[2017-11-13] Chess Legend Garry Kasparov: Bitcoin Is Pure Speculation

[tyz]

Chess Legend Garry Kasparov: Bitcoin Is Pure Speculation

Former world chess champion Garry Kasparov went to the Web Summit, in Lisbon, this year while representing cybersecurity firm Avast. PROTESTE INVESTE, a Portuguese investment website known for helping novice and experienced investors, managed to speak to Kasparov in an interview about bitcoin and cryptocurrencies.

In it, Kasparov revealed that bitcoin’s popularity doesn’t surprise him, and compared the cryptocurrency to “fake money” that’s “issued by governments in large quantities.” The chess grandmaster sees bitcoin as “fake money” because, according to him, about 80% of all available bitcoins are circulating in exchanges and financial markets, and are never truly used in any other industry, meaning they only serve investors.

https://www.cryptocoinsnews.com/chess-legend-garry-kasparov-bitcoin-is-pure-speculation/

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[richardsNY]

It's undeniable that the majority of the people treat Bitcoin as speculative investment option, but that's slowly being shifted into understanding of the technical aspects of Bitcoin. I see more and more people refer to Bitcoin as being something that functions as alternative to banks and their own fiat currencies. People not being able to look and think beyond their own logic will never be able to see Bitcoin serve an actual purpose (aside from the speculative aspect), and Mr Chess nicely fits in that category of people. It's a new trend for whatever person or "expert" to share with the outside world how he thinks about Bitcoin....

[Cutekittens21]

Why would any care about his opinion?

[777Bitcoin]

Then that’s okay with me. Everyone is open for each speculative opinion as he might not even tried to be in this community. Or might be but doing what others do make a statement/black propaganda to decrease the bitcoin price and investing if the price in low. There is always a two way trip to this kind of things but one result, it won’t work.

[Baofeng]

WTF is Kasparov doing is that summit? Representing Anti-virus Avast? Never followed him after this Chess career, but its seems to be that everyone is really on the bitcoin bandwagon lately. Are reporters asking questions or just Kasparov voicing out his opinion?

Its looks like bitcoin has really attracted a lot of customer based this year because every conference, you will hear 1 or 2 opinions about bitcoin. Every body is entitled to his opinion though, it his opinion although most of us hear doesn't agree with him. Bitcoin has already existed more than 5 years and yeah its true its based on speculation but its not 'fake money', because we can actually change it to fiat and spend it. So its not fake, its real as it get.

[Lucius]

This is just a proof that BTC every day is gaining more popularity,on each day appears a new "expert" with their vision of BTC.I think those who have a very superficial knowledge about something should refrain from statements.In the end he is just a former world chess champion and has nothing to do with BTC or cryptocurrency.

Although such statements can not harm in any way to BTC,it has become really funny to read them from day to day.As we are nearing Christmas and New Year time I expect that even Santa Claus says his opinion about BTC

[glowing10]

Then that’s okay with me. Everyone is open for each speculative opinion as he might not even tried to be in this community. Or might be but doing what others do make a statement/black propaganda to decrease the bitcoin price and investing if the price in low. There is always a two way trip to this kind of things but one result, it won’t work.

Well yes everyone has a opinion and even a layman can express his opinion what he feels. They may be right or wrong that is different thing which pertains to themselves as he says it is speculation it means he would not like to invest. Now people here who are into btc may not find it anything worry some and will still invest in it. So not to worry unless govt says this sentence then it is a big worry.

[sindikat]

Those interested in the opinion about bitcoin players? Why don't you quote the opinion of the tractor? Why doesn't he tell about what Fiat state produces in unlimited quantities. All face huge inflation. Bitcoin shows continued deflation. He is a man with outdated views and therefore his opinion does not interest anyone.

[greeklogos]

Maybe it's a "fake money" but it brings real money I don't see anything negative about "pure speculation" nature of crypto. The main point is that became a real business to many of us. Crypto trading is bringing colossal profit nowadays and I plan to join it in nearly future.

