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RE: The Great Bitcoin Debate – Max Keiser vs. Steve Keen, RT video (Chaos Monitaur–30)
Thanks for that input. Keen may have some valid points, but his overall argument was rather weak.
For one, his statement that “People are diving in because the price is rising. But that’s one of the definitions of a bubble” does not take into account that people are losing faith in the casino-capitalism economy.
And as for his assertion that only "madmen" and "idiots" will spend bitcoin, there are many clever and astute people who spend bitcoin now. They also earn bitcoin. Granted, many people hoard it, but they also hoard gold and silver.
From my perspective, Mad Max came out ahead in this debate. He may be mad, but he aint stupid!
Agreed. Keen famously lost a bet on Sydney property prices many years ago so not many people take him too seriously.
http://www.smh.com.au/business/keen-to-climb-kosciuszko-after-losing-bet-20100216-o978.html
I do agree to some extent that you would be mad for spending bitcoin in its appreciation phase, but it depends on what you are buying. Would I buy a coffee in bitcoin today? No.
Would I buy a Rolex watch off overstock.com that I know will appreciate in value? Probably. Same goes with property (if I had enough in bitcoin) and other assets that have the potential for appreciation.
I spent a little bitcoin to purchase Steem, expecting Steem to double in price before bitcoin did. Steem then gained about 10%, while bitcoin is the one that has almost doubled. But I have no regrets... almost. :-)