Bitcoin Forum

...says Saudi billionaire investor Prince Alwaleed bin Talal. He added,


Read more of it here: https://www.c[Suspicious link removed]m/2017/10/23/prince-alwaleed-says-bitcoin-will-implode-enron-in-the-making.html

What do you think guys? Does his opinion have any real or historical basis? Or is his just a misinformed opinion?

(Note: I know that this post should probably be in the child board Press (http://"https://bitcointalk.org/index.php?board=77.0"), but most of the stuff going on there are just news postings and not much else. I just want to know your informed and intelligent take on his opinion. Thanks.)

For most of his statement, he's making sense. He's essentially saying that Bitcoin is decentralized but in a way that may not seem super positive or reinforcing. As for the last part, it's solely his belief that a lot of people refute and do not agree with. I don't understand the Enron reference, however. Enron was a scandal that had a lot of false numbers and false claims. Bitcoin doesn't have that one entity to bullshit numbers.

He is comparing it to Enron. I think it is just a case of sour grapes. He missed investing in it and now he thinks it will implode. Just like Jamie, he feels threatened by Bitcoin.

Considering he is among the richest *fiat* holders on the planet, he should feel threatened by Bitcoin which undermines his whole empire

He has not cared to explain what if anything is common among Bitcoin and Enron. I doubt he knows what he is talking about and is simply stating his feelings based on the unknown or his own ignorance.

He holds his richest status as a badge of honour.
He was once accused of trying to inflate his wealth just to get on the Forbes list of top 10 billionaires.

If he does not understand something the best thing he could say is, I do not know if asked anything about bitcoin, the fact that he recognizes that he is unable to understand bitcoin and yet he declares that bitcoin is just like Enron is the opinion of something so full of himself that he will not recognize a good investment like bitcoin even if it hit him in his rear end and very soon bitcoin will do exactly that and he will need to eat his words.

But the whole idea behind bitcoin is to create a decentralized environment for transactions? To accuse something of doing something that was its entire purpose in the first place just does not make sense itself.

In my opinion, he is definitely misinformed.

Price of bitcoin could go down in the short term, but bitcoin won't just "implode".

that's the whole f***ing point !! seriously the people (holders) of bitcoin are the only ones that control it's value. in my dream scenario bitcoin is some sort of voucher that is used in exchange of goods and services. like the real definition of cash.

You can't take people's word these days.

Otherwise, bitcoin has been dead thousands of times and is about to collapse ever since its inception. Not to mention bitcoin being a ponzi scheme countless times, all from people that are apparently respected bankers and public figures.

Even if bitcoin price experiences a correction which i think it will, its technology will live on and benefit people. Just look at Venezuelans, they are using bitcoin for real life purposes(save money).

You have to be involved in Bitcoin and use Bitcoin to really know what it's worth. If he has not used Bitcoin then what he says is worthless because he knows nothing.

actually not just venezuelans who use bitcoin as a real-life goal, even many of us use bitcoin as real life, even they only have income from bitcoin alone, and even I can not imagine if bitcoin becomes extinct, maybe there will be a lot of unemployment in the world , and this is the fear for us all,

Well that may be a one probable cause why he is so sourpuss about bitcoin or he didn't buy a larger amount in the days bitcoin is still cheap, but can you blame him, he is so rich he is blinded by it that he can not see bitcoin making a future someday, because of the price of bitcoin back then, many investors are ignoring it and putting bitcoin in a scam position, as for us that making a living and just surviving from our daily salary bitcoin is an eye opener in gaining and becoming a millionaire someday.

He may probably missed the boat earlier. But the guy is super rich already, no need to bashed bitcoin on his end. But if you read that their government is not banning bitcoin as well, so I don't know why the prince is attacking bitcoin. Although he is somewhat confused by comparing it to Enron. If I were him, will just put his cash on bitcoin instead of buying stuff they not needed like getting expensive cars who just collected dust in their garage. I'm sure he is secretly buying bitcoin for all we know.  ;D. I haven't seen his reply though regarding this government's support on bitcoin.

Bitcoin is not the concern about these kind of whales. Ask to that Saudian, what is the potential of bitcoin, uses of bitcoin and positive and negative impacts of the bitcoin. He cannot able to open his mouth at all. People does not understand about the digital currency usages they simply give a tweet or fake troll information on the bitcoin.

He must be saying this for a reason, or he got a scheme going to his head, but I may be wrong or he is getting the wrong idea about bitcoin just like you said comparing it to Enron was not a great move because all bitcoin investors know that bitcoin is not something that could fail them proven and tested with the exceeding value of bitcoin, but I guess he is just saying that because there are maybe a flaws with the bitcoin system and he got a mind set like that.

