Why trash Gartman for something outside of his usual deceptive ways?
Barry Silbert, Second Market, bitcoin custodian - I think this is just an indication that this is the start of something very big. we'll see big, big price movements. as you said, the hearings this week on the Senate were very, very positive. I think the regulators and policy makers are taking a very balanced approach, but i don't think this volatility is going away any time soon.
Maria - What do you think, Dennis? You aren't convinced the bitcoin is a viable currency, are you?
Gartman - No. I think it's dangerous. The use of it for the purchase of an automobile, the purchase of a ticket on Mr. Branson's airlines a purchase for an airplane ticket, like, how are you going to price something in a currency whose value can move 400% in the course of three or four days. That's nonsense. It's a speculative vehicle; trade it if you wish, but to think this will be a viable alternative for the dollar or the euro or for the yen for payment of expenses I think is nonsense.
Barry - i actually agree. i don't think bitcoin any time soon is going to replace the euro, dollar, yen as restorative value. People are excited about the fixed nature of the supply, as a transaction network, it has the potential to change the way that money moves around the world. For now, it's not going to be a fantastic currency, but as a store of value, people are excited about it.
Maria - where's the money? Well, I mean, when you say -- like, I keep asking this. i know it sounds a little weird. I mean, if i want to buy something with bitcoins and use bitcoins online and translate it to dollars, how easy is that?
Barry - 20,000 plus merchants online accept bitcoin and they handle the conversion into dollar. You as a consumer, you have bitcoin, and you can use it in lots and lots of places right now or exchange it, trade it or just hold onto.
All of the above comments are false.
This conversation between three people who know nothing about virtual currency is quite representative of what you get out of people who have been arbitrarily installed in high paying positions. Gartman is an incompetent liar, deceiver, hack, who is reliably useless when it comes to making money. This is Bartiromo's last day with CNBC, thankfully. The other guy is, well, just another guy. |
