Unbelievable Idiot!

[HammerFist]

This guy http://www.youtube.com/watch?v=Dl5URi8m9pY, Bruce Greenwald is a professor at Columbia University's Graduate School of Business - and a moron.  

"I don't think this is traditional banking.  What traditional banking does is it enables you to write checks or do wire transfers."(sic)


He argues that bitcoin will never be a unit of account because nobody is ever going to price things in bitcoin.  He further argues bitcoin is not a medium of exchange because 'you don't have to keep a bitcoin balance to pay your bills.'

Are you kidding me?!!  This guy is dumb as a hammer and has no understanding at all of bitcoin.  What a joke.

Besides that, look at what a bloated fat slouch the guy is.  Hasn't he any self respect?

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[Cubic Earth]

I wonder why he thinks things will never be priced in bitcoins.  If he was around in the late 1700's, he probably wouldn't have thought things would ever be priced in dollars either.  Maybe his reasoning is this "if it's not true already, it will never be so!"

[pand70]

Besides that, look at what a bloated fat slouch the guy is.  Hasn't he any self respect?

Wow kido! You really hate everyone that argues against bitcoin aren't you?

[Raoul Duke]

Dude, they measure the value of Bitcoin in dollars!!!
And that was where I stopped the video... FFS...

[N0816]

He argues that bitcoin will never be a unit of account because nobody is ever going to price things in bitcoin.  He further argues bitcoin is not a medium of exchange because 'you don't have to keep a bitcoin balance to pay your bills.'

But somehow he is right.. every webshop where you can buy things using bitcoin, sells things for FIAT and calculates the bitcoin price according to the actual rate.

So.. If people start selling things for BTC without looking at the exchange rate.. then we could talk about currency..

maybe you are interesstet in selling things in BTC only.. just offer it here.. http://gnutiez.de/oc
 

[tutkarz]

this is funny how some people are sure about something that will never happen, when people (me included) are doing that already

[Liquid]

This made me chuckle  

As you can see he is soo last gen when it comes to banking/finance someone does not want to embrace change  

Not one good thing to say about bitcoin = No idea about Bitcoin

[balanghai]

The IMF pays him because they're too late to mine. 

[HammerFist]

Besides that, look at what a bloated fat slouch the guy is.  Hasn't he any self respect?

Wow kido! You really hate everyone that argues against bitcoin aren't you?

You can argue against bitcoin all day and I won't hate you.  But if you eat too many bacon sandwiches and get all fat and blobby and sit in a chair as if you don't have a spine to hold yourself up, then I am going to call you out for it. 

It is shocking how incredibly dumb an esteemed Columbia professor can be.  The guy's argument is profoundly idiotic.  How in the world does the university send this guy money every month? 

[greyhawk]

You're aware the guy is handicapped and can't really walk all that good and stuff?

[herzmeister]

even if people won't price everything in bitcoins in the foreseeable future, what gives?

Bitcoin is a global, non-bureaucratic, cheap value transfer system that uses its own digital tokens, simple as that.

maybe people will (have to) learn to see that there can be many different forms of moneys and value systems and learn to use them in parallel.

and if there are no more fiat currencies anymore one day because nation states collapse, while Bitcoin still being too unstable (maybe because of), the Bitcoin value maybe will be denominated in other commodities like gold, silver, or other indices or baskets of goods (which don't have to be "physical" currencies, just indices).

[Zakryze]

lets give that guy a clue and price a bitcoin with eh lets say uhm errrrr one bitcoin?
All those cryptocurrencies are valued in bitcoin already so someone hasnt done his research i'd say.
I can also write checks with bitcoins like print qr codes of a bit of a bit.
I wish that guy had done his homework really but its nice to see idiots act like dinosaurs.

[Leehoya]

Let him go some exchange and see what is one bitcoin. He probably dont know much about bitcoins. 

[Phinnaeus Gage]

He's a stock guru, not a commodity guy: http://www.youtube.com/watch?v=39so_a2qKEI

[franky1]

what you also find is that people that want to buy in while cheap, wont tell many people about it, thus keeping prices down. they will also spread fud to sway people away, again keeping prices down..

eventually once they have eating their lot and cant get anymore, they will change over and say its great everyone should buy.. to cause a ramp on the price.

its standard banking and stock practice.. whatever the 'advisors' say... do the opposite. usually advisors short term advice pays off but the bigger picture is the opposite.

EG
this commodity is tanking sell sell sell..

this in real world proper advice means.
dont sell at a loss, instead buy to average out the costs, to get more commodotys cheaper and wait for the flash crash to correct to be in profit.

[leemar]

I think some "clever" people are going to look rather silly one day.

At least he didn't call it rat poison like Charlie Munger.

[posormo]

Besides that, look at what a bloated fat slouch the guy is.  Hasn't he any self respect?

Dude is handicapped.   Would the unbelievable idiot be you?

[HammerFist]

Besides that, look at what a bloated fat slouch the guy is.  Hasn't he any self respect?

Dude is handicapped.   Would the unbelievable idiot be you?

You're aware the guy is handicapped and can't really walk all that good and stuff?

Can't walk eh?  Looks like he can walk to the restaurant just fine... http://aktien-blog.com/wp-content/uploads/06-stiglitz-l_greenwald.jpg and http://fundooprofessor.files.wordpress.com/2008/04/g02.jpg

He's got a mouth right?  Well, then he can stop shoving food in it.

Why don't you stick to the real topic - the guy hasn't got a clue about money.

[Ekaros]

what you also find is that people that want to buy in while cheap, wont tell many people about it, thus keeping prices down. they will also spread fud to sway people away, again keeping prices down..

eventually once they have eating their lot and cant get anymore, they will change over and say its great everyone should buy.. to cause a ramp on the price.

its standard banking and stock practice.. whatever the 'advisors' say... do the opposite. usually advisors short term advice pays off but the bigger picture is the opposite.

EG
this commodity is tanking sell sell sell..

this in real world proper advice means.
dont sell at a loss, instead buy to average out the costs, to get more commodotys cheaper and wait for the flash crash to correct to be in profit.

These experts... If they are so good why are they working for someone else?

I think that either you go in long term or do the obvious bids. I wish I had invested in oíl in 2008, didn't have the money or the knowledge of how to though.  It should have been pretty clear that in long run it would go back up from there.

[greyhawk]

Why don't you stick to the real topic - the guy hasn't got a clue about money.

Which is why he's been called the "guru of Wall Street gurus". Good thing we have noted Jägerbomb addict and bitcointalk forums user 152724 aka "Hammerfist" here to tell us all the truth.