Bitcoin Tumbles After Saudi Prince Calls Crypto - "Enron In The Making"

Tyler Durden's picture

Another day, another elite with a petrodollar ax to grind denigrates crytpocurrencies.

This morning's prognosticator was Saudi Arabian Prince Alwaleed bin Talal Al Saud who told CNBC...

"I just don’t believe in this bitcoin thing. I think it’s just going to implode one day. I think this is Enron in the making."

 

"It just doesn’t make sense. This thing is not regulated, it’s not under control, it’s not under the supervision" of any central bank.

And while Bitcoin had been sliding, it accelerated on the prince's comments...

However, we do note that Bitcoin is already bouncing back up from 5610 lows to 5740, as perhaps the prince is highlighting 'features' not 'bugs' in the virtual currency.

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BaBaBouy's picture

Wouldn't be surprised if He's Buying ~ ~ ~

InsaneBane's picture

STOP Crypto Jews willing to ride the train

Dukes's picture

BTC has as much intrinsic value as tulips.

InsaneBane's picture

BTC is merely a vessle to transport wealth..good luck transporting silver and gold out of the country if you don't have a private plane. Escape and dodge IRS tax...I vote Ay

Gaius Frakkin' Baltar's picture

Oh good...

Now ZH goldbugs can start defending ISIS sandniggers.

We truly live in interesting times.

I'd hold Bitcoin just to spite sandniggers on that fact alone.

InsaneBane's picture

Stop using their oil..

something with petrodollar and KiSSinger in 1971..?

 

Big Twinkie's picture

How much value do you place on the opinion of a man who wears a tablecloth on his head?

InsaneBane's picture

It depends on the situation...

a Smudge by any other name's picture

Wells it's been a good run boys but this walking talking tea-towel, this perambulatory hamper, this mobile linen service just said it's over.

a Smudge by any other name's picture

I don't know whether to buy, sell or just order finger sandwiches and call it a picnic.

Bokkenrijder's picture

I agree with HRH Prince Al Wahleed bin Towelhead here, people spend >$5-6k on....NOTHING. 

BTC is nothing more than a bunch of digital ones and zeros, it's fiat on steroids.

You might as well keep your $5-6k in fiat currency.

At least with fiat money you get a nice cool piece of paper with pictures on them, or a stupid coin that looks like gold, silver, or nickel but actually isn't gold, silver or nickel. With BTC you don't even get that...you get fuck-all, you get a digital IOU. 

Oh wait, you get "blockchain" for $5-6k. Well, if you wanted "blockchain" why not buy ETH at 10% of 1 BTC? 

tmosley's picture

>BTC is nothing more than a bunch of digital ones and zeros

Just keep repeating that to yourself. I'm sure that reality will change to fit your worldview eventually.

>why not buy ETH at 10% of 1 BTC? 

ETH doesn't have nearly the network effect that BTC has.

Bokkenrijder's picture

BTC is just mined bullshit, it's mined fiat, it's mined snake oil. Tell me what it is that you get after spending lots of money on electricity in order to 'mine' one of those BTC? What do you have? NOTHING! Absolutely NOTHING. 

Just keep on repeating to yourself that "this time it's different." 

"Oh, but you don't understand blockchain" the fanboys like to shout. Well, I just reply: "you don't understand snake oil." 

tmosley's picture

Hahaha, the peanut thinks its nothing.

Come back in five years and tell me its nothing again.

I am a Man I am Forty's picture

It's an accounting and tracking system, it's a person to person payment system.  There is no counter party risk. You get to say fuck you to the banks. You can argue all day what this is worth but it certainly has value.

BarkingCat's picture

The system is easily replicated. As a matter of fact it has been replicated. It's also in the public domain so it is not a secret platform that's proprietary. Regardless, just because the system has a value does not mean that things that trade in the system have any value.

tmosley's picture

>The system is easily replicated

The mining network securing the chain is not easily replicated.

King of Ruperts Land's picture

You know those metric prefixes that go up by 1000s like kilo, Mega, Giga? They are now using the highest one there is to describe the number of cryptographic hashes per second done by the combined securing power of the Bitcoin network.

That is not "easily replicated". That is Gold.

Yes, you can make coins of lead using the same dies. No one will switch.

jaxville's picture

   Value perhaps ....Price however....!?!? At least with tulips you could eat the biulbs in a pinch.

