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My biggest problem with bitcoin is that it's following the same path as the sub-prime mortgage investments. While it was just a few people playing with an interesting idea in private, there was no problem. Now we have banks and other major investors getting involved. That's a very bad problem just waiting to happen.
Who will get hurt? That would be the poor. just as with the financial disaster that was 2007. Why? Because the whole financial system will get whacked and when that happens, it's the people on the financial edge that lack the resources to go on.
The idea that it's been going OK for several years so it'll go on OK is given the lie by the sad history of Tulip Mania. That went OK from 1593 all the way to 1637, when the whole house of cards collapsed, taking the Dutch economy (then the equivalent to modern day Wall Street) with it. There are now plenty of apologists for the Tulip fiasco, most of whom (or so it seems) denied the dangers of the subprime mortgage speculation at the time.
Who will get hurt? That would be the poor. just as with the financial disaster that was 2007. Why? Because the whole financial system will get whacked and when that happens, it's the people on the financial edge that lack the resources to go on.
The idea that it's been going OK for several years so it'll go on OK is given the lie by the sad history of Tulip Mania. That went OK from 1593 all the way to 1637, when the whole house of cards collapsed, taking the Dutch economy (then the equivalent to modern day Wall Street) with it. There are now plenty of apologists for the Tulip fiasco, most of whom (or so it seems) denied the dangers of the subprime mortgage speculation at the time.