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“Bitcoin could trigger financial meltdown, warns Bank of England deputy” — They’re trying to blame the economic collapse on Bitcoin instead of their intimate money creation.

Bitcoin could trigger financial meltdown, warns Bank of England deputy” — They’re trying to blame the economic collapse on Bitcoin instead of their intimate money creation.



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25 Comments

  1. If something that is free, open, and honest, like Bitcoin can melt down your financial system, then your system is garbage and deserves to be melted down; and you’re to blame for it.

  2. Did anyone read the article? They’re not blaming bitcoin directly but blaming creditors who lend money for people to buy bitcoin and over leveraged traders. As the asset grows, the risk of a large proportion of people defaulting on their debts increases making it more difficult to maintain economic stability.

    Bitcoin isnt the problem it’s the fucking banks, again!

  3. Governments could really basically kill bitcoin any time they wanted. But to do that, they’d have to stop printing money. So, maybe lets not blame bitcoin, but rather the massive and intentional monetary inflation that gives it life.

  4. I like that he claims in was people taking out risky sub prime loans that were the problem.

    Notice the blame is on us, the people who need a home, not the people who lent out the risky loans.

    Now the blame is again on us, the retail who purchase Fuck You Money because it doesn’t coincide with their business plans.

    Fuck Banks, Buy Bitcoin.

  5. Nations tanking their fiats, with out of control inflationary spending, trying to spread FUD on what citizens of the world have discovered is the only true safe global asset, decentralized Bitcoin.

  6. The headline is misleading, as usual. The article is about cryptocurrencies and they’re using bitcoin in the header to attract eyeballs since it’s the Mickey Mouse of this space. These are the important parts from this article:

    > At the moment surveys suggested that spending on cryptocurrencies was backed with only about $40bn of borrowed funds. But there was evidence **traders were increasingly speculating on the future value of digital currencies**.

    > He said traders on the Chicago Mercantile Exchange were handling $2bn of crypto purchases a day and the popularity of futures trading was attracting hedge funds and other speculators.

    > “The bulk of these assets have no intrinsic value and are vulnerable to major price corrections. The crypto world is beginning to connect to the traditional financial system and **we are seeing the emergence of leveraged players**. And, crucially, this is happening in largely unregulated space,” Cunliffe said.

    The issue isn’t just bitcoin, it’s overvalued shitcoins (particularly the BabyDogeElonFlokiShiba coins, “projects” like SafeRugpullMoon I’m guessing) and people going mad with leveraged trading (with bitcoin and everything else). Everywhere in the article they refer to cryptocurrencies, not just bitcoin.

    In other words, heavy regulation for shitcoins is coming.

  7. tldr; Bank of England Deputy Governor Sir Jon Cunliffe has warned that digital currencies like bitcoin could trigger a financial meltdown unless governments step forward with tough regulations. Likening the growth of cryptocurrencies to the spiralling value of US sub-prime mortgages before the 2008 financial crash, he said there was danger financial markets could be rocked in a few years by an event of similar magnitude.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  8. That’s not what he said and it’s a bullshit headline. He pretty much said that loads of people who don’t know what they’re doing using tonnes of leverage could be a bad idea.

What do you think?

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