[buwaytress]

Relax, guys. We should be thankful for people like him, keeping the skeptics hopeful and stemming the tide of mass adoption that's surely coming to crash on our shores. Think there's plenty of people like me who want Bitcoin to grow, but not too quickly. Haven't had the time nor money to accumulate at the pace of Bitcoin in 2017, so we need this tiny sliver of "early adoption" to stay open just a while longer.

As long as not a lot of people realise that there is a Bitcoin economy growing outside the confines of speculation on trading exchanges (hear that, alts like Bitcoin Cash?), we can continue accumulating at current prices.

Besides, journalists have a tough time of finding new stories. I suppose you could do a lot worse than a former chess strategist who's the face of a security firm.

[jyakulis]

it's the same thing for dollars, is it not? What do you think the quadrillions of derivatives are?

[N0ssi]

because, according to him, about 80% of all available bitcoins are circulating in exchanges and financial markets, and are never truly used in any other industry, meaning they only serve investors

He is totally right with that - it's a fact.
If blockchain technologies get mass adopted it will not be bitcoin that will be used. Why should it? There are far better projects with lower transaction fees & time, less mining or even no mining, much more anonymity and so on. Bitcoin will always remain a speculative bubble and if we're lucky, it will stay the "gold" of cryptos. Nothing more or less.

[Marry Finch]

A peculiar opinion about the crypto-currency as a whole from Garry Kasparov. However, his statements are not entirely true. Indeed, now most of the crypto currency is traded on exchanges and is not used directly as a means of payment. However, this situation arose in connection with the underdeveloped infrastructure for servicing crypto currency, which in the near future, I hope, will be eliminated.

[Wekkel]

Isn’t all fiat currency used for ‘speculation’ for at least 80%?

If only the fiat currency is counted that is used to do groceries and do real transactions (opposed to financial speculation), I think the number would be surprisingly low.

[Kakmakr]

What makes a Chess celebrity a expert on Crypto currency matters? Most bitcoins are stored in cold storage, so he is wrong about that. Garry should rather stick to chess and leave innovative/disruptive technologies for the experts to comment on. He might be perceived as being a intellectual, but I do not agree that his opinion is based on proper research.

If he really wants to help novice investors, then he would get them away from corrupt Fiat investment opportunities and focus more on technologies where people have power over their own wealth. < They do not rely on 3rd parties to manage it for them >

[Rahar02]

Well, I don't think he's right about this;
about 80% of all available bitcoins are circulating in exchanges and financial markets, and are never truly used in any other industry, meaning they only serve investors.

Not 80% obviously, where did he got such data? No one knows for sure about it.
Let's calculate based on CMC data: Bitcoin market cap is $3.35 B, but if you calculate all of those exchanges total volume in 24 hours https://coinmarketcap.com/exchanges/volume/24-hour/ you won't get 80% of $3.35 B. Keep your bitcoin in exchanges is risky due to some factors which lead to lose it. Most people, even exchanges will keep their bitcoin in cold storage as it's the safest way, and keep some in web wallets for daily transactions.

And maybe, Garry Kasparov never visit Japan after bitcoin legalized by government, even he can pay airline using bitcoin.

[Oo ako to]

It's funny how news outlets even care to take a statement from a chess champion about bitcoin. This is really nonsense. What's next? A famous painters that don't believe in bitcoin?
To be fair, there is speculation but it's those groups who are making fake news to pump it to gain profit but bitcoin is not all about that.

[bambazamba]

Another foolish statement made by an another ignorant person who doesn't know a thing about bitcoin .
Bitcoin has come too far and risen above too high that all these statements seems like a  joke now . Someone ask them , if bitcoin is just a speculation then why it is leading the market and how are so many people getting benefits out of it by just holding them ?
Its high time people need to grow up and understand bitcoin. 

[Proton2233]

Now every famous person wants PR for bitcoin. I also agree that bitcoin is used for speculation. This is the main purpose of bitcoin now. I don't like it. Bitcoin was conceived as a currency and now isn't responding to its purpose. But that does not mean that a chess player can have a meaningful opinion. Let your opinion speak for the miners, the developers and users.

[acquafredda]

Where is he getting his data from? I don't see 13 million Bitcoins (almost they 80% he's referring to) being traded on exchanges as we speak.
I don't get it really, looks like he needs some free publicity. Kind of sad I admire him very much as a chess player.