Quote from: PentagonPinnacle on June 12, 2017, 07:14:23 PM

I'm not convinced this guy understands what is actually happening and why bitcoin price is being driven upwards.
His mania theory sounds more like someone who missed out on opportunity rather than someone who made off with a huge pile of bitcoin cash And it appears he is promoting something called the "indiastack" .

Oh well will see if this bubble theory which is being sounded by all those who didn't buy early holds up in the future.

https://www.forbes.com/sites/oliviergarret/2017/06/12/raoul-pal-bitcoin-is-mania-and-not-a-store-of-value-i-sold-out-last-week/#7cd09dba65ad

The price of Bitcoin has risen by 210% since March to over $2,900 and one of the worlds most successful investment strategists is warning investors to stay away.

Speaking at the Mauldin Economics Strategic Investment Conference, Raoul Palauthor and publisher of The Global Macro Investor, an elite macroeconomic and investment research servicesaid Bitcoins explosion upward is mania.

Bitcoin Is a Bubble

The explosion [in the price of Bitcoin] is mania. Its people looking for a rate of return. Its in the bubble phase. [Bitcoin] goes through this periodically it rises several hundred percent, and then collapses.

In December 2013, Bitcoin ran up to over $900 and subsequently collapsed to below $250 it would take three years for the price to again reach those highs.

Source: Coin Desk
Source: Coin Desk

Source: Coin Desk

Exponential Moves Always Blow Up

Pal, speaking in an exclusive interview with Mauldin Economics, made ten-times his money on Bitcoin and thinks now is a good time to get out.

This is the most exponential move we have seen. I dont know how far it goes, but I sold out last week and Ive [owned Bitcoin] since it was $200. Anything that moves exponentially, always [blows up].

However, Bitcoins meteoric rise isnt the only reason The Global Macro Investor exited his position.

Only 21 Million Bitcoins? Not necessarily.

Bitcoin was supposed to be a store of value, you couldnt mess with the formula and now they are talking about a hard fork changing it?

A feature that has attracted many investors to Bitcoin is its built-in scarcity. Its widely thought that only 21-million Bitcoins can ever be mined into existence.

However, senior developers and miners are now contemplating a hard fork which would split Bitcoin in-two and allow for the creation of more Bitcoins.

Even if they dont change the formula, the fact that they could? Thats enough to say its not a long-term store of value.

Pal says a recent development in India also changed his views on the crypto-currency.

Could India Stack Replace Bitcoin?

India introduced a frictionless payment system, [something] that everyone in Bitcoin was working on this was [Bitcoins] great project and India went and did it for 1.1 billion people, fifty-times faster than Bitcoin and its rolled out and working now.

Pal is talking about India Stack, which will soon process more transactions than Bitcoin ever has.

India Stack allows users to open a bank account, mobile phone account, or share medical records at any hospital or clinic in India with your fingerprints or by retina scan.

In the March edition of The Global Macro Investor, Pal said of India Stack:

This revolutionary digital infrastructure will soon be able to process billions more transactions than Bitcoin ever has. It may well be a Bitcoin killer or at best, provide the framework for how blockchain technology could be applied in the real world.

What About Blockchain and the Future of Finance?

For Raoul Pals thoughts on the technology behind Bitcoin, the financial system, cashless societies, and more, watch the full interview below.

Download a FREE Bundle of Exclusive Content from the Sold-Out 2017 Strategic Investment Conference

Get access to exclusive interviews with John Mauldin, Neil Howe and Pippa Malmgren from SIC, an ebook from renowned geopolitical expert George Friedman and bonus SIC 2017 content

This is 100%. While we are in a bubble, evidenced by the profit taking that is going on as we speak (oh, y'all might want to Tether if the narkets aren't depressed, if they are, there are other ways to tether your value. think cryptos that are tied to physical assets Wink

). But every time we dip, which is a pretty constant thing, pundits pop up talking about "this is the end of bitcoin". It's volatile. Get over it. But it makes a good talking point. And an easy article for a tech contributor to write.

And as you suspect, these guys press 'Publish Article' the same time they press 'Submit Buy Order' Wink

this would be illegal if the SEC regulated btc like stocks, BTW.