Content adapted from this Zerohedge.com article : Source
A doubling off the lows for bitcoin are not stopping the FUD campaign from continuing.
The latest participant is Elliott Management found Paul Singer.
His view of the digital money is this: calling cryptocurrencies "one of the most brilliant scams in history."
He further goes on to explain how people are basically primitive in their thinking by buying the cryptocurrency idea.
"We all laugh at primitive tribes which used large stones (or pigs) as currency. Well, laugh as you will, but a stone or a healthy pig is something. Cryptocurrencies are nothing except the marketing power of inventors, financiers and others who love the idea of buying a black box (which is obviously empty) for the price of a Kia and dreaming that it will turn into a Mercedes. There have been times recently when this dream has materialized within hours."
"This [cryptocurrency] is not just a bubble. It is not just a fraud. It is perhaps the outer limit, the ultimate expression, of the ability of humans to seize upon ether and hope to ride it to the stars...
But is it not glorious that when the equivalent of nothing attracts priests and parishioners who run up the price, the very willingness of the mob to buy it at higher and higher prices is seen as validation of the thing, rather than an indication of the limitless ignorance of swaths of the human race?"
Singer's view of humanity is as low as it is for bitcoin.
According to Business Insider, Elliott managed $34.1 bln as of January 1, 2018 and the Elliott Associates LP fund returned 8.7% last year.
Ycharts shows the S&P returned 21.83% last year.
Could "the limitless ignorance of swaths of the human race" apply to those who invested in his fund since Mr. Singer got crushed by the S&P last year?
Non-adapted content found at zerohedge.com: Source
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