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is bitcoin a fraud bitcoin is a bubble okay bitcoin is a bubble it's a shame it could be a currency it it could work i mean conceptually but the amount of speculation that is going on and the lack of uh transaction and and and so is it a cryptocurrency bet that we're making or is a bitcoin get bet it's very much speculative people thinking can i sell it at a higher price and so it's a bubble there are two things that are required for a currency you know um the first is that you can make transactions in it it's a medium of exchange and the second thing is that it's a storehold of wealth those should be the two purposes of a currency bitcoin today you really can't make much transactions in it i got bin code i want to go through experience of spending it it's not easy you can't spend it very easily the problem with bitcoin is that it's not of an effective medium exchange like it's not easy for me to go in there and buy things with it and then it's not an effective storehold of value because it has a volatility that's based on speculation and the likes so it's not a very effective saving and in terms of a storehold of wealth it's not an effective storehold of wealth because it's um it has volatility to it unlike gold let's say in which reflects the value of money right it's more stable than the value of money bitcoin is a highly speculative market um like bitcoin could be blackberry in other words you can have ethereum come along and replace that and that'll all change and so um and it is going through this speculative bubble now a lot of the particular people are in it for a particular you know are they knowledgeable do we know intrinsic value and that is there that frame of reference or are you buying it to resell it quickly and so on those create elements above it here first bitcoin is going to zero zero when it comes out zero yes is uh how many times do we have to teach you this lesson old man i love the young people you
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