Topic: Belgian Bank sends out FUD newsletters concerning Bitcoin (Read 3181 times)

+1

lol who would even take banks seriously the inevitable is near bitcoin will win the currency war. 

There may be all that but there is clearly not the will/power/intention to stop printing billions upon billions, each and every day, for no other reason that it's possible and people don't understand the consequences.

Now the world is in a currency war and there are winners and losers, making many people, companies and countries unhappy.

Ok, thanks for the correction.

Buzzwords everywhere.

"Non-manipulable money supply", what a joke. Do you think the supply of BTC cannot be manipulated? How naive you are?


1. ...and very complex to understand completely.
2. ..., but very illiquid.
3. ... with a high risk to have a loss or be victim of a fraudulent scheme.
4. ..., which includes to waste electricity and heating only for the sake to produce some random SHA-256 numbers (much excitement, bro!)
5. 


OK, agreed. But my point still stands, most of the above is only seen as advantage to speculate.

Speak for yourself. Plenty of people understand that bitcoin represents an experiment in a perfect-information non-manipulable money supply, in contrast to the world's 40yr experiment with infinitely manipulable fiat money. Many people *accept* the reality and utility of fiat currency in their daily lives while also recognizing the reality of long-term inflation in fiat, and the very unstable debt-dynamics it can create.

And there are myriad other reasons people come to bitcoin, including:
1) Fascinating technology
2) Easier, more frictionless, way to transact
3) Far more secure way to move value around the internet
4) Mining as a hobby for the sheer fascination of it all
5) Bitcoin2 ("programmable money") ideas

People can latch on to any of the above, and more, as the primary reason they're interested in bitcoin. And yes, many people who initially found value in bitcoin due to one of the above ideas realized the investment potential and took (or are taking) advantage of that. That's only natural, and a healthy part of the process.

The D in FUD stands for Doubt.

Funny people, Belgians. I happen to know, because I'm Dutch. BTW here is a great Belgian professor quoting Henry Ford about money:

http://www.youtube.com/watch?v=Z9Tj3bMGkhg

btc foundation should issue warnings about fiat on regular basis 

The banks do not need to do that in order to buy cheap BTC. If they can create they own virtual currency, why would they even care to waste money speculating with BTC? They can create they own speculative instrument for few dollars.

i believe this is simply translated as:

"we want to scare you away from bitcoin for atleast 5 years, to allow us to buy the cheap coins, then i 5 years we will sell them to you at 500 times the price"

Maybe not lies but certainly spreading FUD.

There is more at play than just the points in the list, considering their own position a few years back, it's strange they can truthfully warn about bitcoin's risks now "tout court"
Is it not FUD when they mean to cause FUD, regardless of the words used?


lol treat them to some pizza or maybe top up their mobile vikings account with bitcoin

remember the basta episode about  belgian banks?

Good points, and I agree with them all.

What is money? Here is what money is, nothing more and nothing less: Money is the stored up labor of the people. In the short term, the act of exchanging money is what causes the various forms of labor to increase or decrease in value with relation to other forms of labor. Money itself is simply stored up labor.

Lot of unfounded statements. Particularly about the US being such a large economy, which it is not. (Economy in the sense of production not virtual numbers). It does have a astronomical debt system backed by the promise of oil for dollars (but even that promise has almost lost it's meaning). Unfortunately even if all the oil that's left on the planet could be extracted for free, that still wouldn't be enough to fill the giant debt hole that has been created.

No fiat-system in history has survived, not a single one, and there is no fiat system that has existed for hundred(s) of years.

Fiat is a ponzi scheme, it isn't even backed by shit. And the latter is what all the insurances of the state and banks will mean, when this currently just over 40 years old petrol-dollar experiment inevitably fails. It managed to postpone the official bankruptcy of America after the Vietnam war and combined with fractional reserve banking has created this guaranteed irrecoverable global trainwreck.

"Billions of people very happy with their respective fiat", are you freaking serious? Billions eh? Perfectly happy as well. Even as a joke that remark wouldn't even be funny. Well at least you make perfectly clear where you are coming from.

Btw I don't believe "money" should be worth anything at all. We just need a practical means of exchange for human effort and bitcoin is pretty damn good when compared to everything that is currently available.

Ergo, don't use Bitcoin because it's not a form of electronic money to purchase eBooks, for they're not a form of real books. Also, don't pay for pay-for-view concerts with any currency, for they, too, are not real concerts.

The following is NOT a real goat:


"I see what you did there!"

There is nothing cheaper when dealing with a high volatile medium of exchange such as BTC.


Bitcoin do not solve that problem...


...neither this problem.


Finally, some sense. Yes, agreed.

Again, it isn't always what the people are doing directly. It's what they are trusting the governments to do. Once the governments do what they do, the people will fall in line, if they like it. See my fourth post at https://bitcointalk.org/index.php?topic=438564.new#new, post #11 if nobody deletes any of their posts.

I believe you haven't got a good perspective of the users neither on the state of banking.

I started out as a speculator (I understand that most people start out like this), but I quickly realized how to use bitcoin to make my finances more efficient and a lot cheaper.

As for people happy with (any) fiat? The older generation experienced how all the fiat slowly degrades to shit and they are far from happy. Younger generations are facing the never ending recession and a lot of them live without any perspective for the future.

People who do more than receiving their salary on a bank account also don't seem to be happy at all. I have experience with banking in several countries and in my experience, the main attributes of the old system are inefficiency, inconvenience and high fees and charges.

Bitcoin is the first alternative, with a completely new concept on money. I think it doesn't matter what % are speculators, it cannot affect the utility of the protocol. I don't think they are any ways harmful at this early stage either.

Please, stop with this bullshit. There are billions of people very happy with their respective fiat currencies. No one is coming after BTC to "overcome the problems that they see in the system". The majority of people come after BTC to make money and speculate.

actually i think most if not all the things they say are true.... they are certain risks that one should be aware of when making an investment.

it's a shame they fail to point out any of the positives or maybe dont even understand them.

it is true though that bitcoin can be a risky investment in terms of many other types of investments.  however those of us who understand the tech behind it and the improvements it brings in things like transactions tend to understand the full picture more and we typically see that the potential outweighs the current risks,  these risks should be talked about though and improve upon.

the ceo of circle gave a speech about this recently that instead of trying to ignore these risks or write them off as "anti bitcoin propaganda" we need to realize that a lot of these risks are valid and we need to working on finding solutions and or explaining to people how long term these risks should tend to fade away as the infrastructure and industry grows.


when talking about bitcoins to strangers/friends/family/etc etc  i always try to be honest about any of the risks or concerns they have, and instead of simply saying "oh thats nonsense dont worry!"  i explain WHY i think the potential still outweighs the risks and how/why these risks will be overcome. ive noticed people typically people have a better response to bitcoin when i'm more honest like that instead of just saying 'oh dont worry its just bank propaganda, the government hates bitcoin they dont want you to know' etc etc.