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.
Dangerous? Bitcoin has a fixed supply. Gartman thinks bitcoin as an asset when it isn't. Instead, it's a tool that can't be duplicated.
That's nonsense. It's a speculative vehicle;
Gartman only knows speculative vehicles and those he doesn't know very well. I have no idea why he gets all the air time, but that seems to be stylish in this era of dregs.
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.
Gartman doesn't even notice that his prejudice has blinded him to his quiet acceptance of two definitions for virtual currency.
Barry - i actually agree. i don't think bitcoin any time soon is going to replace the euro, dollar, yen as restorative value.
This is an incredibly stupid thing to say for someone who presumably knows about virtuals. Did CNBC check his qualification? They probably asked Gartman. Virtuals facilitate physical currency transactions with a higher degree of efficiency and security. Indeed, they will replace currencies at transactions of scale, say, above the value of an ounce of gold.
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.
The guy chooses to contradict himself.
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?
Maria never knew what money is. Few do. None at CNBC. They think money is something one uses to barter.
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.
Another contradiction which also has Gartman confused. Is bitcoin a store of value? Definitely not. That's not why it's being bid up, at least not by those who know things differently than Gartman or this guy. Gartman speculates. Period. That means he doesn't know the value of anything. The other runs a brokerage. He doesn't know anything either.
You have to understand that most high paying positions are ceremonial in this era. In a free market capitalist economy those whom the ceremonials hire would quickly replace the fakirs holding the ceremony. |