   You say a much bigger "fuck you" to the banks when you convert currency into specie then lose it in an unfortunate boating accident.

 

 

nomofiat's picture

Do you consider the world's most secure land registry to be nothing?

https://www.forbes.com/sites/laurashin/2017/02/07/the-first-government-t...

the above would not be possible without the blockchain.

Do you know google? People use it to find answers. It beats ranting on zerohedge like an ignorant fool.

BallAndChained's picture

Hilarious that tmosley is yet again spamming his Blockchained NOTHINGNESS all over the place.

The Bitcon pumpers are fantasizing that they can own the world's oil and gold reserves by trading NOTHINGNESS for them.

The Prince is right, Enron was NOTHINGNESS too.

Only a blubbering idiot would trade their oil reserves for NOTHINGNESS.

And the only argument the Bitcon pumpers have is to throw racial insults at him.

tmosley's picture

Hi Magical Thinking Man.

How's that magical thinking working out for you? Is Bitcoin worth "ZOMFG NOTHING" yet?

wizteknet's picture

Billion just invested at the bottom?!

Secret Weapon's picture

I up voted you just because I enjoy hearing your side of the argument.  Cheers.

I am a Man I am Forty's picture

You need to look at market cap, not price of each.  With that logic just load up on Ripple that's at 18 cents or some other crypto trading close to $0.00000.

ZenStick's picture

The fundamental breakthrough - the one that matters - is the creation of TRUST between parties; trust that otherwise could not occur without a middleman to verify honesty and trustworthiness, and also take his big cut for this "service."

nomofiat's picture

you not understanding something does not make it worthless.

 

To stop coming across like an ignorant flemish pedo: you should stfu about it untill you know what it actually is.

Demologos's picture

Did Banzai photoshop that guys hat, or is he hiding a New York cheesecake under there?

lucitanian's picture

It's called a Kafihiya and an agal, and its nothing to do with his seriousness, as much than if he took them off, and waved his eyebrows up and down like he does when speaking, he would be a perfect double for Gaucho Marks, in which case it would be very difficult for anyone, at least in the US to take anything he said seriously.....

Winston Churchill's picture

He actually hit the nail on the head, it is very like the Enron bubble in a lot of ways,except Enron

was probably more sustainable.

tmosley's picture

And how long did the last major ledger based currency last?

Do you even know what it was?

funthea's picture

The "Tally stick" of roughly 700 years. However, it was implicitly backed by the wealth of the kingdom and decreed as currency to expressly foremost to pay taxes, much as today. The point is that it had no intrinsic value and was mainly accepted to pay taxes.

tmosley's picture

You got the first bit right. The rest of it is wrong though.

americanreality's picture

"Sandniggers"?  Really?  Please clean up your racism.  The correct descriptor is "Camelfucker". 

t0mmyBerg's picture

Now ZH goldbugs can start defending ISIS sandniggers.

Exactly.  The women enslaving misogynist billionaire wahhabi terrorist funding shitbrain bailed out by US taxpayers in 2009 when we bailed out his huge stake in Citibank says bitcoin is no good.  You know what you saudi fucking piece of shit?  Fuck off and die already.

jmack's picture

all you need to transfer precious metals out of the country is a butthole, and everyone has one of those.

InsaneBane's picture

..So is that a tip for buying Vaseline stocks?!

tmosley's picture

If your money has intrinsic value, you harm the economy by making it money.

Dukes's picture

My skills and labor have intrinsic value.  The means in which those become fungible continually morphs over time by TPTB.  Some last, some don't.  

tmosley's picture

Skills and labor aren't money. They certainly aren't fungible.

Bill of Rights's picture

Skills and labor are fine until you chop a hand off, then what?

alt-center's picture

are you also mining bitcoin or just investing/using?

tmosley's picture

I own it and I use it. I tried mining years ago and my computers were already too old back then. Good enough for what I use them for.

alt-center's picture

do you think it's still a viable option to mine?

tmosley's picture

Bitcoin is not viable to mine, but other coins are. I don't keep up with any of that though. I'm sure there are others around here who know more about that.

nomofiat's picture

Bitcoin mining can be very profitable but you have to move to an area with very cheap, near 0, electricty costs, it also needs to be cold and it would help if you are close to a chip manufacturer (planned obsolscence on miners is a bitch).

You would also need to invest minimum $10M to get a large enough scale.

 

If you just want to mine from home then there are better coins for you. The link below is useful

https://whattomine.com/