"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value
“It’s a bubble,” Greenspan, 87, said today in a Bloomberg Television interview from Washington. “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.”
I suppose Greenspan should know all about bubbles, since he created them when he chaired the FED. And is he truly oblivious to the lack of value behind a fiat currency?
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The intrinsic value in fiat money is the pleasure of being outside a government cage - which is where one would be, were its legal-tender law to be violated.
Reminds me of a line in the movie "A Perfect Murder." Michael Douglas, who wants his wife dead, asks what he will get in exchange for a box full of C-notes. The blackmailer replies something like "You're looking at it, pal: time outside prison. You can't beat it with a stick."
True. :)