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Question: Do you agree with Dennis Gartman for saying bitcoin is for criminals and millennials?
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Author Topic: [2017-11-14] Bitcoin is a market for criminals and millennials, Dennis Gartman  (Read 4365 times)
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November 14, 2017, 01:26:39 AM
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Bitcoin is a market for criminals and millennials, Dennis Gartman says

   - Analysts expect bitcoin's value will surge again following a recent dramatic decline, but bitcoin bear Dennis Gartman said he still will not invest in it.
   - "This is a market ... for criminals, this is a market for millennials," the commodities guru told CNBC's "Fast Money."

Commodities guru Dennis Gartman is not backing off his dramatically bearish stance on bitcoin.

"This is a market ... for criminals, this is a market for millennials," Gartman told CNBC's "Fast Money" on Monday. "This is a market for pure punters, but there is no value here whatsoever."

Even the cryptocurrency's tendency to bounce back in a big way from steep declines is not swaying Gartman.

"How can you buy or sell a painting using bitcoin, when the change in volatility is 20-30-40 percent in the course of a week? It's nonsense," he said. "I shall not trade it."

Bitcoin fell about 20 percent over the weekend, but regained much of its losses. Historically, the cryptocurrency has gained about 28 percent in the weeks following a drop of 20 percent or more.

Monday marked yet another instance of Gartman trashing the cryptocurrency. In August, he told "Fast Money" that he "didn't understand it to begin with, don't understand it now."

Gartman added that he appreciates cryptocurrency's use of blockchain technology, but he believes there are better uses for blockchain.

"There's no question blockchain has merit. It's going to change the manner in which we trade. It's going to change the manner in which we invest," Gartman said.


Source: https://www.cnbc.com/2017/11/13/bitcoin-is-a-market-for-criminals-and-millennials-dennis-gartman-says.html


     
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November 14, 2017, 07:06:05 AM
 #2

I agree that bitcoin is really for most millenials but not on the statement that it's for criminals. They are always magnifying that bitcoin is an evil tool for criminals but not considering that fiat is also used until today in ransom, drug trade and other terrible criminal activities.

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November 14, 2017, 09:10:00 AM
 #3

It's just another grown up baby sulking for having missed the Bitcoin bus and bytheway, it's inconsequential - most guys from Wall Street cannot see what's on the other side of the wall, because the walls won't let them, which is precisely what he tried expressing by the statement:

Monday marked yet another instance of Gartman trashing the cryptocurrency. In August, he told "Fast Money" that he "didn't understand it to begin with, don't understand it now."


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November 14, 2017, 12:41:41 PM
 #4

People who have this kind of arguments are scared of the future, of change, and basically the unknown.
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November 14, 2017, 01:31:52 PM
 #5

Bitcoin is a market for criminals and millennials, Dennis Gartman says

   - Analysts expect bitcoin's value will surge again following a recent dramatic decline, but bitcoin bear Dennis Gartman said he still will not invest in it.
   - "This is a market ... for criminals, this is a market for millennials," the commodities guru told CNBC's "Fast Money."

Commodities guru Dennis Gartman is not backing off his dramatically bearish stance on bitcoin.

"This is a market ... for criminals, this is a market for millennials," Gartman told CNBC's "Fast Money" on Monday. "This is a market for pure punters, but there is no value here whatsoever."

Even the cryptocurrency's tendency to bounce back in a big way from steep declines is not swaying Gartman.

"How can you buy or sell a painting using bitcoin, when the change in volatility is 20-30-40 percent in the course of a week? It's nonsense," he said. "I shall not trade it."

Bitcoin fell about 20 percent over the weekend, but regained much of its losses. Historically, the cryptocurrency has gained about 28 percent in the weeks following a drop of 20 percent or more.

Monday marked yet another instance of Gartman trashing the cryptocurrency. In August, he told "Fast Money" that he "didn't understand it to begin with, don't understand it now."

