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Bitcoin Is a Ponzi Scheme Says Gledhill Of DBS
Bitcoin has had its fair share of criticism over the last few years and, as it is becoming increasingly mainstream, this degree of criticism is increasing in parallel with awareness. What's interesting, however, is that the source of the criticism is coming from increasingly more authoritative figures in the global financial and political world.
While the upside of this is that it is representative of a ramping up of adoption and global conscience surrounding Bitcoin, the downside is that people take what those criticizing Bitcoin in the upper echelons of power have to say very seriously and this is leading to some sharp volatility in price.
The latest news in this regard is rooted in a comment made by David Gledhill, the group chief information officer at DBS, which is one of Asia's largest banks. The comment came as part of an interview with CNBC, available here.
Here's what he had to say:
"We see bitcoin as a bit of a Ponzi scheme."
He followed it with:
"Bitcoin transactions are incredibly expensive and all the fees are hidden through the crypto-mechanisms…[so] we don't think DBS being in that game right now is going to create a competitive advantage for us."
Most of this, of course, is nonsense.
There are no hidden transaction fees masked by crypto-mechanisms associated with Bitcoin and/or any Cryptocurrency for that matter but the problem is that, regardless of whether it's a valid statement or not, people are going to listen to this sort of individual because he has gained a reputation for being reliable and trustworthy in the fiat world.
In recent past, when somebody has come out and made a statement like is, we have seen somebody of equal reputability come out and make a counter statement to help cool things off a little.
With any luck, that's what we'll see in the Bitcoin space over the coming weeks.
Let's see what happens.
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Disclaimer: I am not a financial advisor, this is for entertainment only and this is simply an expression of my thoughts and opinions based on my personal experiences. Your money, your investment, your risk. This channel does not provide investing advice and should not be used for making your decisions.
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