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Author Topic: 2014-11-13 Bloomberg.com - Bitcoin Is a Payment System, Not an Investment: Woo  (Read 1657 times)
cr1776
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November 13, 2014, 01:40:16 PM
 #1

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David Woo, global rates head at Bank of America Merrill Lynch, discusses the volatility of Bitcoin and why he views it as a payment system and not something to invest in. He speaks on “Bloomberg Surveillance.”
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"Bitcoin can become a major means of payment and may emerge as a serious competitor to traditional money transfer providers.  As a medium of exchange, Bitcoin has clear potential for growth."

------
"Have to separate bitcoin as a payment system vs an investment."
"Think about the number of companies adopting bitcoin."
"...has become less volatile this year."

Also it has a few quotes from Ben Lawsky praising parts of bitcoin.

http://www.bloomberg.com/video/bitcoin-is-a-payment-system-not-an-investment-woo-vkLZekoCRc2yZu4Pr~2Ptw.html?cmpid=yhoo
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aigeezer
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November 13, 2014, 02:58:32 PM
 #2

False dichotomy, imho.

Imagine if he had said, for example, USD is a payment system, not an investment.

Sauce for the goose.

cr1776
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November 13, 2014, 04:58:16 PM
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I agree. It does not have to be an either/or. Although his comments on it being a medium of exchange are correct.
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November 13, 2014, 05:07:23 PM
 #4

I speak Banksterish, so, please, allow me to translate this article.

"Please don't buy any bitcoin until we are finished buying." - Bank of America, Chase Bank, HSBC, Federal Reserve, and the IMF

I'm available every Tuesday for free lessons if anybody wants to learn more about this fascinating new language.
Chef Ramsay
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November 13, 2014, 05:58:43 PM
 #5

^Yep, they already have your bailout money that they want to use to scoop up coinage and then offload it to the cautious luddites on the panic rally, picking the poor slobs clean once again. I really shouldn't phrase it like that but, hey.
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November 14, 2014, 07:25:38 AM
 #6

Woo said payment system and investment are separate things, I didn't not hear him say that it is not an investment. He says that bitcoin has limited upside, but what they are really doing he will never tell.

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November 14, 2014, 09:47:45 AM
 #7

His views seem to be contradictory. Why can we not invest in this payment system? It's the coins that power it so obviously there's great investment potential so I really don't understand his logic. Fucking bankers chatting shit as usual.

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aigeezer
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November 14, 2014, 01:05:21 PM
 #8

Woo said payment system and investment are separate things, I didn't not hear him say that it is not an investment. He says that bitcoin has limited upside, but what they are really doing he will never tell.

Yes. Woo's actual position may not be what Bloomberg says it is. Bloomberg's version is clear though, both in the link title and the teaser intro:

"David Woo, global rates head at Bank of America Merrill Lynch, discusses the volatility of Bitcoin and why he views it as a payment system and not something to invest in."

No rebuttal from Woo yet (that I know of) but there is still wiggle room if he wants to use it.

My gut says "bankster spin" but perhaps it is something else. As always in these matters - cui bono?                Wink
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November 14, 2014, 01:14:27 PM
 #9

His views seem to be contradictory. Why can we not invest in this payment system? It's the coins that power it so obviously there's great investment potential so I really don't understand his logic. Fucking bankers chatting shit as usual.

exactly. Writer probably advises buying govt bonds.
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November 14, 2014, 01:49:28 PM
 #10

False dichotomy, imho.

Imagine if he had said, for example, USD is a payment system, not an investment.

Sauce for the goose.



Exactly my reaction!  Tough to have one without the other.

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Rampton
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November 14, 2014, 02:21:48 PM
 #11

The beauty of bitcoin is that it's both a currency and a payment system and people can invest or speculate with the coins as well. It's much more than what he gives it credit for and has more potential for things to be built on top of it.

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November 14, 2014, 02:24:29 PM
 #12

Agreed. The volatility is very good for speculators and investors at the moment, but bad for people who want to use it as a currency. Hopefully the price will level out eventually because I'd love for it to be a viable currency as well.
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November 14, 2014, 02:25:54 PM
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I don't think he's seeing the bigger picture of bitcoin at all. I don't see how he can say it's not an investment when that's clearly what people are doing. I actually think in the long run bitcoin will be a fantastic investment.
Feri22
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November 14, 2014, 02:36:10 PM
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Bitcoin is exactly what you need it to be...
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November 14, 2014, 06:12:19 PM
 #15

What a silly headline. Of course it's an investment. That's literraly what people are doing with it.

Bitcoin is exactly what you need it to be...

What if I need it to be a T-rex?  Cheesy
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November 14, 2014, 09:46:31 PM
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Bitcoin is exactly what you need it to be...

True, it's winter, I need heat, miners are doing a good job with that Cheesy

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Ron~Popeil
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November 14, 2014, 10:34:43 PM
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Agreed. The volatility is very good for speculators and investors at the moment, but bad for people who want to use it as a currency. Hopefully the price will level out eventually because I'd love for it to be a viable currency as well.

We have had some long periods of sideways movement recently so we may be seeing the volatility slowing down. A slow but steady rise would be best for everyone.

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