[2015-11-12] Bitcoin has no future, says UBS chairman Axel Weber

[LiteCoinGuy]

Bitcoin has no future, says UBS chairman Axel Weber at Bank of England's Open Forum

The chairman of investment bank UBS, Axel Weber, has played down the potential of crypto-currencies such as Bitcoin.

During a discussion at the Bank of England’s Open Forum, he said private currencies will fail to take off “because there is no lender of last resort – there will always be boom and bust”.

https://www.cityam.com/228544/bitcoin-has-no-future-says-ubs-chairman-axel-weber-at-bank-of-englands-open-forum

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[RustyNomad]

Sounds like Ken Olsen who said....

There is no reason for any individual to have a computer in his home.

During a financial crisis, central banks such as the Bank of England are able to change the supply of money in order to calm crises, which is not possible to do with a private currency.

He should have added to that statement that they are also able to manipulate and destroy the value of money which is also not possible with 'private currency'.

[marcus_of_augustus]

Sounds like Ken Olsen who said....

There is no reason for any individual to have a computer in his home.

During a financial crisis, central banks such as the Bank of England are able to change the supply of money in order to calm crises, which is not possible to do with a private currency.

He should have added to that statement that they are also able to manipulate and destroy the value of money which is also not possible with 'private currency'.

... or that the primary cause of financial crises is actually the central banks' previous monetary manipulations, which is absent in bitcoin.

Sounds desperate to make noises to remain relevant in a fast changing monetary landscape where they have already lost the intellectual battle.

[Carlton Banks]

During a discussion at the Bank of England’s Open Forum, he said private currencies will fail to take off “because there is no lender of last resort – there will always be boom and bust”.

There is no lender of last resort because Bitcoin is an asset, not a liability as with fiat currency, and so such a device is null and void. Typical of these central bankers; they can only compete effectively with an honest system by relying on the difficulty of understanding the abstractions of their convoluted system.

[darkangel11]

There's no lender? Maybe because there was no demand? Who says there won't be any. How can this even be considered a failure?

[Denker]

Well well.So another one of the old guard failing to see and accept what is going to happen in the future.Traditional banking is going to die.Weber is a completely joke and he can talk dumb as much as he wants.This will not stop the inevitable.

[Inauk]

But why you guys are so surprised that he said "because there is no lender of last resort – there will always be boom and bust”.?

Obviously he is a "bank fan", so he will be always against bitcoin, bitcoin is the opposite that he need to be rich, he cant scam now people with his "lend", believe me those types of guys are just dinosaurs on an age that they dont want to understand...

[LiteCoinGuy]

But why you guys are so surprised that he said "because there is no lender of last resort – there will always be boom and bust”.?

Obviously he is a "bank fan", so he will be always against bitcoin, bitcoin is the opposite that he need to be rich, he cant scam now people with his "lend", believe me those types of guys are just dinosaurs on an age that they dont want to understand...

[aso118]

First Jamie Dimon, now Axel Weber... I wonder why all these banking honchos are so confident that Bitcoin has no future. 
I expected central bankers to be more open minded. So was surprised to read about Bank of England's views.

[marcus_of_augustus]

First Jamie Dimon, now Axel Weber... I wonder why all these banking honchos are so confident that Bitcoin has no future. 
I expected central bankers to be more open minded. So was surprised to read about Bank of England's views.

and it is kind of funny that the bank's CIOs are saying almost the opposite (except using blockchain code word).

Bitcoin is exacerbating a schism inside the banks that was happening anyway between the techies, IT and the 'managers'.

[aigeezer]

Fear, uncertainty, doubt.
A lot of it about.

Uncertainty, doubt, fear.
A banker postures here.

Doubt, fear, uncertainty.
Bankers' lunch, eat with glee.