Gartman added that he appreciates cryptocurrency's use of blockchain technology, but he believes there are better uses for blockchain.

"There's no question blockchain has merit. It's going to change the manner in which we trade. It's going to change the manner in which we invest," Gartman said.


Source: https://www.cnbc.com/2017/11/13/bitcoin-is-a-market-for-criminals-and-millennials-dennis-gartman-says.html

THE SUBJECT OF THIS THREAD IS HIGHLY OPINIONATED AND THUS CANNOT BE MADE A RULE TO ALL. It is unfair to rule out something when you are not even fully knowledgeable about a subject matter. Saying that you do not even understand something to begin with and then saying all the negativity about it all at the same time is just so conflicting. To revert back, how can you hate on something you do not even understand in the first place? My take here is that before you throw all hard stones at Bitcoin, you have to at least know its very basics. Try to understand its origin, its growth, and its benefit to mankind; only then you are in a better position to criticize it without sounding like a fool.

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November 14, 2017, 02:25:12 PM
 #6

With regard to young people toy agree. They have no entrenched stereotypes and young people are always more easily accepts everything new. But for criminals I do not believe that they massively use bitcoin. I've never heard of that managed to detain the criminal group which used for their criminal activities bitcoin. It is a lie to create a negative image of bitcoin in the eyes of the public.

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November 14, 2017, 03:02:40 PM
 #7

In most cases these sort of statements come from people having missed the opportunity of buying deep under the $1000 mark, or just don't see what purpose this market and Bitcoin serves.

Fiat is more than everything in the world a tool that criminals happen to abuse, but we never see anyone complain or talk about that. Bitcoin is just a tool that's free for basically everyone to use and to abuse.

It's time for people to get over this nonsense. Tools should never be blamed for the horrendous crimes that people commit, but not everyone is understanding this yet, unfortunately.

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November 14, 2017, 04:06:27 PM
 #8

It's unbelievable that someone well-educated says something so ridiculous.

"

The business of conflict


MAKING money and making war have long been related activities. That soldiers loot and arms manufacturers turn a profit is hardly new. But is competition for wealth and resources becoming the major cause of new wars around the world?

Where tribal violence, independence struggles or cold-war rivalry were once blamed for wars, now bandits, traders and some businesses are being fingered, especially in developing countries. Though some conflicts are ethnic or religious clashes (as in Kosovo) or stem from scraps over influence (a concern of Uganda in Congo), many of today's wars, especially civil ones, have a strong commercial element too often ignored by analysts outside, though not by businessmen willing to profit from war.

Prolonged internal violence in countries with rich natural resources but corrupt or weak governments may best be understood as battles for money or resources, suggests a report to be published by the International Committee of the Red Cross this month*. Some wars are caused in a large part by corruption and banditry (Sierra Leone), whereas others which may have begun as ethnic or ideological conflicts, are now sustained in part by illicit trading (opium in Afghanistan, cocaine in Colombia).

Rebels, governments and even peacekeepers have fought for diamonds, minerals and timber in recent wars in Liberia and Sierra Leone. In the latter, peace was won only when the rebels' leader, Foday Sankoh, was given a say in the country's mining industry. A long-running war in Angola, once seen as ideological, is condemned by its people, foreign observers and governments as, to a large part, a scramble for oil (by the government) and for diamonds (by the rebels). In recognition of this, the rebels have even been offered permission to operate the diamond mines legally, if they would come to terms, which they would not. In Indochina, illegal logging can be as valuable as drugs: the Khmers Rouges financed their later campaigns in Cambodia from timber.

"



" Bitcoin is a market for criminals... "

really? How many corrupt and dictators governments use bitcoin? humm I still have not seen any.But, money, gold, oil, diamond are favorites of the big criminals

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November 14, 2017, 04:51:19 PM
 #9

Bitcoin is indeed a currency for millennials and this make market highly run over sentiments sometimes which make market analysis difficult.

