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

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.

Comments

Bokkenrijder a Smudge by an… Mon, 10/23/2017 - 10:42 Permalink

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? 

In reply to by a Smudge by an…

Bokkenrijder tmosley Mon, 10/23/2017 - 10:51 Permalink

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." 

In reply to by tmosley

King of Ruperts Land BarkingCat Mon, 10/23/2017 - 13:53 Permalink

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.

In reply to by BarkingCat

BallAndChained tmosley Mon, 10/23/2017 - 11:22 Permalink

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.

In reply to by tmosley

lucitanian Big Twinkie Mon, 10/23/2017 - 10:25 Permalink

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.....

In reply to by Big Twinkie

nomofiat alt-center Mon, 10/23/2017 - 13:34 Permalink

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 usefulhttps://whattomine.com/

In reply to by alt-center