Belgian Bank sends out FUD newsletters concerning Bitcoin

[BADecker]

Lot of unfounded statements. Particularly about the US being such a large economy, which it is not. (Economy in the sense of production not virtual numbers). It does have a astronomical debt system backed by the promise of oil for dollars (but even that promise has almost lost it's meaning). Unfortunately even if all the oil that's left on the planet could be extracted for free, that still wouldn't be enough to fill the giant debt hole that has been created.

No fiat-system in history has survived, not a single one, and there is no fiat system that has existed for hundred(s) of years.

Fiat is a ponzi scheme, it isn't even backed by shit. And the latter is what all the insurances of the state and banks will mean, when this currently just over 40 years old petrol-dollar experiment inevitably fails. It managed to postpone the official bankruptcy of America after the Vietnam war and combined with fractional reserve banking has created this guaranteed irrecoverable global trainwreck.

"Billions of people very happy with their respective fiat", are you freaking serious? Billions eh? Perfectly happy as well. Even as a joke that remark wouldn't even be funny. Well at least you make perfectly clear where you are coming from.

Btw I don't believe "money" should be worth anything at all. We just need a practical means of exchange for human effort and bitcoin is pretty damn good when compared to everything that is currently available.

Good points, and I agree with them all.

What is money? Here is what money is, nothing more and nothing less: Money is the stored up labor of the people. In the short term, the act of exchanging money is what causes the various forms of labor to increase or decrease in value with relation to other forms of labor. Money itself is simply stored up labor.

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[ancore]

They are not telling lies. Every item in the list is correct.

There is more at play than just the points in the list, considering their own position a few years back, it's strange they can truthfully warn about bitcoin's risks now "tout court"
Is it not FUD when they mean to cause FUD, regardless of the words used?

True, but since this was sent out I have received numerous messages / calls from friends and family (who know I'm into BTC) that are telling me:
"OMG OMG SEE! EVEN THE BANKS ARE WARNING YOU! I TOLD YOU SO!"

lol treat them to some pizza or maybe top up their mobile vikings account with bitcoin

remember the basta episode about  belgian banks?

[guybrushthreepwood]

Perhaps you should write back to them and ask why they are telling deliberate lies. And then add, "Oh sorry, forgot for a moment that you're a bank." Also mention that there are legal repercussions under European law surrounding abuse of truth in advertising.

They are not telling lies. Every item in the list is correct.

Maybe not lies but certainly spreading FUD.

[franky1]

i believe this is simply translated as:

"we want to scare you away from bitcoin for atleast 5 years, to allow us to buy the cheap coins, then i 5 years we will sell them to you at 500 times the price"

[augustocroppo]

i believe this is simply translated as:

"we want to scare you away from bitcoin for atleast 5 years, to allow us to buy the cheap coins, then i 5 years we will sell them to you at 500 times the price"

The banks do not need to do that in order to buy cheap BTC. If they can create they own virtual currency, why would they even care to waste money speculating with BTC? They can create they own speculative instrument for few dollars.

[leopard2]

btc foundation should issue warnings about fiat on regular basis 

[Xav]

Funny people, Belgians. I happen to know, because I'm Dutch. BTW here is a great Belgian professor quoting Henry Ford about money:

http://www.youtube.com/watch?v=Z9Tj3bMGkhg

[Klestin]

In which venue that was published solely to spread fear, uncertainty and despair?

The D in FUD stands for Doubt.

[Melbustus]

Now that people can see more and more how the banks and government and the military are NOT doing what they want, the people are turning to Bitcoin to overcome the problems that they see in the system.

It all has to do with the value people place on everything.

Please, stop with this bullshit. There are billions of people very happy with their respective fiat currencies. No one is coming after BTC to "overcome the problems that they see in the system". The majority of people come after BTC to make money and speculate.

Speak for yourself. Plenty of people understand that bitcoin represents an experiment in a perfect-information non-manipulable money supply, in contrast to the world's 40yr experiment with infinitely manipulable fiat money. Many people *accept* the reality and utility of fiat currency in their daily lives while also recognizing the reality of long-term inflation in fiat, and the very unstable debt-dynamics it can create.

And there are myriad other reasons people come to bitcoin, including:
1) Fascinating technology
2) Easier, more frictionless, way to transact
3) Far more secure way to move value around the internet
4) Mining as a hobby for the sheer fascination of it all
5) Bitcoin2 ("programmable money") ideas

People can latch on to any of the above, and more, as the primary reason they're interested in bitcoin. And yes, many people who initially found value in bitcoin due to one of the above ideas realized the investment potential and took (or are taking) advantage of that. That's only natural, and a healthy part of the process.

[augustocroppo]

Speak for yourself. Plenty of people understand that bitcoin represents an experiment in a perfect-information non-manipulable money supply, in contrast to the world's 40yr experiment with infinitely manipulable fiat money. Many people *accept* the reality and utility of fiat currency in their daily lives while also recognizing the reality of long-term inflation in fiat, and the very unstable debt-dynamics it can create.

Buzzwords everywhere.

"Non-manipulable money supply", what a joke. Do you think the supply of BTC cannot be manipulated? How naive you are?

And there are myriad other reasons people come to bitcoin, including:
1) Fascinating technology
2) Easier, more frictionless, way to transact
3) Far more secure way to move value around the internet
4) Mining as a hobby for the sheer fascination of it all
5) Bitcoin2 ("programmable money") ideas

1. ...and very complex to understand completely.
2. ..., but very illiquid.
3. ... with a high risk to have a loss or be victim of a fraudulent scheme.
4. ..., which includes to waste electricity and heating only for the sake to produce some random SHA-256 numbers (much excitement, bro!)
5. 

People can latch on to any of the above, and more, as the primary reason they're interested in bitcoin. And yes, many people who initially found value in bitcoin due to one of the above ideas realized the investment potential and took (or are taking) advantage of that. That's only natural, and a healthy part of the process.

OK, agreed. But my point still stands, most of the above is only seen as advantage to speculate.

[augustocroppo]

In which venue that was published solely to spread fear, uncertainty and despair?

The D in FUD stands for Doubt.

Ok, thanks for the correction.

[aesma]

The only thing that backs Bitcoin is the same thing that backs the fiat currencies, stocks and bonds, and anything else. It is the value that people place on it.

Nope, there is a whole legal/financial/governmental/military structure backing fiat currency. There is nothing like that backing BTC. By the way, stocks and bonds do not have exactly the value that people place on it. It is not a financial instrument which value is defined only by speculation.

There may be all that but there is clearly not the will/power/intention to stop printing billions upon billions, each and every day, for no other reason that it's possible and people don't understand the consequences.

Now the world is in a currency war and there are winners and losers, making many people, companies and countries unhappy.

[Liquid]

"... Virtual coins not legal tender, and not a form of electronic money...

Ergo, don't use Bitcoin because it's not a form of electronic money to purchase eBooks, for they're not a form of real books. Also, don't pay for pay-for-view concerts with any currency, for they, too, are not real concerts.

The following is NOT a real goat:


"I see what you did there!" <not a real quote>

+1

lol who would even take banks seriously the inevitable is near bitcoin will win the currency war.