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Nov 30 - European Central Bank says bitcoin is on the 'road to irrelevance'



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 2 months ago '22        #1
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Wrong Move  topics gone triple plat - Number 1 spot x3
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Nov 30 - European Central Bank says bitcoin is on the 'road to irrelevance'
 

 
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The European Central Bank gave a strong critique of*bitcoin

on Wednesday, saying the cryptocurrency is on a “road to irrelevance.”

In a*blogpost*titled “Bitcoin’s last stand,” ECB Director General Ulrich Bindseil and analyst Jürgen Schaff said that, for bitcoin’s proponents, the apparent stabilization in its price this week “signals a breather on the way to new heights.”

“More likely, however, it is an artificially induced last gasp before the road to irrelevance — and this was already foreseeable before FTX went bust and sent the bitcoin price to well below USD16,000,” they wrote.

Bitcoin*topped $17,000*on Wednesday, marking a two-week high for the world’s largest digital coin. However, it struggled to maintain that level, falling slightly to $16,875. Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, warned that the bounce is likely just a bear market rally and would not be sustained. “This is just a bearish retest,” he told CNBC.

The remarks from the ECB officials are timely, with the crypto industry reeling from one of its most catastrophic failures in recent history — the*downfall of FTX, an exchange once valued at $32 billion. And the market has been largely down in the dumps this year amid higher interest rates from the Federal Reserve.

Bindseil and Schaff said that bitcoin didn’t fit the mold of an investment and wasn’t suitable as a means of payment, either.

“Bitcoin’s conceptual design and technological shortcomings make it questionable as a means of payment: real Bitcoin transactions are cumbersome, slow and expensive,” they wrote. “Bitcoin has never been used to any significant extent for legal real-world transactions.”

“Bitcoin is also not suitable as an investment. It does not generate cash flow (like real estate) or dividends (like equities), cannot be used productively (like commodities) or provide social benefits (like gold). The market valuation of Bitcoin is therefore based purely on speculation,” they added.

Analysts say that FTX’s insolvency is likely to hasten regulation of digital currencies. In the European Union, a*new law called Markets in Crypto a*sets, or MiCA, is expected to harmonize regulation of digital a*sets across the bloc.

Bindseil and Schaff said it was important not to mistake regulation as a sign of approval.

“The belief that space must be given to innovation at all costs stubbornly persists,” they said.

“Firstly, these technologies have so far created limited value for society — no matter how great the expectations for the future. Secondly, the use of a promising technology is not a sufficient condition for an added value of a product based on it.”

They also raised concerns with bitcoin’s poor environmental credentials. The cryptocurrency’s technical underpinnings are such that it requires a massive amount of computing power in order to verify and approve new transactions. Ethereum, the network behind bitcoin rival*ether

, recently transitioned to a new framework that backers say would cut its energy consumption by more than 99%.

“This inefficiency of the system is not a flaw but a feature,” Bindseil and Schaff said. “It is one of the peculiarities to guarantee the integrity of the completely decentralised system.”

It’s not the first time the ECB has raised doubts about digital currencies. ECB President Christine Lagarde in May said she thinks cryptocurrencies are “worth nothing.” Her comments came on the back of a separate scandal for the industry — the*multibillion-dollar implosion*of so-called stablecoin terraUSD.
visit this link https://www.cnbc.com/2022 .. relevance.html
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110 comments
 

 2 months ago '12        #2
Di Warlord 
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crypto dudes in shambles

everything is looking sketchy nowadays though. My bond and 401k have fu*king tanked this year. No bueno man
+25   

 2 months ago '15        #3
RIPrjacks23 
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Xrp
+13   

 2 months ago '04        #4
fat_boyy21 
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LoL ... what will they say when it ends up on their balance sheet one day
+20   

 2 months ago '20        #5
Gmoney419 
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Facts are facts and the general Public don’t give af about, don’t see the need for it or don’t know enough about it. And those 3 things will be the reason none of those crypto currencies currently will be here for the long run. When the governments start their version of crypto currency in the next few decades will be when it catches on.

That sh*t literally only blew up like that cuz of the bandemic
-4   

 2 months ago '16        #6
BathWaterMelody  topics gone triple plat - Number 1 spot x13
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Secondly, the use of a promising technology is not a sufficient condition for an added value of a product based on it.




dumbest sh*t I've read this week

if it's not sufficient, then why tf is it "promising"?

journalism is dead.

how'd the head editor not catch this?
+3   

 2 months ago '06        #7
servesurite 
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im so sorry El Salvador

+13   

 2 months ago '18        #8
DUCEDUCE  topics gone triple plat - Number 1 spot x2
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 servesurite said
im so sorry El Salvador

We fu*ked up
+5   

 2 months ago '21        #9
Keithf87 
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 RIPrjacks23 said
Xrp




Last edited by Keithf87; 12-01-2022 at 09:07 PM..
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 2 months ago '22        #10
Yousabitchtoo 
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 Di Warlord said
crypto dudes in shambles

everything is looking sketchy nowadays though. My bond and 401k have fu*king tanked this year. No bueno man
You ll be ok. Keep putting in it will bounce back
+4   

 2 months ago '05        #11
That Dude 
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Stock market is down and has been down all year. Tech companies down,

shopify down 80%
Robinhood down 70%
Peloton down 80%
Netflix down 52%
Zoom down 53%
Roblox down over 50%
Meta (facebook) down 62%

