Bitcoin Forum

"Bitcoin is a 'speculative bubble' and unlikely to become a real currency, UBS says"
https://www.cnbc.com/2017/10/17/bitcoin-is-speculative-bubble-and-unlikely-to-become-a-currency-ubs.html

• Cryptocurrencies like bitcoin are in a "speculative bubble," according to UBS
• The investment bank said that it is "highly doubtful" that these will ever become mainstream currencies
• But blockchain technology could have a "significant impact" on many industries, UBS says

Jamie Dimon gets an ally, after getting revolts from Tom Lee (former JPMorgan managing director), MacQuarie, Morgan Stanley CEO and maybe even Goldman Sachs CEO.

what else is new!

they have been saying the same stuff forever. bitcoin has been a bubble, according to them from the day it was listed on an exchange for trading. and the funny part is that they intensify their attacks after a price rise happens and the media is paying a lot of attention to bitcoin. AKA when bitcoin is growing faster than usual.

According to so and so, Bitcoin will collapse and like a bubble, it will pop anytime soon. Are they just blind or just too lazy to look at the graph? I think bitcoin will lasts since it's very stable and to think S. Nakamoto has designed this digital coin with long term usage as its main features. If it is not, then this coin may not have lasted for so long until now even it goes through ups and downs and hardforks.

Another one... they're really annoying. But ok, let them talk crap. 'Almost certainly a bubble.' Funny thing about this kind of statements is that a year later, noone analyzes them, and tells them: you were dead wrong.

Operative word here is 'unlikely'. There is a chance. Right now though, the slow transaction times and high fees for small transactions, among other factors will make it hard for Bitcoin to be truly adopted. It's barely even being used as a currency, because its growth makes it an excellent investment.

Obviously, it is very unlikely to happen in the near future, but something's happening and they know it. The fact that major entitites like these are making a public statement about the current trend of bitcoin, right after a huge spike in its price, makes me think that maybe their costumer feel something's wrong?, "maybe i should invest in bitcoin" is probably what their big customers are thinking, therefore the banks feel the need to make a statement saying how bitcoin is useless. But i bet they're getting more and more requests regarding btc investment. These old turds are probably crying they didn't invest in bitcoin years ago.

Totally agree with this , They are pretty obligated to say this kind of statements whether they are believe in it or not , BTC is the thing that threaten there industry . And for how long they are saying the same thing over and over again ! . They have no credibility in judging  when it is something related to Bitcoin or cryptocurrency overall  .

And US dollar is what? Not a bubble waiting to burst when shit hits the fan?

Well, bitcoin acts like it's in the speculative bubble right now. Remember dot-com bubble almost 20 years ago? People overbought everything in information technology sector thus creating a bubble. Still information technology is going strong. So I think both wievs are right: Bitcoin will be valuable but it also is bit in a bubble right now.

Bitcoin does have bubbles. A lot of people hype and push prices up. However, I think bitcoin can be recognized by so many people. There have been a lot of practical applications. Bitcoin has real value.

True. Bitcoin is unlikely to become a real currency. It's too slow and high transaction fee. But it has its own value and we have a whole bunch of altercoins with great new features.

UBS is the biggest bank in switzerland which has branches in 50 countries.Nothing else could be expected from a bank which has the most powerful rival bitcoin in the banking history itself.Bitcoin has almost turned upside down the future of banking industry.Jamie dimon has got an ally UBS to criticize bitcoin.

Bitcoin has almost crossed earlier stages of recognition and it does not need any approval from banking authorities or investors like warren buffet to survive.I think that we should just not care about such statements and not to waste our time.

People like jie dimon : blah blah blah..
Me : oh well, another day at the job.

Clearly this is just a big scheme to dragg as much people as they can down with them and to cheapen the price of bitcons. These guys probably regret not getting their hands on bitcoins when they were cheaper back then. Which is probably also the reason why they spread out all kinds of bull crap about bitcons. And it is even possible that these guys joining in to trash talk bitcoin know very little to nothing about what they are talking about. They can't even realize that their statements are so full of crap that people only see them today as laughing stocks for amusent. Pretty stupid if you ask me.

This has become like a never-ending cycle and they are just repeating the same type of comment and analysis over and over again. The media should have been bored covering these people because they have nothing new to offer to bolster their prediction that soon Bitcoin can pop like a balloon. Jamie Dimon and his entourage should learn to shut up and just leave Bitcoin alone as the people getting into cryptocurrency are not as ignorant as him. There many millions of learned people all over the world and yes many of them are occupying big positions in different industries -- and they can all be actually STUPID. And many times they have the face to call others as stupid without looking at the fingers pointing at them.

How is that unusual?  If the price rises quicker than usual, that makes it pretty likely that BTC is in a speculative bubble.  They're hardly going to say that BTC is in a speculative bubble when it's just dropped from $1000 to $200 (2015).
While it does come from a biased perspective and is obviously opinionated, UBS' statement appears quite reasoned at least and I can see their perspective.  Jamie Dimon's statements about "fraud" were outright lies.  So I'd rather that we distinguished between the two.

Although I'd rather UBS didn't conflate "legal tender" with "real currency".

" The internet is a scammers paradise and full of paedophiles and will never amount to something that everyone will use. " This

was the kind of responses that we heard when the internet started out and look at where we are now. Yes, there are still

scammers and paedophiles on the internet, but the internet are being used for a lot more now. We do not disagree that

Bitcoin is used as a speculative commodity, but it also has a lot more uses. < currently untapped >  8)

"Bitcoin is a bubble, but blockchain technology is interesting." that seems to me, what 99% of all bankers say.

If you read more of those (felt) 99% you realise that they lack a lot of understanding about cryptocurrencies themselves. Maybe they're great experts in their own field but the longer I read bullshit from bankers like "bitcoin is anonymous, and therefore only for criminals"..... the more I wonder why do they expose their ignorance that much, afraid?