The comments here are funny. 

Imho, the truth is it could implode.  Didn't Satoshi himself said that in a few decades, Bitcoin could either be having millions (billions?) of transactions per day or nothing.  Not sure about the exact words but that was the idea.

It was Satoshi himself who first said Bitcoin could implode.

Nothing other could be expected from a person belonging to royal family,enjoying benefits and having strict control over their citizens.Saudi royal family would not like its people enjoying financial freedom by using bitcoin and getting out of their control.We earlier saw putin,russian president also criticizing bitcoin as a pyramid scheme.

We could easily see the similarity in tones of these leaders ruling their individual countries.They would never praise bitcoin and they would only try to show it down by any means.Bitcoin has successfully passed its initial stages and bitcoin as well as bitcoin community is no more in need to analyze speeches of such persons.Just neglect it.

Lol i agree with these news don't effect most of us in today's date first some jpmorgan shit told it is a scam and finally purchased during the dip and now some random saudi billionaire don't know when will people stop b/sing about btc.

The answer that btc is safe is in his words ' it is not regulated' that is makes investors to invest more ans more in it they don't have to worry anytime and government seizing his money or keeping an eye on us to charge us unnecessary taxes so that they can spend it to kill people.

Right most of these so called billionaires don't know shit about btc and because it has a high price simoly conclude it is going to implode.

it's just another opinion and everything that he said make a sense to be honest,
for them who has a lot of money in their pocket,they will not bothering themself with such a thing.
but if you ask them about what is in your mind about Bitcoin ?
of course the majority people will say the same,because who will be the keeper if something goes wrong ?
(he just thought it rationally and do not want lose his money without a reason)
Bitcoin price right now is ridiculously high for some people and without a good knowledge they will label it as an 'unkown' assets.


i do not think so mate,
no matter what fiat will exist and nobody can replace it,

Im tired of all these oil rich idiots thinking they know anything about Bitcoin. Recently we also saw Jordan Buffet claiming Bitcoin is a bubble. He should have kept his dumb mouth shut and stick to his principle of not buying or talking about things you don't understand. Stick to Cola Cola but don't fucking FUD geez. If Jordan Buffet invested in something that I don't understand, would I go on the media and use my image to FUD it? nope, im not such a bitch, but these guys got no decorum whatsoever, that, or they think they know more than they know. You definitely can't claim that something is a bubble if you don't understand the fundamentals. The graph could have been looking like a bubble to many since it hit $2k, but if you understand the fundamentals you see how BTC is still tiny.

he is just trying to take price down to buy more bitcoin. that what they do for years on stocks. But this is Bitcoin community and they can't play like stocks.

"It just doesn't make sense. This thing is not regulated, it's not under control, it's not under the supervision [of any central bank]... I just don't believe in this bitcoin thing. I think it's just going to implode one day. I think this is Enron in the making..."

I guess we will be hearing a lot of these kind of comments from big guys.
It doesn't make sense to him or any other of his kind because all they want are slaves, people who working for them for nothing and barely can buy food to survive a month.
They think if something is not regulated or banks can't do shit about it then it is not real, i am sick tired of listening what they are saying - all of them.
What they are doing here is FUD and nothing more.

He knows nothing. Bitcoin did implode once. Now it's already stronger. He should have read more before opening his mouth.
And it doesn't make sense indeed. Something big they don't have they claws on. How could have this happened??
This is why they work together and try to spread FUD: to get on train even now, since the potential is huge.

I doubt that he will buy bitcoins. Why are they to him? He already has everything. It seems to me that like it really do. Until the oil demand them not to worry about anything. Now they sell it for dollars, and so their economy is completely dependent on the dollar. We believe in the immortality of bitcoin and they believe in the immortality of the dollar.

We have had alot of this type of statement and I think is one of those attack on bitcoin images. Bitcoin will not implode now and not even in the future as some of these comments could have created alot of damaged since some years back but we are still strong like stone. This man was not also informed like others billionaires like himself, Bitcoin was not created to be regulated by central bank because it is the system created by central bank that has put the whole world in poverty today and high inflation that Third World countries are experiencing today.  Bitcoin is decentralized and governments cannot control or regulate it! You people either take it  or live it, as bitcoin has been growing without the help of the so called billionaires and governments.

Just for that reason Prince Alwaleed argues that Bitcoin is Enron in the making? that is in contrast to my opinion because I think not regulated, not under control, and not under the supervision of any central bank is the Bitcoin strength

I think the fact that it is independent of a central bank makes it immune to bankruptcy. However, a government could ban it or overregulate it but it would take several major governments to make these laws before it could kill it.

