Robert Prechter calls Bitcoin "Brilliant"

[cypherdoc]

From the latest 10/21/11 issue of the Elliott Wave Theorist.

[1713962814]

1713962814

[ineededausername]

Will he analyze BTCUSD in the future?  That would be awesome!

[GoWest]

Can you give us a snippet?

[evoorhees]

Is there a link or anything? I've heard that name before.

[cypherdoc]

"In June, Senator Charles Schumer (D, NY) called the brilliant on-line transactional unit called bitcoin “a form of money laundering.”"

this is a paid subscription.  he is one of the worlds most famous market analysts, the father of Elliott Wave Analysis.

[cypherdoc]

last Spring a similar quote was mistakenly attributed to Robert but was in fact from his son Elliott who is a member of this Forum.

this though is the Real Deal.

[jimbobway]

"In June, Senator Charles Schumer (D, NY) called the brilliant on-line transactional unit called bitcoin “a form of money laundering.”"

this is a paid subscription.  he is one of the worlds most famous market analysts, the father of Elliott Wave Analysis.

He is not the father, but he brought back the Elliott Wave. 

[cypherdoc]

"In June, Senator Charles Schumer (D, NY) called the brilliant on-line transactional unit called bitcoin “a form of money laundering.”"

this is a paid subscription.  he is one of the worlds most famous market analysts, the father of Elliott Wave Analysis.

He is not the father, but he brought back the Elliott Wave. 

sorry, i stand corrected then.

his son goes by BrightAnarchist.

[tvbcof]

Seems like Prechter has been calling for a 40% correction in gold every year for about 8 in a row now.  It's hard for me to shake the term "Idiot Wave Analysis" from my mind such has been the magnitude of his fail on this one.

[cypherdoc]

in the article, Prechter thinks Bitcoin could be shut down by gov't regulatory bodies simply by declaring it illegal.  i think he's wrong about that too.  there are no regulatory bodies for Bitcoin.

[cypherdoc]

heres the relevant section:

"As noted in the June issue, government can crush any useful service it opposes. One service it opposes is free-market money. In June, Senator Charles Schumer (D, NY) called the brilliant on-line transactional unit called bitcoin “a form of money laundering.” In March, the U.S. Attorney’s office and the FBI issued a statement (http://goo.gl/J8Jhz) calling privately minted “Liberty Dollar” gold coins “a federal crime,” an “anti-government activity” and “a conspiracy against the United States.” The U.S. attorney on the case, Anne M. Tompkins, called Liberty Dollars “a unique form of domestic terrorism” that presents “a clear and present danger to the economic stability of this country.” The federal government says it shut down the mint “to protect and preserve the constitutional currency for the benefit of all citizens of the nation.” In order to get rid of this scourge of precious metals coins, the government seized all of them for itself. Minting money may be treason (so was succoring Jews in Nazi Germany), but the only terrifying acts in evidence here are the government’s threats to ruin anyone who peacefully offers better monetary services. As Tompkins stated, “We are determined to meet these threats through infiltration, disruption, and dismantling of organizations which seek to challenge the legitimacy of our democratic form of government.”
Another money-of-the-future is James Turk’s brainchild, GoldMoney, which EWT featured in the November 2004 issue. Like any good or service highly desired in a free market, banking with goldgrams is affordable and efficient. In a free society, GoldMoney and services like it would be the premier banking alternative. But the warning I issued about bitcoins applies here, too: Government can crush anything it doesn’t like. All it need do is declare it illegal. This is essentially what a regulatory body in the Netherlands did this year with respect to the service offered by GoldMoney. In January, the Autoriteit Financiële Markten (AFM), the Netherlands financial regulatory body (shortly after ordering a Dutch pension fund to divest itself of most of its gold holdings), contacted GoldMoney and demanded that it comply with its rules relating to “investment objects,” namely grams of gold and silver. GoldMoney, already overseen by the regulators where it is domiciled, chose not to comply. It has withdrawn its services from the patronage of Dutch citizens, who must close their GoldMoney accounts by the end of this month. You can read about it at these sites: http:// goo.gl/zlcYf and http://goo.gl/TBhrp."

[cypherdoc]

http://www.ritholtz.com/blog/2011/09/tbps-30-most-influential-finance-sources/

Prechter is on Barry Ritholtz's list of the top 30 Most Influential Finance Sources.

[GoWest]

Posted: http://bitcoin-trader.blogspot.com/2011/10/robert-prechter-calls-bitcoin-brilliant.html

[tvbcof]

in the article, Prechter thinks Bitcoin could be shut down by gov't regulatory bodies simply by declaring it illegal.  i think he's wrong about that too.  there are no regulatory bodies for Bitcoin.

