Bitcoin is ripe for scams. Even Donald Trump can see it.
The structural integrity of his brain can be questionable, but if anyone can spot a scam it’s former President Donald Trump, whose business history is riddled with complaints of unpaid bills and shaded financial operations. Monday, in an interview with Business fox, Trump denounced Bitcoin, the volatile digital currency. âBitcoin looks like a scam,â Trump said. “I don’t like it because it’s another currency that competes with the dollar.” (Trump added, oddly for a supposed billionaire, that he was not invested in the stock market yet.)
Cue the mandatory Onion item: The worst person you know just made a good point. Trump touched on something that even Bitcoin critics sometimes overlook. Bitcoin’s status as a stateless, non-sovereign currency is a clear advantage for its adherents. This frees them, in their opinion, from the chains of fiat money, which is run by tyrannical central banks that print money out of thin air. For committed coin changers there are a whole range of other benefits, but this sense of independence from the state itself is essential. For critics, however, it’s a fast track to feudalism, to a speculative market dominated by the biggest bag holders and those who run cryptocurrency exchanges and other middlemen. Rather than promoting economic freedom by being a stateless currency, Bitcoin offers access to a wild market dominated by fraudsters, crooks and powerful institutional investors. There’s a reason Trump said what he did: he recognized his background.
In the ideologically-tinged Bitcoin battle, you don’t have to be a fanatic coin dealer or a nutcase. You also don’t have to abide by Trump’s chauvinistic economic policies to understand that a state-backed currency has certain advantages, and inherent stability, that will never be found in a volatile digital currency invented by a creator. still unknown, which is supported by nothing more than code and the the faith of its holders. With its dramatic swings over the past few weeks, Bitcoin has, once again, proven its unsuitability as a currency and its continued resemblance to something more like a savage manipulator. multilevel marketing scheme.