Bitcoin report from Citibank- Bitcoin will die

[xuan87]

Another article want to messes up with bitcoin, the media never cover a good thing about Bitcoin, they love to make Bitcoin look bad, and the most irritated part in that article is "Bitcoin is wasteful", Bitcoin has been saving some people from poverty when government can't do anything to provide more job opportunities, Bitcoin got more and more usage for the people that want to learn about it

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[jseverson]

The article does make a few good points, but there are a few inaccuracies that confirm its already obvious bias.

First, it says that Bitcoin security is weak, then acknowledges that Bitcoin itself has never been hacked. This is very misleading, and while it did say that wallets are vulnerable to hacking, it didn't care to mention that most hacks are against exchanges, and that the coins are only as secure as their user wants them to be. Quantum computing is somewhat of a concern, but it's largely speculation at this point, with none of them existing at the moment.

It also says that Bitcoin's full anonymity is one of its most popular selling points, but anyone who has been dealing with Bitcoin for more than a few days would know that this isn't true. It then goes on to say that wealth is moving from the formal economy to the informal economy, but that argument falls flat in its face when we establish the fact that Bitcoin is not fully anonymous, as the IRS has already proven. The IRS going after Coinbase traders also suggest that Bitcoin could be part of the formal economy.

I'm not at all surprised that Citi would release such a piece, but eh, it was a decent read.

[greggypiggy]

That link is very suspicious. Dont click it guys

[kier010]

no need to worry about this report this not the only one that claiming/speculating bitcoin will crash/die or whatever. every day this so called "expert" just speculate things but without proof nothing will happen. they so bitcoin dumping this week so they take the opportunity to exaggerate things.

[pinkflower]

Do not click the link guys, no one knows if that link could have malicious code inside, and nowadays, it is very risky to click on external links, specially on this forum, where there is targetted traffic.
Just an advice, if you want to post it, just quote.

I clicked the link in my Windows 98. My antivirus didnt fire off, so I think the link is ok lol.

Jokes aside, I read the beginning of the pdf file and decided not to finish it because its another propaganda-piece made by the bankers for the bankers. It has no scientific argument except that they "think" BTC is bad, not secure and a bubble.

These are the arguments made in the pdf file. Among them, I agree with one. Bitcoin creation is wasteful, but only because I believe all cryptocurrencies should use Proof of Capacity.

• Bitcoin is too volatile to serve either as a medium of transaction or as a store of value. And this is structural.
  
  
• Bitcoin  creation  is  wasteful. Bitcoin  security  is weak and  it  can  get  worse  with quantum computing.
  
  
• The  rise  of  Bitcoin  facilitates  illegal  activity and may re-distribute wealth  from the formal to the informal economy.
  
  
• The  poor  design  means  that  bitcoin  is  likely  a  bubble. Other  crypto-currencies are likely to take over.  
  
  
• Timing of bubble peak is unclear – government action could become a trigger
  
  
• Wealth effects of a failure of bitcoin would be meaningful in Russia, Nigeria, New Zealand and others.
  
  
• Another tripling of bitcoin prices to 60,000 USD could trigger government action

[gambitcoin53]

I never read news from so called experts, all they do are writing irrational nonsense and then in month or 2 they write opposite opinion.

yeah, i agree, all these kinds of news are just biased, baseless and does not represent the whole picture about bitcoin, we should be bothered with this news, it is already been said that bitcoin is volatile, means it is unpredictable to forecast things. this is not the news last two months where bitcoin rapidly increases its price, it also surpassed the so-called experts in financial forecaster that bitcoin will reach to 8000 but to their surprise, it reached to 10000, all of these are games of chances and risks. that was investment is all about.

[Dapper]

Well like anything else, limit your risk. I typically sweep any value over my target holding amount into other currencies or gold.

[ArticMine]

I see no other mention when I search news for the report other than this thread. It seems to me an attempt to steal crprto currency from Microsoft Windows (the most likely target but not necessarily the only one) users.

[xiaopang11]

I often see many famous economists say the currency is a scam, see many news that the currency is a bubble, but there are more and more people believe that the currency, they believe that the currency will become the mainstream of future currency

[redhondaxrm125]

have you guys seen the latest report from CitiReasearch 'experts' claiming that Bitcoin will die, titled' How Bitcoin is bad for the world'
here is the link <mod: link removed, DMCA'd>

Oh well, what to expect? Almost every day there are countless useless fuds that are being spread all over the internet not just about bitcoins but about all the existing crypto currencies. Even ICOs aren't safe. Although some have basis and logic behind their fuds, they only report the same things over and over again that we can always do a way with. Just ridiculous.

[Caesar-Giulius]

It is normal to hear this from bankers. I always see bankers talking bad about Bitcoin yet investing at the same time. The IT people are the opposite, they know the technology behind Bitcoin.

[Warren Buffert]

Another article want to messes up with bitcoin, the media never cover a good thing about Bitcoin, they love to make Bitcoin look bad, and the most irritated part in that article is "Bitcoin is wasteful", Bitcoin has been saving some people from poverty when government can't do anything to provide more job opportunities, Bitcoin got more and more usage for the people that want to learn about it

They are constantly creating dumb news because half of the journo's cant even understand the concept behind bitcoin.

[Gbambar]

of course no one or thing will live for ever ... we all will die one day but i dont think bitcoin will but lets hope we live forever to see what goes on