I think he may or may not be right on this one.  It would not surprise me in the least if it was declared illegal in the US to use Bitcoin (all the talk of 'freedom' here being mainly a lot of piffle...)  A cool thing about Bitcoin, however, is that one need not be physically anywhere near where you 'use' it.  So unless all the countries clamp down and clamp down hard on Bitcoin and do so more or less simultaneously, what's to stop me from paying someone to keep a client or even an FPGA miner which I control online in, say, Vietnam?  Or Greece should the Greeks tell the EU to piss up a rope a-la Iceland?  Venezuela?  Or any number of countries which are not completely under the US/EU sphere of influence?

It would be quite interesting to see what happens to BTC demand if Western governments start to crack down on Bitcoin use.  I have no idea really and could see it doing all kinds of interesting things, particularly if it coincided with other shifts asset values, regulations, etc.

[sadpandatech]

In March, the U.S. Attorney’s office and the FBI issued a statement (http://goo.gl/J8Jhz) calling privately minted “Liberty Dollar” gold coins “a federal crime,” an “anti-government activity” and “a conspiracy against the United States.” The U.S. attorney on the case, Anne M. Tompkins, called Liberty Dollars “a unique form of domestic terrorism” that presents “a clear and present danger to the economic stability of this country.” The federal government says it shut down the mint “to protect and preserve the constitutional currency for the benefit of all citizens of the nation.”

  That part right there makes me wonder why I am not mining through ToR right now..............................  *looks around all bugged eyed*

  Granted a huge part of the gov's leverage against LDs was that they were physically minted coins. But how far of a stretch would it really be for them to say, "Oh Bitcoin, its the same thing just digital"?

  

[LightRider]

I would like to see any government anywhere try to deny people the use of bitcoin. The fact that you can't use cash anymore in one state is also ridiculous. Combined with the increased fees and impending failure of Bank of America, the old world money systems are on their last leg. Tradition will succumb to technology sooner than later.

[zby]

A propos Liberty Dollars - this has been discussed many times here - the language used by the prosecutor is crazy but NotHouse was exactly pure innocence.  He tried to pass his coins into circulation as a replacement for USD coins, they were similar but their face value was less then the value of the metal that they contained.

[cypherdoc]

In March, the U.S. Attorney’s office and the FBI issued a statement (http://goo.gl/J8Jhz) calling privately minted “Liberty Dollar” gold coins “a federal crime,” an “anti-government activity” and “a conspiracy against the United States.” The U.S. attorney on the case, Anne M. Tompkins, called Liberty Dollars “a unique form of domestic terrorism” that presents “a clear and present danger to the economic stability of this country.” The federal government says it shut down the mint “to protect and preserve the constitutional currency for the benefit of all citizens of the nation.”

  That part right there makes me wonder why I am not mining through ToR right now..............................  *looks around all bugged eyed*

  Granted a huge part of the gov's leverage against LDs was that they were physically minted coins that looked just like real Liberty Dollars. But how far of a stretch would it really be for them to say, "Oh Bitcoin, its the same thing just digital"?

  

what do Bitcoins look like?

[cypherdoc]

at first i was a bit disappointed that someone i sort of admire used Bitcoin as an example to prove his theory of State regulation to accomplish what they wish.

its important for everyone here to realize that Prechter is the quintessential example of what you'd call a PermaBear when it comes to Society, State, and the stock market.  he thinks the Dow is going to 400.  yes, thats right.  400.  3 digits.  He thinks we're going to repeat the Great Depression on a much bigger scale and that cash USD's will be the best performing asset for the next 5-10 years.  he is the Bear's Bear and has a wide following who paraphrase his theories all the time.

but using a centralized example, GoldMoney, to support his argument of the ability of the State to control a decentralized form of money demonstrates to me a misunderstanding of Bitcoin.  what are those Dutch investors going to do?  pull their gold out of GM and stick it in their safes.  during the GD when the US called in all the citizens gold only perhaps 20% complied.  are you kidding me?  who here would let the US gubmint just confiscate their money?  no one.  and it would be worse today b/c most US citizens are armed as in guns.  no one is going to walk up to my front door with the intent to confiscate my money w/o risking their lives.  most sophisticated analysts also don't think this is a reality today. 

Bitcoin makes all this danger talk go away and even further emphasizes my point.  which is why i sold most of my gold in exchange for Bitcoin.

[sadpandatech]

what do Bitcoins look like?

 That depends on the observer..

 Maybe;
or;
or;
Possibly;
 ;
 ;