Defining Hypocrisy - Howard Marks - BitCoin is a "Pyramid Scheme" and a "Fad"

So I was checking the price of BitCoin this morning and some of other crypto currencies and this article popped up in my search results about a BitCoin investor named Howard Marks who came out despite the price rebound of Bitcoin to over $2,500 USD per coin, and said that:

"In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it." - Howard Marks

Source

Excuse me, Mr. Marks but what the hell do you think the Federal Reserve Notes are? They are a monopolized, unconstitutional pyramid scheme based on nothing but thin air and the value that people attribute to them. So what are you talking about? What because the banksters don't control Bitcoin 100% does that mean it is any less valid than the "USD" which should be abbreviated FRN (Federal Reserve Notes), because they are not United States Dollars at all and never have been. So in my view let's take a look at the value people attribute to each.

1 BitCoin = 2567.99 Federal Reserve Notes as of the time I am writing this.

So since both currencies are only worth what people attribute to them, I would have to say that your FRN's look more like a dying fad since people value them far less than they value BitCoin. Facts are facts.

In fact because people like myself can mine Bitcoin or other currencies that makes them more constitutional than the Federal Reserve Notes, which by law should be illegal, as Andrew Jackson stated about a former version of the Federal Reserve, that system of banking and printing money creates an unconstitutional monopoly.

So sorry Howard Marks but your stance on crypto-currencies is completely invalid. Since anyone can mine, and BitCoin is decentralized, there is no "pyramid", but since ONLY the Fed can print Fed Notes, the pyramid is there, and unbreakable, and they even printed it on their notes to remind us. So sorry but your view is not only wrong but extremely hypocritical.

Federal Reserve Notes are Financial Slavery

To keep the ponzy scheme going that is the Federal Reserve and their ridiculous fake debt, the US Government has to keep increasing GDP or it will not be able to pay off the unbelievable amount of interest owed each year to the Fed. To do this the US citizens have to pay over 33% of their income to federal income tax which goes 100% to pay the interest on the national debt. This means for every three years I work in my life, 1 of those years was worked for the Fed for no pay. This is financial slavery, there is no other way to see it. If you work for no reward for a third of your career, that is financial slavery period. Last time I checked I am not being docked 33% or more of my paycheck for the "privilege" of using bitcoin, but I am for USD, explain that Mr. Marks? Which is the ponzy scheme again?

Appropriate Value?

11am: Howard Marks, co-chairman of Oaktree Capital, compared cryptocurrencies to the Tulip mania of 1637, the South Sea bubble of 1720 and the internet bubble of 1999.

In an investor letter, he said: ”Serious investing consists of buying things because the price is attractive relative to intrinsic value.

"Speculation, on the other hand, occurs when people buy something without any consideration of its underlying value or the appropriateness of its price." - Howard Marks

Source

Yes, well I would counter by saying the Free Market determines the price, and so far the price of Crypto Currencies is exactly where the market values it. Just like Federal Reserve Notes have their value based on how the Free Market values them. The difference is Bitcoin's price is not being propped up by wars and manipulation of markets by the owners of Bitcoin. So if anything is inflated artificially in value it is the Fed Notes, while hard assets like Gold, Silver and rare minerals are all undervalued, and the Crypto-Currencies are only going to get more valuable with time not less. I don't think this is some artificial bubble I think this is just the beginning.

So I may not be some wealthy billionaire like Howard Marks, but I think I have a better grasp of reality than he does.

I would be interested to hear what the Steemit community thinks about this. Let me know below, and if you are not on steemit yet, sign up so you can reply.

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