has influence, and I believe may be he wants bitcoin to fall and then invest. I think.
I do not want to be mean, but he is just not seeing the future, he reflected about the pass (and pigs) but he doesn't consider the people who created the wheel...
My point is, he is living the "old" world and is being against evolution, does not have a futuristic vision.
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