Topic: Robert Prechter calls Bitcoin "Brilliant" - page 2. (Read 5770 times)

heres the relevant section:

"As noted in the June issue, government can crush any useful service it opposes. One service it opposes is free-market money. In June, Senator Charles Schumer (D, NY) called the brilliant on-line transactional unit called bitcoin “a form of money laundering.” In March, the U.S. Attorney’s office and the FBI issued a statement (http://goo.gl/J8Jhz) calling privately minted “Liberty Dollar” gold coins “a federal crime,” an “anti-government activity” and “a conspiracy against the United States.” The U.S. attorney on the case, Anne M. Tompkins, called Liberty Dollars “a unique form of domestic terrorism” that presents “a clear and present danger to the economic stability of this country.” The federal government says it shut down the mint “to protect and preserve the constitutional currency for the benefit of all citizens of the nation.” In order to get rid of this scourge of precious metals coins, the government seized all of them for itself. Minting money may be treason (so was succoring Jews in Nazi Germany), but the only terrifying acts in evidence here are the government’s threats to ruin anyone who peacefully offers better monetary services. As Tompkins stated, “We are determined to meet these threats through infiltration, disruption, and dismantling of organizations which seek to challenge the legitimacy of our democratic form of government.”
Another money-of-the-future is James Turk’s brainchild, GoldMoney, which EWT featured in the November 2004 issue. Like any good or service highly desired in a free market, banking with goldgrams is affordable and efficient. In a free society, GoldMoney and services like it would be the premier banking alternative. But the warning I issued about bitcoins applies here, too: Government can crush anything it doesn’t like. All it need do is declare it illegal. This is essentially what a regulatory body in the Netherlands did this year with respect to the service offered by GoldMoney. In January, the Autoriteit Financiële Markten (AFM), the Netherlands financial regulatory body (shortly after ordering a Dutch pension fund to divest itself of most of its gold holdings), contacted GoldMoney and demanded that it comply with its rules relating to “investment objects,” namely grams of gold and silver. GoldMoney, already overseen by the regulators where it is domiciled, chose not to comply. It has withdrawn its services from the patronage of Dutch citizens, who must close their GoldMoney accounts by the end of this month. You can read about it at these sites: http:// goo.gl/zlcYf and http://goo.gl/TBhrp."

in the article, Prechter thinks Bitcoin could be shut down by gov't regulatory bodies simply by declaring it illegal.  i think he's wrong about that too.  there are no regulatory bodies for Bitcoin.

Seems like Prechter has been calling for a 40% correction in gold every year for about 8 in a row now.  It's hard for me to shake the term "Idiot Wave Analysis" from my mind such has been the magnitude of his fail on this one.

sorry, i stand corrected then.

his son goes by BrightAnarchist.

He is not the father, but he brought back the Elliott Wave. 

last Spring a similar quote was mistakenly attributed to Robert but was in fact from his son Elliott who is a member of this Forum.

this though is the Real Deal.

"In June, Senator Charles Schumer (D, NY) called the brilliant on-line transactional unit called bitcoin “a form of money laundering.”"

this is a paid subscription.  he is one of the worlds most famous market analysts, the father of Elliott Wave Analysis.

Is there a link or anything? I've heard that name before.

Can you give us a snippet?

Will he analyze BTCUSD in the future?  That would be awesome!

From the latest 10/21/11 issue of the Elliott Wave Theorist.