Paul Krugman’s Fax Machine

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This Page will contain classic “Paul Krugman’s Fax Machine” Moments – from “Experts” of all kinds that have gone into print or broadcast ‘dire predictions’ about the failure of Bitcoin

These quotes will appear on my Website – The Bitcoin Artist – when it is published in mid-January 2014 If you have a favourite “Candidate” you would like to see added to this page, please use the contact form on the front page to send me link/details etc. ( or use a Fax Machine ? ? )

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Mark Williams, finance professor at Boston University School of Management, predicts that Bitcoin “will trade for under $10 a share by the first half of 2014, single digit pricing reflecting its option value as a pure commodity

play.” F… F… F… F… FAX MACHINE ! ! ! ! !

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Stephen Mihm, an associate professor of history at the University of Georgia Dec 31, 2013 “Bitcoin Is a High-Tech Dinosaur Soon to Be Extinct”

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Robert WenzelEditor & Publisher of EconomicPolicyJournal.com

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Admits he is a “Bitcoin Skeptic”  but from some of his quotes he seems to be really quite mocking about the whole concept of Bitcoin   The link to his Broadcast is HERE Quotes from the Broadcast include Bitcoin has “all the Hallmark of Tulip Mania” “It’s a game, It’s a toy It’s not a serious commercial tool” “If it ever got to any significant size where you could use it in most retail stores  – MasterCard, Visa, America Express are going to just crush it”

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Byron R. Wien, Vice Chairman, Blackstone Advisory Partners

His Prediction for 2014

During the year Bitcoin’s acceptance collapses as investors realize that it cannot be used as collateral in financial transactions and its principal utility is for illegal business dealings where anonymity is important.

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Charlie Munger   – Vice-Chairman of Berkshire Hathaway Corporation
said on Fox Business  – May. 06, 2013   ” I think Bitcoin is Rat Poison”
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The Bitcoin Rat owns him !
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Jeremy Cook – Chief Economist & Head of Currency Strategy at World First, said about Bitcoins on BBC’s Newsnight  22nd of November 2013, “They are just a very nice  internet affectation  …  that aren’t going anywhere”

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Edward Hadas  – economics editor at Reuters Breakingviews.  January 8, 2014, 12:02 pm

Bitcoin is not over yet. But the pseudo-currency is close enough to collapse to merit an early retrospective.

My prediction is controversial. Many fervent fans are convinced that this government-free currency is for real. Their ardor may keep it going for a while, but equally Bitcoin could disappear quickly — that’s the way with speculative bubbles.

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robert-shiller

Robert Shiller, 2013 Nobel Prize winner in Economics, and an expert in the nature of market excesses, has come down on bitcoin and said that the tremendous jump of the virtual currency was a 100 percent bonified “bubble”. “It is a bubble, there is no question about it…. It’s just an amazing example of a bubble,” the Business Insider quotes Shiller, talking to the World Economic Forum in Davos, Switzerland. “I’m amazed by how people are so excited about it and I tell my students ‘no, it’s not such a great idea’,”

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Jamie Dimon believes its standing as a currency will eventually end. “It’s a terrible store of value,” said Dimon. “It could be replicated over and over. They will eventually be made as a payment system to follow the same standards as the other payment systems and that will be probably be the end of them,”  he said.

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