But I strongly disagree that bitcoin anymore is majorly being used in criminal activity. Bitcoin indeed emerged from such market. But the criminal rate have reduced a lot. Now the major wall Street firms are entering in Bitcoin. Some major banks are adopting it in their system. Companies are launching futures. There is increase in global adoption. What else a commodity need. Use of bitcoin in criminal activity have reduced significantly

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November 14, 2017, 06:21:29 PM
 #10

Well this is not totally true. It depend upon the person how to use the coins. Mobile is today's need and this can also be misused easily so does it mean it will be stopped. Same will got with cypto currency, yes how to tackle is the question and frame the laws accordingly so that such things can be avoided.

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November 14, 2017, 06:35:29 PM
 #11

I think there will always be someone speaking out in fear when the dips happen. They are essential for BTC's growth.
I think he is also looking at the wrong side of decentralized currency. This isn't a market for criminals, but for everybody! Grin
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November 14, 2017, 06:42:30 PM
 #12

Quote
Commodities guru Dennis Gartman

This says all. This guy will be on suicide watch soon as BTC reaches $10K and get stable over it.
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November 14, 2017, 07:21:10 PM
 #13

I don't know who this guy is but he really sound like a fool. He use the the word millenials as if it were a derogatory term. Sure bitcoin has high volatility and sure you can earn 'fast' money but that's mainly due to the tininess of the marketcap compared to other markets. If more money is being pumped into bitcoin the volatility will naturally decrease. History has also proven us that it has been substantially more profitable and less energy intensive to hold bitcoin over a longe period of time.

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November 14, 2017, 08:28:04 PM
 #14

People who have this kind of arguments are scared of the future, of change, and basically the unknown.

And don't really understand the market.

I'm not one of the millennials and I don't have millennial friends. People I know are generally interested in cryptos. Some are suspicious, but they are still curious.
None of us are or were criminals, saying that is very rude. Mr. Gartman should learn to behave if he wants to be taken for something more than a rude troll.

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November 14, 2017, 09:19:18 PM
 #15

The fact that bitcoin and other crypto currency is bad because it can be used to launder dirty money and for other criminal purposes is usually said by bankers who are afraid of the growth of the popularity of the crypto currency and the loss of a significant number of its customers, and with them their profits. However, almost everything can be used for criminal purposes, especially any kind of money. This is at least not serious.

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November 14, 2017, 09:29:47 PM
 #16

Bitcoin is permissionless and that’s why it is touted as evil. But smart criminals don’t use Bitcoin because it is transparent like hell. Perhaps the ‘real criminals’ don’t like it for that reason  Shocked Wink

And Gartman is the best contra indicator there is.

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November 15, 2017, 12:51:38 AM
 #17

Another anti-bitcoin personality that is only focused on the negative things about bitcoin. These really proves that some rich people are narrow-minded or maybe afraid that bitcoin is going to stop them which are the "real criminals" of this world.
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November 15, 2017, 08:33:45 AM
 #18

Dennis Gartman just belongs to another generation. Besides as it seems to me he has no problems with money for living, no need to trade or be risky. Yes, criminals are using Bitcoin, but they are also use another currencies, USD, EUR, that is not a reason to prohibit them.

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November 15, 2017, 01:54:15 PM
 #19

This is completely a misconception that is just becoming too difficult to explain day by day .
I have faced this problem as well . Whenever i ask my friends to invest in bitcoin , i get the same response as Dennis Gartman . Coin has two sides , just the same is the case with bitcoin . There are some users who use bitcoin in dark web usage but not all of them . Some people are getting good salaries and payouts out of it by their mere hardwork in the feild of bitcoin . These statements are just made by ignorant people who either does'nt understand bitcoin or just can't handle its growing popularity and value in the market place.

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November 15, 2017, 05:53:20 PM
 #20

Any new idea or venture attracts the young generation or the ones who look for other ways to make money except for legally accepted, and bitcoin is no exception. Dennis Gartman's just trying to cover his ignorance by being dismissive
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