And so on. But you n*ggas wanna talk about crypto being down when we are in a fu*king recession. If you dont know how to invest and know now is the time to accumulate both tech stocks and crypto then you will remain poor.
+35   

 2 months ago '22        #12
Yousabitchtoo 
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+16   

 2 months ago '21        #13
Keithf87 
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 BathWaterMelody said

Secondly, the use of a promising technology is not a sufficient condition for an added value of a product based on it.




dumbest sh*t I've read this week

if it's not sufficient, then why tf is it "promising"?

journalism is dead.

how'd the head editor not catch this?
I believe she's saying Blockchain technology is promising. Bitcoin is dying, making the way for Xrp or other ISO20022 standard tokens. You have to be able to differentiate BTC and Blockchain tech.
+8   

 2 months ago '05        #14
R4P  topics gone triple plat - Number 1 spot x2
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We listening to the Banks now?? Grow the fu*k up kids

This is Bullish

Ask yourself why your bank will let you spend 15k a night in a casino but will block your account if you try to buy $100 of Bitcoin on Binance.

They scared. And why they introducing their own cryptocurrency CBDC next year if bitcoin/crpto so irrelevant?



Next bull run is going to be historic


Last edited by R4P; 12-02-2022 at 12:04 AM..
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 2 months ago '05        #15
That Dude 
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 R4P said
We listening to the Banks now?? Grow the fu*k up kids

This is Bullish


Ask yourself why your bank will let you spend 15k a night in a casino but will block your account if you try to buy $100 of Bitcoin on Binance.

They scared.



Next bull run is going to be historic
This n*gga gets it, big banks and institutions are buying crypto rn. Buy when there is fear and blood in the streets


Last edited by That Dude; 12-02-2022 at 12:05 AM..
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 2 months ago '21        #16
nocomment  topics gone triple plat - Number 1 spot x11
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 Gmoney419 said
Facts are facts and the general Public don’t give af about, don’t see the need for it or don’t know enough about it. And those 3 things will be the reason none of those crypto currencies currently will be here for the long run. When the governments start their version of crypto currency in the next few decades will be when it catches on.

That sh*t literally only blew up like that cuz of the bandemic
You mean next year? CBDC’s will be here soon, just because you’re ignorant about something doesn’t make it go away
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 2 months ago '21        #17
nocomment  topics gone triple plat - Number 1 spot x11
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The guy that’s pushing europes CBDC is saying BTC is dead



This you




1:35:25


Last edited by nocomment; 12-02-2022 at 03:28 AM..
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 2 months ago '16        #18
FutureHipHop  topics gone triple plat - Number 1 spot x1
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So what theyre saying is buy Bitcoin, cause we are, we just want you to sell to us
+4   

 2 months ago '07        #19
Mr.Green E.U.I. 
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Till the next halving and it jumps over $100k a coin…. Then let’s see how dead
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 2 months ago '20        #20
Gmoney419 
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 nocomment said
You mean next year? CBDC’s will be here soon, just because you’re ignorant about something doesn’t make it go away
Shut yo bi*ch a*s up. You must be one of the people that been finessed. Facts are facts and the MAJORITY of people don’t give a duck about bitcoin or any of these cryptos
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 2 months ago '18        #21
ChrisPartlowFro 
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 That Dude said
Stock market is down and has been down all year. Tech companies down,

shopify down 80%
Robinhood down 70%
Peloton down 80%
Netflix down 52%
Zoom down 53%
Roblox down over 50%
Meta (facebook) down 62%

And so on. But you n*ggas wanna talk about crypto being down when we are in a fu*king recession. If you dont know how to invest and know now is the time to accumulate both tech stocks and crypto then you will remain poor.
Crypto isn’t like debts or equities though…. Which tech companies have folded? None.

No sector of the S&P is seeing bankruptcies like crypto and none of y’all can price it correctly so why equate this with debts and equities is beyond me. They’re clearly not the same.
+4   

 2 months ago '16        #22
Vizier  topics gone triple plat - Number 1 spot x1
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 DUCEDUCE said
We fu*ked up

+2   

 2 months ago '18        #23
Proffesor X  topics gone triple plat - Number 1 spot x4
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Crypto makes small time investors feel like they are taking control of their financial destiny. But most are completely oblivious to the understanding of imperialism and why the world is essentially set up the way it is. Crypto is not dead.........the wave of it being a people backed currency is ......the only way for it to exist is for it to be a*similated into the current financial structure as to allow those in power to manipulate it the same way they do our current currency.

That stated the bitcoin wave is over.........and honestly so is most aspect of small investors hitting it back by backing or investing it ...the private sector has infiltrated and the sh*t is in the process of becoming a world government a*set

The dollar must never be toppled........that is the watermark of Western Society and the American government treats it entirely as such......death and destruction over protecting it has amounted OCEANS of blood throughout the countries existence and that sh*t is not stopping any time soon


Last edited by Proffesor X; 12-02-2022 at 07:42 AM..
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 2 months ago '05        #24
ice wolf  topics gone triple plat - Number 1 spot x20
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Sell all your funny money before it’s too late

You’ve been gaffled

 2 months ago '05        #25
R4P  topics gone triple plat - Number 1 spot x2
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 Gmoney419 said
Shut yo bi*ch a*s up. You must be one of the people that been finessed. Facts are facts and the MAJORITY of people don’t give a duck about bitcoin or any of these cryptos
mad and broke? lol damn
+1   



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