Bitcoin is a technology of the people rather than a business or government, in the same way that the internet is not owned by anyone. If it has lasted this long, it will probably be around for a while.

May be stocks are all what he understands. :) It is interesting that all these attacks come from the establishment guys, the guys who have the most to lose if Bitcoin is successful.

Yes, it doesn't make sense to a billionaire who'd been protected by regulations since day 1 and to people who want to control other people using these same regulations. Bitcoin might crash, but implode? I think not. The Prince is too accustomed to traditional investments that he's starting to think that bitcoin can be compared to his traditional stocks and bonds.

For me, that's unpredictable. No one knows about the exact future of bitcoin. I think that was only a trick by people against bitcoin to refused of confused the interest of people. Instead of spreading out bad news against bitcoin, why not grab the opportunity to used it as future investment, for it is currently known to social networks due to its very interesting benefits or advantages.

I know if people actually took 30 minutes in order to understand what bitcoin is about we will not see such ridiculous comments, however some people are unable to understand new technologies, I remember reading a long time ago an article from an economist describing why bitcoin will never work and then he set of conditions for bitcoin to become successful as you may guess he just described fiat, so he may be an economist but he was not a visionary and was unable to see that bitcoin did not wanted to resemble fiat, and that bitcoin is something new that we have never seen before.

Saudi's billionaire doesn't know about what is the bitcoin and you should ignore his opinion. The fact that even a lot of countries are banning the bitcoin but the price of bitcoin still increase to the mars, saudi doesn't have any strength to influence the bitcoin.
I just never try to read those are against the bitcoin but doesn't include in the influence person.

In my opinion that his nonsense as well. He is a billionaire right? and an investors but taking risk is not his game. There is something wrong with that, maybe because he is not a legit one. Maybe born with it and have conflicts of interest as he have big investments on banks that is being affected with it. This is nothing but pure negativity that might not be good for his image than to bitcoin.

And did not he tried to compare it with oil?

If oil extraction would not be regulated then either the price would fall rapidly (implode) or we would be running out of oilfields soon.
None of these threatens BTC (we know quite accurately when we mine all coins and I'm not affraid of some regulations come true ... that would costs more than brings)

Of course he would say that. His wealth is based off the strength of fiat, and I doubt he understands what btc is or how it works. Maybe referring to the market's price explosion, but seeing as to how it has been sustained for a few months now, I dont think it will go below $4k even in the worst of the forseeable circumstances at the moment.

FIAT will exist as fuel for your fire, or plastic recycling if new notes. The gipper.

"This arrangement resembles anarcho-capitalism, a theme Stephenson carries over to his next novel The Diamond Age. As described in both novels and the short story "The Great Simoleon Caper" (1995), hyperinflation has sapped the value of the US dollar to the extent that trillion dollar bills—Ed Meeses—are nearly disregarded and the quadrillion dollar note—the Gipper—is the standard 'small' bill."

In fact if you're not too put a very big confidence against bitcoin, definitely life and also your thoughts will continue to evolve. The reason is basically an advantage that we get now is the result of our thinking in the past. If the bitcoin extinct then from now on you should make plans to avoid the impact of the bitcoin extinct, so income that we get in the bitcon portion be saved to build business or things that can bring in an income.
 

I like your opinion. Just will add one word: ... or by banks regulated, supervised and inflated fiat money system?

If he is an oil tycoon then what does he really have to lose if bitcoin is successful? I actually think that most billionaires etc who make such comments probably have little financial interest in bitcoin and are purely speculating out of their own interest, they're rich enough already, it doesn't matter to them what happens with bitcoin.

This is correct, it is not that they do not understand, they do since they are smart, what they do not understand is why the slaves want to stop being slaves, for us it is very obvious since, who in his right mind wants to be slave of corporations? But for him that stands at the top, the system is working as intended and they do not want to change it.

Comparison with Enron is of course incorrect.

Most of you don't understand the difference between wealth and "fiat". Fiat is money supply at any one time - M1,M2,M3,etc.  A person may own 30,000 shares in Facebook and keeps only $20,000 in his current account; his "fiat" is only $20,000. Alwaleed is never threatened by bitcoin.

Bitcoin and other crypto will never be a threat to central government banking.

No sane person can "use" bitcoins. No sane merchant can make use of bitcoin to replace fiat for payments. Ok there are such BTC debit cards, etc. It's hyped silliness.

When shopping or buying online, just use your credit/Visa card and pay with your fiat money! Why roundabout <--, -->, <-- ... ad infinitum.